Ethereum, Bitcoin, and Solana ecological re-pledge protocol financing is booming. Which protocols can be used for gold mining?

Author: Xiyou, ChainCatcher

Editor: Marco, ChainCatcher

In April, ChainCatcher sorted out Ethereum’s re-pledge protocol and LRT protocol "CapitalThis frequent blessing, project Take turns to airdrop and pledge the LRT track to become the "New Holy Land for Gold Nuggets"", which includes EigenLayer and the LRT protocols based on it, such as Renzo, Ether.fi, Kelp DAO, EigenPie, YieldNest, Swell, Pendle Finance, etc.

Although expectations such as Renzo’s token issuance and EigenLayer’s airdrop have been realized, in the past three months, the market enthusiasm for the re-staking track has remained the same. “Points war + one fish to eat more” is still a craze in the crypto community. Large-scale financing in the tens of millions occurs frequently.

For example, on June 18, Renzo announced the completion of US$17 million in financing led by Galaxy Ventures and others; on June 11, the re-pledge project Symbiotic announced the completion of US$5.8 million in seed round financing, led by Paradigm and Cyber ​​Fund.

Data shows that 16.3% of all pledged ETH has participated in re-pledge by Eigenlayer, Karak_Network, etc.

Perhaps because of the opportunity to re-pledge wealth, the narrative position of the re-staking track has been spilling out recently, from the main position of Ethereum to Bitcoin, Solana and other ecosystems.

It is reported that at least 6 teams in the Solana ecosystem are building the Solana re-pledge project.

Recently, the Bitcoin ecosystem has seen two financings of over 10 million dollars. On May 30, Babylon completed a US$70 million financing led by Paradigm; on July 2, the Bitcoin re-pledge agreement Lombard completed a US$16 million seed round. round of financing, led by Polychain Capital.

Three major restaking protocols on Ethereum: EigenLayer, Symbiotic, Karak Network

• EigenLayerThe non-transferability of airdrop tokens is controversial

As the pioneer of the Restaking concept, EigenLayer has always been the leader in restaking. The leading project in the staking circuit. However, since EigenLayer announced the EIGEN token economic model on April 30 and stated that the airdrop tokens are not transferable, it has triggered a series of public opinion storms.

The most criticized thing by users is that EigenLayer stated in the white paper that the transfer rights of EIGEN tokens are restricted in the initial stage and do not support user transfers or transactions. This means that users cannot buy, sell or trade EIGEN tokens in the secondary market.

The official explanation is due to lack of liquidity, but in the eyes of users, this is undoubtedly a rogue project. The stablecoin Ethena project, which has just completed its airdrop release, posted on social media "Tokens are transferable, we love you." Innuendo.

In addition to the non-transferability of tokens, EigenLayer also restricted users’ IPs during the airdrop, which made users even more dissatisfied. This is because EigenLayer did not use IP restrictions on the early pledge deposit page. It was not until the airdrop was announced that it would restrict IPs to allow participation. Users have a sense of déjà vu.

However, judging from the changes in data, the public opinion of the airdrop has not affected the TVL on EigenLayer. On the contrary, it has increased, from a peak of 14 billion US dollars on May 9 to a maximum of US$14 billion on June 16 From US$19 billion on the day, it has now fallen back to US$14.9 billion.

EigenLayer supports native re-pledge and liquidity re-pledge: 68% of the assets are native ETH and 32% are LST. Currently, EL has approximately 161,000 re-hypothecaters, but approximately 67.6% (approximately $10.3 billion) of assets are entrusted to only 1,500 operators.

On July 3, EigenLayer posted on the social platform X that "major projects will be promoted in Q3." Community users speculate that it is very likely that EIGEN tokens will support transactions.

As of July 12, EIGEN tokens still do not support transfer or trading, and are quoted at US$5.39 on the Whalesmarket, an over-the-counter secondary point trading market.

• Symbiotic, a new re-staking project backed by Lido and Paradigm

While EigenLayer was in a turmoil due to airdrop rules, on May 15th, it was revealed that the co-founders of Lido and Paradigm were secretly funding a new project, Symbiotic. To compete on the re-pledge track. From the community’s perspective, the timing of Symbiotic’s emergence is more like a counterattack against EigenLayer’s dominance.

On June 11, Symbiotic announced its official launch and completed a US$5.8 million seed round of financing. This round of financing was led by Paradigm and Cyber ​​Fund.

Among them, Symbiotic’s second largest investor, Cyber ​​Fund, was co-founded by Lido co-founders Konstantin Lomashuk and Vasiliy Shapovalov, and the Symbiotic platform publicly stated that it supports users to use Lido’s stETH and other assets that are not compatible with EigenLayer’s native Pledge.

Therefore, Symbiotic is also considered to be Lido’s filler in the re-staking track and is a direct competitor of EigenLayer.

Unlike EigenLayer, which only supports ETH and its (LSD-like ETH) derivatives, Symbiotic supports more diverse types of re-pledged assets, supporting the deposit of any ERC-20 token as re-pledge. For example, re-pledged assets not only support Lido’s LSD pledge certificate assets such as stETH and cbETH also support the governance token ENA of the stablecoin protocol Ethena and the stablecoin USDe.

This means that crypto protocols can launch native staking for their own native tokens through the Symbiotic platform to increase network security.

In terms of product form, Symbiotic supports developers to customize according to business needs. For example, using Symbiotic’s protocol or new network, you can choose its pledged asset type, node operator, reward and reduction mechanism, etc. Eigenlayer adopts a centralized management method, with the official managing the commission of pledged ETH, and the node operators verifying various AVS, etc.

With the support of Lido and Paradigm, within just one month of Symbiotic’s launch, the value of deposited crypto assets has exceeded $1 billion.

As of July 12, the TVL of the Symbiotic platform was US$1.09 billion, of which the value of wstETH deposited in Lido was US$760 million, accounting for approximately 70% of the TVL.

Currently, LRT protocols such as Ether.fi, Renzo, YieldNest, Swell, and Pendle Finance have been integrated with Symbiotic, allowing users to earn Symbiotic points by depositing assets on LRT.

LRT protocol Mellow based on Symbiotic

Mellow was originally a liquidity solution and a partner of the Lido Alliance. It supports users to obtain stETH by staking ETH on the platform and earn additional Mellow staking points. Additionally, Mellow helps Lido operators launch their own LRT to increase the usability of stETH and increase revenue for Lido DAO members.

On June 4, Mellow announced its cooperation with Symbiotic to launch as a modular LRT liquidity re-staking project in its ecosystem.

Compared with common LRT protocols, Mellow is more like a modular LRT infrastructure that allows anyone to deploy or create LRT with different risk or reward ratios, such as traditional hedge funds, staking providers (such as Lido) etc., supporting pledge users to choose different risk configurations according to their own needs to achieve flexible risk management and income optimization.

For users, they can directly deposit ETH into the Mellow platform, and the platform will automatically transfer ETH to Lido. The user will receive stETH and deposit stETH into Symbiotic. Users who deposit ETH in Mellow can obtain double points from the Symbiotic+Mellow platform at the same time.

On July 15, the TVL on the Mellow platform was US$488 million, and 37 million Symbiotic points were earned.

• Karak Network, a re-pledge protocol that supports multi-type assets and multi-chain deployment

Karak Network works similarly to the Eigenlayer protocol, except that it calls its AVS service Distributed Security Service DSS, and also launched its own Layer2 network K2.

Different from Eigenlayer, Karak aims to support any asset to be re-pledged. Currently, the re-pledged assets supported on the platform include ETH, various LST and LRT assets, as well as USDT, USDC, DAI, USDe, etc. Stablecoin.

In addition, Karak is also deployed on multiple chains and is designed to be deposited on any chain. Currently, it has been deployed on Ethereum, Arbitrum, BSC, Blast, Mantle, etc. Users can deposit according to the amount of their assets. The chain distribution situation is used to store assets.

However, currently TVL on the Karak platform has exceeded 1 billion US dollars, and new fund deposits are not supported for the time being.

Bitcoin on-chain re-pledge protocol: Babylon, Lombard, BounceBit

• Bitcoin re-pledge protocol Babylon

Babylon is a re-pledge protocol based on Bitcoin, which introduces staking to Bitcoin. function, allowing BTC holders to pledge their assets to other protocols or services that require security and trust without trust, thereby obtaining PoS staking benefits and governance rights, while also passing the security of Bitcoin to various middleware, Data availability layer, side chain and other protocols allow them to enjoy Bitcoin-level security at a lower cost.

From the perspective of business scope, Babylon covers two aspects: first, BTC holders can pledge BTC to provide security and trust layer for other protocols, and earn income from it; second, let PoS chain or other Bitcoin New protocols in the ecosystem may be able to utilize BTC stakers as verification nodes, improving security and efficiency.

The co-founder of Babylon once said in an interview with ChainCatcher that in terms of working mechanism, Babylon is consistent with Ethereum’s re-pledge protocol EigenLayer, but since Bitcoin does not support smart contracts, Babylon needs to do one more step than EigenLayer to allow unpledged bits Coins first become stakeable, and then they can be staked again.

On May 30, Babylon once again announced the completion of US$70 million in financing led by Paradigm. According to Rootdata data, as of July 12, Babylon’s public financing amount has totaled US$96 million. Investment institutions include Paradigm, Polychain Capital, Framework Ventures, Polygon Ventures, Binance Labs and many other well-known capitals.

Currently, users can experience the process of staking BTC through the Babylon Testnet4 test.

Babylon-based liquidity re-hypothecation protocol

1, Lombard, which raised $16 million in seed round financing

Lombard is a liquidity re-hypothecation protocol built on Babylon, on July 2, Announced the completion of a US$16 million seed round of financing led by Polychain Capital, with participating investors including BabylonChain, Foresight Ventures, Mirana Ventures, Nomad Capital, etc.

The relationship between Lombard and Babylon is similar to the relationship between Renzo and EigenLayer. The BTC pledged by users to Lombard will be automatically re-pledged to the Babylon platform to earn income.

The Lombard platform uses LBTC to release the liquidity of BTC pledged in Babylon. That is, users deposit BTC on the Lombard platform and will receive an equal proportion of the re-pledged certificate asset LBTC. The LBTC held can be used in DeFi protocols, such as lending. , transactions and pledges, etc., to improve the efficiency of fund use.

Currently, users can apply for a waiting list for the white test using their email address on the Lombard platform.

2, Lorenzo

Lorenzo is also a Bitcoin liquidity re-pledge protocol based on Babylon. Users can directly deposit BTC into Babylon through Lorenzo. This platform has received support from Binance Labs.

On May 28, Lorenzo announced the launch of the pre-staking Babylon activity. Users can stake BTC on the pre-staking Babylon activity page to obtain stBTC. All BTC received by Lorenzo will be pledged as soon as Babylon is launched.

Currently, users can earn dual Lorenzo and Babylon points by staking BTC on Lorenzo.

• Bitcoin re-pledge chainBounceBit

BounceBit is a BTC re-pledge chain specially designed for Bitcoin. Its main products include BounceBit Portal, BounceBit Chain and BounceClub. Among them, BounceBit Portal is the entrance for user interaction, BounceClub aims to become a combined ecosystem of CeFi and DeFi, and BounceBit Chain is the main module of the re-pledge function.

BounceBit Chain is designed as a carrier to implement the re-pledge function in the BounceBit ecosystem. It is protected by the Bitcoin pledged by the verifier and the BounceBit native token BB. Middleware such as cross-chain bridges, oracles, etc. can be introduced by introducing the liquidity of BounceBit for security.

Specifically, after users transfer their native assets to BounceBit, new B-Token assets will be minted. Taking BTC as an example, after users deposit BTC, they will receive BBTC assets operating on the BounceBit main network.

Currently, BBTC assets can be used for two main on-chain activities: one is under BounceBit’s hybrid staking mode, using BBTC+BB to participate in node staking, and the LST tokens generated at the same time can be used for further re-staking activities. to amplify staking returns; second, BBTC can be used to interact with various DeFi applications on the chain to obtain income.

In April, BounceBit announced the completion of a strategic round of financing invested by Binance Labs. As early as February, it was announced that it had completed a US$6 million seed round of financing, with investors including Blockchain Capital, Bankless Ventures, NGC Ventures, DeFiance Capital, OKX Ventures, etc.

Le 12 juillet, la cotation BB était de 0,4 $ US et la FDV était de 800 millions de dollars US.

SolanaProtocole de réengagement écologique : Solayer, Cambrian, Picasso

• Protocole de réengagement de liquidité Solayer

Solayer est le protocole de réengagement de l'écosystème Solana, aidant les détenteurs de SOL à transférer leurs actifs S'engagent sur d'autres protocoles ou services DApp au sein de l'écosystème Solana qui nécessitent sécurité et confiance pour obtenir plus d'avantages de jalonnement PoS. La fonction est similaire à EigenLayer.

L'achèvement du cycle de financement des constructeurs a été annoncé le 2 juillet. Le montant spécifique de l'investissement n'a pas été divulgué. Les investisseurs comprennent le co-créateur de Solana Labs, Anatoly Yakovenko, le fondateur de Solend, Rooter, le co-créateur de Tensor, Richard Wu, et le co-créateur de Polygon, Sandeep. Nailwal, etc. Il a été révélé précédemment que trois sociétés de capital-risque connaissant la situation avaient déclaré que Solayer espérait réaliser un tour de table de 8 millions de dollars pour une valorisation de 80 millions de dollars. Rachel Chu de Solayer Labs affirme qu'elle est sur le point de lever 10 millions de dollars, avec la participation du fondateur de Solana, Anatoly Yakovenko, en tant qu'investisseur.

Actuellement, Solayer aide les utilisateurs à déposer des actifs natifs SOL, mSOL, JitoSOL et autres. Le 15 juillet, la TVL sur la plateforme Solayer a dépassé 105 millions de dollars américains, dont SOL représentait environ 60 %.

• Cambrian, le protocole de réengagement dans les négociations de financement

Cambrian est également le protocole de réengagement de l'écosystème Solana, prenant en charge les actifs SOL et LST à engager dans des applications middleware ou Dapp pour gagner plus de revenus.

Il est rapporté que le fondateur de Cambrian, Gennady Evstratov, a déclaré que l'équipe finalisait un financement de 2,5 millions de dollars américains. Trois investisseurs ont déclaré que la valorisation était d'environ 25 millions de dollars américains. Cambrian prévoyait de lancer le réseau de réengagement à la fin du deuxième trimestre ou. le début du troisième trimestre. Le plan de points est lancé et les pièces sont émises simultanément.

Au 15 juillet, Cambrian n'avait lancé aucun produit de jalonnement.

• Protocole de réengagement Picasso

Picasso était à l'origine un protocole inter-chaînes de l'écosystème Polkadot. Le 28 janvier, il a annoncé le lancement du service de réengagement de SOL pour prendre en charge les actifs de gage liquide SOL et LST. pour protéger les middlewares, les dApps et les Rollups L2, etc. AVS (Active Verification Service).

Actuellement, le produit de réengagement sur Picasso prend en charge le réengagement d'actifs LST tels que SOL et JitoSOL, mSOL, bSOL. Cependant, les actifs actuellement réengagés participant au blocage sur la plateforme ne s'élèvent qu'à 3,75 millions de dollars américains.

The above is the detailed content of Ethereum, Bitcoin, and Solana ecological re-pledge protocol financing is booming. Which protocols can be used for gold mining?. For more information, please follow other related articles on the PHP Chinese website!