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💸ETH Stakers Pile Into EigenLayer

The Defiant

DeFi Daily

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Restaking protocol EigenLayer saw impressive investor demand after raising its deposit caps yesterday. Meanwhile, Aave, the leading DeFi money market, is getting close to launching its GHO stablecoin.

In other news, MakerDAO reveals that the majority of its fee revenue is now generated from real-world assets, despite ongoing debates within its community. Ethereum developers are making headway with ERC-7281, a new token standard designed to protect token issuers against cross-chain bridge exploits. Finally, Coinbase Wallet has launched a new encrypted messaging feature.

✍️ In today’s newsletter:

  • EigenLayer attracts over 30,000 ETH in LST deposits
  • Aave proposes to deploy GHO stablecoin on mainnet
  • Real world assets now contribute 80% of MakerDAO revenue
  • Proposed ERC-7281 standard would protect token issuers from bridge hacks
  • Coinbase wallet integrates Lens Protocol

📈 Markets in last 24 hrs:

TickerValue24h
BTC$31,754 4.35%
ETH$2,002 6.81%
S&P 5004,510 0.86%
GOLD$1,960 1.29%
Arch WEB30.86pts -0.12%
FINANCE0.91pts 0.78%
INFRA0.76pts 1.09%
CONSUMER1.05pts 0.86%
Arch WEB3

Learn more about Arch Indices here.


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LSTfi

EigenLayer Attracts Over 30,000 ETH Just Minutes After Raising Deposit Caps

TLDR EigenLayer is a protocol that lets staked Ether (ETH) secure additional applications beyond the Ethereum blockchain. The protocol is rapidly accumulating deposits of various liquid staking tokens, having roughly $75M worth staked already.

SO WHAT EigenLayer's success could potentially change how blockchain security is implemented. However, some controversy surrounds the project, as it may pressure Ethereum's consensus mechanism. Additionally, the fast rate of deposits suggest that crypto investors are betting on a potential airdrop once EigenLayer releases its own token.


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Stablecoins

Aave Could Launch Stablecoin On Ethereum Within Days

TLDR Aave, the leading DeFi money market, is close to launching its own stablecoin, GHO, on the Ethereum mainnet. The proposal has received broad support from its community, with token holders voting unanimously in favor. If the proposal passes, Aave v3 users will be able to mint GHO against their Ether deposits at an annual interest rate of 1.5%.

SO WHAT The launch of GHO comes amid turbulence in the stablecoin market, with issues such as regulatory crackdowns, failures of algorithmic stablecoins, and depegging of popular stablecoins. The success of GHO, like Curve's crvUSD, could provide reliable decentralized options for DeFi users.


DeFi

MakerDAO Now Earns 80% Of Its Fee Revenue From Real-World Assets

TLDR MakerDAO, the third-largest DeFi protocol by total value locked, has generated nearly 80% of its fee revenue from real-world assets (RWAs) in the past year. RWAs are on-chain versions of assets existing in traditional finance or the physical world, such as bonds and real estate. MakerDAO's RWA portfolio includes primarily U.S. treasury bonds.

SO WHAT Despite some controversy within the protocol's community about RWAs, they've proven to be a significant revenue driver for the protocol. The situation demonstrates how DeFi protocols can leverage traditional finance assets for growth and revenue generation. However, the reliance on RWAs could also expose MakerDAO to regulatory risks and market volatility in the traditional finance sector.


Ethereum

Ethereum Developers Propose Token Standard To Protect Issuers From Bridge Hacks

TLDR Ethereum developers have proposed a new token standard, ERC-7281, aiming to protect token issuers against cross-chain bridge exploits. The proposed standard would allow token issuers to limit their token's exposure to bridges, implement a token burning and minting interface, and create customizable rate limits for token burns and mints on bridges.

SO WHAT The move comes in response to several high-profile hacks involving cross-chain bridges, emphasizing the need for better security.


Web3

Coinbase Wallet Adds Chat and USDC Payment Features

TLDR Coinbase Wallet has introduced an encrypted messaging feature that allows users to send messages directly to and from wallet addresses on the platform. It was developed in collaboration with web3 communications firm XMTP and decentralized social graph Lens Protocol. The feature also allows users to send USDC stablecoins to any recipient in the app via the Polygon network without any transaction fees.

SO WHAT This development signifies a step towards the convergence of secure communication and cryptocurrency transactions in one platform. By offering end-to-end encrypted, private messages and on-chain identity verification, Coinbase is aiming to mitigate the risks of social engineering and imposter scams in the crypto space.


🔎 OUR REPORTERS ARE WATCHING


🌍 ELSEWHERE

  • Crypto Markets ‘Highly Dependent’ on Stablecoins Lacking Transparency, TUSD Poses Risk: Kaiko ( Coindesk)
  • Elon Musk Waging ‘Unlawful Harassment Campaign’ in Dogecoin Lawsuit, Says Attorney ( Decrypt)
  • Ex-Celsius CEO Alex Mashinsky Charged With Crypto Fraud ( Bloomberg)