#129 The Restaking Opportunity
EtherFi Is Back For Season 3
GM - this is The Snapshot, edition #129.
This is what I’ve got for you this week.
This Week In NFT World - Crypto Liquidations Hit $600M
Notable Sales - Pudgy Penguin, CryptoPunks, Bored Apes
Investor Focus - EtherFi Is Back For Season 3
For sponsorship enquires, please DM me on Twitter.
Have a great day,
B
This Week In NFT World - Crypto Liquidations Hit $600M
Crypto liquidations hit $600M as majors tumble: BTC $54.4k; ETH $2.8K; SOL $125
What is happening?
Well, Germany has a load of BTC that they appear to be selling.
the tweet
And the Mt.Gox BTC is on the move too.
But at least Justin Sun wants to buy all Germany’s BTC for the sake of our industry (!)
Circle becomes First Global Stablecoin Issuer to Comply with MiCA, EU’s Landmark Crypto Law
"Polkadot's financial report for the first half of this year showed that it spent as much as $87 million (11 million DOTs), $37 million of which was spent on marketing. The community criticized the high expenditure for not bringing the expected returns. At the current consumption rate, Polkadot's funds can still last for about 2 years."
From @WuBlockchain
Sentient Labs raise $85M for Peter Thiel backed community driven AI model development on Solana
“Our vision at Sentient is to ensure AI benefits humanity as a whole. By creating an open platform for AGI development, we aim to distribute AI's benefits equitably and align its growth with global interests”
Pudgy Penguins lead NFTs but give back gains in extreme market volatility: back to 10 ETH
Notable Sales - Pudgy Penguin, CryptoPunks, Bored Apes
Pudgy Penguin, Santa - 17 ETH
CryptoPunk, Clown Eyes - 27.69 ETH
CryptoPunk, Wild Hair - 31.99 ETH
Bored Ape, Crown - 19.9 ETH
Pudgy Penguin, Wizard - 13.99 ETH
Investor Focus - EtherFi Is Back For Season 3
I have written about EtherFi many times and how it proved to be a lucrative way to passively restake ETH. They are now back for Season 3.
If you need some background, read my previous article and DYOR to properly understand the risks associated with restaking (of course, nothing is guaranteed).
I think Etherfi are doing a good job and this is one way to continue to participate via Blast.
NB. I am an ambassador for Etherfi
i always prefer to optimise for the laziest airdrops possible on blast one of the biggest cooks for me recently was @ether_fi when i got a five figure airdrop from restaking and chilling on mainnet
this is how you can get involved on blast for 25M ETHFI tokens ($69M) which has just been approved by the DAO for season 3 rewards which lasts 2 months:
1. @ether_fi allows you to stake your ETH (by minting eETH) and automatically have your ETH restaked to Eigenlayer: so you get EtherFi points for an airdrop + Eigenlayer points for an airdrop to note, restaking is a whole thing: if you don't understand it, i recommend reading the docs and doing more research so you understand what you are doing and comfortable with the risks: https://etherfi.gitbook.io/etherfi/getting-started/introduction…
2. because @ether_fi is on @Blast_L2 already, you can restake direct from Blast without needing to move your ETH back to mainnet
3. now you have weETH in your wallet, which represents the ETH you have restaked
you get 1x Etherfi points just for holding this but you can get 3x Etherfi points by providing liquidity for weETH on Blast
4. to provide liquidity, head over to @ThrusterFi and create a new position for WETH + weETH (it looks like the 0.05% fee tier is the best one atm)
5. then you can lock that position in @hyperlockfi
now you will get your 3x EtherFi points, as well as - I assume - whatever incentives Pacman switches back on for using Thruster + Hyperlock
to be clear this is not the only way to get 3x Etherfi points, this is just one of the ways i am exploring because i wanted to use some of my ETH on blast
nothing is guaranteed, dyor etc
Have a great day,
B
Disclaimer: The content covered in this newsletter is not to be considered as investment advice. It is for informational and educational purposes only.
I hold some of the NFTs mentioned in these newsletters
the linke video explanation is easy to follow and understand 🫡