Restaking on the rise!
The crypto world never sleeps, and neither do we! Let's dive into the 42nd edition as we examine some of my restaking plays.
There are three ingredients for success—aggressiveness, timing and skill—and if you have enough aggressiveness at the right time, you don’t need that much skill.
- Howard Marks
If you’ve been in Crypto for a while you’d realize that the market thrives on narratives. And frontrunning a given narrative before the crowd helps you make profitable bets.
In 2023, the dominant narrative was Liquid Staking, which was triggered by the Ethereum Shanghai Upgrade. On the back of Liquid Staking, we are witnessing the emergence of a strong narrative that might dominate 2024 - Liquid Restaking.
Apart from the unique benefits of restaking, the next thing driving the trend is the anticipation of airdrops on EigenLayer and its ecosystem projects. Recently, AltLayer announced the ALT token airdrops to eligible users, including EigenLayer restakers.
This is just the beginning, there’ll be lots of other airdrop opportunities for restakers including Polymer Labs, Versatus, LayerN, Movement, etc. If you were not able to get into EigenLayer, you should consider using any other restaking protocol giving EigenLayer points.
Without further ado, let’s get in:
Ethereum Restaking Plays
Stake ETHx, sfrxETH, or stETH on Kelp DAO for rsETH, to get Kelp Miles & EigenLayer points.
Stake ETH on ether.fi for eETH, to get etherfi loyal points and EigenLayer points.
Stake ETH on Swell Network for swETH, to get Pearls and EigenLayer points.
Stake ETH on Renzo for ezETH, to get Renzo ezPoints and EigenLayer Points
Other Ecosystem Upcoming Restaking Plays
Soon users will be able to restake their jitoSOL, mSOL & SOL on Picasso restaking vaults.
Sign up for LandSlide Incentivised Testnet - the future of AVAX restaking.
Top Narratives & Gainers of the Week
Oracle - UMA, PYTH, & WIN
Modular Blockchain - TIA, GEL, & DYM (on pre-markets here)
Real World Assets (RWA) - ONDO, TRADE, & TRVL
Image of the day!
Nothing much to see here just the live updates of the recently approved Bitcoin Spot ETFs. The total market cap for Bitcoin ETF currently sits at $26.85B, and a 24-hour volume of $2.53B. Impressive performance for just the first week of trading.
Additionally, Bitcoin ETFs surpassed silver ETFs in the United States to become the second-largest ETF commodity by AUM. At this pace, it won’t be long before Bitcoin ETFs surpass Gold ETFs - fingers crossed.
Alpha Bites and Tweets
Solana Mobile 2 Pre-order for $450 (remember the first batch got lots of free tokens worth over $750) - link
Crypto events compilation by Crypto Nomads Club - link
Sign up to mint a welcome NFT from XION - link
Berachain incentivised testnet - link
That’s a wrap.
Thanks for reading!
Until next Friday,
Viktor DeFi.
PS: I’d love to hear your feedback and comments.