You typically earn EigenLayer (EL) points by restaking it on their website. But there's a way to earn two layers of rewards on top of EL points. How? With InceptionLRT v2! This new platform is the result of a merger between Inception LRT and Genesis_LRT, creating the first Restaking SuperdApp. Here's how it works: When you restake your ETH or LSTs in Inception (or on any supported chain: Linea, Mode, Arbitrum, or Optimism), you start earning protocol points as well as inception Totems (Inception's reward system). You also get:
Inception aims to become the go-to platform for all your restaking needs. The v2 amplifies your rewards while also enhancing security and flexibility. The future of restaking is simplicity – one platform where you can do everything. This is the simplicity we need to get the masses on board with crypto. That's why I see Inception heading in the right direction.
Meta WTF are these Celebs doing here?A new meta is here: celebrity coins. Several celebrities launched their coins over the past few week.
So suddenly, it seems like every F-list celebrity is dropping their own token. Let's see what's going on. Where did this come from?Memecoins is one of the top-performing sectors of 2024. Celebrity coins are a kind of memecoins. And Pumpdotfi made it really easy for even grandmas to launch memecoins. It also seems like a single person, Sahil Arora, had contacted these celebrities about launching celebrity tokens. According to CryptoRoxo, he was behind five celebrity coins launched last week. Once celebrities saw easy money, everyone started launching their own tokens. There are indications that Paris Hilton launching one tomorrow. Are Celebrity Coins Good?There's only a single argument in favor of celebrity coins: adoption. Celebrities, by definition, have the trust of a lot of people. And so, when they promote crypto, it'll attract more retail people to our industry. Theoretically, this should help crypto go mainstream. However...Most celebrity coins are thinly veiled pump and dumps.
If you need any more evidence, we can look at the list of past celebrity projects and their returns. All of them are practically dead.
Celebrity coins are a way for Z-list celebrities to trade their reputation for some money. These scams create a very bad reputation for crypto. For many normies, these celebrity projects will be their first step into the cryptoverse. But if they are instantly burned by these pump and dumps, they won't come back. Onboarding normies to low-effort scams is very different from actual adoption. If they were genuinely interested in crypto, they wouldn't be launching their own memecoins. They'll be:
Cobie has a useful framework for evaluating celebrity activities in crypto. Apart from reputational risk, are celebrities taking any other risk? This can be putting in a lot of capital, attention, or some other form of energy. Taking risks indicates that they actually believe in the project. In the celebrity coin meta, celebrities aren't taking any real risks. So, I'm ignoring this. It'll be hot for max 2-3 weeks. And then it'll be forgotten. Since celebrity participation marked the top in the last cycle, many people are worried if this is the top for this cycle. No. We still have a long way to mark this cycle top. The actual retail isn't here yet. Probably, trends like these will just be a step in making the sector popular. 🚀 DeFi Catalysts Solana has decided to stop the burning half of the priority fee. 100% of the fees will now go towards validators. This will increase $SOL emissions. Sandbox, the gaming platform, introduced SandboxDAO. You need 5 $SAND or a plot of land to participate in the DAO. Kwenta v3 is now fully integrated into its main UI. With this, the v3 on Base will become the default trading experience for users. Jupiter has decided to allocate 50% of the priority fee earned by Jupiter validator to JupSOL. This will increase the yield for JupSOL. Ondo Finance has shipped $rUSDY, a new form of $USDY, on the Ethereum mainnet. It is a rebasing token where the yield accrues daily via additional tokens distributed to the holder's wallet. Stepn launched Stepn Go. It is a social lifestyle app that rewards your movement and social interactions SEI, the parallelized EVM L1, shipped v2 on the mainnet. Users can now use EVM wallets like Metamask to connect to SEI. MerchantMoe will share 100% of protocol revenue with $MOE stakers. It'll be distributed in the form of $mETH, Mantle's LST. Sanctum, a Solana LST protocol, has launched wifSOL. It'll distribute the staking rewards as WIF. It'll be like DCAing into WIF. Picasso Network has released an implementation of the Interchain Blockchain Communication (IBC) protocol on Solana. Stargate V2 is officially live. The v2 is much cheaper and capital-efficient. 🪂 Airdrop Alpha Syrup Finance, a new protocol that provides institutional yield, started their points program called drips. Taiko has announced their airdrop. 5% will allocated to phase 1. The token claim will begin in six days. HyperLiquid launched the L1 season of its points program. 700k points will be distributed weekly for 4 months. Berachain is a highly anticipated chain. Here's a testnet strategy to farm $BERA airdrop. It's free to implement. Shiro has published a thread with a lot of alpha, events, claims, and strategies for airdrops. Check it out here. 🚀 New Launches Maple Finance launched Syrup, a new protocol that provides institutional yield to the wider DeFi ecosystem. Dflow launched the beta version of their mobile trading app. It is only available to users who joined the Phase 0 and Phase 1 Preseason rewards programs. Taiko, a zkEVM L2, mainnet is live on Ethereum. It is a Based Contestable Rollup (BCR). They have a configurable, multi-proof roll-up design. Astaria went live. It is an oracle-less, intent-based, fixed-rate lending protocol supporting unlimited loan durations for any asset. Splice Finance is live on Mode Network. It is a yield-trading protocol forked from Pendle. They've launched yield markets for LRTs. Soul Protocol, a LayerZero-based cross-chain lending protocol, went live. It'll allow users to lend and borrow across platforms like Aave and Compound on various networks. Velar Artha is live on Bitlayer testnet. It is the first Perp DEX in the Bitcoin ecosystem. 📰 Industry News EtherFi introduced Cash. It is a mobile wallet + Visa credit card. You can spend money by borrowing USDC against your Ether.fi assets or swap them into USDC. ENS Labs proposed the ENS V2. They're re-envisioning the architecture from the ground up. They'll extend the service to layer2s as well . Zeta Markets introduced the litepaper for Zeta X. It'll be a trading-focused DeFi L2 on Solana. HyperLiquid has enabled permissionless spot deployment. Now anyone will be able to deploy spot assets on HyperLiquid. Caitlyn Jenner released her own memecoin. And she is claiming to be duped by Sahil Arora. He had done similar launches before. 🐦⬛ X Hits
😂 Meme Until next time, Edgy Today's email was written by Edgy and Yayya.
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Thursday, May 30, 2024
🗡️ celebrity memecoins?
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