GM Digest #437 — Robust US Job Report Data
Good Morning with Valuable Alpha / News
EigenLayer Reported a Security Breach on its Wallet
• @eigenlayer reported an incident where “an email thread involving one investor’s transfer of tokens into custody was compromised by a malicious attacker”
• “As a result, 1,673,645 EIGEN tokens were erroneously transferred to the attacker’s address. The attacker sold these stolen EIGEN tokens via a decentralized swap platform and transferred stablecoins to centralized exchanges. We are in contact with these platforms and law enforcement. A portion of the funds have already been frozen”
• The suspicious sale contradicts the protocol’s lockup terms (supposedly 1 year lockup for investors), which began in May 2024
• EigenLayer is now under scrutiny with CT questioning “Team building programmatically trustless restaking layer relies on trusting VCs not to break vesting instead of programming it at contract level”
• And… I just released a thread on accumulating $EIGEN right before this “breach” happened. RIP
AI Tokens Carrying the Market
• BTC has bottomed around $60k earlier in the week but has revived back to $62k after Friday robust job report (254,000 jobs were added in September, much higher than 159,000 in August)
• AI tokens continue to drive the altcoin market with 45% increase in MC (based on Defillama Narrative Tracker). The surge is propelled by $TAO which experienced 16% gain during the past 24hr
Babylon Cap Raise
• The second cap of @babylonlabs_io Bitcoin staking mainnet Phase-1, Cap-2, starts on Oct 9 at 11 AM UTC, lasting for 10 Bitcoin blocks (864790–864799)
• During this period, any valid Bitcoin staking transaction will be accepted without a TVL cap. The minimum stake remains 0.005 BTC, while the maximum increases to 500 BTC
• The unbonding fee is reduced to 0.00032 BTC. Points per block rise to 10,000, distributed among active stakes. Staking transactions after block 864799 will be considered overflow and not accepted
Ethena x Ethereal
• @ethena_labs's governance has approved a potential integration with @etherealdex, with 99.6% in favor
• ENA holders can now migrate to sENA to earn Ethereal and Ethena rewards. Rewards for sENA holders start automatically, but locking sENA can yield higher rewards
• Ethereal has committed 15% of any future token supply to sENA holders, and distribution will be managed by the Ethena Foundation
• Ethereal is a spot and perpetuals DEX powered by USDe, and is expected to launch its testnet later this quarter
Introducing sUSD
• @solayer_labs, in partnership with @OpenEden_Labs, has launched $sUSD, Solana's first yield-bearing stablecoin
• $sUSD allows users to earn a 4-5% APY on their $USDC deposits through tokenized U.S. Treasury Bills
• Worth noting that Solayer is a tokenless protocol, and it could be that early adopters are rewarded in the future. $sUSD will go live in the next two weeks
Misc News
• @MapMetrics is migrating from Solana to @peaqnetwork
• @symbioticfi account is compromised
• Len Sassaman is believed to be the true Satoshi Nakamoto according to Polymarket (49% bet)