So
@berachain is dead
@SonicLabs is dead
@Aptos is dying
@SuiNetwork seems like it is also dying
@Plasma looks like it might be starting to dye
@Stable @monad are dead on arrival.
Can we stop with useless alt L1?
Eldar
7,427 posts
Eldar
@eldarcap
Looking for asymmetric bet and undervalued crypto project in DeFi. Not financial advice.
Joined May 2021
- Now that is a surprise to be honest. @samkazemian as CTO of @Stable blockchain. It looks a bit strange to be honest given he is the CEO of @fraxfinance, an independent Stablecoin issuer with its own L2 supposed to become a L1 (and potential Stable competitor). Also given that1/ I’m excited to announce that I’m joining Stable's leadership team while continuing to lead Frax as CEO! This brings the Frax<>Stable<>Tether ecosystems closer together and combines our unique strengths into an unstoppable force for stablecoin adoption in the worldwide market!
- The @eulerfinance protocol is closing in on $200M TVL. Shouldn’t be long at this pace. Next stop is $500M TVL.
- Huge uptick in $crvUSD supply thanks to @yieldbasis new pool. Hopefully the increase in supply and liquidity is enough to counteract the risk taken by the new issuance. Interesting to see this evolves. I think the long term success of @CurveFinance and $CRV rely a lot on the
- I have to admit that @yieldbasis is bringing quite the demand for $crvUSD. Will it be the savior of the @CurveFinance and its stablecoin? Still think it is too bad for $CRV that it isn't a Curve product directly. It is a lot of missed value for the token.
- The $CRV token is going quite strong and steadily winning its status as golden collateral. You can borrow against $CRV on @InverseFinance, at a fixed rate of just less than 8%. This might be a steal if the market goes brrr later and the rate follows.
- So @GMX_IO surpassed @JupiterExchange daily perp volume, and is now going for @HyperliquidX. It is racking cash, and using those for buyback, so creating constant buy pressure. But somewhat $GMX is value at only $200M while $JUP is valued at more than $5.5B ! The repricing
- The @GMX_IO protocol seems vastly undervalued if you compare it to @JupiterExchange. If you check the fees, revenue, buybacks of both protocols and then compare their valuation, it doesn't make a lot of sense. $GMX is hugely undervalued or $JUP is immensely overvalued. My guess
- So $SNX holders will see 170M new SNX tokens minted, a dilution of 34% to incentivize a future perp V4. @synthetix revenue are steadily decreasing to around $150k per month, while @GMX_IO one are around $1.8M. And GMX is doing $GMX buyback with profit. So the opposite of
- The @aave instance on @LineaBuild is closing in on $1B TVL. The @eulerfinance instance there is closing on a $100M TVL. The DeFi ecosystem is burgeoning there. Don't fade Linea.
- New wave of potential collateral for @CurveFinance lend. I was just thinking that we hey should add $LBTC given its popularity and it becoming the de facto bitcoin liquid staking option.Tired of winning yet? Votes for @EtherFi weETH, @coinbase cbBTC and @Lombard_Finance LBTC markets to mint crvUSD have arrived! The code has the newest goodness which allows for much smaller slippages when leveraging, specifying additional health to have and approving other smart
