GM Digest #183 — Restaking On Top of Restaking on Top of Restaking
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Restaking But on Solana
• @Picasso_Network Picasso’s restaking vault and team staking competition are coming very soon to Solana — assets that will initially be accepted for restaking are jitoSOL, mSOL, SOL
• Enabling restaking with validators in our restaking layer once the Solana <> IBC connection is launched,
• Expansion of assets accepted into the restaking vaults, including tokens from other ecosystems such as Cosmos-based assets
• Enabling restaked validation in our ecosystem to be used to power other chains and protocols, similar to what EigenLayer does with restaked Ethereum
• The team staking competition nets you additional rewards, the event will last 30 days starting on 22 Jan — a pool of 17,500,000 PICA allocated as rewards for vault participants, which will be distributed relative to each user’s stake
FRAX v3's FXB
• @fraxfinance v3's $FXB module is now live, marking the completion of FRAX v3 design and feature deployment
• FXBs (Frax Bonds) are decentralized utility tokens that convert into 1 $FRAX stablecoin trustlessly upon maturity
• The initial launch includes 3 FXBs with different maturity dates of 6/30/2024, 12/31/2024, & 12/31/2026
• FXBs can be bought permissionlessly using a gradual Dutch auction (GDA) mechanism
• In summary, FXBs enable users to buy "future FRAX stablecoins at a discount today" and have various use cases within the Frax ecosystem. There are Curve Finance pools and Fraxlend pairs already
Re-Introducing Lychee Protocol
• @LycheeProtocol introduces a Super Application Layer (SAL) that consolidates various DeFi protocols into a unified interface for user convenience. The protocol was previously known as Root, and prior to that as AmpliFi
• Leveraging Layer Zero technology, Lychee is designed to be future-proof, integrating existing and new DeFi protocols seamlessly
• The SAL eliminates the need to switch between different applications, providing a one-stop-shop for DeFi
• Lychee earns revenue through small fees on DeFi transactions. Initially deployed on the Ethereum mainnet, Lychee may expand across major EVM-compatible chains
• $SAL is Lychee's native token
Arbitrum Orbit Expansion Program
• @arbitrum announced the Arbitrum Orbit expansion program, introducing a self serviced path to launch custom Orbit chains (L2s or L3s) that settle to Ethereum
• There is a permissionless profit sharing model for the program where a portion of Orbit Chains’ profits will go to a newly established Arbitrum Developer Guild, which will help fund core Arbitrum development
• The program will support teams looking to highly customize their chain configuration and all this will be done without governance constraints for the developer
Vector Reserve LBP
• @vectorreserve introduces the novel concept of Liquidity Position Derivatives (LPD) & Superfluid Restaking (Vector is the first protocol to enable Superfluid Restaking)
• Superfluid Restaking is a type of restaking that was previously highlighted on EigenLayer gitbook but then shortly removed (due to some reasons). It’s a type of restaking that allows users to deposit ETH/LST or ETH/LRT directly to the EL restaking module
• Vector Reserve issues vETH — which derives its value from LP positions held in the various ETH/LST and ETH/LRT pairs on the market. Additionally, revenue from Superfluid Staking, trading fees and yield strategies then boost the yields inherent to LSTs/LRTs, delivering superior APRs vs traditional liquid restaking or native restaking
• The team will be conducting an LBP for their $VEC token from January 22 to January 25
Lexer 2024 Plans
• @lexermarkets announced 2024 plans, partnerships, and integrations
• Integrating with @DefiEdge & @steakhut_fi on the Liquidity Management side, @PythNetwork on Oracle Integration, @Movementlabsxyz on interoperability
• $XLP Liquidity Engine gets integrated with @TimeswapLabs, @Rodeo_Finance, and @YamaFinance (we’re going to see further use cases & liquidity inflow for XLP soon, it’s currently offering 100%+ APY)
• What’s even more interesting is the @Berachain Testnet Deployment — not much detail is shared but seems like Lexer is gearing up to deploy on Bera once it goes live
• $LEXER price has taken a tumble for the past months and is currently trading at only $2.5m FDV (Could be something here)
Misc News
• @gondixyz introduces Telegram bot for immediate updates for users
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*