The EigenLayer caps opened and more than $1B flowed in less than 24h bringing the total TVL over $3.5B.

Will Eigen Points equals an airdrop?

Here's a quick write-up to test how a thread would look like on Warpcast 🧵

Web3 ghostwriter living the cypherpunk life✍️

Degens think so, but right now we can throw some random calculations and assumptions on a possible APR thanks to Whales Market.

(Completely ignoring tech behind restacking rn, going on wild assumptions for kicks and sh*t)

Estimates of points accruing at the moment 👇

~24 Eigen Points * 1 $ETH * 24h of deposit

Whales Market is an OTC marketplace allowing to buy and sell airdrops before claim and TGE and it recently added a neat Points Market as well.

Here you can buy and sell Magic Eden's Diamonds, Hyperliquid and Friend Tech points, as well as the infamous Eigen Points.

The market for Eigen Points has seen around $600,000 in total volumes so far, and the current floor is $0.1513/Point.

Back to calculations with $ETH @ $2,327:

24 * $0.1513 = $3.6312 generated by 1 $ETH every 24 hours

This equals to $1325.388 in a full year of restaking, or a ~56.95% APR.

Extra 💹

Pendle allows you to long or short the implied APY which going by our calculation is around 57% right now.

On Pendle the implied APY is hovering between 30% and 37%.

Converting APR to APY depends on how often you compound, but it's always higher.

Compounding once every 6 months would give you a 65% APY, daily would push it up to 76.66%.

Worth a long on YT-restaked ETH?

Disclaimers:

-> The OTC point market is volatile, it could easily go down
-> Same can be said for going up though, there are already offers being filled at $0.1669, $0.1863, and even higher
-> There is no guarantee that the points will be worth this money at some point or even anything at all.