Lưu trữ cho từ khóa: Liquid Staking

Bitcoin

Solv Protocol launches staking token to bring Bitcoin yields to Solana

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Solv Protocol has introduced ‘SolvBTC.JUP’, a new Liquid Staking Token that lets Bitcoin investors earn returns through Solana’s decentralized finance ecosystem.

Even though it is only in its pilot phase, SolvBTC.JUP offers Bitcoin holders a way to generate returns, paid in Bitcoin (BTC), by participating in Solana’s (SOL) Jupiter Exchange, according to a press release shared with crypto.news.

The process works by depositing Bitcoin into Solv Protocol. In exchange, users receive SolvBTC.JUP, which represents their staked Bitcoin. 

This token accrues yield over time based on Solv’s involvement in the Jupiter Liquidity Provider Pool. The Jupiter Exchange, a platform for decentralized perpetual trading, allows liquidity providers to earn fees based on trading activity. 

Solv’s strategy minimizes risks by hedging exposure to market movements while maintaining the Bitcoin stake.

What this means 

For Bitcoin holders unfamiliar with DeFi, staking means temporarily locking up tokens to support a network or participate in a trading pool. In return, the staked tokens earn rewards, often in the form of the same token. 

SolvBTC.JUP allows Bitcoin owners to participate in this system on the Solana network without giving up their Bitcoin exposure. With an expected return of 12%, per the press release, SolvBTC.JUP builds on Solv’s previous success in offering Bitcoin staking on other platforms.

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Theo Crypto News

Phân tích

EIGEN has formed a bullish pattern, but two risks remain

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EigenLayer’s token continued its strong recovery as investors bought the dip following last week’s airdrop.

EIGEN unlocks and TVL retreat

The EigenLayer (EIGEN) token rebounded, reaching a high of $3.86, its highest level since Oct. 2, and 26% above its all-time low.

EIGEN’s rebound occurred after the founder announced that the network was shifting focus to Web3 applications post-airdrop. This is important since EigenLayer does not have a consumer-facing application. Instead, it secures several actively validated services like AltLayer, Ethos, and Lagrange.

The rebound also came after a hacker stole 1,673,645 tokens valued at over $6.8 million. The hacker moved these tokens through a decentralized swap platform and then transferred the stablecoins to centralized exchanges.

EIGEN token holders face two significant risks ahead. First, there is a dilution risk since EigenLayer has 187 million tokens in circulation against a maximum cap of over 1.6 billion tokens.

According to the developers, the network will unlock and distribute 67 million tokens, or 4% of the initial supply, in the first year. These unlocks will happen every Tuesday over the next 12 months, with 3% going to Ethereum and liquid staking token stakers. 1% of the tokens will go to EIGEN stakers and operators.

Token unlocks are typically bearish because they increase the number of tokens in circulation, diluting existing holders.

The second risk is that demand for restaking is waning. According to DeFi Llama, EigenLayer’s total value locked has dropped to $10.7 billion, down from over $20 billion earlier this year. In Ethereum terms, the network secures 4.43 million Ethereum, down from the year-to-date high of 5.34 million.

A likely reason for this is that Ethereum (ETH) staking market cap has fallen in the past few weeks. It has retreated by almost 8% in the last 24 hours to $83 billion, according to StakingRewards.

EIGEN forms an inverse H&S pattern

EIGEN chart by TradingView

On the hourly chart, the EIGEN token bottomed at $3.04 on Oct. 6 and then bounced back to $3.8, its highest point since Oct. 2.

It has risen above the 25-period moving average, and most importantly, it has formed a bullish inverse head and shoulders pattern. In price action analysis, this is one of the most bullish signals in the market.

Therefore, there is a likelihood that EigenLayer’s token will bounce back and possibly retest the all-time high of $4.58, up by 23% from the current level.

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Theo Crypto News

Bitcoin

Crypto staking platform Bedrock exploited via a bug, users can swap 1 ETH for 1 BTC

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Staking protocol Bedrock confirmed their platform was infiltrated by a bug involving uniBTC, which allowed users to exchange a uniBTC with an ETH token.

Bedrock announced through an X post on Sept. 27 that they are aware of the security breach and the issue is currently “handled” by their team.

They also assured users that the remaining funds were safe and they plan to launch a reimbursement plan in the near future, estimating the total loss to be approximately $2 million in digital assets.

That being said, a user on the platform found that the bug allowed for them to exchange their Bitcoin (BTC) with Ethereum (ETH). This is because the security exploit directly affected the platform’s uniBTC, a synthetic Bitcoin token used in DeFi.

“This function was likely leftover from the uniETH implementation,” the user remarked.

According to data from crypto.news, Bitcoin is sold at $65,449 per token while Ethereum’s price stands at $2,659 at the time of writing.

Bedrock claimed most of the losses were from decentralized exchange liquidity pools and clarified that the underlying wrapped Bitcoin tokens and standard Bitcoin that are held in reserves were secure. 

“At this time, no extra actions are required from our community. Rest assured that all uniBTC held by users are safe,” said Bedrock, adding that the platform will release a post-mortem report shortly.

As of right now, the protocol’s team has identified the root cause of the security exploit and are working closely with their audit teams to recover the lost funds.

Bedrock was launched in February 2023 by Singapore-based blockchain firm RockX. The protocol was designed to make liquid staking attractive for institutional investors by prioritizing compliance with know-your-customer and anti-money laundering regulations.

Bedrock is ranked as the eighth-largest liquid staking protocol according to DefiLlama, worth over $240 million in total value locked on its platform. 

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DeFi

UTONIC Protocol secures $100m TVL for TON’s first restaking solution

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UTONIC Protocol, a restaking solution on The Open Network (TON), has secured $100 million in total value locked from investors, validators and institutions.

The protocol, backed by several leading players in the crypto restaking ecosystem, offers a marketplace where projects can incentivize users by rewarding them for allocating their staked Toncoin (TON) in The Open Network ecosystem.

UTONIC aims to expand the decentralized finance ecosystem on TON, a blockchain ecosystem gaining significant traction with the launch of tap-to-earn games.

Bringing restaking benefits to TON holders

UTONIC outlines three ways through which restakers of TON can join and contribute to TON’s decentralization and shared security. Users can leverage their staked Toncoin to support the ecosystem and earn yield through native validator rewards, actively validated services and farming.

Native restaking allows TON holders to deposit their tokens into UTONIC smart contracts, with these assets used for staking. Users can also deposit their liquid staking tokens into UTONIC smart contracts. The LSTs are restaked on UTONIC, and the native liquid restaking token uTON is minted to allow participation in DeFi.

UTONIC empowers users to repurpose their staked TON, extending the blockchain’s security to additional applications. By reallocating staked assets, users can secure Actively Validated Services within UTONIC while consenting to grant additional enforcement rights over their staked assets.

UTONIC

This should see TON’s burgeoning DeFi ecosystem benefit from shared security, a scenario that will boost network growth. Projects set to benefit from this include cross-chain bridges, sidechains and oracle networks.

UTONIC has partnerships and technical support from top restaking platforms such as InfStones, TonStake, iZUMi Finance, Satlayer and Stakestone.

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Theo Crypto News

Phân tích

EIGEN futures rise ahead of EigenLayer season 2 stakedrop

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EigenLayer’s pre-market futures have bounced back after falling to a record low of $2.17 last week.

EigenLayer (EIGEN) rose to an intraday high of $2.73, up by over 25% from its lowest level on Sep. 7. However, it remains 30% below its all-time high.

OKX’s pre-market futures allow people to trade tokens before they are airdropped. These futures often have thin volumes, making them highly volatile, and their price action does not typically predict what will happen when the airdrop occurs.

The rebound came after the EigenLayer Foundation announced details of the second season of its stakedrop, set to begin on Sep. 17. The first season of the airdrop ended on Sep. 7.

This season will see 70 million EIGEN tokens allocated to stakers and operators with up to 10 million tokens going to ecosystem partners. Six million tokens will be allocated to the community, including open-source contributors and early supporters, while the remaining tokens will go to Protocol Guild.

EigenLayer has become one of the biggest players in the crypto industry, where it offers staking solutions. Data by DeFi Llama shows that it has become the second-biggest player in the DeFi industry with over $10.9 billion in total value locked.

Restaking is a technology that allows Ethereum (ETH) stakers to reuse their tokens across other protocols. In addition to EigenLayer, other popular liquid staking solutions in the crypto industry include Symbiotic, Puffer Finance, and Renzo.

EigenLayer’s price during its airdrop is still unknown, but analysts expect it to be one of the biggest listings of the year. A Polymarket poll with $1.9 million in assets estimates that EigenLayer will have a fully diluted market cap of less than $10 billion.

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DeFi

Renzo Protocol launches Solana’s first liquid restaking token on Jito

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Renzo Protocol is expanding its liquid restaking expertise to the Jito ecosystem on Solana.

According to an announcement on Aug. 14, Protocol revealed it was launching ezSOL, the first liquid restaking token on Solana (SOL).

Having made inroads in the decentralized finance world with liquid restaking expertise for Ethereum (ETH)-based protocols EigenLayer and Symbiotic, Renzo is now taking the LRT market further forward with ezSOL on the Jito (JTO) Network.

ezSOL joins ezETH and pzETH, the LRTs on EigenLayer and Symbiotic, respectively.

The launch of the new liquid restaking token is in collaboration with the Jito Foundation.

What’s the big deal?

Renzo is Ethereum’s third-largest liquid restaking protocol by total value locked. According to DeFiLlama, Renzo’s TVL is currently over $1.29 billion, trailing Puffer Finance with over $1.33 billion and ether.fi with over $5 billion.

Meanwhile, Jito Network is a platform that allows users to earn from maximum extractable value (MEV) and decentralized finance (DeFi) protocols on Solana. This focus on MEV and DeFi is powered by JitoSOL, the largest liquid staking token in the Solana ecosystem.

Renzo seeks to bring maximum value for these stakers, and the restaking option offers just that. The expansion will enable JitoSOL holders to mint ezSOL using their JitoSOL tokens, allowing them to benefit from the compounding of rewards across staking, restaking, and MEV extraction.

Additional usability for SOL in DeFi

Apart from boosting network liquidity, ezSOL unlocks new DeFi opportunities for the community, including lending, automated market making, and aggregators.

The LRT token will help power all these strategies, providing capital efficiency while allowing users to retain their exposure to restaking. Renzo says this composability will bolster the overall flexibility and usability of Solana’s native token, SOL.

Using ezSOL on Solana will benefit from the blockchain network’s low fees and fast transaction settlement.

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Altcoin

Ethereum restaker Renzo reports breached Discord

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Renzo, an Ethereum liquid restaking platform, was the latest defi operator to report a compromise as of July 22. 

According to a community alert, rogue actors hijacked the Renzo Protocol Discord server on Monday and posted malicious links in an apparent phishing exploit. Renzo warned members to refrain from interacting with posts or messages sent by anyone until further notice. At press time, it was unclear if users suffered any losses or if hackers stole any funds. 

Renzo’s native token, REZ, was unaffected by the news. The cryptocurrency showed a slight 0.7% shift to the upside, while several digital assets logged modest slumps. 

Liquid restaking (LST) protocols hold over $14 billion in user deposits per DefiLlama. Such platforms gained popularity due to discourse around EigenLayer, a defi tool that allowed users to earn additional yield and secure other networks using staked Ether (stETH). 

Despite a 44% decline in the past 30 days, Renzo is still the second-largest liquid restaking provider in the market. 

Bad actors target Renzo and defi

The LST platform is one of many defi solutions faced with an onslaught of hacking attempts. Late last year, scammers stole nearly $1 million via a fake Across Protocol Discord server. 

Bad actors mimicked CertiK’s Discord link for a phishing campaign, and criminals stole over $6 million in crypto using social media platforms like X last September. More recently, hackers targeted defi domains in a widespread attack on registrar Squarespace. Top protocols Celer Network and Compound Finance were impacted before the issue was resolved.

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Theo Crypto News