Research Summary
The report provides an overview of recent developments in the DeFi sector, including updates on Ethereum restaking protocol EigenLayer, Solana’s mobile phone Saga, and Bitcoin Ordinals-inspired inscriptions. It also covers governance proposals from various DAOs, regulatory news, and market trends.
Key Takeaways
DeFi Developments and Partnerships
- EigenLayer’s Rapid Growth: The Ethereum restaking protocol, EigenLayer, surpassed $1B in Total Value Locked (TVL) within 48 hours of raising its LST caps. It also introduced Restaked Rollups, a service aimed at enhancing transaction efficiency and security on the Ethereum blockchain.
- Solana’s Mobile Phone Saga: Solana’s mobile phone Saga sold out within 48 hours after $BONK announced a 30M token airdrop worth $700 to its owners. Access Protocol also distributed $ACS tokens worth $259 to similar wallets, leading to inflated prices for these phones in anticipation of more airdrops.
- Bitcoin Ordinals-Inspired Inscriptions: Bitcoin Ordinals-inspired inscriptions have been flooding various chains, causing an outage on Arbitrum for 1.5 hours due to a surge in transactions. Avalanche saw $13.8M spent in fees for inscriptions over five days, and Polkadot achieved its highest daily transaction count at 1M transactions.
Regulatory News and Market Trends
- SEC’s Delayed Decision on ETFs: The SEC has postponed its decision on Hashdex and Grayscale’s $ETH ETF. Meanwhile, BlackRock and the SEC have met for the second time in a month to discuss BlackRock’s $BTC ETF application, with recent filings indicating $IBIT as the ticker for their product.
- Google’s Search Volume for Solana: Google’s search volume for Solana has surged by 205% over the past two months, indicating growing interest in the blockchain platform.
Actionable Insights
- Monitor the Performance of EigenLayer: Given the rapid growth of EigenLayer’s TVL and the introduction of its Restaked Rollups service, it may be beneficial to keep an eye on the protocol’s performance and developments.
- Assess the Impact of Token Airdrops on Device Sales: The sell-out of Solana’s mobile phone Saga following token airdrops suggests a potential trend. It could be worthwhile to analyze the impact of such airdrops on device sales and user behavior.
- Stay Updated on Regulatory Developments: With the SEC delaying its decision on several ETF applications, it’s crucial to stay informed about regulatory developments that could impact the crypto market.
