GM Digest #276 — EigenLayer Yield Crisis?
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
EigenLayer Yield Crisis?
• According to @chudnovglavniy, EigenLayer has had too much TVL growth (currently $14bn), way more than AVSs actually need which is <10% of the current TVL to support the security
• EigenLayer has removed the limit on liquid restaking deposits on April 16, gaining $2bn more in TVL during the past week
• AVSs require so much less staked ETH for security. There won’t be enough AVS incentives to go around for restaked ETH stakers
• Chudnov suggested more use cases for EigenLayer restaked ETH and LRTs, integration with defi primitives built on top of the industry could lead to a better sustainability
Synonim BIPS
• @synonymfinance introduces the Synonym BIPS program, a points system rewarding users with access to future airdrops and rewards within the Synonym ecosystem
• BIPS holders will receive emissions of SYNO tokens and other tokens from ecosystem partners, making it a continuous rewards system beyond traditional airdrops
• You can earn BIPS on Synonym by performing actions like depositing, borrowing, and providing liquidity on the platform. The amount of BIPS earned depends on the size and duration of your activities, with certain assets having multipliers
• For example, depositing USDT may earn 1 BIPS per dollar per day, while borrowing USDC could earn 2 BIPS per dollar per day with a 3x multiplier
• Holding vlSYNO tokens also earns BIPS based on your lock amount and chosen rewards multiplier
• The team have so far confirmed they will be distributing 400,000 $W to users over multiple epochs, as well as additional $ARB incentives
Origami Points
• @origami_fi launches Season 1 of Origami Points (Ori), rewarding users for contributing to protocol sustainability
• Ori Season 1 ends on Sep 20, or the launch of Berachain, whichever comes sooner
• Vaults like lov-USDe-a and lov-sUSDe-a are eligible, allowing users to fold their Yield-Bearing Token (YBT) exposure and maximize capital efficiency while minimizing liquidation risks
• Origami is a leverage protocol launching on Ethereum & Berachain. Users can deposit into vaults to fold their Yield-Bearing Token (YBT) exposure. It currently supports leveraged Ethena USDe and sUSDe vaults, with Eigenlayer LRT vaults coming soon
Introducing MyShell Layer 2
• @myshell_ai introduced MyShell Layer 2, the first AI consumer layer powered by @eigen_da & @Optimism in partnership with @alt_layer
• MyShell Layer 2 is Ethereum aligned with the help of @eigen_da and allows for a truly decentralized AI consumer adoption. EigenDA allows the L2 to have secure and scalable data availability sampling enabling 10 MB/s throughput and 5x scaling. Additionally, bring secured by the OP Stack allows AI protocols and DApps to enjoy Ethereum’s security
• The team announced that the Layer 2 testnet will be live soon and will be deployed by @alt_layer
Misc News
• @RocketXexchange announces a daily burn and buy backs for $RVF tokens
• @Fungi_ERC20i inscriptions marketplace is live on Base
• @SSS_HQ Super Sushi Samurai relaunch is live on Blast
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*