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Citizen Daily Brief

Will This Cycle Skip ETH? ($)

gm Bankless Citizen, it's the question on every ETH bull's mind: Is Ethereum going to get passed over in this bull cycle?
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May 10, 20244 min read
Will This Cycle Skip ETH?
Published on May 10, 2024
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NEED TO KNOW
BTC Stablecoins?
  1. ⚡️ Lightning pursuing BTC stablecoins. This month, Lightning Labs successfully tested a protocol designed to enable stablecoin issuance on Bitcoin, Decrypt reports.
  2. 🗳️ CFTC moving against prediction markets. Prediction platforms like Polymarket are in the CFTC’s crosshairs after it approved a proposal to ban platforms from building markets around the outcomes of political activity.
  3. 🔵 Base is booming. Memecoins and SocialFi are growing the opportunity on Coinbase’s L2 chain, Franklin Templeton says, leading to a surge in the supply of USDC on the network to $2.5 billion.
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TODAY IN MARKETS
EIGEN Claim Kicks Off

📊 Free Money? Claims on EIGEN, the most anticipated airdrop of 2024, opened earlier today for the majority of eligible first-round recipients! What peculiarities come with this drop, and what can you actually do with your EIGEN?

Prices as of 4pm ET 24hr 7d
Crypto $2.25T ↘ 2.5% ↘ 2.2%
BTC $60,648 ↘ 2.7% ↘ 2.0%
ETH $2,900 ↘ 4.0% ↘ 5.7%
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OPINION
Will This Cycle Skip Ethereum?
Bankless Author: Ryan Sean Adams

“This bull cycle will skip Ethereum.”

I’ve heard this take among investors since September of 2023 at least. By skip they mean muted ETH performance, as in ETH underperforming BTC or barely beating Bitcoin. 

Now, you can approach this question as an Ethereum hater, the type who thinks “Ethereum is dead” and has been succeeded by “newer technology.” I think that’s a boring 1-D take and obviously wrong. Full disclosure: I remain a full-on ETH bull.

Here are the perspectives you should be thinking about
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INVEST
This Week's Yield Opps

🧑‍🌾 Farming Alpha: Onchain yields are holding steady despite compressing over the past few weeks. Fixed returns on Pendle’s PTs continue to provide attractive returns on LRTs and Ethena assets (bolstered with added points from Zircuit) for those worried yields will continue to compress.

As it has for many months, Fraxlend remains the premier venue to generate variable rate bluechip returns on BTC, but rates on Gearbox surged with an uptick in utilization yesterday, presenting a highly attractive alternative.

A surge in demand for leverage on Base has sent yields on Synthetix’s USDC vault to the moon, meanwhile incentives from Aura are generating high returns for a small sUSDe-sFRAX pool on Arbitrum and Angle Protocol is hoping to bootstrap demand for its recently launched USDA stablecoin by offering lenders rewards through Morpho.

Top Opps:

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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