The Ethereum Blues
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- 🌞 MakerDAO Rebrands to Sky. Crypto's DeFi king gets a new name, new tokens, and new incentives.
- ✳️ Robinhood Brings Solana Support to its Wallet. You still can't buy SOL on Robinhood, but you can send it in its Robinhood Wallet app.
- 🗣️ Vitalik Weighs in on DeFi's Value. Vitalik shares his thoughts on the sustainability and value of today's DeFi ecosystem.
📸 Daily Market Snapshot: Despite a positive day for TradFi markets, the crypto market took a beating late Tuesday, with BTC falling below $60K and ETH erasing weeks of gains, sinking below $2,500 for the first time since ETH's early August crash. It's been a brutal month for ETH sentiment, with prices down nearly 25% and morale seeming to take a similarly sized hit.
| Prices as of 7pm ET | 24hr | 7d |
|
Crypto $2.08T | ↘ 5.6% | ↘ 1.0% |
|
BTC $59,211 | ↘ 6.1% | ↘ 0.1% |
|
ETH $2,456 | ↘ 8.7% | ↘ 5.1% |
|
GMX $26.27 | ↘ 7.0% | ↗ 5.2% |
Restaking was all of the rage in early 2024 as airdrop hunters sought profit for the simple task of depositing into EigenLayer, yet the meta stalled out shortly after EigenLayer’s first drop in April, and TVL has failed to grow since – falling 8% in ETH-denominated terms.
With no restaking services actually live yet, deposits continue to be incentivized by promised future airdrops. But this paradigm is set to change the moment that the Actively Validated Services (AVSs) leveraging restaked security go live, with their activation bringing real yields to depositors and showcasing where the demand for restaking lies.
Today, we’re exploring EigenLayer’s top 5 AVSs by restaked capital to get a sense of just how much revenue they could be expected to produce 👇
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