Degen

Say hello to the first memecoin savings account on Warpcaster!

Featuring @degentokenbase. More tokens and updates on the way!

https://warp.brrito.xyz/frames

Very cool Degen savings account: you deposit ETH, which then earns yield in $DEGEN. This could be especially appealing if you're looking to passively dollar-cost average into Degen.

Very cool Degen savings account: you deposit ETH, which then earns yield in $DEGEN. This could be especially appealing if you're looking to passively dollar-cost average into Degen. https://warp.brrito.xyz/frames

Is it an LST that auto swaps its ETH yield into the desired token? The mining vault doc is unclear on that.

If it’s an LST, is it staked by Brrito or outsourced to a third party? Not keen on adding to Lido’s dominance, for example.

I’m guessing Brrito makes its money by skimming off the yield and/or restaking?

PhD in aviation ∩ climate science | Aviator, diver, ETH maxi, nexialist | Host of /diving /ethfinance /eth-staker /geopolitics /science /singapore /thomas

If so, it makes the mechanism less profitable for the user than to just hold an LST directly and manually swap the yield for the desired token.

But it’s more convenient, I guess, since it can DCA every day into the desired token without user intervention. Pretty creative use of staking tbh

I believe they use Compound under the hood and then take that yield generated to buy Degen at a set interval. Will send this thread to the Burrito founder and ask him to respond himself though.