EigenLayer, an Ethereum restaking protocol, has launched the EIGEN token, distributed through a stakedrop to its community, sparking widespread interest and debate. The protocol has secured substantial funding and a total value locked (TVL) in the billions, influencing the Liquid Restaking Token (LRT) market significantly. Despite the potential, the recent release of its whitepaper detailing the token's design and distribution has divided opinions, raising concerns about its long-term viability and effectiveness. EigenLayer's innovative approach utilizes Ethereum's security for other applications without fragmenting it, introducing a new token model that includes Universal Objective and Intersubjective Work Tokens, aiming to enhance Ethereum's scope beyond just securing its own blockchain. This dual-token system also includes mechanisms for managing intersubjective faults and decentralizing decision-making, albeit with some skepticism regarding the actual demand and effectiveness of such a model. |
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🗓️ State of NEAR Q1 2024. Following a strong ending to 2023, NEAR continued the momentum into Q1 2024. NEAR's market cap was among the largest gainers of the top fifty assets, seeing a 94% increase QoQ, bringing the circulating market cap to $7.2 billion. Daily active addresses were 1.2 million, showing a growth of 42% QoQ and 377% over the previous six months. The TVL ended the quarter at $335 million, a 163% increase from the previous quarter and a 547% increase over the previous six months. Additionally, the stablecoin market cap increased by 176% QoQ to a total of $214 million.
The Week In Crypto Policy: New Tax Bill; Congressional Pushback. Reps. Drew Ferguson (R-GA) and Wiley Nickel (D-NC) introduced a bill to clarify that digital asset rewards from staking or mining are not taxable until the assets are sold or disposed. House Majority Whip Tom Emmer (R-MN) and House Financial Services Chair Patrick McHenry (R-NC) criticized SEC Chair Gensler for misleading Congress, following allegations suggesting the SEC considered ETH a security prior to an oversight hearing at which Chair Gensler refused to clarify ETH's regulatory status. Senator Cynthia Lummis (R-WY) pushed back against recent DOJ efforts to classify certain non-custodial software as a money transmitter business subject to the BSA, vowing to "do everything I can to fight for your rights to hold your own keys and run your own node." As for stablecoins, negotiations continue, but it is unlikely a deal will be attached to an FAA reauthorization bill expected to move next week. Finally, Senator Warren fired off two more letters focused on crypto and illicit finance concerns.
[Messari Governance] [Uniswap DAO] Deploy Uniswap V3 on Redstone. This proposal aims to deploy Uniswap V3 on Redstone, and it seeks to determine how much in incentives (if any) the DAO would like to allocate to this deployment.
[Messari Key Developments] [EigenLayer] EIGEN Token. The EigenLayer team provided an update for the EIGEN token, confirming that the team is aiming for Sep. 30, 2024, to allow transferability of the EIGEN token. The team added that Investor and Team portions will remain locked until one year after transferability is enabled, which would result in an estimated unlock date of Sep. 30, 2025.
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Knowledge Seekers Rejoice, It's Quarterly Season! What are Messari Quarterly Reports?
With the arrival of the new year, the Messari team is excited to kickoff the release of our Q1 2024 quarterly reports. Our quarterly reports highlight top crypto protocols and present key metrics & indicators as well as important events to provide a full picture of the project's latest developments. Learn more about projects you are invested in or interested in and receive a clear look at project fundamentals and financial reporting.
Dive into our current and past quarterly reports available in our Protocol Reporting research page. Keep an eye out for reports with "🗓️" in Unqualified Opinions so you don't miss them! |
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| 🗓️ Q1 2024 Quarterly Reports |
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Disclosure: Authors may own cryptoassets named in this newsletter. For more information, please visit messari.io.
Unqualified Opinions, a Messari newsletter, is meant for informational purposes only. It is not meant to serve as investment advice. Please consult with your investment, tax, or legal advisor before making any investment decisions. Advertising and sponsorship do not influence editorial decisions or content. Third party advertisements and links to other sites where products or services are advertised are not endorsements or recommendations by Messari. Messari is not responsible for the content of the ads, promises made, or the quality or reliability of the products or services offered in any third party advertisement. |
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