EigenLayer’s assets soar past $1 billion amid heightened token deposits this week, while congestion grips Arbitrum and zkSync, causing temporary disruptions on both Layer 2 chains.
Overview: Total value locked (TVL) across all chains surges as markets ride high on anticipation surrounding the SEC’s ETF decision. Manta Pacific L2, New Paradigm, and Near stand out, drawing fresh attention for various developments.
Enter Alpha Central: Variant Fund’s Li Jin analyzes the sudden proliferation of crypto-based point reward systems and their impact on user behavior and app engagement.
Ethereum: EigenLayer Surpasses $1 Billion in TVL EigenLayer raises its liquid staking token (LST) caps to 500K tokens across all supported types and introduces six new LSTs, propelling the platform past $1 billion in staked ETH.
Product Launches and Updates:
Frax Finance partners with Axelar to expand Frax assets to six new chains. Renzo, an ETH restaking platform, launches on mainnet. Gearbox Finance unveils V3, offering leverage and margin trading. Unibot and LayerZero join forces to enable cross-chain trading on Telegram. IPOR Labs introduces Stake Rate Swaps for Lido’s stETH.
L2s: Inscriptions Overwhelm Layer 2 Chains Arbitrum and zkSync face downtime due to a surge in inscriptions, echoing trends seen on Bitcoin and Solana. Infinex introduces smart contract accounts, and Manta Network announces its New Paradigm program.
Product Launches and Updates:
Manta Network doubles rewards on MantleLSP. Aori debuts on Arbitrum, introducing “flash market making.” Kamino Finance and Meteora collaborate to integrate their protocols.
Solana: Kamino x Meteora Collaboration Kamino Finance partners with Meteora, integrating lending and liquidity protocols. Ondo Finance brings RWA products USDY and USDG to Solana.
Cosmos: Celestia’s Liquid Staking Live Milky Way, Celestia’s liquid staking protocol, goes live, offering milkTIA rewards for staked TIA tokens. Frame announces an airdrop for active Ethereum NFT traders.
ZKFair Launches on ETH L2 ZKFair, powered by Polygon and Celestia, goes live with a two-phase airdrop. Levana releases details for its LVN token airdrop.
Tweet of the Week: Awawat humorously remarks on recent ETH ecosystem price performance compared to alt-L1 ecosystems and ETH/BTC, marking new yearly lows.
