GM Digest #388 — Permissionless Token on Eigenlayer | BTC on Symbiotic
Good Morning with Valuable Alpha / News
Bitcoin on Symbiotic
• @symbioticfi is expanding Bitcoin's role in DeFi by integrating it with their shared security framework, which has previously been limited to Ethereum
• Symbiotic is introducing ERC-20 implementations of Bitcoin to enhance decentralization and security for Bitcoin-aligned protocols
• Several projects are leveraging this shared security, including Swell, Radius, Polyhedra, and others, to secure rollups, and facilitate cross-chain swaps
MetaMask x Mastercard
• @MetaMask has launched a pilot of the MetaMask Card, allowing users in the EU and UK to spend their crypto directly from their MetaMask wallets anywhere @Mastercard is accepted
• Unlike traditional prepaid crypto cards, the MetaMask Card functions like a debit card, providing direct access to funds in the wallet at the time of purchase
• This eliminates the need for banks or third-party exchanges, simplifying the process of spending crypto in everyday transactions. The pilot phase supports USDC, USDT, and WETH on Linea, with plans for future expansion
dYdX Unlimited
• This fall, @dYdX is releasing a major upgrade to its platform, dYdX Unlimited, introducing new features like permissionless market listings, where users can instantly list almost any market without needing governance approval
• The new MegaVault will act as a master liquidity pool, automatically providing liquidity for all markets and allowing users to earn passive income by depositing USDC
• Additionally, the platform will offer an affiliate program for earning through referrals and introduce permissioned keys for enhanced wallet security
Spark Changes
• A new @MakerDAO Executive Vote could bring significant changes to @sparkdotfi’s SparkLend and Spark Cash & Savings on Ethereum Mainnet
• If approved, WBTC borrowing will be disabled, and its Loan-to-Value (LTV) will be reduced to 0%, though existing WBTC positions won't be affected
• Additionally, the Spark Effective DAI Borrow Rate will decrease from 8% to 7%, and the Dai Savings Rate (DSR) will drop from 7% to 6%. These changes will be implemented 30 hours after the vote's approval
Mantle Introduces FBTC
• @0xMantle introduces @FBTC_official, a toke pegged 1:1 to BTC and incubated by Ignition allowing users to earn yield on their BTC
• $FBTC will use several Multi-Party Computation (MPC) custody providers, with all operations managed on a Threshold Signature Scheme (TSS) network overseen by security firms and council, ensuring robust, multi-layered security measures
• Users can easily swap to FBTC on the website or swap via LPs on @MerchantMoe_xyz,
@Agnidex, @odosprotocol, @BreederDodo and @Bybit_Web3
EigenLayer Introduces Permissionless Token Support
• @eigenlayer announced that they will be introducing Permissionless Token Support on the EigenLayer protocol
• This would allow any asset to be added as a restakable asset expanding the scope of assets that can contribute to the security of decentralised networks. Additionally, projects will be able to customize their security profiles by choosing to distribute work and rewards to a broad array of tokens supported by EigenLayer operators; and to also allow AVSs to use their native token for economic security, improving their token utility
• Currently this feature is on testnet for a short permissioned testing phase and @eigen_da will be the first AVS to use this feature
Introducing FXB TimedLocker
• @WethWood introduced @fraxfinance’s new FXB TimedLocker — a new way to stake FXB and earn $FXS rewards
• Users can first stake their FXB for a certain amount of time in their TimedLocker and receive a transferrable vault token in return representing the users’ position. Users can then start to earn FXS rewards and the TimedLocker has a cap on the total FXB that can be staked. If the cap is not reached, users could potentially earn even more rewards proportional to their locked FXB
• When the lock ends, users can withdraw their FXB across the Frax Ecosystem. Users can hold until maturity to redeem it for 1:1 FRAX. Users who wishes to exit their position before the lock ends can transfer, use or sell their vault tokens. The rewards accrued up to the point of transfer are sent to the old owner, and the new owner starts earning from the moment they receive the token
Misc News
• @Aleph__Zero’s ZK L2, built on Arbitrum Orbit, is now live
• @Lombard_Finance’s $LBTC will be integrated with @symbioticfi’s ecosystem
• Renzo launching restaked SOL through partnership with Jito