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Week in DeFi: Inscriptions Dominate On-Chain Transactions – Yahoo Finance


Week in DeFi: Inscriptions Dominate On-Chain Transactions

Week in DeFi: Inscriptions Dominate On-Chain Transactions

EigenLayer surpasses $1 billion in assets deposited on their platform as they raise the capacity for token deposits again this week. Inscriptions take over L2s as Arbitrum and zkSync both succumb to the congestion, resulting in downtime on both chains.

Big week in the world of DeFi! Let’s dive deeper into what went down in DeFi this past week.

Overview

Total value locked (TVL) across all chains jump higher as markets continue moving higher, propelled by anticipation surrounding the ETF decision by the SEC. Notable outperformers include the Manta Pacific L2, which began their new points system campaign, New Paradigm, and Near, which saw renewed interest due to hype around its data availability solution.

Source: https://coinmarketcap.com/chain-ranking/

Welcome to Alpha Central

Li Jin from Variant Fund discusses the seemingly overnight wave of points-based reward systems in crypto and how to best design an effective point system.

TL;DR:

  • Point morph user behavior, even if these users were already going to use the product without the point system.

  • Points also change the type of users who use the app.

  • Keeping ambiguity about the value of points gives apps greater flexibility on how they can be used as a customer acquisition tool.

Ethereum: EigenLayer Breaks 1 Billion in TVL

ETH restaking platform, EigenLayer, raises caps for liquid staking tokens (LSTs) to 500K tokens across all supported LSTs, while simultaneously introducing six new LSTs to the platform. The protocol has since surpassed more than $1 billion in ETH LSTs staked with them.

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Other Product Launches and Updates

L2s: Inscriptions Take Down L2s

Arbitrum goes down for an hour this week, due to a surge in inscriptions on the chain, inspired by similar trends on other chains such as Bitcoin and Solana. Other chains such as zkSync also fell to a similar surge in activity this week as well, but both have returned to normal operation.

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Synthetix-backed decentralized exchange (DEX), Infinex, launches Infinex Accounts, allowing users to create a smart contract account, bound to their identity. Keys will be generated on-chain upon registration and will be abstracted for trustless recovery.

Other Product Launches and Updates

Solana: Meteora x Kamino Finance

Lending protocol, Kamino Finance and dynamic liquidity protocol, Meteora, partner up to integrate each other’s products. Kamino Lend will be integrated in Meteora’s vaults while Meteora’s Dynamic Liquidity Market Maker pools will be integrated into Kamino’s new strategies.

Real-world asset (RWA) protocol, Ondo Finance, brings their two products, USDY and USDG, to Solana. USDY is a tokenized note product backed by US treasury bills while USDG is a tokenized version of Blackrock’s Short Treasury Bond ETF.

Cosmos: Liquid Staking for Celestia Now Live

Celestia liquid staking protocol, Milky Way, goes live, allowing users to stake their TIA tokens and receive milkTIA. MilkTIA can be used for liquidity provision for yield or to be used as collateral in DeFi.

Another Week, Another Airdrop

NFT-focused L2, Frame, announces their airdrop, dropping FRAME tokens to active NFT traders on Ethereum in the past two years.

ZKFair, an ETH L2 powered by Polygon and Celestia, is now live, with an airdrop to follow from their launch. The airdrop consists of two phases: the gas fee airdrop for gas spenders on the chain and airdrop to ZKFair’s community which consists of Polygon zkEVM users, users of other zk-rollups, among others.

Cosmos-based perpetual trading platform, Levana, releases the checker for the LVN token airdrop. Users who have registered prior and traded on the platform will be eligible for the airdrop.

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Tweet of the Week

Awawat makes fun of ETH and ETH ecosystem coins and their recent price performance as the ETH ecosystem underperforms alt-L1 ecosystems and ETH/BTC makes new yearly lows.

Stay updated on your favorite projects and stay tuned for next week’s edition, and keep supporting your favorite projects, degens!





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