The 🔴Optimist: OP Superchain News #25-1
#1 media about The Superchain: Optimism, Base, Mode, Zora, PGN, Lyra, Ancient, Redstone, Worldcoin, Mint, Lisk
First of all, i’d like to express my thanks to you readers, for your comments, support, likes on this Journey. Big 👏 to the team for making The Optimist the go-to Media for everything about DEFI on Layer 2 chains.
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————————————— KEY TAKEAWAYS ——————————
🟡Intro to Mode: innovative onchain cooperative
Mode chain will soon launch Mainnet. Early users will be rewarded based on activity and loyalty. Read, learn and welcome to the Onchain Cooperative world. Don’t forget to mint the MODE Pledge NFT.
🔵Projects Research : Restaking with EigenLayer
You are probably aware of what means Staking your $ETH on Ethereum Mainnet. But do you know what’s Restaking and how big this new ecosystem can become? If not, this article is therefore for you.
🔥Hottest news
Your new bi-weekly breakdown of the most juicy news about the Superchain.
🟠Podcast: Project interview (Updates & Roadmap)
The last 2 weeks, we were pleased to receive on Stage :
No Podcast this time
GOVERNANCE & VOTE TIMELINE
If you wish to delegate your OP Tokens to Subli => Go to this page, and click on DELEGATE. Delegate Address: 0x3b128c6c1207d72092a8b3f6d651dfe54682a404
🟡Intro to Mode: innovative onchain cooperative
by Nataliii
Dear readers, I am glad to welcome you all in the new 2024 year. I hope that all of you had a great holiday and are ready to plunge into your work.
2024 seems to be the Airdrop Season (Celestia ecosystem, EigenLayer, Berachain & its ecosystem…), so why not including Mode, the new chain interconnected with Optimism & Base within the Superchain. Whether you’re a builder or a user, I can tell you that Mode, with its onchain collaborative vision, might be the perfect place to EARN.
MODE
“Mode is the Ethereum L2 designed for builders and users to grow as the network grows” - it's written on the official website of Mode. And today we will find out what this blockchain offers us.
So, Mode is a part of OP Superchain that builded on OP Stack and as we can see in the table below, Mode has all the advantages of OP Stack in comparison with Ethereum:
Main advantages of OP Stack that we can see in the Mode also:
high transaction throughput (2000 TPS in comparison with only 100 TPS in Ethereum)
low average transaction cost (1/10 of Ethereum’s costs)
quick finality time (1-2s in comparison with 12s for Ethereum)
And besides of that Mode have some unique advantages in comparison with OP Stack:
Building for growth (community driven growth)
Sequencer Fee Sharing (lifetime fee sharing)
Incentivizes Cooperativity (fair reward distributions)
Unique characteristics of Mode
Let’s look more detailed to these unique characteristics of Mode blockchain.
The main message of Mode is that the common good of all community members is achieved only through joint efforts. The members of the community do not compete with each other to achieve the good, but help each other.
In Mode, one player's gain doesn't mean another's loss. Mode have moved past the PvP mindset. Instead, Mode embrace collaboration, mutual wins, and the idea that we're all in this together. We are playing the infinite game, where the goal isn't just to win but to evolve and grow continuously.
Mode wants to bring people together to cooperate. Work towards a common goal, be part of something and get rewarded for your contribution.
The first of the blockchains, in my memory, which applies philosophical ideals in its ideology. We have seen the concept of achieving the common good through joint efforts from the ancient Greek philosophers Aristotle and Plato, and now we see how philosophy is transferred to the crypto world. Amazing!
Do you agree that it sounds nice that you don't have to compete with other community members for awards? You don't need to be angry that someone is ahead of you in terms of quantity or quality of actions, but you need to help each other. Yes, this blockchain brings goodness and positivity to this world! Optimism, I would even say! Which fully justifies the building of Mode in OP Superchain, not only in terms of technology, but also in terms of ideology and attitude to its community.
So, besides the philosophical ideology of the common good, what other innovative characteristics do we see in Mode? Of course, the distribution of rewards.
Mode is revolutionizing the chain mechanics to create a more rewarding and equitable environment for both users and builders.
1. SEQUENCER FEE SHARING (SFS)
One of the most interesting features of Mode is that any developer who deploys applications that grow the network will forever receive a proportion of network sequencer fees that come from their smart contract.
Roll-ups such as Mode earn revenues from the network sequencer. With Mode’s Sequencer Fee Sharing (SFS) module developers can register contracts and receive a proportion of Mode’s sequencer revenue based on the transaction fees of smart contracts they deploy.
2. MODE REFERRAL REVENUE
It's all about growing together. Any user, developer or protocol who refers others to Mode will earn a proportion of their network sequencer fees, for life.
Ecosystem
Let's briefly focus on the ecosystem that Mode has already managed to build.
And let's start with the most important thing, without which no interaction with any ecosystem is possible – we are talking about wallets.
Wallets
Mode is now available for such a well-known wallet as Metamask. I think this wallet needs no introduction. But, the team is working on expanding diversity and promises to add a platform such as Kado money. It’s a fiat to crypto on/off ramp platform for easy onboarding to DeFi and direct to self custody.
Bridges & Oracles
Let's move on. The next most important point after having a wallet is the bridges through which you can transfer the required number of tokens to the chain you need. The Mode is currently available at three bridges and plans to add 2 more in the near future.
So, available today:
You can bridge ETH from Sepolia L1 to Mode L2
The Pheasant network is an optimistic bridge specialized for Layer 2.
Pyth: Oracle
Pyth supports more than 45 blockchains, and is the 2nd largest oracle used in DEFI by GMX & Synthetix, and available as well on Mode.
We will see 2 more bridges soon:
Connext (A network of government channels that allows for fast and inexpensive transfers between Ethereum and other Tier 1 chains)
Hyperlane (Hyperlane is the first level of interoperability that allows you to connect any blockchain out of the box without restrictions)
DeFi
Moving on, the wallet is ready, the tokens are received in the Mode network using the bridge. Now you can explore DeFi
Mode suggests that we use the Kizuna platform, and in the meantime is preparing its own platforms, Mode Swap and Mode Domains.
Also, in the near future, we will be replenished with another DeFi - Aori (build institutional grade defi applications for decentralized options trading, spot trading, and otc settlement). Aori is a fully decentralized options exchange protocol that contains the creation of both self-contained options tokens, the trading of those options tokens within a central limit order book, as well as a margin system built on top of it called Aori Prime where you can get access to leverage on trading options.
We think that Aori is the possible next biggest options projects ever, to be deployed on Mode. You can read more about Aori in Newsletter #19.
So, having considered all the most important parts of the ecosystem, it should be stated without exaggeration that for the blockchain, which has been building for about six months, the ecosystem is already quite widely developed.
Mode pledge NFT
One of the important thing in the Mode is a Mode pledge NFT that allow you to be a part of Onchain Cooperative.
You can mint the NFT HERE. Who knows maybe we will see some rewards for these NFTs in future.
In summary, I will say that I like the ideology of Mode and its desire to bring something new to the crypto world, while most other L2 and L3 are built literally copying each other. I will follow the development of this blockchain with interest and I think that a great future awaits it!
More details about Mode you can see in official documentation and Twitter (X
Mode is currently available on Mainnet for developers, but sonner than you think, will be available to everyone on Mainnet, join the Mode!
😁Meme of Week
🔵Projects Research : Restaking with EigenLayer
By Subli
EigenLayer has been a hot topic in the crypto community, especially after reaching an impressive $1 billion in Total Value Locked (TVL) by the end of December, fueled by a massive 500,000 ETH staked on the protocol.
This achievement has raised expectations for a significant airdrop in 2024. Let's explore what EigenLayer is, the concept of restaking, and whether it's beneficial for you to deposit your ETH.
Understanding EigenLayer & Restaking
At its core, we, ETH hodlers, stake ETH to earn a yield (staking yield). This yield is the reward from validators who use staked ETH to validate transactions in a Proof-of-Stake consensus on Ethereum blockchain.
But, EigenLayer takes this a step further. It's not just about validating Ethereum network transactions. With projects like Data Availability layers (e.g., Celestia, EigenDA), Oracles (like Pyth Network, Entangle), and Bridges, validation can extend beyond the Ethereum network itself:
While Ethereum is a highly secure blockchain, it has struggled with innovation and scalability.
This is where EigenLayer steps in, offering a solution that doesn't require projects to incentivize stakers with their own tokens. Instead, it uses ETH already staked on the Ethereum Mainnet, introducing us to the concept of RESTAKING.
The EigenLayer Restaking Framework
Staking is like policemen on Ethereum protect only Government buildings. But with EigenLayer, these same policemen (validators) can use their badges (stake) to protect all the stores (other projects or services) in town [Quote from ReveloIntel note “What you need to know about EigenLayer - The Copping Block].
In the Crypto world, that means you can use the power of your staked ETH to validate Ethereum transaction + Other protocol transaction too.
And why is it so important? Cause, with your same ETH, you can earn Staking Yield + transaction validation of this other project :⏫ Increased yield
How to deposit on EigenLayer?
First of all, EigenLayer is on Ethereum Mainnet (yes i know you’re an Optimism user who like to pay few cts for a Transaction…we will come to that later, i have the solution for you).
It has launched in June 2023, that kicked off the Restaking narrative, and it has been scaling its protocol by gradually increasing the ETH deposit caps (e.g., 10k, 50k, 150k, 500k in Dec-23).
As you can see above, the increased cap at 50k & 150k has been filled within a day, and 500k ETH in 2 weeks only, setting EigenLayer TVL with >1b$ TVL
So if you wish to deposit you need to wait for the next increased deposit cap to be opened 😪. DON’T CRY… I have another fast, secure & cheap solution for you.
Liquid Restaking Token
As Liquid Staking Protocols boomed last year, we are seeing the same phenomenon at the end of 2023. Liquid Restaking Protocol offers allows you deposit staked ETH and received a liquid asset as a proof of your deposit, called Liquid Restaking Token or LRT. Staked ETH is then deposited by the Liquid Restaking Protocol on EigenLayer.
This has become a popular option, attracting significant liquidity from investors:
Why & How to participate even if you have a small PortFolio?
Get eligible to multiple Airdrops
Participating in EigenLayer is attractive because it makes you eligible for multiple airdrops. By depositing in protocols like KELP DAO, you become eligible for airdrops from both EigenLayer and the Liquid Restaking Protocol KELP DAO.
EigenLayer is currently running since Inception a point farming system. And it is expected that this might be one of the largest Airdrop in 2024.
Expect as well, all Liquid Restaking Protocols to airdrop their depositors too.
KELP DAO, one of our Partner but also the place where I deposited my stETH, is also running a point farming system. So by depositing on KELP DAO, I am eligible to both AIRDROPS.
Thor has made some napkin maths about EigenLayer Airdrop, worth to have a read at his Thread:
Participating with a Small Portfolio
Interacting on Mainnet can gost 100+$ of tx fees. So here is what I did and you can easily reproduce. All below transactions were placed on Sunday, ahead of EigenLayer opening increased cap deposit, since KELP DAO managed depositing to EigenLayer via smart contract, at no cost for KELP DAO depositor.
KELP DAO accepts only staked ETH (stETH or ETHx from Stader Labs)
I swapped ETH to stETH using DefiLlama swap (16$ fees)
I deposited stETH to KELP DAO (32$ fees)
As a proof of Deposit, I then receives rsETH, Liquid Restaking Token, which I will be able to use in other protocols later on (Defi COmposability).
Why did I choose Kelp DAO?
This is the team behind Stader Labs (Liquid Staking protocol), great team, excellent track record. rsETH is planned to go live (Alpha: Feb-24), and I expect a nice Airdrop from KELP too as an early user.
RISK
Remember, higher rewards often come with higher risks. This strategy involves smart contract risks at various stages:
Lido Finance for stETH.
EigenLayer for the stETH deposited by KELP DAO.
KELP DAO for your deposited stETH.
Conclusion
First, KELP DAO has still its deposit open, so the earlier you deposit, the more chance you will get to see your staked ETH deposited on EigenLayer at the next event.
And finally, I’m expecting Liquid Staking & Liquid Restaking protocols to have an amazing trend in 2024/2025, especially if ETH spot ETH is approved as this will be the greatest Yield Bearing Crypto Asset in the world.
Last minute ALPHA:
🔥Hottest news (new section)
🎁Clique OP Red Wards 2nd Event is now live with 20k OP worth to win. Join now the War of the DEXes event
🟢Mint is a new focused NFT blockchain, built on the OP Stack & connected to the Superchain
💯500k staked ETH cap filled on EigenLayer
🚧SNX stakers lost 2m$ after $TRB market manipulation
🤴VanEck, one of the BTC ETF issuer, published its first video add
💲Mountain Protocol reaches 100m$ TVL with its $USDM stablecoin. Expect soon on Optimism
⚫Welcome to Lisk, new chain of the Superchain powered by Gelato Network
🅱Phantom wallet has integrated the Bitcoin Network on its self-custody wallet
👨🎓5x New available positions at OP Labs & 1x Operation Leader position to support Velodrome & Aerodrome foundation
🎴Tarot finance, lending protocol, has launched its OP incentives program with worth 540k OP (1,9m$): single sided staking pool for OP, ETH & USDC 💦
🟢Lyra chain is now using Celestia as an external Data Availability layer
🏠Propy, an onchain Real Estate agency, has launched on Base, and users are invited to mint their Propy Keys. Expect more about this project by The Optimist in a near future.
✖ Post of the week:
🟠Podcast:
Podcasts are the source of Alpha🔥. And what if you can transform 1h of listening into 5min of reading? The 🔴Optimist Podcast partnered with Revelo Intel to provide written notes of all podcasts for FREE.
Nothing this time!!
Optimism Twitter accounts:
@OPLabsPBC for protocol development
@OptimismGov for governance
@OptimismGrants for Grant Council uipdates
Optimism Website:
Base Social links
The Optimist Social accounts:
Discord Handle: Subli#0257
Twitter: The Optimist
Farcaster: Subli_Defi
Notion (Research database): https://sublidefi.notion.site/sublidefi/Subli_Defi-c57a3141c983433ca74e785a0bf1bcd0
Youtube: https://www.youtube.com/c/Subli_Defi
Disclaimer: Nothing in this content is financial advice. We may have some positions on the presented projects, however these articles are written in a non biais way so that you can make you own opinion out of it.
Do your own research before investing, and remember that Crypto is extremely volatile and risky.