Whether you're bullish on EigenLayer ecosystem airdrops or not, you can use Pendle to predict them or just to get some extra bucks.
Original author: THE DEFI INVESTOR
Reprint source: TechFlow TechFlow
Introduction
This article aims to list some innovative DeFi products that I have frequently used recently. By practicing on-chain applications, you can understand cryptocurrency-related concepts more easily than just reading about the concepts. What’s more, the generous rewards early adopters received for their airdrops led to huge gains in many cases. In this issue, I will introduce several interesting DeFi products that I highly recommend.
Pendle’s re-pledge pool
As some of you may already know, Pendle is the largest yield trading protocol.
By using it, you can bet on whether returns from a certain income opportunity will increase or decrease, earn a fixed income from your capital, and more.
But in this article, I’m going to focus primarily on its newly launched liquidity re-collateralization pool, as Pendle has done a really good job of leveraging the re-collateralization narrative.
So far, Pendle has launched yield trading pools for 3 liquid re-staking tokens:
- rsETH for Kelp DAO
- eETH by EtherFi
- ezETH by Renzo Protocol
All of these liquidity re-pledge protocols are built on EigenLayer and they provide a real-time points program for their ETH depositors.
What’s interesting about restaking pools on Pendle is that through them, anyone can speculate on the airdrop value of EigenLayer and the liquidity restaking project.
Here is an example of an rsETH pool on Pendle:
- If you believe that the EigenLayer and Kelp DAO airdrops will be very successful: Buy YT rsETH at Pendle to get up to 27x Kelp DAO points and 9x EigenLayer points (this is a high-risk strategy since you only get 10% of the points on these points) You can only make money if the value is considerable, you are actually buying points).
- If you think these airdrops are overvalued and you would rather get more than 30% fixed APY on ETH rather than airdrop points then buy PT rsETH.
- If you want to keep your Eigenlayer Points while earning extra on your ETH, you can provide liquidity to the rsETH pool.
Whether you're bullish on EigenLayer ecosystem airdrops or not, you can use Pendle to predict them or just to get some extra bucks.
Rabby wallet
If you are still using Metamask, I highly recommend giving Rabby a try.
Rabby is a crypto wallet for Ethereum and all EVM chains, built by the team behind the most popular Web3 portfolio tracker DeBank.
A few reasons why I like it:
- Pre-signed checks to ensure security: This is the number one reason why I recommend Rabby. The wallet displays many useful details for every transaction you try to sign
- Smoother multi-chain experience: When you use a dApp, the wallet will automatically switch to the corresponding chain based on the website you visit.
- Transaction Simulation Results: For each interaction with the dApp, the wallet displays your estimated balance change
- Revoke Token Authorization: As an extra security measure, you can check which dApps have access to your funds and easily revoke their permissions
Additionally, performing specific actions on Rabby also earns Rabby Points, which may qualify you for Rabby airdrops in the future.
Its points program launched just a few weeks ago.
Whales Market
Whales Market is an over-the-counter (OTC) decentralized exchange.
It seems to be the most interesting of the Solana native dApps. What makes it different from other OTC DEXs is that in addition to tokens and NFTs, it also allows trading of points and future airdrop quotas.
Whales Market already enables its users to trade points from EigenLayer, FriendTech and Hyperliquid, and will soon enable trading of Blast, Kamino, Drift and MarginFi points.
If you are collecting airdrops and want to sell your future airdrop quota, or you want to buy future airdrop quota, you may want to check out this platform.
I also find it useful for estimating the potential value of airdrops you want to collect.
For example, the current price of 1 Hyperliquid point on Whale Market is $2, but it has fluctuated significantly over the past few weeks.
RocketX
There are many different cryptocurrency bridges out there nowadays.
But the problem with most bridges is that they only support a handful of blockchains, usually the most popular ones.
If you want to bridge your funds to Cosmos L1 or other less popular chains, in many cases you may find it difficult to do so without using a centralized exchange.
RocketX is essentially a hybrid CEX and DEX aggregator.
For every cross-chain exchange you want to make, it searches dozens of bridges and centralized exchanges for the best price for your order.
What’s interesting about it is that it supports transferring assets on over 200 blockchains, so almost every relevant blockchain is supported.
For those who sometimes have difficulty finding bridges that support specific cross-chain transactions, I recommend trying RocketX.
Picasso
On Ethereum, re-staking is undoubtedly the hottest topic right now.
There isn’t much discussion about re-staking on other blockchains, but Solana is undoubtedly one of the hottest ecosystems right now.
Just last week, Picasso launched the first re-staking project on Solana.
Users can now deposit SOL or SOL liquidity staking tokens in Picasso’s restaking vault. These re-staking assets will be used to secure validators in the upcoming Solana-IBC connection.
Simply put, thanks to Picasso’s re-staking, Solana will seamlessly interoperate with IBC-enabled chains in a minimal-trust manner for the first time.
The chains enabled by IBC include Cosmos Hub, Cosmos SDK chain, Polkadot and Kusama parachains, etc.
SOL restakers on Picasso receive 71% APY rewards on their capital in the form of token issuance. The protocol's treasury limit is currently full, but will be increased soon.
Re-staking has the potential to significantly increase demand for L1 tokens in the long term, so it would be great to see re-staking expand on other chains besides Ethereum as well.
Orca
Orca is a product built by Kujira, a Cosmos L1 project whose core team develops a wide range of products.
In short, this product provides a discount on the price of purchased assets through liquidation.
Typically on currency markets and exchanges, only robots can participate in the clearing process.
Orca democratizes this process by allowing anyone to bid for liquidated collateral without coding skills or bots.
On the Kujira network, users can lend USK stablecoins with the help of a variety of collateral assets. If their loan-to-value ratio rises too high, their positions will be liquidated and their collateral will be auctioned on ORCA.
Orca users now have the possibility to purchase these liquidated assets at a discount to the current market price. All they need to do is decide after visiting the platform:
- Which liquidated assets are to be bid?
- bid amount
- Discount (offer) on bid
Once you complete these operations, Orca will take care of all the rest.
Currently, the bid value of liquidated collateral is relatively low (only $26,000 in the past 7 days), so not many bids are being filled.
But as the Kujira ecosystem grows, this value will likely rise as well.
Avocado Wallet
Avocado Wallet is a smart contract wallet with advanced account abstraction capabilities.
It was created by Instadapp, one of the most popular DeFi projects on Ethereum with over $2 billion in total value locked (TVL).
For those using DeFi on many different blockchains, Avocado can make your on-chain activities easier thanks to some of its key features:
- Network abstraction: Just like Rabby, the smart contract wallet automatically connects to the correct network for each dApp you are trying to interact with
- Gas abstraction: Avocado abstracts gas fees by using a unified USDC gas reserve. You only need to recharge using USDC on any network, and then your transaction fees on major chains including Ethereum, Polygon, Avalanche, etc. will be denominated in USDC (it is worth mentioning that Avocado charges 20% for gas fees)
- Cross-chain sending: You can easily send funds from one blockchain to another directly from your wallet
Since it is a smart contract wallet and not a normal wallet, you can connect to Avocado just like you would any other dApp using Metamask or other wallets.
You don't need to download any extensions. Poor cross-chain user experience is one of the biggest problems in the crypto space, and Avocado Wallet is the wallet that provides one of the best solutions for this.
