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🚀Liquid Restaking Roars Past $1.2B As Puffer Adds $200M To TVL
The Defiant Daily
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Liquid restaking continues to grow as the hottest new narrative in DeFi, with the sector's TVL surging past $1.2B after Puffer Finance amassed $200M in one day after opening deposits. In related news, Stride, the Cosmos-based liquid staking protocol, announced plans to bring liquid staking to Celestia.
Plus, Polygon has downsized its team by 60 staff, Superstate is the latest project to get in on tokenized treasuries, and active dApp users jumped to a multi-year high in January.
✍️ In today’s newsletter:
- Liquid restaking tops $1.2B after Puffer launch
- Stride announces LST for Celestia
- Polygon downsizes by 21.5%
- Superstate tokenizes U.S. treasuries on Ethereum
- Active dApp users jumps to 5.3M
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📈 Markets in last 24 hrs:
| Ticker | Value | 24h |
|---|---|---|
| BTC | $42,949 | ↗ 0.86% |
| ETH | $2,296 | ↗ 0.59% |
| S&P 500 | $4,906 | ↗ 1.25% |
| GOLD | $2,053 | ↗ 0.22% |
| Arch WEB3 | 1.25pts | ↗ +2.84% |
| ↳ FINANCE | 1.11pts | ↗ 0.26% |
| ↳ INFRA | 1.53pts | ↗ 6.41% |
| ↳ CONSUMER | 1.29pts | ↗ 1.15% |
Learn more about Arch Indices here.
🎬 WATCH
Check out our discussion with Tina and Teddy to learn more about EigenLayer, the pioneering Ethereum restaking protocol. Also watch our podcast with Mustafa Al-Bassam, CEO and Co-Founder of Celestia Labs, to learn more about modular blockchain architecture and data availability.
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DeFi
Liquid Restaking Protocol Puffer Finance Attracts Nearly $200M On First Day
TLDR The launch of Puffer Finance has propelled the TVL of liquid restaking protocols past $1.2B, with Puffer amassing $200M in assets within a day after opening up deposits.
SO WHAT Puffer's impressive growth comes as the liquid restaking space is booming on the back of enticing yields and airdrop speculation. EtherFi, the sector's leading protocol, now boasts a $608M TVL after gaining 77% since Jan. 24.
READ MORE: Liquid Restaking Protocol Puffer Finance Attracts Nearly $200M On First Day
Staking
Stride Launches Liquid Staking Token For Celestia
TLDR Stride, a Cosmos-based liquid staking token (LST) provider, launched support for Celestia, a popular project providing data availability sampling. Stride has allocated $18.5M worth of its native token to incentivize early adopters with an airdrop.
SO WHAT Staking derivatives are booming, with many projects are eager to bring LSTs and restaking tokens onto new networks. The news follows Stride bringing liquid staking to dYdX earlier this week.
READ MORE: Stride Launches Liquid Staking Token For Celestia
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READ MORE: Nibiru Chain’s Gamified Engagement Airdrop
Business
Polygon Labs Cuts 60 Team Members and Spins-Off Two Units
TLDR Polygon, a leading Ethereum scaling team, revealed it laid off 60 employees, downsizing its team by 21.5%. Polygon also spun off its Venture wing and ID solution as separate entities.
SO WHAT The Polygon team will continue to oversee a variety products, including the Polygon zkEVM Layer 2 and Supernets Layer 3 infrastructure. The Polygon PoS Chain is currently the sixth-largest network with an $800M TVL.
READ MORE: Polygon Labs Cuts 60 Team Members and Spins-Off Two Units
Real-World Assets
Real-World Asset Firm Superstate Launches First Fund Tokenizing U.S. Treasuries
TLDR Superstate, an asset manager from Compound Labs CEO, Robert Leshner, launched its first fund on Ethereum. The USTB fund will invest in and tokenize short-term U.S. Treasuries, and take a fee of 15 basis points from hodlers.
SO WHAT U.S. Treasuries rose in popularity within web3 last year as many projects and investors turned to mainstream financial products as on-chain yields dried up and interest rates soared. Multiple prominent DeFi projects have recently invested treasury assets into both on and off-chain securities.
READ MORE: Real-World Asset Firm Superstate Launches First Fund Tokenizing U.S. Treasuries
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Adoption
Active Dapp Users Tags Multi-Year High: DappRadar
TLDR Bubbling activity within the gaming and socialfi sectors has helped to propel the number of daily active dApp users to 5.3M, its highest level since 2022.
SO WHAT NFT trading is also holding up strong at $1.5B, with Blur continuing to lead the sector with $724M in trades, followed by OKX NFT Marketplace with $213M.
READ MORE: Active Dapp Users Tags Multi-Year High: DappRadar
