Research Summary
The report discusses the rise of Ethena’s stablecoin USDe, the growth of Blast DeFi, and the potential of ExtraFi on Base. It also provides insights into upcoming token unlocks, launches, and macro events.
Key Takeaways
Ethena’s Stablecoin USDe
- USDe’s Rapid Growth: Ethena’s stablecoin USDe, which operates on the Ethereum network, has been live for three weeks and is nearing $1 billion in total value locked (TVL), making it the sixth largest stablecoin by market cap.
- USDe’s Potential: Arthur Hayes, a prominent figure in the crypto space, believes that Ethena’s USDe could potentially dethrone Tether, the current stablecoin behemoth.
Blast DeFi’s Milestone
- Blast DeFi’s TVL: Blast, an Ethereum Layer 2 project, has seen its TVL surpass $1 billion, marking a significant milestone for the project. Blast differentiates itself by allowing ETH and stablecoins bridged from the Ethereum mainnet to earn native yield on-chain.
ExtraFi on Base
- ExtraFi’s Yield Farming: Extra Finance, a leverage yield farming protocol on Base and Optimism, offers solid stablecoin and non-stable pair farms on both networks. It offers a potential yield of around 65% on WETH in their WETH-USDC pair on Base.
Upcoming Token Unlocks and Launches
- Token Unlocks: The report mentions several upcoming token unlocks, including APT, CYBER, UXD, PERP, ARB, and PSP.
- Project Launches: Several project launches are also highlighted, including Beldex .bx domain sales, Immutable testnet shanghai upgrade, Wemix night crow’s game launch, Entangle’s $NGL Launch, PropyKey’s Launch, Decun Upgrade, Radix’s project ignition launch, and Cardano USDM launch.
Actionable Insights
- Monitor Ethena’s USDe: Given its rapid growth and potential to challenge Tether, it may be beneficial to keep a close eye on Ethena’s USDe.
- Consider Blast DeFi: With its TVL surpassing $1 billion, Blast DeFi could be a project worth exploring for those interested in Ethereum Layer 2 solutions.
- Explore ExtraFi on Base: For those interested in yield farming, ExtraFi on Base could be a potential avenue to explore, given its solid stablecoin and non-stable pair farms.
- Stay Updated on Token Unlocks and Launches: Keeping track of upcoming token unlocks and project launches can provide insights into potential market movements and opportunities.
