Ebisu 🎣
@ebisu_finance
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Unleash the value of restaking in DeFi | Earn more with your LRTs
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Introducing the highest yielding decentralized stablecoin.
Borrow against LRTs. Earn EigenLayer, LRT, & AVS rewards.
This is Ebisu, the CDP stablecoin collateralized by restaked assets👇🧵
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🎣We're actively recruiting a BD & head of risk management.
Check out our latest job post on
@LaborXNews
and join the adventure at Ebisu 🚀
🚨New job openings!
Ready to contribute to a Web3 project with great potential?
@ebisu_finance
has posted their freshest job opportunities on LaborX!
Explore the openings and apply now 👉
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Introducing Ebisu - A yield-bearing stablecoin backed by
@eigenlayer
Liquid Restaking Tokens (LRTs)
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Ebisu has launched on
@ModeNetwork
🎣
Pre-deposit LRTs and earn 2x Mode points on top of EigenLayer & Ebisu rewards!
Deposit
@ether_fi
weETH &
@RenzoProtocol
ezETH to get rewarded for growing the network 👇
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With
@EigenLayer
mainnet around the corner, everyone should be mindful of the under-explored challenges surrounding AVS economics.
• Mobility of EL Stakeholders
• AVS Reward Volatility
• AVS Resource Planning
1/10 🧵👇
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LRT Comparison & Analysis
Liquid Restaking providers are positioned to manage the majority of ETH restaked in EigenLayer.
With over 10 LRTs on the market, understanding the differences and tradeoffs among them is challenging.
At Ebisu, we looked at all the LRTs in the market
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Many restaking protocols have emerged since
@eigenlayer
Where will value accrue as the Restaking Wars pick up?
@symbioticfi
@Karak_Network
@babylon_chain
@overloadfinance
@solayer_labs
@nektarnetwork
@cambrianone
@Pell_Network
@ExocoreNetwork
@parasailnetwork
@binlayer_xyz
...
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Guide to Underwriting LRT Risks
LRT Wars are in full swing fueled by the promise of liquidity, higher yield, airdrops, and new DeFi use cases.
What risk-reward tradeoffs do
@EigenLayer
& LRTs present?
How can DeFi protocols underwrite LRT risk to adopt them properly? 🧵
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Join our
#TwitterSpace
with leading AVSs, LRTs, & researchers to discuss the economic dynamics emerging on
@EigenLayer
⏰Tues Apr 9, 9AM PST/4PM UTC
RSVP:
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The time to build a decentralized omnichain yield bearing stablecoin is NOW!!🎣
Using interoperability networks like
@Omni_FDN
, Ebisu will bring the highest yielding decentralized stablecoin to all rollups 👀
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🧵LRTs & EigenFi will Drive the Next Wave of DeFi Adoption
Ethereum's PoS shift surged ETH staking to $89.8B creating a $40B LST market.
Now,
@EigenLayer
introduces new yield opportunities for ETH hodlers.
Evolution of EigenFi & yield projections👇
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Join our
#TwitterSpace
with leading
@EigenLayer
builders & researchers discussing the emerging EigenFi ecosystem using restaked assets as collateral.
Featuring:
@ether_fi
@3janexyz
@ionprotocol
@Kairos_Res
⏰Thurs Jun 27, 12PM ET/4PM UTC
RSVP:
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Join our
#TwitterSpace
with leading
@EigenLayer
ecosystem builders & LRTFi protocols to discuss the future of LRT adoption, and innovations enabled by restaked assets.
⏰Fri May 17 9AM PST/4PM UTC
RSVP:
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Ion Protocol is changing the game the lending game by eliminating price-based liquidation risk & doubling down on restaked assets!
Keep an eye out for
@ebisu_finance
x
@ionprotocol
announcements soon! 🎣🤝💧
Ion Protocol recently reached $10M in total deposits!
And today, Ion is open on mainnet!
Read more below for Ion’s official referral program.
Let’s scale together ⬇️
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Compilation of resources on restaking, LRTs, LRTFi🐟👇
Creds:
@Shoalresearch
@tarunchitra
@mikeneuder
@SevenXVentures
@0xroylu
@warcin101
@BanklessHQ
@LongHashVC
@redstone_defi
@defidegen2630
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EigenFi yield is heating up🔥
• AVS rewards live on mainnet
• 250+ teams building AVSs
• ~4% EIGEN supply will be distributed to restakers
For CDPs, restaking yield means:
• Self repaying loans: yield offsets interest payments
• Levering up produces higher APYs
The rise of Ethereum's restaking narrative has produced new collateral for stablecoins - liquid restaking tokens.
Some notable launches in this space -
➤
@PrismaFi
's ULTRA,
➤
@protocol_fx
's rUSD,
➤
@ebisu_finance
's ebUSD.
For more, see our State of Stablecoins thread! ⬇️
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With EigenLayer rewards live, real yield from restaking will finally get interesting!
We're excited to unveil how Ebisu plans to supercharge real restaking yield generation soon!👀
Introducing AVS Rewards Mainnet Launch
What
The Rewards update enables AVSs to provide rewards to stakers and operators and the UI upgrade provides stakers and operators a frontend to track and claim rewards.
Why
Previously, AVSs did not have the ability to directly reward
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Our Twitter space with
@eigenlayer
ecosystem builders & researchers starts in 90 MINUTES! Tune in or miss the alpha 🫣
We're going to be diving deep into the the state of AVS<>LRT market dynamics!
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Excited to be live on
@DefiLlama
🎣🦙
Now tracking
@ebisu_finance
on
@ethereum
&
@modenetwork
Ebisu offers dollar-denominated credit against LRTs through ebUSD, a decentralized stablecoin that enables yield generation through AVS and Ethereum staking rewards
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In order to unleash the utility of restaked collateral in DeFi, protocols must be able to underwrite the economic & infrastructure risks of AVSs and then parameterize accordingly.
Restaking risk in a pooled security model is complex.
@tarunchitra
@mraltantutar
explain
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Restaking is the newest risk frontier for DeFi to tackle.
Understanding AVS infrastructure risk and LRT economic risk is a key to unlocking the full potential of restaking in DeFi.
This is why we're proud to partner with
@tokensightxyz
, the only risk shop we've found
1/ We are delighted to announce our strategic partnership with
@ebisu_finance
!
We look forward to assist Ebisu in underwriting LRT risk through infrastructure risk assessments onto portfolio-selected AVSs on EigenLayer.
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Emergence of Offchain Restaking Agreements Between AVSs & LRTs
Major AVSs and LRTs are circumventing EL as a pricing venue for ETH economic security; it makes sense, in certain scenarios AVSs will want a fixed rate for a certain amount of economic security for a given duration.
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Gbisu anon!
Come learn about the latest developments in restaking, LRTfi, and AVSs with our frens from
@ionprotocol
@3janexyz
@Unstable_money
@Stake_Stone
⏰July 24th, Wed, 12pm EST
🎙️Hosted by
@DaoChemist
@landxfinance
@Kmens5
🔗RSVP
🚨 Farmers Market
#71
: Restaking & AVS 🚨
We have a great panel coming next Wednesday:
@ebisu_finance
,
@ionprotocol
,
@3janexyz
,
@Unstable_money
,
@Stake_Stone
and more! 👨🌾
⏰ July 24th, Wed, 12pm EST
🎙️ Co-Hosts:
@landxfinance
&
@Kmens5
🔗
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The BIGGEST Evolution in CDP Stablecoins
User-set rates in
@Liquity
v2 signal a bullish future for decentralized stablecoins.
In v2, users looking to borrow BOLD against their ETH/LST collateral will be able to adjust the interest rate any time throughout the lifecycle of their
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Where?
Follow for more on our protocol design, collaborations, and roadmap
@Ebisu_Finance
and
If you are building an LRT or manage an on-chain yield portfolio, we'd love to chat!
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Restaking yield comes from revenue generated by trustless innovation
If new decentralized networks can fund their economic security needs, restaking yield will exist
Betting on restaking yield is betting on trustless innovation.
Trustless innovation will drive the 10-100x
@0xstrobe
@llamaonthebrink
> the yield comes from borrowers, trading fees, etc
Right, so this worries me. Because it feels like an ouroboros: the value of crypto tokens is that you can use them to earn yield which is paid for by... people trading crypto tokens.
Even if the answer is something clear like
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Robust risk management is key to Ebisu becoming the highest yielding decentralized stablecoin.
We're excited to work with
@chain_risk
to stress test our novel protocol design & LRT collaterals 🎣
1/
@chain_risk
is excited to announce the onboarding of
@ebisu_finance
to our Economic Risk Management Platform !
Chainrisk is building the World's First Full Stack Economic Security platform for DeFi.
Here's more about the partnership👇🧵
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Get info on whale concentration, on-chain liquidity, slippage, and more for every LRT on
@gauntlet_xyz
's Market Risk dashboard:
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Ebisu team is in Brussels! We'll be at:
-
@stable_summit
6th-7th
-
@shared_security
@0xOthentic
AVS hackathon 7th
- LRTFi Summer 7th
- Restaking & Infra Day 8th
- LSDfi Summit 8th
- Restaking Day
@gauntlet_xyz
9th
- RESTAKE N' BOWL
@EtherFi
@redstone_defi
10th
Furthermoar,
Landed in Brussels for
@EthCC
🎣
Ping me if you wanna grab beer, waffles, chocolate, fries or any/all the above
Restaking, stablecoin, defi enjooyers I’m looking at you!
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Banger article by
@TokenBrice
walking through the innovations behind next gen CDP stablecoins —including our fav
@LiquityProtocol
v2!
Biggest problems of CDP stablecoins are peg stability & bootstrapping DEX liquidity.
Here's how Liquity V2 solves these👇
Is this a lending protocol renaissance?
Morpho V2, Euler V2, Instadapp Fluid, etc. Tons of exciting lending protocols are being released/coming soon; I've analyzed three proposing interesting innovations:
@0xDYAD
@LiquityProtocol
v2 &
@tapioca_dao
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We’re dropping some heat with
@ionprotocol
&
@Shoalresearch
to answer what we think is the most important topic around LRTs 👀🎣
What are your burning questions about LRTs/LRTFi?
We have something special for everyone, releasing tomorrow!
Keep a look out for the leading DeFi research on ⬜️⬜️⬜️⬜️, in collaboration with
@EbisuFinance
,
@Shoalresearch
, and
@ionprotocol
.
Can you guess what the topic is anon 👀
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Few EigenLayer data observations on :
• Dominance of WETH, at ~73%
• 1.5k+ current operators!
•
@P2Pvalidator
dominates 10% of operator ETH/USD value delegated
• $11.8B USD and $3.4MM ETH delegated thus far
Delegation on
@eigenlayer
is a revolutionary concept in blockchain technology.
Imagine delegating specific tasks within a network to specialised teams, just like a company!
This enhances security and efficiency for complex applications.
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📣Announcing Ebisu's partnership with YieldNest
@YieldNestFi
the newest LRT, but they're already off to the races with $11M TVL!
ynETH offers controlled exposure to curated AVS categories, minimizing risks and enhancing yield potential through carefully vetted operators.
We are pleased to announce our latest partnership with
@ebisu_finance
✅
It offers the highest-yielding decentralized stablecoin that allows users to borrow against their LRTs to earn additional rewards.
Also, their pre-deposit campaign is live & linked below.👇
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See you at the LSDFI Summit
@EthereumDenver
🎣
Panels on everything LSTs & LRTs in DeFi by
@tenderize_me
@ether_fi
@KelpDAO
@arbitrum
@staderlabs
@Connext
@therollupco
@P2Pvalidator
@ssv_network
@ThenaFi_
@asymmetryfin
@ebisu_finance
🔥 Get ready to have your minds blown at the LSDFI SUMMIT, hosted by Tenderize in Denver on March 2nd!
🔥 This isn't your run-of-the-mill crypto meet-up. We're bringing the heat with fiery panels, explosive keynotes from the who's who of DeFi, and a lineup that reads like the
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Farm $MODE by pre-depositing on Ebisu!
Get your
@ether_fi
weETH &
@RenzoProtocol
ezETH deposits in before the snapshot🎣
If you slept on round 1
Don't sleep on round 2
Easy hack will be to deposit some form of the most incentivized assets and depositing them into protocols like
@ebisu_finance
Ref link and
@ebisu_finance
details below ⬇️
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Going live in 15 minutes!
Come learn about the latest developments in restaking, LRTfi, and AVSs with our frens from
@ionprotocol
@3janexyz
@Unstable_money
@Stake_Stone
Farmers Market🌽 is back this Wednesday to talk about Restaking and AVS with:
@ebisu_finance
,
@ionprotocol
,
@3janexyz
,
@Unstable_money
,
@Stake_Stone
and more! 👨🌾
⏰ July 24th, Wed, 12pm EST
🎙️ Co-Hosts:
@landxfinance
&
@Kmens5
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Excited to participate in the Liquid Restaking spaces with
@EtherFi
@RenzoProtocol
@puffer_finance
@swellnetworkio
@KelpDAO
@DesynLab
Hosted by:
@BingVentures
@beincrypto
⏰Thu Mar 21, 9AM EST (~20hrs)
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When you borrow against your LRT's, you borrow against all of future trustless innovation in the lightcone.
When you borrow against your stock, you borrow against a profit-seeking enterprise.
When you borrow against your treasuries, you borrow against a nation state.
When you borrow against your LRT's, you borrow against all of future trustless innovation in the lightcone.
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Background on Eigenlayer & LRTs
1/ Eigenlayer & LRTs Overview
@Eigenlayer
serves as the pricing venue of decentralized trust by allowing protocol level applications (AVS) to rent Ethereum’s decentralized trust.
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CDP Stablecoin AMA with
@AngleProtocol
@gravitaprotocol
@Davos_Protocol
⏳Date: 26th July at 3 PM UTC+1
RSVP:
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Gbisu & furthermoar gmeow anon 😻🎣
Zircuit Playbook: Meet Ebisu 💚
@ebisu_finance
is a high-yield stablecoin protocol that allows users to borrow dollar-denominated credit in liquid remortgage tokens (LRT) via decentralized stablecoins.
Let's dive into this thread 👇
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Announcing Ebisu's Community Campaign with
@zealy_io
Ebisu Community's growing swimmingly and we're just getting started!
Thank you to all the frens who've supported & pre-deposited to earn Koi!
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📣
@EigenLayer
&
@Eigen_DA
are live on mainnet!
New functionality as of today:
• Restakers can delegate stake to Operators
• Operators can register with EL & opt-in to running AVSs
• AVSs can register with EL eg. EigenDA (beta)
Onwards to infinite sum games ♾
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Update on the Restaking Wars:
- We're reaching the tail end of the restaking points era.
- Points have proven to be an effective means of bootstrapping TVL for shared security marketplaces.
- It's important to delineate real yield vs implied points yield. The next era of
We're currently witnessing the largest aggregate flow of LRTs to date
Today/Yesterday we've had 396k ETH ($1.3bn+) outflows from Pendle alone.
The majority of this has just gone to EOAs + Multi-Sigs.
With all major protocols having their airdrop incentive programs coming to an
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2/ What?
ebUSD is Ebisu’s overcollateralized, decentralized stablecoin that enables users to store value while generating yield through
@EigenLayer
AVS rewards & Ethereum staking rewards.
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Ebisu will be paneling
@stable_summit
Brussels on July 6th!
Diving into liquid restaking, stablecoin collateralization and risk dynamics.
RSVP👇
Understand the real risks of restaked collateral at Stable Summit ll
Join
@LippmanEthan
, co-founder of LRT-backed
@ebisu_finance
as he breaks down the offerings and risks AVS yield presents to stablecoin protocols.
Get your pass today. Link in bio.
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@EigenLayer
mainnet just launched
AVSs, LRTs, & Operators are starting to create true value onchain
Here's a summary of what's going on in the restaking world by our frens at
@StakingRewards
👇
EigenLayer is live on main net
Explore the AVSs, LRPs and Operators leading the restaking revolution
Infinite sum games ♾
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🎣->🏜️
flying to Dubai for Token2049 today!
lmk if you wanna chat anything restaking, LRTs, decentralized stablecoins
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Watch Ebisu’s talk about applying restaking to decentralized stablecoin issuance & our panel on LRT collateralization with
@LlamaRisk
@gauntlet_xyz
@ionprotocol
@redstone_defi
👇
Out here at EthCC Stable Summit listening to
@0xringwraith10
from
@gauntlet_xyz
discuss LRT/stablecoin dynamics with
@LlamaRisk
@ebisu_finance
@ionprotocol
@redstone_defi
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Our X space on EigenFi —the frontier of restaked collateral— starts in 90 MINUTES!
We'll discuss using
@eigenlayer
's verifiable cloud to unlock new real yield sources in DeFi with
@ether_fi
@3janexyz
@ionprotocol
@Kairos_Res
@ebisu_finance
🎣
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Once AVS reward payments are live, restaking on
@EigenLayer
will enable incremental yield on ETH staking (currently ~3% APR).
LRTs will start to offer different yields as their operators secure different combinations of AVSs.
1/ EigenLayer just launched payments on Holesky testnet. This is an important milestone for restaking. Here is how payments work on
@eigenlayer
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7/ Ebisu will tentatively support the following assets on launch:
weETH
@ether_fi
ezETH
@RenzoProtocol
rswETH
@swellnetworkio
rsETH
@KelpDAO
pufETH
@puffer_finance
reETH
@RioRestaking
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Gbisu! Tomorrow we're hyped to jam on AVS strategy selection & LRT governance with leading restaking builders & risk managers.
@CarsonMBrown
@gauntlet_xyz
@arnx813_
@0xBroze
@anthiasxyz
@0xDuckworth
@ionprotocol
Aug 23, 10AM ET/2PM UTC
RSVP:
Get ready for an exciting conversation on the state of LRTFi governance!
Learn how the leaders in this space are approaching the most intriguing problems for LRTs like AVS selection.
Featuring:
-
@LippmanEthan
-
@CarsonMBrown
-
@arnx813_
-
@0xBroze
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8/ Values
Ebisu is the Japanese deity of fishing, wealth, and fortune.
Fishermen tell stories of how Ebisu keeps the ocean safe.
Ebisu strives to be a safe harbor by enhancing access to stable, high-yield assets, irrespective of users' socioeconomic background.
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🚨 Farmers Market
#66
: Biz Dev in Web3 🚨
We have an amazing panel coming up Wednesday:
@Footprint_Data
,
@ebisu_finance
,
@RariChain
,
@Liquify_ltd
and more! 🧑🌾
⏰ April 24th, Wednesday, 12pm EST
🎙️ Co-Hosts:
@landxfinance
&
@Kmens5
🔗
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6a/ How does Ebisu Work?
Ebisu uses a CDP system inspired by
@LiquityProtocol
• Users deposit LRT collateral to mint ebUSD
• Loans must remain overcollateralized to avoid liquidation
• Users can adjust the interest rate on the loan anytime
The BIGGEST Evolution in CDP Stablecoins
User-set rates in
@Liquity
v2 signal a bullish future for decentralized stablecoins.
In v2, users looking to borrow BOLD against their ETH/LST collateral will be able to adjust the interest rate any time throughout the lifecycle of their
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Why
By driving demand for LRTs, we aim to scale the restaking ecosystem, thereby bolstering the shared security and economic alignment within Ethereum.
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Analysis on the difference between LST & LRT functions and markets.
Inspired by a conversation with
@MylesOneil
from
@hi_Reverie
. 🧵👇
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We'll achieve this by giving borrowers access to a stable store of value while enabling yield generation through AVS rewards and Ethereum staking rewards.
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What
Ebisu allows users to draw dollar-denominated credit against LRTs via a non-custodial, decentralized stablecoin.
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wen life is going swimmingly🩷🥂🐟
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9/Koi Campaign
We currently have pre-deposit vaults live!
Deposit LRTs to earn Koi at
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3b/
• Take leverage against LRT unconstrained by lenders
• Hedge risks associated with individual LRTs
• ebUSD is omnichain enabling native usage across L2s
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@ether_fi
@alt_layer
@DroseraNetwork
@hourglasshq
@KentonPrescott
@FinalityCap
@gauntlet_xyz
@hi_Reverie
AVSs:
@alt_layer
@Dorothy_defi
|
@DroseraNetwork
@crypto_malone
LRT:
@ether_fi
@MikeSilagadze
LRTFi:
@ebisu_finance
@LippmanEthan
|
@hourglasshq
@Charlie_Pyle
Researcher:
@KentonPrescott
|
@Kairos_res
@TedDeFi
|
@finalitycap
@GraziellaCamata
|
@gauntlet_xyz
@KimJacob
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11/ In the coming weeks, we will reveal more about Ebisu and its launch, tokenomics, LRT/AVS research and novel mechanisms while the protocol undergoes multiple audits from top security firms.
Discord:
Telegram:
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10/ For more information on Ebisu & ebUSD:
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What we CAN build is truly decentralised, secured lending 👀👷
i sadly think that truly decentralised, unsecured lending is technically impossible
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Twitter Space with top AVS
@OpenLayerHQ
— currently at $6B at restaked assets & 52 operators!
@LippmanEthan
@0xPianoHands
will dive into AVS design & rewards, and how Ebisu is collateralizing
@EigenLayer
's shared security.
⏰Fri Jun 28, 12PM ET
RSVP:
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3a/ Why?
• Borrow dollar-denominated credit against LRTs while remaining exposed to EigenLayer & Ethereum staking rewards
• Buy ebUSD spot, stake it for EigenLayer exposure
• ebUSD is redeemable at face value for $1 of LRT collateral
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@loopfixyz
offers leverage for LRTs & LRT LPs. By doing so they created a high yielding LRT bond ($lpETH) earning the interest paid by borrowers.
@LucidlyFinance
structures credit for LSTs/LRTs to efficiently manage liquidity across venues using a network of solvers.
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Onwards with the Dencun upgrade! ⛵️
Happy Blob Day Ethereum! Congratulations to all the researchers, engineers and builders that made it possible.
EIP-4844 is now live on ETH mainnet. 💙🩶
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But first, our thoughts:
Restaking platforms are demand-constrained marketplaces for cryptoeconomic security.
AVSs demand security to create decentralized networks faster, better, cheaper that previously possible.
Restaking yield = payments from AVSs demanding that security.
Thinking about the economics of
@eigenlayer
:
AVSs leverage EL to build novel decentralized networks that create outsized value relative to alternatives.
A portion of this value is captured & accrues in AVS' reward token.
For successful AVSs, rewards are valuable enough to
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@ebisu_finance
is a high-yielding decentralised stablecoin backed by restaked assets. Earn EigenLayer, LRT, & AVS rewards.
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4/ So What?
Stablecoins have the highest degree of real-world product market fit of any blockchain use case.
However, the vast majority of issued stablecoins can be censored by centralized entities.
The World Needs Decentrazlied Stablecoins 👇🧵
Stablecoins have the highest degree of real-world product market fit of any blockchain use case.
However, the vast majority of issued stablecoins can be censored by centralized entities.
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Habibis! See you at the LSDFI Summit
@token2049
Dubai🎣
⏰Friday April 19th, 6-10 PM
Panels on everything LSTs & LRTs in DeFi by
@ether_fi
@Connext
@ssv_network
@ionprotocol
@DroseraNetwork
@ExocoreNetwork
@StakeEase
@tenderize_me
🚀 Join us at the LSDFI SUMMIT during Token2049 Dubai, on April 19th, starting at 6 PM! Witness the clash of DeFi titans at the most electrifying event in the LST/LRT space!
🔹 Featured Protocols:
@ether_fi
,
@Connext
,
@ssv_network
,
@ionprotocol
,
@DroseraNetwork
,
@ExocoreNetwork
,
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The World Needs Decentrazlied Stablecoins 👇🧵
Stablecoins have the highest degree of real-world product market fit of any blockchain use case.
However, the vast majority of issued stablecoins can be censored by centralized entities.
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9b/ Related questions:
- How much economic security will be demanded by AVSs in the short/long run?
- How will AVSs determine slashing penalties & budget reward emissions?
-How should AVSs best calculate Cost of Corruption & Profit from Corruption?
CC:
@0xOthentic
@AnzenProtocol
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Decentralized stablecoins will grow to play a greater role in the world!
I don't think we are even close to the end game for stablecoins. None of the current top stablecoins will be
#1
in five years because none of them are compelling or innovative.
I also think Dai is only going to lose market share from here to better, more transparent products.
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Topics:
• State of EigenLayer, LRTs, & points meta
• Value prop of LRTs in DeFi & L2s
• Emergence of restaking competitors
• Building for a future where AVS payments & slashing are live
• Dealing with LRT depegs
• Future of LRTFi
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6b/ Stability Pool (SP):
• SP holds deposited ebUSD that is burned to cover outstanding debt from liquidated loans
• Facilitates efficient liquidations of bad debt ensuring overcollateralization of ebUSD
• Attractive and sustainable earning opportunity for ebUSD holders
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Overview of Panelists:
@swellnetworkio
is a non-custodial staking and liquid restaking protocol building the yieldlayer for restaking
@ionprotocol
is a price-agnostic lending platform built to support staked and restaked assets.
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5/ Why EigenLayer?
EigenLayer is becoming the de facto risk-adjusted yield source for ETH staking.
As permissionless innovation on EigenLayer scales, so does real-yield paid to EigenLayer depositors by AVSs.
Ebisu enables composability between financial systems & EigenLayer.
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Note: NA means no information can be found at the time of research. This space is still new - LRT architecture and market dynamics will evolve alongside EigenLayer and AVSs.
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Fundamental reading for any LRTFi enjooyer
Launching our blog series on the fundamentals of staking!
Dive deep into the core principles of Ethereum's consensus algorithms, starting from Proof-of-Work to Proof-of-Stake.
Read ahead 🧵
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Check out our full research report where
@LippmanEthan
,
@0xDuckworthand
,
@zaddycoin
dive into LRT risks, and how protocols can approach LRT adoption.
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6c/ Redemptions
• ebUSD always redeemable at face value for $1 of LRT
• LRTs come from the collateral of the debt position paying the lowest interest rate
• If the value of ebUSD < $1 USD, arbitrageurs will buy ebUSD on the open market & redeem it for LRTs at a profit
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🐟 Interest rates: Transition to a user-set interest rates enabling protocol to dynamically adapt to real-time market conditions.
🐟 Real yield: Redirect most interest payments to BOLD stakers in Stability Pool creating long term, sustainable demand.
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@Kairos_Res
on the current state of LRT liquidity:
•
@ether_fi
is dominating, and are the only LRT with native withdrawals live
• Other LRTs like
@RenzoProtocol
&
@KelpDAO
are aggressively deploying on L2s like
@blast
@lineabuild
@modenetwork
@base
@Blast_L2
@MantaNetwork
While
@ether_fi
has had incredible growth for both TVL & Liquidity alike - this one chart is slightly misleading and doesn't tell the whole story
The screenshot in the OG tweet contains liquidity reserves on mainnet & arbitrum *only*
Meanwhile
@renzoprotocol
has some
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Now let's transition to some risk created from LRT adoption in DeFi
⚠️Oracle
Are there reliable price oracles to ensure accurate pricing of LRTs?
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7c/ LRT <> AVS Deals
CC:
@OmniFDN
@EthosStake
@ether_fi
@RenzoProtocol
@KelpDAO
@swellnetworkio
@puffer_finance
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@EigenLayer
's Considerations on LRT Risk:
• Financialization and Leverage: Recursive borrowing or "looping" of LRTs introduces leverage risks, with potential for amplified losses & downward pressure on LRT prices.
• Liquidity Issues: Uncertainty around withdraw functionality
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ebisu institutional money 🔜? bullish.
FIDELITY ADDS STAKING TO THEIR ETH ETF APPLICATION IN AMENDMENT
Source: DB | Coins: ETH
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699
4K
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The first restaked rollup is being launched by our frens at
@swellnetworkio
offering native yield from
@eigenlayer
🌊♾
Congrats on $235M+ TVL in pre-deposits in a WEEK!
Excited to see a robust eco of dApps launching starting with
@ionprotocol
@ambient_finance
@BrahmaFi
Swell L2 represents the start of a new restaking ecosystem 🌱🌊
dApps will include new innovations plugged into AVS's, along with familiar primitives such as DEXs and lending protocols.
Here are three of the first projects that will be airdropping to Pre-Launch depositors.
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We're excited to announce our collaboration with
@OpenLayerHQ
- an AVS oracle solution! 🎣
🔗Decentralized, cost-effective, and robust data oracles are essential in de-risking and scaling DeFi.
🤝Together, we will focus on advancing decentralization and access to real yield
📣 OpenLayer is pleased to announce our strategic partnership with
@ebisu_finance
. 🤝
🔹Ebisu is distinguished by its innovative creation of the ebUSD, a high-yield-bearing decentralized stablecoin. Designed to optimize yield generation through Ethereum staking and AVS rewards,
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