More layer-2s are adopting Celestia's Data Availability layer, reducing gas fees by up to 10X. Meanwhile, more protocols are launching points reward programs, from Drift Protocol to Rabby.
Layer-2 blockchains, Aevo and Lyra Chain, migrate their data availability needs to Celestia to reduce cost for end users. EigenLayer pushes back their upcoming cap raise by a week while Cosmos-based restaking protocol, Picasso Network, launches on Solana over the weekend.
Overview
Total Value Locked (TVL) across all chains dipped as Bitcoin continued on its dip after spot BTC ETF approvals. Notable outperformers include Move-based chain, Sui, and Cosmos chain, Sei, which saw TVL jumps in the 20% range as their native tokens surged higher.
Source: https://coinmarketcap.com/chain-ranking/
Welcome to Alpha Central
On-chain analytics platform, Arkham Intelligence, reveals on-chain addresses backing the BTC ETFs by Blackrock, Fidelity, Bitwise and Franklin Templeton.
Ethereum: Sushi Revenue Share is Back
Multi-chain decentralized exchange (DEX), Sushi, relaunches Sushi Bar, their revenue share feature which allows SUSHI token holders to stake their SUSHI for xSUSHI to earn 0.05% of trading fees on the platform.
Bridging solution, Socket, announces their compensation plan for affected users of their exploit the week before. All affected users will be fully compensated via their website through signing a gasless signature.
Other Product Launches and Updates
- ETH restaking platform, EigenLayer, delays cap raise by one week from 29th January to 5th February, but removes the cap entirely to foster organic demand. The update will also place a 33% cap on restaking points on single deposits to promote decentralization.
- Bridging protocol, Synapse, introduces RFQ bridging on Ethereum, Optimism and Arbitrum for transactions of under 10K USDC. RFQ bridging involves auctioning each transaction to relayers who compete for the cheapest and fastest service to the end user.
- The team behind Magpie announce Eigenpie, an isolated liquid restaking platform designed to allow users to deposit ETH liquid staking tokens to EigenLayer via Eigenpie, allowing them to earn another layer of yield on their tokens.
- Lending protocol, Sturdy, launches V2, with a new modular architecture integrating with protocols such as Yearn Finance, Curve, Swell Network, Redacted Cartel and Sommelier Finance.
- Liquid staking platform, ClayStack, announces integration with EigenLayer, allowing users to mint csETH on the platform. Minters will earn CLAY points as well as EigenLayer points in the process.
- Metagovernance protocol, Convergence, introduces Tangent, a cutting edge DEX that does not rely on liquidity pools. Tangent functions as a permissionless order book, where users can submit trades between any of the assets listed on the platform.
L2s: Layer-2 Chains Now Running on Celestia
Lyra Chain, an L2 run by options DEX, Lyra, has completed their migration to using Celestia as their data availability layer, bringing gas cost on the chain down by 10x. The chain has since been running on Celestia for the past week.
Options and perpetuals L2, Aevo, migrates to Celestia as well, enabling the chain to see higher sequencer profitability and lowered gas fees, which are passed on to the end user.
Other Product Launches and Updates
- Perpetual Protocol introduces the Smart Liquidity Framework in their V3 launch, enabling liquidity to be provided to the protocol in any method, granting increased flexibility to the protocol. Users are also granted additional options for more efficient trade execution on the platform in this framework.
- Arbitrum-based liquidity management protocol, Concentric, was exploited for $1.8 million after control over the deployer wallet was obtained via social engineering. The protocol has since been halted.
- GammaSwap introduces DeltaSwap, the first feeless spot DEX. DeltaSwap is designed to increase adoption through removing protocol fees, but with trade offs on capital efficiency instead.
Solana: Token Extensions Live on Solana
Solana introduces Token Extensions, enabling greater customization over token development on the chain. Some possibilities include native support for privacy features on tokens as well as token metadata to simplify payment processes.
Cosmos-based restaking platform, Picasso Network, announces their launch date on Solana for January 28, with initial support for SOL, jitoSOL, mSOL and bSOL.
Drift Points go live on Solana perpetuals DEX, Drift Protocol, this week. Points are dropped weekly to users, with trading earning the most points on the platform. Drift has also announced that the program will run for a maximum of three months.
Telegram trading bot, Unibot, releases a token on Solana, UNISOL, which allows stakers to earn revenue from trading fees earned from trades made on Unibot on Solana. However, the move has sparked criticism from UNIBOT token holders on Ethereum with regard to token dilution.
Another Week, Another Airdrop
Rollup-as-a-Service platform, AltLayer, opens their token airdrop for claims. The claim period will remain open for one month. Celestia stakers, who have been announced to qualify for the airdrop too, are unable to check nor claim their airdrop yet and will await further announcement.
Popular wallet, Rabby, introduces Rabby Points, a new point system that accrues from on-chain actions such as using MetaMask’s swap feature or claiming specific Debank badges. Users can also refer other users to collect more points.
Solana DEX aggregator, Jupiter Exchange, opens claims for memecoin, WEN, in preparation for the JUP airdrop in the coming week. Claims will be closed on 29th January and unclaimed tokens will be burnt.
NFT marketplace, Magic Eden, announces Magic Eden rewards, a cross-chain reward system designed to reward loyal users of their platform, tracking activity all the way back to 2021.
Tweet of the Week
DeFiSquared reminds us that while everyone likes to paint the bear case with Grayscale’s BTC sales, the markets still move at the whim of a couple of large players as well as the bullish thesis that continues to play out.
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