🏴 The Ethereum Blues

gm Bankless Nation, sentiment around ETH is down bad, and today's latest price action showcases that August may have more gloom in store.

The Ethereum Blues Published on Aug 27, 2024 View in Browser gm Bankless Nation, Sentiment around ETH is down bad, and today's latest price action showcases that August may have more gloom in store. Today's Issue ⬇️ ☀️ Need to Know: Maker's Rebrand MakerDAO gets new name, new tokens. 🔒 Market Vibes: The Ethereum Blues ETH erases gains / GMX rating. 🧪 Analysis: EigenLayer's Math Can restaking really pay the bills? p.s. We've teamed up with BasePaint for a special Bankless Nation art challenge. Today's mission? Design a Bankless Buck! Sponsor: Cartesi — Discover the power of Linux for your ambitious dApps, only on Cartesi. Visit cartesi.io to Learn More .  .  . NEED TO KNOW MakerDAO's Rebrand 🌞 MakerDAO Rebrands to Sky. Crypto's DeFi king gets a new name, new tokens, and new incentives. ✳️ Robinhood Brings Solana Support to its Wallet. You still can't buy SOL on Robinhood, but you can send it in its Robinhood Wallet app. 🗣️ Vitalik Weighs in on DeFi's Value. Vitalik shares his thoughts on the sustainability and value of today's DeFi ecosystem. .  .  . MARKET VIBES The Ethereum Blues 📸 Daily Market Snapshot: Despite a positive day for TradFi markets, the crypto market took a beating late Tuesday, with BTC falling below $60K and ETH erasing weeks of gains, sinking below $2,500 for the first time since ETH's early August crash. It's been a brutal month for ETH sentiment, with prices down nearly 25% and morale seeming to take a similarly sized hit. Prices as of 7pm ET 24hr 7d Crypto $2.08T ↘ 5.6% ↘ 1.0% BTC $59,211 ↘ 6.1% ↘ 0.1% ETH $2,456 ↘ 8.7% ↘ 5.1% GMX $26.27 ↘ 7.0% ↗ 5.2% 🫐 New Token Rating: GMX price is up huge off its early August lows alongside a $100M rebound in TVL. Is it time to set some bids or take profit? Unlock GMX on Token Hub .  .  . ANALYSIS Can EigenLayer Make Restaking Math Work? Bankless Author: Jack Inabinet Restaking was all of the rage in early 2024 as airdrop hunters sought profit for the simple task of depositing into EigenLayer, yet the meta stalled out shortly after EigenLayer’s first drop in April, and TVL has failed to grow since – falling 8% in ETH-denominated terms. With no restaking services actually live yet, deposits continue to be incentivized by promised future airdrops. But this paradigm is set to change the moment that the Actively Validated Services (AVSs) leveraging restaked security go live, with their activation bringing real yields to depositors and showcasing where the demand for restaking lies. Today, we’re exploring EigenLayer’s top 5 AVSs by restaked capital to get a sense of just how much revenue they could be expected to produce 👇 What is Restaking Worth? FRIEND & SPONSOR: CARTESI Cartesi did the hard work, like putting Linux on the blockchain, so that building dApps could be radically simple. Discover a boundless design space for your most ambitious web3 projects. Visit cartesi.io to Learn More .  .  . GO BANKLESS Don't Miss Another Airdrop! Thousands of Bankless Citizens scored an average of $3,500 worth of tokens after Ether.fi's airdrop. Did you miss out again? Ether.fi was in the Bankless Airdrop Hunter, and you could have gotten into the latest drop by following our quests! There are nearly 100 other crypto protocols in Airdrop Hunter waiting for you. Upgrade your account Manage your account Not financial or tax advice. Bankless content is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time to time, we may add links in this newsletter to products we use. We may receive a commission if you make a purchase through one of these links. Additionally, the Bankless team holds crypto assets. See our Investment Disclosures | Terms & Conditions | Privacy Policy Bankless © 2024 – Unsubscribe