🔓EigenLayer Removes Deposit Caps

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Ethereum restaking protocol EigenLayer has completed its rollout phase with the removal of deposit caps, calling it a move towards an “open market for innovation.”

In other Ethereum news, Lido is embracing Distributed Validator Technology (DVT) in a bid to address centralization concerns and democratize the staking process.

Ordinals show no signs of slowing down, with a rare Nodemonke being used to secure an $80,000 loan and explorer platform Ord.io raising $2 million in pre-seed funding.

✍️ In today’s newsletter:

EigenLayer removes LST caps
Lido implements Simple DVT
Ordinals are being collateralized on Ethereum
Ord.io raises $2M pre-seed round

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📈 Markets in the last 24 hrs:

Ticker	Value	24h
Bitcoin	$63,8130.60	%
Ethereum	$3,094	-0.24 %
Gold 1st Future	$2,399 1.41	%
S&P 500	5051.41	-0.21 %
Arch Web	32.07 0.83	%
Learn more about Arch Indices		%

🎬 WATCH

Check out our interview with the founder of Script3, to learn about Blend Capital, its Stellar-based lending protocol deployment platform. We also spoke to Emin Gun Sirer, the CEO of Ava Labs, to get his take on the rapidly expanding Layer 2 sector and Avalanche’s future.

Also, watch our podcast with Mike Silagadze, the founder of EtherFi, and Nikhil Raghuveera, the co-founder of Aethos, for a preview of EigenLayer’s AVS ecosystem.

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🔓EigenLayer Removes LST Deposit Caps

EigenLayer, an Ethereum restaking protocol, has completed its rollout phase, removing caps on all ETH liquid staking tokens. Since its launch in late 2023, EigenLayer has quickly dominated the restaking sector with a total value locked (TVL) of 4.05 million ETH, or about $12.4 billion. The protocol also recently introduced six new Actively Validated Services.

🌐Lido Finance Implements Simple DVT to Increase Ethereum Node Operators

Lido Finance has implemented Simple Distributed Validator Technology (DVT) to enhance the diversity and number of Ethereum node operators, addressing concerns over its control of a large portion of staked ETH.

With this technology, Lido aims to democratize the staking process, making it more accessible and secure. The move has also enabled the Obol Network's first cluster to start receiving deposits, further integrating decentralized elements into the Ethereum staking ecosystem.

SPONSORED POSTS

LightLink Will Start a Fair $LL Token Distribution this week.

LightLink, a hidden gem EVM L2 with gasless transactions, is set to distribute its native token $LL through Fjord Foundry's Liquidity Bootstrapping Pool (LBP) this week!

Gasless Layer 2.
Celestia underneath.
115,000 daily transactions on Mainnet.
Partnered with Animoca Brands and 25+ other ecosystem projects.
$6.2M in seed round from both Web2 and Web3 investors.

Among common token utilities, $LL holders will be able to acquire NFT nodes to become LightLink validators and earn rewards.

LightLink will distribute $LL through Fjord Foundry's LBP. Its price decay mechanisms deter whales, while users purchase tokens at a fair price. Currently, Fjord is one of the most popular IDO platforms, with $131M raised in Q1 2024.

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🐒Ordinals Lending Market Heats Up on Ethereum

Last week, a rare Nodemonke was used as collateral for a 25 ETH loan, wrapped in an Ethereum-based Emblem Vault. This strategic choice offered the borrower better terms compared to the Bitcoin network.

The transaction highlights the nascent state of Bitcoin Ordinals lending, which suffers from low liquidity and high interest rates. As the market for Ordinals and other potential digital assets grows, it's expected that lending terms will become more competitive.

💰Ordinals Explorer Ord.io Raises $2M Round Led By Bitcoin Frontier Fund

Ord.io, a Bitcoin Ordinals explorer, has secured $2 million in pre-seed funding led by the Bitcoin Frontier Fund to enhance its platform's features within the rapidly growing Ordinals ecosystem.

The funding round included notable investors such as Sora Ventures and Balaji Fund. This capital will be used to develop financial tools aimed at increasing user engagement directly on the platform.

🌍 ELSEWHERE

A crypto wallet maker’s warning about an iMessage bug sounds like a false alarm (TechCrunch)
Former SEC crypto leader spars with blockchain lawyers over her agency’s controversial approach: ‘It’s not going to back off’ (Fortune)
Kraken Releases Own Crypto Wallet, Joining Competition With Coinbase, MetaMask (CoinDesk)