GM Digest #151 — Eigen Layer Frenzy
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
EigenLayer Increased Cap to 500k ETH
• @eigenlayer successfully increased its cap to 500k ETH (~$1.1bn). Once deposits hit 500k ETH, the deposit will be paused. 6 LSTs have recently joined the ecosystem
• @restakefi became the first LRT to launch its governance token $RSTK on Fjord Foundry LBP ($10m MC & $53m FDV)
• @KelpDAO hitting $90m TVL on its early queue restaking
• I’ve outlined some Eigen Layer opportunities here:
https://twitter.com/Defi0xJeff/status/1736786825157697962
Aori Live on Arbitrum
• @aori_io V1 is now live on Arbitrum Mainnet, introducing "flash market making" for enhanced trading efficiency
• It connects centralized and decentralized finance arbitrageurs with MEV searchers and market makers, using a high-frequency orderbook
• Aori's off-chain trading logic addresses capital inefficiency in current exchanges and allows market makers to operate virtually without depositing assets upfront. This means MMs can lend, stake, or store assets elsewhere, and only when a taker signs to take an order do they need to pull the assets and settle the trade
• It enables MEV strategies and just-in-time auctions, allowing participants like searchers, solvers, and market makers to interact efficiently
• Aori supports various order types and caters to a wide range of traders, including arbitrageurs and retail traders
Tenet's Stablecoin
• As @tenet_org moves closer to the release of its public testnet, they released a deep dive on their native stablecoin $LSDC
• $LSDC uses DiPoS (Delegated Proof of Stake) governance, spreading voting power across staked TENET tokens and restaked LSDs
• The stablecoin can be backed by various PoS network collaterals, including ETH and other yield-bearing assets including RWAs
• The protocol will charge a management fee on the interest from collateral, rather than user interest, enhancing capital efficiency and enabling efficient yield strategies through looping
Mantle's mETH Double Dose
• @0xMantle's $mETH Double-Dose Drive is a reward program for early Mantle Staked ETH users, offering a doubled yield of 7.2% for at least two months starting Dec 22
• This yield is sustainably funded by Mantle Treasury's own staked ETH and is capped at 250,000 $mETH. Participation is permissionless and on a first-come-first-serve basis
• Rewards are generated from various sources including issuance and MEV, and will automatically reflect in the $mETH to ETH rate
• Additionally, mETH is integrated in Mantle Journey Season Alpha and several L2 applications for further rewards
Thoughts: The Mantle bridge has exploded today with 60136% increase in volume after the announcement, with TVL reaching $130M, according to DeFiLlama. This trend is likely to continue in the short term, which could reflect positively on the $MNT token price action
IPOR Stake Rate Swap is Live
• @ipor_io announced a plain vanilla swap for Lido’s $stETH
• User can use it to hedge, speculate, or arbitrage @LidoFinance's stETH yields with up to 500x leverage
• IPOR stands for “Inter Protocol Over-block Rates which derives the name from “LIBOR”. IPOR aims to become the foundational layer of the DeFi credit markets by offering interest rate derivatives and IPOR indices as central benchmark rate in DeFi that can be referenced by anyone
Misc News
• @SenecaUSD completes audit with @HalbornSecurity
• @MantaNetwork Modular DA using @CelestiaOrg is live
• @fwb_network_ will leverage @EmpyrealSDK for future development
• @Breakfast_Defi announced their own CAKE Rush program
• @divergencedefi launching its simple-to-use noncustodial AMM to tokenize, transact, and settle digital options on 21 Dec
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*