Spadez
@spadez
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 🧵
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Spadez
@spadez
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
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Spadez
@spadez
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.
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Spadez
@spadez
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.
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Spadez
@spadez
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%.
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Spadez
@spadez
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?
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Spadez
@spadez
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.
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