jakiro
Source: Blockchain
With the development of Ethereum to POS for more than a year, the pledge track of the Ethereum chain has gradually derived the hundreds of billions of market value tracks. So far, Ethereum locks have reached 41.8 million, accounting for over 35%, And the rise in locking volume makes Ethereum rising easier.
In addition, the recent pledge related projects have been emerging. TVL’s hundreds of millions of or even billions of dollars in projects have begun to appear. Top institutions such as BN and A16Z have also begun to spread the net, which has further led to pledge projects.Fang’s AirDrop expects to actively participate in pledge.Today, vernacular to sort out some of the recent pledge projects with high heat.
01The evolution of encrypted project governance token distribution
Since the development of the blockchain industry, there have been several rounds of bull and bear alternation. Although new narratives and new gameplay will emerge in each round, there are some similar places.In order to better understand the pledge and why it can get angry, let’s first understand which asset issuance in the industry has appeared:
Block production -Representative projects: Bitcoin, Ethereum
While maintaining the security of the blockchain and decentralization, anyone will receive a token reward. With the development of the industry, the threshold gradually becomes higher, and block production has gradually become an industry.
Public Sale -Representative Projects: EOS, BTT
The direct selling chips of “simple and rude” at first was also the development of different models with the development of the industry. The threshold continued to increase. For example, the token designated by the project party was required to obtain qualifications and chips.
Liquidity mining -Representative project: Uniswap
Users can get token rewards by providing liquidity. It can be said that the current chain transactions can develop today, which is closely related to this mechanism.In the early days, many project parties used it as the main means to distribute them. The chips were too scattered, which caused the token price to fluctuate greatly, and it was easy to cause death spiral. The project was directly dead. At present, it is only auxiliary means in the trading market.
AirDrop -Representative Project: Uniswap Dydx
According to the different degrees of user participation applications, free distribution token as a reward. There are fewer early blockchain users. As a reward for using their products, it is gradually developed to attract users to use their products and provide the project party with business data to provide business data.Methods, and the word “anti -个” appeared.
Inscription -Representative items: ORDI, SATS
Most project Token is 100%released. Anyone can participate and is completely in a fair division. As the entire track becomes hot, the inner roll is started, and the maximum profitable party becomes a Bitcoin miner.
Pledge (points) -The representative items: Friend Tech, Blast
In pledge, you only need to participate in the pledge of mainstream encrypted assets (increasing the data related data of the project party). While obtaining the pledge income, you can get the project party points (as a subsequent token distribution voucher), because Airdrop expects (the institutional investment is invested by the institutional investmentThe reason why the project is more popular) is only to occupy funds. The risk is relatively small, belongs to Bai Yan, and the distribution of points has the characteristics of real -time, making everyone more willing to participate.
At the beginning, pledge was concentrated in Ethereum nodes for pledge, just to earn the benefits of the year, but to the present, it is no longer limited to the interest of Ethereum, and other projects have begun to imitate.Will also participate properly,At present, points are one of the important means of attracting users to use their products, but it is not so beautiful for users. Various interactive tasks, there is the possibility of being continued to be PUA by the project party.
It can be seen that due to the characteristics of the blockchain, the chip distribution method in the industry, especially those methods that lead the industry’s development, are low -threshold and easy to participate.
02Inventory of hot spots of pledge tracks
The most important point of pledge projects is of course security: the background of the project party is clear and reliable, the institutional endorsement, and the risk of running the road is low, otherwise it will become “you remember other people’s profits, others remember your principal”.
At present, we mainly consider from the following three directions:
Fund volume:What is the current amount of funds for pledged projects?
Including endorsement:Whether there is a blessing of top institutions, there will be a certain guarantee for some institutional blessings;
Team background:Whether the members of the project party have made public and have other well -known projects.
-
Eigenlayer
Eigenlayer is a RESTAKE protocol based on Ethereum. It mainly serves RESTAKE, node operation and AVS services (active verification services) of LSD assets, which aims to provide security and reward mechanisms in the encrypted economy.It allows users to re -pledge the native ETH, LSDeth and LP token, providing a safe platform for third -party projects to enable them to get more rewards while enjoying the security of the Ethereum main network. The overall goal is to promote the entire ecosystem systemDevelopment.
-
TVL: $ 11.9 billion
According to DEFILLAMA data, as of March 10, the EIGENLAYER total TVL was $ 11.9 billion (red area on the left side of the figure below). The top three ETH and derivatives in the vault were: WETH (42.56%), STETH (31.62%), SWETH (6.9%), it can be seen that Eigenlayer pledged assets are related to Ethereum and fully serve Ethereum.
Investment institution:
At present, a total of four rounds of financing has been completed. Investment institutions include A16Z, Coinbase Ventures, Polychain Capital, etc. Among them, A16Z invested 100 million US dollars on February 22 this year.
-
Merlin Chain
Merlin Chain is a Bitcoin L2 solution that integrates ZK-Rollup networks, decentralized prophecy and BTC anti-fraud modules on the chain.Merlin Chain’s goal is to improve the efficiency and scalability of Bitcoin transactions and make the Bitcoin ecosystem more active.
The team behind Merlin Chain is Bitmap Tech. It has successfully launched a series of high-value NFT assets, including Bitmaps, Goosinals NFT, and BRC-420 Blue Boxes, etc., and have performed well last year.
Investment institution:
In February this year, Bitmap Tech behind Merlin Chain received ABCDE and OKX Ventures, which was unknown.
TVL: $ 3 billion
According to the official push data, as of March 2, Merlin Chain’s main online online was launched for 23 days, and TVL exceeded $ 3 billion, of which Bitcoin accounted for 58% and Ordinals accounted for 33%.Cooperation between.
-
Blast
BLAST is a L2 based on Ethereum, launched by the Blur team to provide users with native revenue functions.It is the first L2 network that incorporates native income into its design, allowing users’ assets to appreciate on BLAST.BLAST generates benefits by pledged pledge and physical assets (RWA) on Ethereum.Compared with the interest rate on other L2 chains, BLAST provides about 4%interest rates for ETH stored in.Blast’s goal is to allow the L2 network to have the capacity of income. After the user deposits assets, Blast will regularly issue income.
Blast’s main slogan is “L2 network that can help you make money.”The user deposits the funds into the Blast’s L2 network, and then Blast pledged the funds at Layer1 in Ethereum, usually pledged through LIDO.Then, BLAST returned the interest obtained to the user to achieve the so -called “money”.Compared with the user directly using lido for pledge, using BLAST can also get some additional BLAST points.
TVL: $ 2.86 billion
The official website shows that as of March 9, Blast TVL 2.86 billion U.S. dollars, with a total number of users of 420,000.
Investment institution:
In November 2023, BLAST 20 million US dollars financing was invested by Paradigm, Lido strategic consultant Hasu, The Block CEO, and so on.
-
ether.fi
Ether.Fi is a decentralized non -custody pledge agreement. Users can pledge their Ethereum (ETH) on the platform and get the corresponding liquidity.These pledge token can be used to participate in DEFI activities and generate additional benefits.Its main feature is that pledges can control their keys to ensure the security of funds.Ether.Fi also created a node service market that allows users to register nodes and provide infrastructure services.This further promotes decentralization and increases the choice and flexibility of pledges and node operators.Recently, ETHFI has sent token, because of the reasons for Sun Brother, everyone has been criticized as a large -family withdrawal machine.
TVL: $ 2.2 billion
Defillama data shows that as of March 10, Ether.Fi TVL reached $ 2.2 billion.
Investment institution:
Complete two rounds of financing, a total of $ 32 million, which was invested by Bankless VC, OKX Ventures, Consensys, Bitmex founder Arthur Hayes, etc. to participate.
-
Puffer
Puffer is based on Eigenlayer’s native liquidity re -pledge protocol that does not require licenses. Its goal is to provide services for node operators (NOOPS), re -pledged operators (REOPS), and ETH pledges.
In Puffer, node operators play an important role, and they can participate in node verification verification and AVSS operation at low cost.Puffer uses unique anti -punishment without technology, allowing nodes to securely participate in the verification process and accumulate POS rewards.At the same time, nodes can also be re -pledged rewards through the operation of AVSS to increase their benefits.Puffer’s design aims to provide more flexible and efficient liquidity re -pledges.
TVL: $ 1.4 billion
According to official website data, as of March 10, TVL reached 1.4 billion US dollars, and 8 billion Puffer points, 240 million EIGENLAYER points, and more than 3.3% comprehensive APY.
Investment institution:
After completing three rounds of financing, the Ethereum Foundation was approved in the early days. Later, many KOLs such as Bankless Ventures, Animoca Venture, and EIGEN LAYER founder, Shenyu, Coinbase pledged business were involved. This year, the latest round of financing was invested by Binance Lab.Puffer’s soaring in the short term is closely related to Binance Labs’s investment.
-
Renzo
Renzo is the native pledge agreement on Eigenlayer, which introduces a liquidity re -pledged token called EzetH.Users can store E -& Eigenlayer’s token into Renzo to cast Ezeth token.Such operations enable users to participate in liquidity and pledge, and use Ezeth for other DEFI protocols to obtain more benefits.
Renzo’s goal is to reduce the threshold for user participation and allow them to easily participate in the liquidity re -pledge of the Eigenlayer ecosystem.
TVL: $ 900 million
DEFILLAMA data shows that as of March 10, Renzo TVL exceeded $ 900 million
Investment institution:
The two rounds of financing is currently completed, and it is invested by Okx Ventures, Binance Labs and other institutions.
-
Ethena
Ethena is based on Ethereum’s Synthesis USD (USDE) protocol, which aims to provide encrypted native solutions, create a stable synthetic US dollar USDE through strategies such as Delta hedge and Internet bonds, and provide users with income opportunities.
Ethena USDE generates its USD value and income through two main strategies:
Use STETH and its inherent income;
Take ETH short positions to balance Delta and use perpetual/futures capital rate.
The official website data shows that the current USDE is 109%annually.
TVL: $ 850 million
According to the official website data, as of March 10, the USDE pool TVL reached 850 million US dollars
Investment institution:
After completing two rounds of financing, the total financing is 20 million US dollars. Investment institutions include Dragonfly, PayPal Ventures, Binance Labs, OKX, etc.
-
Babylon
Babylon is a Layer1 developed based on COSMOS SDK. The goal is to extend the security of Bitcoin to more decentralized applications (DAPP) and blockchain networks.To achieve this goal, Babylon introduced BTC assets and allowed users to pledge Bitcoin on the Babylon network and get corresponding rewards.
BABYLON uses some of the core features of Bitcoin to enhance security:
First, it uses Bitcoin’s timestamp serviceMake sure that the timestamp of the babylon network keeps synchronized with the Bitcoin network to provide higher security and reliability;
Second, babylon uses Bitcoin block space,Extend the security of Bitcoin to other blockchain networks based on equity certification mechanisms, thereby forming a more unified and powerful ecosystem;
Finally, babylon uses Bitcoin as the benchmark for asset valueTo achieve the interoperability of Bitcoin, the pledge and liquidity of Bitcoin in the Babylon network are more convenient.
The test network was just over a few days ago, and the main network has not been launched yet, so there is no TVL related data.However, as the pledge project of the Bitcoin ecology, EiGenlayer Zhuyu is ahead, so it is worthy of focusing on.
Investment institution:
At present, two rounds of financing are completed. The first round of financing is 18 million US dollars. The second round is unknown. Investment institutions include Binance Lab, Polychain Capital, ABCDE Capital, Polygon, OKX Ventures, etc.
03summary
The above is the inventory of the current popular projects of the pledge track. It should be noted that although most projects have various halo blessings, it does not mean that they will not run away. Therefore, they should pay attention to risks before participating.
