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Thanefield Research

@ThanefieldRes

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@ThanefieldRes

Thanefield Research

2 months

We've composed an analysis of the interoperability landscape. We think the winners in this vertical could stand to inherit a massive addressable market by helping mend the liquidity fragmentation and operational hurdles that will inevitably develop in a multichain world.

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@ThanefieldRes

Thanefield Research

1 year

$PEPE: Mysterious Whales The memecoin surged by 1000x in just 4 days, making some users go from rags to riches. We've spotted a few wallets that, with an average cost of 0.61 $ETH ($1210), managed to make over $9M - a 7500x return. However, the timing of the buys is curious:

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1 year

Today, Celsius announced it will sell all altcoins from its customers starting on July 1st and convert them into $BTC and $ETH The total altcoin sell pressure amounts to $215M: • $CEL: $70M • $MATIC: $52M • $ADA: $26M • $LINK: $17M • $LTC: $14M

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1 year

$131M worth of $CRV is at risk of liquidation if the price drops by 35%. The Curve Founder has borrowed $110M in stablecoins against all his $CRV - 50% of the circulating supply. This could have severe implications for DeFi, with lending protocols at risk of accruing bad debt

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Thanefield Research

1 year

1/ $ARB Top Seller An unusual transaction was spotted in the ARB/USDC Uniswap pool by 0x88e6. This wallet triggered the sale of 6250 $ARB tokens at a price of $10.27, resulting in a total profit of $64,187 and setting a record for the highest $ARB selling price.

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Thanefield Research

1 year

38 minutes ago, a large 9,800 $BTC transaction, valued at $264 million, was rumored to be sent from a US Government-controlled wallet. As a result, BTC's price fell by 5.3%. However, after examining the origin of the funds and receiving confirmation from Arkham, there is no

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Thanefield Research

1 year

Monthly Alpha - ZK season - BTC smart contracts - Decentralized stablecoins - Protocol updates - Tokenomic changes

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Thanefield Research

6 months

We have found that Celsius has sold $243M worth of $ETH over the past 30 days. This selling activity happened despite their initial plan to redistribute those assets in kind, meaning they should not be liquidated for cash. They still have $3.94B in digital assets remaining,

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Thanefield Research

3 months

We're excited to put out our report on the Bitcoin L2 landscape. We believe some of these projects are worth paying attention to given the amount of idle capital on Bitcoin, their potential for yield generation, and the possibility of investment opportunities.

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Thanefield Research

1 year

Top $PEPE Traders $PEPE has surged 11x in the past few days, nearly reaching a $2B market cap, driven by major exchange listings such as Binance. After analyzing over 200k Uniswap transactions, here are our findings on some of the most profitable $PEPE traders:

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Thanefield Research

1 year

Monthly Alpha - Ethereum Shanghai Upgrade - MT Gox repayment deadline on April 6th - $JOE major upgrade - $FXS V3 - $XRP lawsuit news - $crvUSD stablecoin rumored to launch

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1 year

It appears that the recent transfer of 9.8k $BTC, sent from a wallet mistakenly labeled as US-government controlled, can be traced back to a speculative tweet by Pentoshi on April 14th. After an extensive analysis, we couldn't find enough evidence to support the rumor.

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1 year

7/ It is important to note that, due to the thin liquidity available on-chain, should they sell even 10% of their holdings, it would be enough for the token to plummet completely. Hence, it is crucial for current holders to monitor the activity of these whales.

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Thanefield Research

1 year

The recent crackdown by the SEC against centralized stablecoins and their possible classification as a security has put some spotlight on decentralized alternatives. Here is everything you need to know about the decentralized stablecoin landscape:

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1 year

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1 year

2/ When analyzing the distribution of trades on Uniswap V2, we spotted some unusual activity. A group of freshly funded wallets bought $PEPE within just a few minutes after the token started trading, and are still holding them. Together, they control almost 10% of the supply.

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Thanefield Research

8 months

Monthly Alpha Upcoming Narratives and Catalysts of November

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1 year

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1 year

9/ On the other hand, it is also impressive that these wallets demonstrate strong conviction by holding onto their positions even after a massive 1000x run.

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1 year

6/ This behavior raises questions about whether these wallets belong to insiders or the dev team, as not only did they have impeccable timing, but they are also holding a considerable amount after a significant run of 1000x.

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1 year

3/ First, a group of seven wallets funded from the Fixed Float exchange purchased a total of 17.7 T $PEPE with an average cost of 0.34 $ETH, and are now facing a $5.5M unrealized profit

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@ThanefieldRes

Thanefield Research

4 months

Gnosis DAO $GNO Thesis This thread presents our thesis on Gnosis DAO (GNO), which we believe is underpriced relative to its assets and operations. In our view, it represents a highly asymmetric investment opportunity.

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Thanefield Research

1 year

1/ Sudo vs Blur Recently, a governance proposal to make $SUDO transferable was passed, causing a surge in its value and $XMON. This follows the anticipated launch of $BLUR, generating significant interest on these tailwinds Let's take a look at metrics and on-chain activity:

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Thanefield Research

1 year

After the rumors involving the Multichain team being arrested, we decided to take a look at the protocols with the highest exposure to it. In first place comes Fantom, with 35% of its total TVL locked in it and a significant portion of the chain's assets issued by the bridge.

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1 year

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1 year

8/ In conclusion, although it's impossible to affirm these wallets belong to insiders, their behavior definitely raises questions. It wouldn't be surprising if confirmed, given the nature of memecoins and their history.

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Thanefield Research

1 year

1/ $LQTY was listed on Binance just a few hours ago, causing its price to double in value. Once again, there are suspicions that some individuals may have had access to this information beforehand, giving them an unfair advantage. Let's take a look:

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9 months

Monthly Alpha

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1 year

Will the GMX Trader face liquidation? There is speculation that the 0x61 trader, who holds a $12M highly levered $ETH short, will face liquidation if $ETH hits $1945. However, a deeper analysis suggests that people may not be seeing the complete picture.

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Thanefield Research

1 year

1/ Today, $SYN was listed on Binance, causing the token to soar 33% within minutes An address bought $90k worth of $SYN via Cowswap 12 minutes before the announcement, leading to suspicions that it may have had access to this information beforehand Let's take a look:

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1 year

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1 year

Weekly Alpha - $GBTC discount narrowing - Mt Gox's $3B repayment postponed by one month - Silvergate shutting down operations - Shanghai Upgrade delayed to early April - Coinbase launches Wallet as a Service

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Thanefield Research

1 year

After securing court approval, Celsius will start the sale of all customer altcoins starting on July 1st, converting them into $BTC and $ETH. The total altcoin sell pressure amounts to $279M: • $CEL: $100M • $MATIC: $58M • $ADA: $29M • $LINK: $20M • $LTC: $19M

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11 months

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1 year

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Thanefield Research

11 months

Investigating the $USDT Depeg Over the past week, large amounts of $USDT were swapped for $DAI and $USDC Since CEX transactions are private, we looked on-chain to see if we could find any definitive behavior After investigating a few suspected wallets, here is what we found:

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Thanefield Research

1 year

1/3 Weekly Alpha 24/02 This week's fundamentals

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Thanefield Research

1 year

Monthly Alpha - $PEPE CEX listings - $BTC Ordinals Inscriptions - $SUI Mainnet launch - $stETH withdrawals - Protocol updates - Tokenomics changes

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1 year

4/ Second, comes two wallets funded from the ChangeNOW exchange. They've bought a total of 5T $PEPE tokens at an average price of 0.1 $ETH, sitting at a $1.5M portfolio value.

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1 year

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1 year

5/ Third, an entity, that was initially funded from ByBit and then spread 0.17 $ETH across four wallets, bought a total of 6.2T tokens and currently sees a $2.2M profit.

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1 year

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Thanefield Research

11 months

Michael Egorov, the founder of Curve Finance, currently has an open debt of 17.85M FRAX on Fraxlend, backed by 59.1M CRV (currently $36.1M) as collateral Assuming the pool utilization ratio remains close to 100%, his borrow interest rates will double every 12 hours (contrary to

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1 year

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1 year

$ARB Airdrop - Selling the News Analyzing the recent price performance of Arbitrum ecosystem tokens shows that the anticipated alt season post-airdrop failed to materialize. Instead, we saw a sell-the-news event and strong frontrunning of this narrative.

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Thanefield Research

1 year

Here are the most significant token unlocks in July. The total unlocked value amounts to $149M: • $APT: $35.6M • $APE: $33.8M • $OP: $31.9M • $AXS: $21.3M • $IMX: $13.6M • $DYDX: $12.8M

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Thanefield Research

7 months

Monthly Alpha Upcoming Narratives and Catalysts of December

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Thanefield Research

1 year

Upcoming June Crypto Catalysts - Monthly Alpha • Assets listed as securities in the recent SEC lawsuits against Binance and Coinbase could be impacted, with constrained market liquidity as market makers pull back, as well as them being possibly delisted. These assets include:

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Thanefield Research

7 months

Weekly Narratives and Catalysts • $BTC: The long-awaited Spot ETF approval could happen this week, as the SEC can approve them until November 17th, after which a new comment period begins. • $MATIC is expected to have an important announcement on November 14th. It has rallied

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Thanefield Research

1 year

1/ Over the next few hours, ~$550m worth of $OP will be unlocked, all of which will be distributed to early investors and team contributors. This represents 115% of the circulating supply hitting the market. Here's what you need to know:

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1 year

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8 months

Weekly Token Catalysts - $DYDX V4 is expected to launch this week, featuring revenue-sharing with stakers and $DYDX as the AppChain's native token - $400M worth of $DOT from crowdloans will be unlocked on October 24 - $FTM's Sonic is set for October 24, the upgrade is expected

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10 months

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1 year

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1 year

The ZK narrative has been trending lately, triggered by catalysts such as the upcoming zkSync and Starknet token launches and the Polygon ZK-EVM on the horizon. Let's take a look:

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Thanefield Research

1 year

An Overview of the Perpetual DEX Industry The collapse of FTX is still fresh in the mind of users, with many still fearful of keeping funds on centralized platforms. This presents a unique growth opportunity for decentralized perps trading platform. A thread:

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1 year

6/ These findings make certain that 0x3dca used an automated strategy to claim and sell the airdrop, securing significant profits quickly.

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Thanefield Research

1 year

4/ If liquidation occurs, there isn't enough on-chain liquidity to market sell Egorov's position without drastically affecting $CRV prices. This would likely lead to bad debt across lending protocols, including Aave, Frax and Abracadabra.

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Thanefield Research

1 year

Over the past 7 hours, there has been a 257k $ETH net outflow, led by 153k full withdrawals following the Shanghai Upgrade • Full Withdrawals: -$321M • Partial Withdrawals: -$245M • Deposits: $28M • Net: -$538M

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1 year

2/ Given these risks, new deposits and loans have been paused on Aave V2. This action, along with an active governance proposal to freeze $CRV assets on Aave V2, aim to limit further risk exposure and mitigate potential damages due to market liquidity concerns.

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1 year

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7 months

KyberSwap seems to be facing an ongoing exploit. $47M has been drained in just 22 minutes

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Thanefield Research

1 year

Weekly Alpha - Arbitrum airdrop announced - $USDC briefly depegs to $0.87 - Shanghai Upgrade announced on April 12th - CZ announces a $1B recovery fund conversion into $BTC, $ETH, and $BNB

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9 months

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1 year

19 tokens have been listed as securities by the SEC across the two recent filings against Binance and Coinbase. The most notable ones are $BNB, $ADA, $SOL, $MATIC, $BUSD, $ATOM, and $ALGO.

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1 year

Today, the crypto market was hit hard. The SEC announced a lawsuit against CZ and Binance, triggering panic across the board with over $1B in withdrawals and prices crashing. Interestingly, some savvy traders may have known and acted on it beforehand.

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1 year

LSDfi - the next Lego on top of DeFi composability As $ETH staking infrastructure matures and users get increasingly comfortable holding and earning with $ETH in its staked form, it is time to look forward to the next step in DeFi composability - LSDfi. Let’s explore:

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1 year

6/ Despite the ongoing FUD around $CRV, Egorov has stated he removed everything from Aave v3, preventing people from borrowing $CRV and selling it, which would further intensify the sell pressure and risk of triggering liquidations.

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Thanefield Research

11 months

State of the $CRV OTC deals Egorov sold a total of 37M $CRV for $14.8M OTC yesterday, at an average of $0.40/$CRV. All buyers still hold their tokens, but some have exchanged $CRV for other yield-bearing $CRV tokens such as $yCRV and $cvxCRV, and subsequently staked them.

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1 year

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7 months

Weekly Roundup Most Important DeFi Developments and News of the Week

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6 months

Weekly Narratives and Catalysts • $SNX has recently turned its inflation to zero, with a buyback & burn mechanism to be implemented soon. It also has other strong upcoming catalysts, such as the Andromeda Upgrade in December, a chain expansion to Base, and the full v3

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11 months

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7 months

Weekly Narratives and Catalysts • $DYDX will unlock 84.4% of the circulating supply worth $488M on December 2nd. However, these tokens will initially have restricted movement since major exchanges do not support the DYDX chain yet. Also, it has been rumored that investors plan

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1 year

BRC-20 tokens have reached $600M in total market cap in just one month after launching. In the last 24 hours, BRC-20 also saw a $200M trading volume, led by ORDI with $198M.

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1 year

1/ Large on-chain movements prior to the Binance indictment A few hours before the Binance CFTC Indictment, there were large stablecoin withdrawals across centralized exchanges, totaling almost $1.5B in just 12 hours Notably, Binance itself saw an $850M outflow.

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8 months

$SOL Breakpoint Rally The recent market rally has acted like a rising tide, lifting prices across the board for all tokens. $SOL however, had been gaining in strength weeks before the surge. At the tail end of September, the token sparked its own rally, breaking away from the

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1 year

Our analysis is also on substack:

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$PEPE: Mysterious Whales

The memecoin surged by 1000x in just 4 days, making some users go from rags to riches. We've spotted a few wallets that, with an average cost of 0.61 $ETH ($1210), managed to make over $9M - a 7500x...

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1 year

Earlier today, the influencer Bitboy sold his entire $BEN holdings, 7 days after promising he wouldn't do so for at least 6 months. In total, he made a total profit of 44.7 $ETH ($80k), after selling the tokens he previously received for free from ben.eth

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1 year

1/ Euler protocol suffered a $191M exploit, ranking it among the top 10 DeFi hacks. Projects relying on Euler for yield were also impacted, showcasing the downsides of composability as risks spread across DeFi Some projects may now face systemic risks going forward, a thread:

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8 months

Weekly Narratives and Catalysts • $XRP: Ripple Swell 2023 takes place from November 8-9. Additionally,, the deadline for the current SEC lawsuit expires on November 9 • $ARB: STIP Incentives will kickstart this week, and the $ARB staking proposal has also been approved. In

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3 months

Since publishing our $GNO thesis two weeks ago, there have been several important updates. The value of the DAO's assets have exceeded our expectations. Furthermore, the ownership structure has proved to be highly advantageous to GNO holders.

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1 year

Here are our main takeaways from @CryptoHayes 's latest article: "Be Present"

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8 months

Weekly Roundup Most Important DeFi Developments and News of the Week

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