Paradigm & Lido Fund EigenLayer Rival

🤝 Lido, Paradigm Back Symbiotic Project

Symbiotic Gains Key Support: Symbiotic, backed by Lido co-founders Konstantin Lomashuk and Vasiliy Shapovalov through Cyber Fund, and Paradigm, aims to rival EigenLayer. This new project enables "restaking" with Lido's staked ether (stETH) and other assets.

Project Details Revealed: Internal documents reveal Symbiotic as a permissionless restaking protocol developed by the Stakemind team. It offers flexible mechanisms for decentralized networks, coordinating node operators and economic security providers.

Future Integrations Expected: Despite the documents being preliminary, discussions are ongoing with AVSs and liquid restaking services to integrate with Symbiotic. Paradigm, Symbiotic, and Cyber Fund declined to comment. Read More.

️ On today's Top Picks:

  1. 🚀 Initia launches incentivized public Testnet.
  2. 🪂 Blast airdrop to launch June 26th.
  3. 📈 US Inflation falls to 3.4%.
  4. 👾 Sonne Finance exploited for ~$20M.

Read time: ⏰ 8 minutes


Crypto News


• ⭐️ Paradigm & Lido co-founders fund restaking protocol Symbiotic.

Mastercard selects Kulipa, Parfin, Peaq, Triangle, & Venly to join Start Path program.

Tornado Cash developer Alexey Pertsev found guilty of money laundering.

US DOJ indicts brothers for $25M MEV exploitation.

Former FTX executive Ryan Salame asks for no more than 18 months in prison.

US State of Wisconsin discloses purchase of $99M worth of Bitcoin ETF.

Robinhood launches Solana $SOL staking in Europe.

Worldcoin $WLD seeks new standard for data protection; deletes older iris codes.

Lens introduces Lens Network a hybrid & modular infrastructure leveraging the zkSync stack.

Degen Chain $DEGEN returns online after being down for ~2 days.

Alpha


Scroll launches UI to track Marks & introduces retroactive Marks for gas spent.

Linea Surge begins May 16th & Early Adopter modifier snapshot is today (May 15th).

• ⭐️ Initia launches incentivized public Testnet.

Superseed posts Testnet is coming soon.

Fluent launches Road To Mainnet campaign on Galxe.

FarQuest Season 4 ends May 19th; Season 5 to follow.

DeBank launches two new Web3 Badges based on VIP Active Days.

Airdrops


Telegram $TON Airdrop by Olimpio.

Which Airdrops To Farm by Hav'caaren.

LayerZero announces sybil hunting guidelines; to begin May 18th.

• ⭐️ Blast announces airdrop to launch June 26th.

Avail Unification Drop claim ends; future rewards programs coming soon.

ICYMI Base $BASE Airdrop Strategy by Earndrop.

List Of Airdrops I Am Farming by CC2.

Finance News


• ⭐️ US Inflation falls to 3.4% as the US Federal Reserve observes for potential interest rate cuts.

Circle $USDC to redomicile to the US ahead of possible IPO.

Vanguard appoints Bitcoin-friendly Salim Ramji as CEO.

New York Community Bancorp $NYCB to sell about $5B in mortgage warehouse loans to JPMorgan Chase $JPM.

US Court enforces SEC subpoena for Elon Musk to testify regarding Twitter Takeover.

Security and Exploits


BlockTower Capital's main hedge fund hacked & partially stolen by fraudsters.

• ⭐️ Sonne Finance exploited for ~$20M due to precision loss issue.

ALEX Lab $ALEX drained for ~$4.3M due to private key compromise.

Microsoft releases security patches addressing 61 new security flaws.

Google releases security patch addressing Chrome zero-day vulnerability.

Google unveils live threat detection feature in Android 15.

VMWare patches four vulnerabilities affecting Workstation & Fusion products.

Token Unlocks


• Arbitrum / 92.65M $ARB / ~$87M / MAY 16
• ApeCoin / 15.6M $APE / ~$18M / MAY 17
• Immutable / 25.53M $IMX / ~$51M / MAY 17
• Render / 760.57K $RNDR / ~$8M / MAY 17
• Nym / 3.02M $NYM / ~$469K / MAY 18
• Manta / 6.67M $MANTA / ~$10M / MAY 18
• Oasis / 171.00M $ROSE / ~$14M / MAY 18
• Pixels / 54.37M $PIXEL / ~$18M / MAY 19


Funding


Ethereum Foundation announces Q1 2024 grantees.

Polymarket, a decentralized information markets platform; raises $70M in Series A & Series B funding.

Humanity Protocol, a ZK decentralized identity project; raises $30M in Seed funding led by Kingsway Capital.

re, a blockchain-powered reinsurance protocol; raises $7M in funding led by Electric Capital.

Shogun, an intent-centric defi protocol; raises $6.9M in Seed funding co-led by Polychain Capital & DAO5.

Zeta Markets, a defi derivatives platform;l raises $5M in Strategic funding led by Electric Capital.

Raven, a crypto proprietary trading firm; raises $2.7M in Seed funding led by Hack VC.

Hylé, a settlement layer for ZK proofs; raises $2.6M in Seed funding led by Framework.

SPARK, an order book on Fuel; raises $1.5M in Pre-Seed funding.

The Degen Farmer

Top stablecoin yield farms of the day, more than $3,000,000 in TVL. DYOR and step up your farming game!

PROTOCOLASSETSAPY
KiloEx logoKiloEx (Op_bnb)USDT161.22%
Ramses V2 logoRamses V2 (Arbitrum)USDCUSDC89.65%
Synthetix V3 logoSynthetix V3 (Base)USDC65.31%
Notional V3 logoNotional V3 (Arbitrum)NUSDC60.82%
Abracadabra Spell logoAbracadabra Spell (Arbitrum)MIMUSDCUSDT50.71%
Orbit Protocol logoOrbit Protocol (Blast)USDB47.13%
Morpho Blue logoMorpho Blue (Ethereum)SUSDEDAI40.75%
Turbos logoTurbos (Sui)USDTUSDC38.18%
. . .

KelpDAO: Restake ETH and farm rewards

KelpDAO is a re-staking protocol. Deposit ETH, stETH, or ETHx with Kelp to get both EigenLayer Points AND Kelp Miles (probably converted to tokens)!

On top of this KelpDAO launched the "Mega Million Marathon" - they are giving $1,000,000 worth of USDC, ARB, and OP to eligible restakers.

For every ETH deposited with Kelp, you can get additional rewards and Eigen points. Details of the campaign here.

When you restake in KelpDAO using our AlphaPacked link, you are getting 10% bonus in Kelp Miles👇

🟢 ETH Smart Staking with KelpDAO

. . .

That’s it for today’s edition! See you soon.

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