Gakuen Magazine #2
Hello there! This is Mirai from the accounting future💚
Please take a moment to check out our profiles of the three of us here:
https://genesismagazine.substack.com/about
Now, let's get pumped for this week🥳
Shapella (Shanghai) Update
This week, the major Ethereum update "Shapella (Shanghai)" is scheduled to be implemented! It is set to take place around 10:27 pm on April 12th.
With this update, the ETH staked for PoS will become withdrawable.
The amount is an astonishing 18 million ETH, which is equivalent to $33 billion! It's an unbelievable figure.
However, not all of the staked ETH can be withdrawn immediately.
In particular, the portion staked through Lido, the largest liquid staking provider, cannot be withdrawn yet.
Lido is a staking service that stakes ETH on the PoS chain for you, without the need for any cumbersome procedures. Lido's staking volume is about 6 million ETH, accounting for about 1/3 of the total.
Furthermore, the total amount that can be withdrawn is limited to 50,400 ETH or about $85 million per day.
Therefore, it's expected that we won't see a sudden massive sell-off of ETH. The impact on the market should be limited.
Let's hope the major Ethereum upgrade is a success! We'll be keeping an eye on the future developments.
Reference:
https://twitter.com/the_smart_ape/status/1641137811930611713?s=20
Aevo by Ribbon
Ribbon Finance, an options strategy platform, has announced its own options protocol!
Named "Aevo," it will be deployed on a unique Layer 2 chain.
With Aevo, you can trade ETH options with daily, weekly, monthly, and quarterly expirations.
To get started, you simply need to bridge USDC from the Ethereum mainnet (currently only available to invited users).
A notable aspect is that Aevo uses a unique Layer 2 chain called OPStack, which is based on Optimism technology.
Options protocols often involve gas-heavy transactions, so adopting a unique Layer 2 chain is expected to bring benefits.
We might see more DeFi protocols developing and deploying their own chains.
Additional assets, such as BTC, are planned for the future. Let's keep an eye on this exciting development in the DeFi market!
LayerZero Raises a Whopping $120 Million
LayerZero Labs has completed its Series B funding round, raising $120 million from prominent investors. This brings its valuation to an astounding $3 billion.
LayerZero is a bridge protocol. Here are three protocols that specifically use LayerZero:
StargateFinance
Stargate is a bridge that can connect assets across various chains.
By purchasing and staking $STG tokens, you can obtain voting tickets. Voting can be done through Snapshot.
RDNTCapital
Radiant is a multi-chain lending protocol.
It seems to be using LayerZero in the background for multi-chain functionality (sorry, I don't know the details).
SushiSwap
The DEX SushiSwap has an omni-chain swap feature, similar to a bridge.
This uses LayerZero's general messaging protocol.
LayerZero's technology is used in various protocols. We'll keep an eye on LayerZero's progress in the future!
This week's update was brought to you by Mirai! Next time, it will be Yui's turn🧸 Please look forward to it!
Lenster is also on board, so feel free to follow us: https://lenster.xyz/u/123465