MetaMask Targets $30B+ ETH Staking Ecosystem
$5B Gambled on Rollbit | DeSocial Growth
Marco Manoppo & Karon Pangestu
January 22, 2024
📢 Sponsor | 💡 Telegram | 📰 Past Editions
Good Morning.
Crypto markets are down with Bitcoin looking pretty heavy. I won’t be surprised if we break below $40,000. Spot Bitcoin ETFs rotation continues with Grayscale continuous dump (-$590M outflow on Friday) — the market will remain uncertain until we see some stability on this. Let’s have a good week.
In Today's Email:
What Matters: MetaMask staking feature 🦊
Products: MPC wallet card 💳️
Charts: Onchain casino & DeSo boom 📈
For faster daily news and recap, follow our telegram.
Narratives: Restaking, modular, and PYTH farming.
BROUGHT TO YOU BY
Aldrin Labs
Becoming a liquidity provider in DeFi can be tricky. You need to balance the value of two tokens and hedge for impermanent loss.
What if… there’s a way to make it more convenient?
Introducing Aldrin's RAMM: Revolutionising Liquidity Provision in AMMs!
Aldrin's RAMM is an oracle-based AMM that optimizes capital efficiency while significantly reducing impermanent loss. Moreover, RAMM’s single-asset deposits make it convenient and hassle-free.
Aldrin Labs is excited to share the imminent launch of RAMM on the Sui Network with our subscribers!
Follow Aldrin on Twitter, or click below to watch out for the public announcement this week!
WHAT MATTERS
MetaMask Launches Staking Feature
State of play: MetaMask is partnering with Consensys Staking to run Ethereum validator nodes for users willing to stake a minimum of 32 ETH.
MetaMask's staking service offers direct, no-pooling staking without hardware or software requirements.
The staked ETH is used to run a validator node via Consensys Staking, which already operates validators totaling 4% of all staked ETH.
MetaMask offers around a 4% annual yield on staking rewards, minus a 10% fee, which is quite substantial compared to its competitors.
What’s next: MetaMask's staking appeals to beginners/decentralists, addressing centralization issues from providers like Lido, while removing the need for personal node hardware and slashing risks from internet outages.
That said, MetaMask also provides pooled staking via Lido and RocketPool, with current rewards at 3.53% and 3.14%, respectively.
Consensys has had no slashing penalties in over two years despite overseeing $2B in ETH across 33,000+ validators.
Our take: This is a great product by MetaMask as it will help Ethereum decentralize while profiting at the same time, thanks to the convenience that it provides.
For builders and investors: MetaMask already “owns the user” — it can easily build additional products to monetize its existing audience.
Make sure what you’re building/investing in is not just a “feature”, but an actual product with defensible moats.
Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇
PRODUCTS OF THE WEEK
COCA, MPC Wallet + Non-Custodial Card
COCA Wallet is a pioneering crypto wallet that combines Multi-Party Computation (MPC) security with a non-custodial card's convenience — all in one app.
Multi-Party Computation (MPC) cryptography eliminates common vulnerabilities associated with seed phrases and private keys.
COCA's advanced routing engine secures top crypto prices using 17 onramps and 182 local payment methods.
COCA Wallet provides physical and virtual cards, enabling stablecoin and cryptocurrency use at 40M+ merchants in over 200 countries.
COCA Wallet enables fee-free cross-chain swaps with extensive liquidity, offering Flashbots protection against sandwich attacks and MEV for optimal pricing without hidden costs.
COCA Wallet's virtual and physical cards are currently available in the UK and EEA only.
Other cool products:
CHARTS OF THE WEEK
Rollbit Exceeds 1M Users & $5B+ Wagered
Credit to OurNetwork for the original report.
State of play: Onchain gambling is thriving and becoming a key crypto “use case” as bull markets drive consumers to embrace higher risks.
Rollbit, the leading on-chain casino surpasses 1M users and over $5B wagered.
Rollbit, the top on-chain casino & trading platform, earns $2.8M daily in casino fees, projected to reach $65M monthly.
Polymarket, a top decentralized predictions market on Ethereum, is nearing a monthly record for betting volume.
JustBet, a decentralized casino by WINR Labs, records $77.6M in bets within 9 months of launch, despite a dip from summer 2023's peak.
Our take: Speculation will continue to become crypto’s superpower, any other applications that are built on top of the blockchain need to embrace and tame speculation, not run away from it.
Lens & Farcaster Hit 8,000+ Daily Active Users
Credit to OurNetwork for the original report.
State of play: 2023 saw a major shift in Web3 social, with Lens Protocol's V2 launch and Farcaster's broad opening leading the change.
Over the past 30 days, Lens's DAU ranged from 3,000-4,500, while Farcaster's fluctuated between 2,000-3,500.
Farcaster leads with 6,000-10,000 daily 'casts', outpacing Lens's 4,000-5,000 'posts'.
However, Lens records 50,000-75,000 total daily actions, higher than Farcaster's 20,000-40,000.
Our take: Twitter (now X), has become defacto primary social media for crypto market participants. However, the recent turbulence and future uncertainties on X has helped spark adoption in decentralized social media.
QUICK BITES
Ondo Finance announces APAC expansion.
Dogecoin rallies on X payments speculation.
Terraform Labs declares bankruptcy in Delaware.
Split Capital announces liquid token hedge fund.
SEC vs Binance delayed to next week over a snowstorm.
HTX restores services after the exchange got hit by DDoS.
MetaMask introduces Ethereum validator staking feature.
OSL executive says that HK could debut spot crypto ETF by mid-2024.
Court rules that FTX must be investigated by an independent examiner.
Bloomberg estimates a 70% chance of Coinbase winning the SEC case
NOTEWORTHY READS & MEME
If you enjoy reading this issue, please consider subscribing. It takes 1 minute of your time but it would mean the world to us 🙇
Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.