GM, this is your Daily Bolt briefing
More projects are expanding their reach, with Radiant expanding to Ethereum mainnet, as well as other projects building a presence on Mantle, Base, and beyond. Pendle is no exception, as they recently took their yield platform to Optimsim.
We’ve also included notes from leading DeFi protocols including Pancakeswap & Rocket Pool, as well as Ondefy as they join zkSync to discuss DeFi UX evolution, project upgrades, & more.
Stay alert, stay informed ⬇
1/ The Optimist Podcast - Latest Developments From Pendle Finance
Preview: Charlie is joined by Ken and Dan to discuss Pendle Finance, its features, latest developments, RWAs, and LSDfi. Click here to listen to the full episode (52 mins).
Read our Note (6 mins) and save 48 mins.
Ken describes Pendle as a yield tokenization protocol that allows the separation of a yield-bearing asset into principal and yield components, which trade separately.
He compares Pendle's function to the swaps markets, particularly the interest swaps markets, and emphasizes the protocol's solution to the challenge of fluctuating yields in DeFi.
Ken addresses the significance of interest rate swaps in traditional finance, explaining how they are used by banks and large institutions to hedge positions. He drew parallels to the current phase in DeFi, emphasizing the growing demand for a fixed-rate market.
He highlights the importance of a fixed rates market for any financial ecosystem to mature. He pointed out that with ETH's staking yields being inherently floating, there's no native yield curve. Therefore, a yield curve implied by swaps markets, like Pendle's, becomes a crucial DeFi reference rate.
He stresses the goal of Pendle to establish this reference rate, especially in the context of LSDFi.
Charlie talks about the complexity and sophistication of the Optimism ecosystem and suggests that it's a space where advanced DeFi tools and protocols can thrive.
He expresses interest in the value Pendle aims to bring to the Optimism ecosystem, especially in terms of offering something new and unique.
Ken shares that the launch of Optimism has seen decent liquidity and more votes than they had anticipated.
He says that the timing felt right for Pendle to launch on Optimism, especially since the platform already has a user base familiar with sophisticated DeFi tools.
He emphasizes that Pendle aims to bring a different kind of value to the already vibrant ecosystem of Optimism, offering a unique approach compared to other derivatives.
He highlights that transitioning to Pendle should be easy for these users, and Pendle's addition would complement the existing tools and protocols on Optimism.
2/ zkSync Twitter Spaces - A New Era of DeFi
Preview: Seb hosts members from different DeFi protocols to discuss DeFi evolution, insights from PancakeSwap, Rocket Pool, and more! Click here to listen to the full episode (65 mins).
Read our Note (6 mins) and save 59 mins.
ChefMochi talks about PancakeSwap's mission to become an all-in-one DeFi protocol with a superior UI/UX. He highlights two fundamentals: multi-chain and bridging technology to blur the lines between different blockchains, and building stronger ecosystems through collaboration.
PancakeSwap aims to provide key DeFi services on a single platform, and they are looking to partner with others for the best experience. ChefMochi mentions recent launches and improvements like PancakeSwap’s V3 trading platform, a deflationary token model, and new features like fiat on-ramps and smart liquidity.
Maverick speaks about Rocket Pool's leadership in decentralized liquid staking on Ethereum and their ongoing transition period. Rocket Pool released a big protocol upgrade earlier in 2023, and another is coming, focusing on further decentralization and efficiency gains.
Gauthier discusses Ondefy's focus on creating a seamless experience for new users, similar to Web2. He talks about their emphasis on zkSync for scalability and the native built-in account abstraction, enabling a game-changing experience.
Ondefy aims to simplify the experience for new DeFi users by handling aspects like wallet creation, swapping without gas management, and easy access to yielding strategies. They are focusing on meeting the needs of new users to provide better services.
Seb questions whether users should know what "gas" is, or if it should be abstracted away.
Gauthier says users shouldn’t even know that they're using DeFi; they should be able to use it without understanding all the underlying mechanisms.
Seb asks for thoughts on composability in DeFi, and how they see the building blocks evolving in the future.
Maverick says that he sees composability as the key to the success of liquid staking tokens. He explains the difficulty of achieving true composability, highlights its importance in driving adoption, and shares examples of how it can be utilized, such as in loans. He says that composability is crucial to liquid staking and maintaining the decentralization of Ethereum.
If you read these 2 Notes on Revelo Intel you would have saved: 1 hour and 47 mins!
Yow sir, typo at the title