$BTRFLY data before the call
Marketcap: $100.4mln
Price: $394.93
Source: Dexscreener
Total staked ETH in Pirex: 3117 (164% increase compared to last CC)
Source: dineroismoney
Redacted Cartel build the following products:
- Hidden Hand — an incentives (aka “bribe”) marketplace for DeFi protocols
- Pirex — a liquid wrapper protocol for staked tokens (like vlCVX)
- Dinero — a stablecoin project that consists of an ETH liquid staking token (Pirex ETH), a stablecoin (DINERO), and a transaction relayer
Welcome back to the bi-weekly Redacted Cartel community call.
Most of the stuff is related to the Pirex ETH.
Hidden Hand
BeethovenX is live on Hidden Hand, and we see a pretty decent inflow of incentives (around 17k).
Prisma is a new hot contender. There were like 20k of incentives last round.
Lodestar also had volume last round.
PancakeSwap -> we will be there active soon with pxETH. They started the VE process lately. The also want to go crosschain and we will support them with our Hidden Hand product. We believe when the ball rolls, that a decent amount of volume will be use to incentive people to bribe.
Regarding Marionette, is good to go. Partnering with THENA first.
Pirex ETH
It's been an exciting two weeks since the last call. Currently we are at 3117 ETH locked. WE ARE THE HIGHEST YIELDING ETH PROTOCOL RIGHT NOW. We get a question whether the yield scale with TVL, and yes the system is build that way. The treasury is strong to keep incentivizing. We will start using our CVX power more in the coming weeks. There are a lot of exciting integrations coming.
We are getting a lot questions regarding the actual staking yield. Originally, the APR was updated daily but its updating now every hour. The MEV tips that our validators get are pretty juicy. As TVL grows, validators will grow.
We are working with FRAX for our Frax pool integration on Balancer. You get aura, balancer and frax rewards.
We got questions regarding Eigenlayer stuff. Sami: We’ve been talking with multiple people from their team. We are going to be on the next Eigenlayer vote. We potentially will be the first LSD that uses eigenlayer but also top tier users. The holders of the LSD (i.e. pxETH/stETH) can vote.
Regarding Yearn, currently you can vote for apxETH. A DAO buildor created a nice tweet regarding our apxETH can boost yETH yield.
Another apxETH integration is with Timeswap (lenders are lending WETH, borrowers use apxETH as coll. to borrow WETH). The nice thing is that there are no liquidations for borrowers. The Timeswap team add TIME and the DAO add BTRFLY as extra incentives for the pool. It has done more than 700k$ in volume.
Sturdy.finance (money market) proposal is live today and the incentives are around 30k$ per week based on the Sturdy and BTRFLY token.
Also please vote for the Blockswap once we get on the list, soon. It’s currently in the proposal phase and its something like fork of Eigenlayer:
i’ve got one more: https://gov.blockswap.network/t/temperature-check-integrate-redacteds-pirex-eth-to-keth-and-restaking-cloud/588
Please have a read on.
The pxETH L2 campaign has started (that also includes depositing on L2s) and we have some DEXes in the que.
On Arbitrium, you will be able to deposit USDC to mint pxETH. (stETH, WETH, ETH, and a few other stablecoins).
Li.fi routes the tokens which are predetermined, routing through mainnet.
Merch update
Working on a store setting up. It’s going to be a self-service type setup.
That’s it for this week, see you’ll in two weeks.
Peace.
