Research Summary
The report discusses the exponential growth of Ethereum’s newest L2 MODE, which has reached a $500M Total Value Locked (TVL). It highlights the role of Ironclad Finance, a decentralized liquidity market, and its unique features such as the ICL Staking and the iUSD stablecoin. The report also mentions the upcoming Liquidity Generation Event (LGE) for Ironclad’s ICL token.
Key Takeaways
Exponential Growth of Ethereum’s L2 MODE
- Impressive Performance: Ethereum’s newest L2 MODE has seen a significant increase since the start of the year, reaching a $500M TVL. This growth indicates a strong interest and trust in the platform from its users.
Ironclad Finance’s Role and Experience
- Decentralized Liquidity Market: Ironclad Finance is a non-custodial liquidity market where users can be depositors or borrowers. The project has been developing lending protocols, stablecoins, and derivatives for nearly four years, indicating a wealth of experience and expertise.
- Previous Work: Ironclad’s team has previously worked on significant projects such as Radiant Capital V2 and managed security for 0xDAO, which had over $4B in TVL. This experience further strengthens their credibility in the market.
Unique Features of Ironclad Finance
- iUSD Stablecoin: Ironclad’s $iUSD is the first native stablecoin on MODE. It is CDP-backed and designed to provide unparalleled support to LRT assets, BTC, and MODE. The stability of iUSD is achieved through PID controllers, a unique engineering trick applied by Ironclad.
- ICL Staking: Ironclad offers a unique staking system that is flexible and fully liquid. Users are rewarded based on stake size and duration, with longer stakers receiving higher rewards. This system encourages users to stake their tokens for longer periods.
Upcoming Liquidity Generation Event (LGE)
- ICL Token Launch: Ironclad’s LGE is set for 15th July, marking the token’s launch on a DEX. The liquidity is seeded at a 20M FDV on Velodrome via an ICL-MODE pool. This event is a significant milestone for Ironclad and could potentially attract more users to the platform.
Actionable Insights
- Monitor the Performance of Ethereum’s L2 MODE: Given the impressive growth of Ethereum’s L2 MODE, it would be beneficial to keep an eye on its performance and developments. This could provide insights into the overall health and direction of the Ethereum ecosystem.
- Explore Ironclad Finance’s Offerings: With its unique features such as the iUSD stablecoin and ICL Staking, Ironclad Finance presents interesting opportunities in the decentralized finance space. It would be worthwhile to explore these offerings and understand their potential impact on the market.
- Follow the Upcoming LGE: The upcoming LGE for Ironclad’s ICL token is a significant event that could influence the platform’s future. Monitoring this event could provide valuable insights into the market’s reception of the ICL token and the potential growth of Ironclad Finance.
