Will This Cycle Skip ETH? ($)

Sponsor: Mantle — Mass adoption of decentralized & token-governed technologies.

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.

📊 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?

	Crypto $2.25T	↘ 2.5%	↘ 2.2%
	BTC $60,648	↘ 2.7%	↘ 2.0%
	ETH $2,900	↘ 4.0%	↘ 5.7%

“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.

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🧑‍🌾 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:

• 🟠 BTC: 31% APY with Gearbox’s WBTC pool on Ethereum
• 🟠 BTC: 11% APY with Fraxlend’s WBTC pool on Ethereum
• 🔵 ETH: 29% APY with Pendle’s eETH (Zircuit) PT on Ethereum
• 🔵 ETH: 28% APY with Pendle’s rsETH (Zircuit) PT on Ethereum
• 🟢 USD: 56% APR with Aura’s sUSDe-sFRAX pool on Arbitrum
• 🟢 USD: 49% APR with Synthetix’s USDC vault on Base
• 🟢 USD: 37% APY with Pendle’s USDe (Zircuit) PT on Ethereum
• 🟢 USD: 36% APY with Re7’s Morpho USDA vault on Ethereum