Research Summary
The report from Ouroboros Research provides an in-depth analysis of the crypto investment landscape, focusing on the upcoming airdrops from Ethena and Wormhole, the performance of Ethena’s Shards and Sats programs, and the potential of Fluid’s leveraged farming. It also discusses the implications of these developments for the broader crypto market.
Key Takeaways
Significant Airdrops on the Horizon
- Upcoming Airdrops: Ethena and Wormhole are set to execute two of the largest airdrops in recent history, potentially creating around $1.6 billion in wealth. Ethena’s ENA and Wormhole’s W are the tokens to be airdropped.
Ethena’s Shards and Sats Programs
- Shards Program Performance: Ethena’s Shards program has grown the USDe supply to $1.6 billion in just six weeks, offering an average APY of around 400%.
- Sats Program Forecast: Ethena’s points program, Sats, is expected to reach its supply goal of $5 billion USDe ahead of the 2 Sep’24 deadline, potentially by the end of Jun’24, offering an average APY of around 50%.
Wormhole’s Airdrop and Market Impact
- Wormhole’s Airdrop: Wormhole is planning a $1.1 billion airdrop, with 17% of its token supply allocated for this purpose. The airdrop will be distributed to onchain users and community groups.
- Market Impact: The launch of Wormhole’s W token could potentially re-rate cheaper bridge tokens in the market.
Fluid’s Leveraged Farming
- Fluid’s Offering: Fluid allows users to create leveraged positions using vaults, offering one of the most capital-efficient and highest-yielding ways to obtain points.
- weETH / wstETH Vault: Fluid’s weETH / wstETH vault offers up to a 400% APY until the end of Jun’24, based on a $30 billion EigenLayer FDV and a 5% airdrop.
Actionable Insights
- Monitor Ethena’s Programs: Investors should keep an eye on Ethena’s Shards and Sats programs, as they offer high APYs and have shown significant growth in a short period.
- Track Wormhole’s Airdrop: The upcoming airdrop from Wormhole could have significant implications for the broader crypto market, particularly for bridge tokens.
- Consider Fluid’s Leveraged Farming: Fluid’s leveraged farming offers high yields, but it requires active monitoring and acceptance of several protocol risks.
