If the ETH ETF passes smoothly, which ecological projects are worth ambushing in advance?

Written by Riyue Xiaochu

The positive lines of BTC and ETH bring sunshine to the market and also bring hope to the currency circle.

Last night, some news from the SEC greatly increased the market’s probability of passing ETFs, triggering a surge in ETH.

If the ETH ETF passes smoothly, the projects in the ETH ecosystem will also benefit, and the increase may exceed that of ETH. Therefore, we should focus on it.

In the ETH ecosystem, there are several sectors and projects that are the largest

1 layer2

Main projects: arb, op, strk, metis, manta

As ETH aims to become a global computer, Layer 2 is accused of shouldering the prosperity of the ETH ecosystem with high TPS and low GAS. Its importance and value are self-evident. At the same time, layer2 is the sector with the highest market value in the ETH ecosystem.

However, most projects are also typical of the recently criticized institutional coins with low circulation and high FDV. arb, op, and strk are three of the four kings, and their FDV has exceeded 10 billion US dollars.

arb has the highest TVL and the largest number of Dapps among all projects. However, arb's pull is relatively weak, and there have been a lot of unlocks recently.

The advantage of op lies in the super chain ecology formed by the op stack, which has gathered a large number of excellent projects and capital. Historically, op's pull is stronger than arb's, which may be the preference of funds.

strk is the layer 2 of zk core, and its ecological suggestions and users are not as good as the first two. However, its circulating market capitalization is lower than that of arb and op, and it has been on a downward spiral since its listing, without any decent rebound.

metis was a hot spot some time ago. It launched as a decentralized sorter. After being listed on Binance, it also experienced a huge correction.

manta is a representative of layer 2 created in a modular manner. The team works very hard and the ecological project develops very quickly. Its circulating market value is only 400 million US dollars, which is the lowest among them.

2 LSD

Main projects: LDO, SSV, PRL

The LSD protocol is mainly a node-related pledge service that emerged after the ETH Shanghai upgrade from POW to POS. LDO is the largest service provider, with the highest TVL in the entire network, and a circulating market value of 2 billion.

SSV is an infrastructure configuration for distributed nodes, and its recent performance has been pretty good.

3 Defi

Main projects: Pendle, uni, aave, comp, crv, mkr

Defi should be the most familiar to everyone. As the largest innovative sector in the last bull market, the application of Defi has spread to all aspects of daily life on the chain. Core players include uni, aave, comp, crv, mkr, etc., which respectively represent dex, lending, stablecoin trading, stablecoin issuance, etc.

Due to the maturity of Defi, this cycle is basically based on previous upgrades, and the degree of innovation is not enough. Relatively new is Pendle, which separates tokens into principal and interest, which can be used to trade future returns. Pendle was also affected by TVL and currency prices some time ago

4 Stablecoins based on ETH mortgage

Main projects: ENA, LBR

There are many ways to issue stablecoins . One of them is collateralized asset issuance, and the largest collateralized asset is undoubtedly ETH. After having LSD and Restaking, the project team will use the mortgaged ETH to obtain liquidity benefits. Such stablecoins have a natural rate of return. At the same time, the project team will provide some token incentives, as well as dividends from coin borrowings, etc., and the income in such years will be very considerable.

23 years old lbr is one of them. This is also the basis for Binance’s launchpool project Ena this year, and Ena uses hedging derivatives positions to maintain the value of collateral assets.

Ena’s TVL is as high as 2.5 billion U.S. dollars, and its current circulating market value is already 1.3 billion U.S. dollars.

5 Restaking

Main projects: REZ, ETHFI

Restaking is what I value most in this round of ETH market, for two reasons

1) New sectors, market funds tend to prefer to speculate on new sectors

2) The circulation market value is small, among which the circulation market value of ethfi is 460 million US dollars, and the circulation market value of rezon is 150 million US dollars

3) Eigenlayer As a leader, the number of airdrops has been determined, and the time for trading on the exchange is not far away.

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