Pendle Finance, Studying Successful Narrative Traders and Macro updates | Weekly Research Roundup (April 10 - 14)

Pendle Finance, Studying Successful Narrative Traders and Macro updates | Weekly Research Roundup (April 10 - 14)

A dive into Pendle Finance, study successful narrative traders and share macro updates, all in this week's roundup.

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Gm Nansen Explorers,

Welcome to this week's edition of Nansen's Weekly Research Roundup, where we bring you the latest research reports from our team.

1. The Ethereum Shanghai (Shapella) Upgrade Dashboard

This dashboard highlights all the key data points around this upgrade. You're able to track top ETH staking entities/addresses, ETH deposits and withdrawals, and the withdrawal queues. Additionally, it provides key metrics and analytics for Ethereum liquid staking derivatives (LSD) protocols. The data is refreshed every hour, so make sure to check it regularly for the most recent updates!

2. Pendle Finance: Tokenized Yield Trading

Pendle Finance, a tokenized yield-trading protocol on Ethereum and Arbitrum, allows investors to capitalize on fluctuations in the yield market by splitting yield-bearing assets into principal and yield tokens. This innovative solution facilitates a range of strategies such as fixed yield, leverage yield, and yield swing trading. Pendle Finance has experienced rapid growth in trading volume and total value locked (TVL) on both Ethereum and Arbitrum. Tharm dives into Pendle Finance and shares his thoughts on this rising protocol. 

3. Ultimate Narrative Traders

We investigate the strategies and techniques employed by 15 successful crypto narrative traders and provide a comprehensive analysis of each trader's unique activities. The study utilizes a multifaceted methodology, including automated querying and manual examination to identify top-performing wallets. Key aggregated metrics, such as most held tokens, most used chains, and most interacted with contracts, are discussed to give an overview of the wallets' behavior. Sandra and Niklas share actionable alpha from understanding these traders' tactics, offering practical applications such as smart alerts and a real-time aggregated view of their portfolios.

4. "Bad News" no longer "Good News"

The US labor market is cooling off but remains strong. The US ISM Manufacturing index signals a possible recession, with current levels coinciding with a US recession in 48% of historical occurrences since 1970. Equity markets have begun to price "bad news" for the economy as "bad news" for equity prices, while it remains uncertain whether crypto will follow suit. The next tactical indicator to monitor is the BTC call-put spread, which is currently risk-on but close to switching to risk-off. Aurelie shares key data points on the current macro situation and gives us her thoughts on possible implications for the broader crypto market.

That's a wrap for this week! We hope you found this content to be valuable and informative.

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The authors of this content and members of Nansen may be participating or invested in some of the protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol. Nansen does not recommend any particular course of action in relation to any token or protocol. The content herein is meant purely for educational and informational purposes only and should not be relied upon as financial, investment, legal, tax or any other professional or other advice. None of the content and information herein is presented to induce or to attempt to induce any reader or other person to buy, sell or hold any token or participate in any protocol or enter into, or offer to enter into, any agreement for or with a view to buying or selling any token or participating in any protocol. Statements made herein (including statements of opinion, if any) are wholly generic and not tailored to take into account the personal needs and unique circumstances of any reader or any other person. Readers are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol. Observations and views expressed herein may be changed by Nansen at any time without notice. Nansen accepts no liability whatsoever for any losses or liabilities arising from the use of or reliance on any of this content.

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