$BTRFLY data before the call
Marketcap: $92.7mln
Price: $326.87
Source: Dexscreener
Total staked ETH in Pirex: 6662 (62% 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.
We have several exciting partnership updates to discuss, although the current state of partnerships stuff we could go over. But in general, I think the governance pipeline is not very robust. Let’s delve into the details of our partnerships.
A quick update on Pirex ETH. We recently crossed 20 million TVL, which is impressive. This milestone was achieved even before the market saw significant growth, and we are now close to reaching 23 million TVL. Our growth has been remarkable, positioning us as one of the fastest-growing players in the DeFi space.
Additionally, I came across a new project called tenderize, which has generated a lot of interest. The speed at which they are progressing is quite impressive. the recent transition went smoothly, solidifying our position as the top performer in the fastest growing LST category. Exciting times ahead. I believe that the ability for us, is to like bootstrap our growth without relying on all of the fancy tools that others are currently using is quite significant. It would only be even better once we finalize some of these partnership agreements and bring them to fruition.
Update on partnerships over the past 2 weeks
As you are aware, the Vector partnership successfully navigated through the governance process. I think it was before the last community call if I remember correctly, but after the, the last community call, we actually executed all sides of the of the agreement. So that consisted of the what is basically the TVL swap that we did. Where they’ve made a deposit and the pxETH we made a deposit into veETH , and then we’ve also spun up the the veETH:pxETH pool on Curve where incentives aren’t live yet but the pool is live. We are going to extend the partnership, by launching a Hidden Hand Market for them.
Then the next partnership that went live shortly after the Vector announcement is the new pxETH:mkUSD pool, that’s on Curve. This is the pool that we made with Prisma’s stable coin. We are targeting the Prisma emissions. The bribe efficiency is like really good on the Prisma emissions., and right now it looks like, so whenever we posted the original announcement, the APR was like a hundred and something percent, which is absurd. And then even now I’m looking at the pool has about 1.7 million TVL and it’s still earning 40% APR, which is really, really good and that’s honestly the story across most of the pools that we will go through today.
I mean, we still have plenty of room for TVL to scale upwards and the yield still stays very competitive. Outside of that, we also deployed a pxETH:wETH pool on Blueprint, which is already receiving $oBLUE emissions. We have a good partnership with them. We bribed it during their first round. We didn’t bribe it on this round and we will TBD on whether or not we’re going to continue to bribe it going forward. But yeah, I mean, that’s been another pool that people have the option.
Another pool that we launched is the partnership with Asjna and Yearn. Asjna in this case, it’s like a Oracle lists isolated lending pool protocol thing where the pool is for apxETH:wETH and we have incentivized it with $BTRFLY and Asjna match those rewards with $AJNA, their own token. This conversation came up as a result of pxETH’s inclusion and success with the yETH vote. We did really good on that vote . We got around like 16% of the total vote. We talked a bit with some of the bigger Yearn guys who are working on this Asjna project. After that launch, they got really, really good traction. I think last I saw it was like somebody, 600k or something in like under a day. We are working on all the ,oney markets. The Redstone Oracle is now live and we’ve gotten contacted all the people who told at first that we need the Oracle live. So since that’s live, the integrations are going to be coming up. A lot of, lot of money market integrations are coming up. So if you’re all in Asjna , I guess, like you can get ready to diversify as soon. Just like for context, some of the things we’re looking at is isLeveraged yield farms, the money markets obviously, the collateral for derivatives a bunch of different things that involve debt, stable coins, etc. You’ve probably already seen us tease on some of our tweets of those stable coins that are launching with pxETH .
In order for Pirex ETH to be like maximally successful, leverage needs to like be a thing. People like to leverage their liquid staking token, so the more opportunities we can provide to people the better. When the time comes, we’ll be able to effectively launch Dinero and people can choose like whether or not they want to use some of these other opportunities or whether or not they want to use Dinero. We need these types of integrations, Pirex ETH, the liquid staking staking token and solution needs to be successful. Be careful with the projects you stake with, their could always be a hack like for example Seneca last week. Especially, after next week, when we have some more expansions. Obviously it’d be wanting to share with everyone that people are integrating pxETH. But, you know I encourage everyone to obviously just like figuring out what risk they’re comfortable with taking broke a lot of these integrations, right? Some of them are the safest things.
So the next one that we launched is a pxETH:+ETH pool in collaboration with Reserve. This is another Curve pool. The yield is pretty good on that as well. The last number I saw was like 80%. So there’s still room for people to LP there and have some good yield.
Next is a partnership with a Convergence where they basically spun up a ball where you can stake your pxETH/stETH and/or pxETH/frxETH positions to earn $CVG, $CRV and $SDT.
And then we launched the collaboration with xETH, which is this like more exotic partnership to say the least. It’s like this over-collateralized scent that’s backed by pxETH and the liquidity pool on curve again is live for that with gauges. So if you want to play with something a little more experimental, that is an option. And maybe Sami can dive into what xETH is a little more. Sami: Yeah, you know, we were talking about this on the last community call about AMOs. Imagine Frax in their initial state which was like, you know essentially an under-collateralized stablecoin, leveraged an AMO to get the liquidity up and act as a bootstrapping mechanism without de-pegging. xETH is a project that was built by friends. They’re doing the relaunch now with pxETH as the exclusive collateral, which is the collateral, in the curve pool itself. I think that’s the best way to explain it. Obviously the best people to talk to about that would be them, but you know, you guys wanted some spicy pxETH farms and I don’t know anything spicy than AMO, under-collateralized LSD.
Note that all these partnerships are at your own risk. So like, do your own research, figure out what makes the most sense for you and then if none of them make sens. Also one more thing I wanted to bring up is that actually just came to my attention as it looks like. I don’t really know what happened with the pxETH:wETH PancakeSwap pool, but it looks like people need to restake their liquidity because the pool itself has 800K TVL, but only 14K of that TVL is actually staked. There’s an 8.8X multiplier on, on that incentives pool for aware right now, where the yield is now 2000% APR.
Mode Partnership and EigenLayer Partnership.
We’ve also had a lot of people asking about the MODE and EigenLayer and I feel like we talk about this every week. So now is a, another good time to just reiterate a couple of things. I guess we could start with EigenLayer. We know just about as much as you all know about EigenLayer and the next boat and when it’s going to be and all the rest. So we give you guys updates as soon as we have them regarding that, all we know is that we are putting ourselves in a position to get through the boat. That is one thing that we are doing our best to guarantee, is that we are going to get included in the voting and then get voted up. Like we’re going to do everything we can to make that happen. And also, we talk to them like every week and I (Sami) have a call with them next week. We’re talking to them very frequently. We’re working with them on the integration. We are connected to all the people we need to be connected to, which leads into the MODE conversation. So we’ve been getting a million questions about like, when this I ETH deposit is going to happen. Part of it is a little bit out of our control, right. Like they, they have this phased mainnet that’s like phase layer two mainnet deployment that they’re doing and Phase one is what they’re in right now and then phase two is when they plan on deploying some of their bridge assets into Pirex ETH. There’s multiple aspects of that. Part one is that we are waiting on that. The other part of it is we are working on something behind the scenes with them to make sure that this is possible and in the first place, right. It is not as easy as just bridge ETH and that’s it. So, yeah, we’re doing everything on our end to like kind of push it to the to the finish line. Keeping it safe, so that, you know, we’re not doing degen things whilst also preserving, you know, sovereignty for the users assets. So, yeah. I think we proposed to them a solution. They pretty liked it so we implementing it. So from our end, we pretty done everything and we’re just waiting for phase two to happen. The Implementation is going to be dope. Yeah, I (Sami) just wanted to say that this, this process we’re working on. We talked a bit, we talked a bit about it on the last community call as well. We’re going to work on generalizing this as well at a really good call with another very vague, well, the L2 hasn’t launched yet, but everyone in this call knows who they are. And working with them on the exact same solution because they saw what we’re doing with MODE and specifically like the partner we’re using to get this done, they’re also helping chill it and stuff. So the process of generalizing your system. You know, let’s use like hidden hand as an example, like the original hidden hand market took a lot longer to build because it was like built for one specific thing. And then the process of like generalizing the launches of them, took longer to build, but it was easier to like spin them up after the generalization was complete. So, yeah, that’s the update on MODE .
There’s going to be a lot of cool stuff. That not only happens just with MODE , but as a result of the partnership that we have with them. So, things are going well there.
L2’s Expansion
The other thing that a lot of people have been curious about is the expansion to layer twos or seeding and all the rest though. That is actually feeling pretty comfortable giving this timeline. We are going to go cross chain, like next week, pretty much. People are going to be able to bridge their pxETH and do all that stuff, hopefully early next week. As far as I understand, everything is ready to go. It just, you don’t want to launch that on a Friday. So there will be a yield opportunities for those of you who are looking to farm with the pxETH on other chains. We’re doing a bunch of L2s .
AMA
Q: Did the conversation at JPEG turn into anything?
A : we are meeting them IRL next week we’ll talk.
Q: And then do we have anything for BASE ?
A :Yeah, I mean BASE is like it’s when they have their own lSD, it’s kind of tricky because it’s just like everyone builds around that. Right. So it’s like, it doesn’t make sense or any LSD really to be on BASE . But we are talking with some projects there. But I wouldn’t say that, like this initial release we’re going to be doing BASE just because like, the current opportunities aren’t really like, don’t really make sense.
Q: So the question is like, what percent of MODE’s bridged ETH is getting staked into Pirex ETH?
A: At the moment, the plan is for it to be dynamic. So there’s no, there’s no, like, I can’t say it’s like, 70% of it. 1% of it. 99% of it. Right. It’s dynamic, based on like withdrawal demand.
Btw, one thing to add is that we are looking into a Pirex ETH integration with currently the top lending protocol on BLAST, it has around 80mln TVL. Like the next week we can start like looking at like getting a Pyrex, ease of integration. Like district requires like bridging Oracle stuff.
And, we increased our treasury….. The editor: I wont add this topic to te blog as you should have been with us during the community call.
That’s it for this week, see you all on the next one.
Peace
