What Are Some Crypto Use Cases You've Never Heard of?
Aurora Updates | ETH LSDs | Beefy: Multichain Yield Optimizer
GM, this is your Daily Bolt briefing.
Briefing commencing: today's update features the latest intel on Aurora, the EVM-compatible ecosystem operating on the NEAR blockchain. Additionally, we have news on Stader's ETHx LSD, which is gaining relevance as ETH Shanghai approaches.
After you’ve caught up, check out our latest Revelo live action content, where we break down the Ethos Reserve stablecoin lending design, the latest innovation from the Byte Masons team and Justin Bebis.
Stay sharp.
1/ Aurora Weekly Updates #77
Preview: In this episode, Alex Shevchenko, CEO and Co-Founder of Aurora talks about this week’s updates on the Aurora ecosystem. Click here to listen to the full episode.
Length: 20 mins | OUR NOTE: 1 mins
A recap of the past year of the Rainbow Bridge is now available on their blog.
Aurora launched a new bug bounty with HackenProof.
Stably (crypto onramp & Stablecoin as a Service company) announced its partnership with Aurora.
Near Kingdoms (a blockchain RTS strategy game) is coming to Aurora.
2/ Stader Labs Twitter Spaces w/ Blockbytes - 5th April, 23
Preview: In this Blockbytes Twitter Spaces, Clay Kilgo is joined by Co-Founder Amit and Anoothi from Stader Labs to discuss Stader Labs liquid staking token $ETHx, and more! Click here to listen to the full episode.
Length: 63 mins | OUR NOTE: 4 mins
Here are some key takeaways:
Blockbytes focuses on blockchain, crypto, and DeFi education.
Stader Labs has over 50 DeFi integrations and is soon launching Ethereum liquid staking called $ETHx.
Liquid staking derivatives (LSD) allow users to stake their native tokens and earn staking yield while also receiving a mirror token (e.g., $ETHx) that is equivalent in value to the staked amount.
$ETHx can be used across multiple DeFi platforms, unlocking additional yield opportunities such as adding liquidity to DEXs, leverage staking, and leverage farming.
Liquid staking offers dual returns: staking yield and DeFi yield.
Stader team noticed a high concentration of ETH stake with a few entities and noticed the need for better decentralization.
The current landscape is centralized with high barriers to entry for node operators, and challenges for LSDs to scale up and meet user demand.
3/ Stader - The State of Liquid Staking and Yield Optimizers
Preview: In this Twitter Spaces, the Stader team invites Beefy Finance to discuss the state of liquid staking and yield optimizers in the ecosystem. Click here to listen to the full episode.
Length: 48 mins | OUR NOTE: 3 mins
Here are some key takeaways:
Beefy Finance launched in September 2020 on Binance Smart Chain and has since become a multi-chain protocol.
They are currently on 19 different chains, auto-compounding a lot of TVL for their users with safety being their number one priority.
A few months after launch, the founders left and the protocol was taken over by collaborators; many programmers who were passionate about Beefy started collaborating for free until a solid structure was formed.
Users are waiting for Beefy Finance to deploy on new chains like zkSync so they can invest with peace of mind knowing that our Dev team ensures pool safety.
Manually investing is demanding and requires consistency to avoid lower returns; low dollar value investments can result in paying compounding fees, leading to lower returns.
Beefy Finance provides optimizers for users to auto-compound their funds across various chains.
Their main focus is to be connected with partners, see how they can help each other, and ultimately get the best for their users.
On the Revelo Intel platform, we’ve summarized these 3 episodes and in total, would have saved you: 2 hours and 3 minutes!
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Blockcrunch Ep. 236 - Contrarian Crypto Theses for the Next 20 Years
In this episode of The Blockcrunch Podcast hosted by Jason Choi, he is joined by Anirudh Pai, Partner at Dragonfly. Together, they discussed Ani’s thesis on Metaverse, building a physical crypto city with Praxis, and more.
Read or listen to our notes below to learn more.
Investing happenings at Frontier
Jason
All progress happens at the frontier.
At Dragonfly, people are focused on using crypto to explore frontiers.
Ani
If people look at the history of innovation or even the history of whaling which is actually where venture capital arises from the dawn of whaling that led to the carry model.
Ani takes a lot of mental models and applies them to the intersection of crypto and something else.
Decentralized Science
Ani
Decentralized Science is effectively the notion that modern scientific research is broken by academia in part because of how bureaucratic everything has gone.
The first wave of decentralized science is breaking up with the Dow model.
Ani had a putative idea on how they could try to do something with crypto and tokenomics to break up various parts of scientific research and reward people who come up with amazing discoveries.
There’s a bifurcation in crypto going off at that point and there are a lot of things encrypted.
Ani thinks that as investors they are kind of trusted to make accurate decisions and be stewards of capital in a fiduciary way.
As investors, it’s always important to walk the fine line between moderate ideas they know and ideas that are actually happening that will make sense if deployed.
Decentralized Science has become a catch-all word for any modality of DAO’s plus research.
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Ani’s Thesis on Metaverse
The Metaverse Ani is talking about is a sort of doomer aesthetic of ready player one.
Crypto is a frontier that has the possibility of changing the physical world and that’s kind of a logical conclusion.
It’s like needing to take the gains of gaming and everything that can be done virtually and use it to rebuild a physical world.
Essentially people relied on fossil fuels and this century is all about modernizing and electrifying the world.
Moving away from the petrodollar all the way to the electro dollar.
Building a Physical Crypto City with Praxis
Ani
Praxis exists analogously in a lot of cities.
The Praxis idea started with the notion of cities that have labor markets.
The goal now is to build a world-service crypto city in Western Europe.
What separates Praxis from everyone is the demand first thesis.
There are a lot of ideas for governance but people will never know until it’s actually tested.
Ani doesn't take the Fukuyama View which is that of a liberal democracy.
Technology will give a lot more ways of governance.
Crypto Verticals
Ani
Looking at what crypto has to do in the next cycle, people have to find ways of making money, and the growth streams that they have over the past three big cycles are written up by money printing.
Ani thinks that they have to find ways to tie crypto to actual revenue and it’s been on the minds of everyone right now.
It’s interesting because the business model is already there, it’s highly inflationary.
The future of this exists in commodity markets.
Successful Founders are Polymaths
Jason
Founders in crypto now can’t just be cryptographers, they've got to be polymaths.
There are some ways that aspiring founders can be effective founders in the space.
Ani
Crypto moves rapidly because every day there's new hype, there’s a new word being made that people have no idea about and it just gets hyped.
The best thing to do is to look out and figure out where they think people really need their crypto product.
Decentralized energy exists in places where the energy market doesn't exist.
Fundamentally, crypto is a market because people were all paying a certain amount for block space.
For resident founders who are just starting off, pick an idea in a market of crypto that is going to be used.
The bullish case for crypto is that it completely eradicates the entire need.
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