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Re-upping on restaking. With EigenLayer now feature-complete and Symbiotic introducing a universal staking framework, the model is expanding across chains, use cases and asset types. Institutional players like Puffer are joining in, while MoreMarkets (neé Nuffle Labs) is pushing restaking into liquidity and idle asset utility. The surface area of staking just got wider.

In other news…are you coming to Permissionless IV Brooklyn in June? Tickets are $399 (for now!), but you can get one for half price with a unique 50% off discount code if you successfully refer 10 new subscribers to the 0xResearch newsletter. Scroll down for details.

Euler and Maverick in the limelight:

Source: Dune

Is Euler the fastest growing lending protocol? Since its v2 relaunch in September 2024, Euler's TVL has soared beyond $1b. As denoted by the orange bars above, active loans have grown 574% from $87.9m to $592m year to date. The lending protocol has generated about $179k in average weekly fees over the last four weeks.

Many reasons speak to Euler's spectacular growth, but liquidity mining is not one of them — not much has been given out in incentives. After its initial launch on Ethereum, Euler rapidly expanded into seven different chains. About 27% of v2's total TVL are on these chains, with the largest (10%) on Sonic.

Euler's ultra-modular design, which enables anyone to create and connect vaults, has enabled it to capture borrow demand on a long tail market of crypto assets such as Usual's USD0, Resolv's USR, Apostro BTCfi assets and many Pendle PT/YT assets.

Don't miss 0xResearch's X space with the Euler team tomorrow — you'll get the opportunity to ask the team anything.

Over in DEX markets, Maverick is eating away at stablecoin swaps' market share.

Source: Blockworks Research

This is largely due to Maverick's "directional LPing" mechanic, which automatically moves liquidity provision to the price range where most stablecoin swaps are occurring. This is in contrast to traditional LPing on most DEXs, where LPs need to manually adjust positions (even for concentrated liquidity). Maverick's automated LPing ensures capital is always productive and not trapped in any "dead zones."

Stablecoin swap fees are also rapidly compressing and seeing something of a race to the bottom. Uniswap's Hayden Adams recently pointed out a USDC/USDT pool on Uniswap v4 with a low fee of 0.001%. Maverick's USDC/USDT swap fees are also at 0.001%.

— Donovan Choy

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Symbiotic reframes restaking

Restaking is evolving. What started as an Ethereum-native capital efficiency play is now transforming into a cross-chain economic coordination layer that spans protocols, assets and use cases.

Symbiotic announced today a $29 million Series A, led by Pantera Capital, to launch its Universal Staking Framework. The move goes toward supporting any asset securing any network — L1 or L2, modular or integrated. Symbiotic is active on 14 networks, a number expected to more than double in the coming months, providing programmable slashing, cross-chain collateral composition and new financial primitives like staking-backed insurance and "structured risk products."

"This isn't a pivot, it's an expansion — a natural progression of the vision we started with," Symbiotic co-founder Misha Putiatin told Blockworks. "From the outset, we focused on building a flexible coordination layer that supports a wide range of use cases."

While EigenLayer remains Ethereum-centric, with restaking built primarily via ETH-native validators and liquid staking tokens (LSTs), Symbiotic expands the model across networks and collateral types — enabling non-EVM assets and modular AVSs to coordinate security under a unified staking framework.

Of course, EigenLayer isn't standing still. Just last week, Eigen Labs activated slashing on mainnet — the final piece of its original roadmap. In terms of scale, it's way out in front. It even launched its own marketing agency. More than 190 AVSs (actively validated services) are now building on EigenLayer, including heavyweights like LayerZero and Infura. With slashing now live, these services can enforce performance guarantees backed by economic penalties.

EigenLayer founder Sreeram Kannan called it "the next phase in our mission to transform Ethereum's trust into a programmable primitive."

As EigenLayer cements its role as Ethereum's trust marketplace, other players are extending the restaking model in novel directions. Puffer Finance, for example, came out earlier this week with staking and restaking vaults for institutions. Designed for asset managers, DAOs and custodians, Puffer's platform combines ETH staking with EigenLayer AVS restaking together within a compliance-ready framework. Features include validator permissioning, withdrawal policies and modular configuration of restaking exposure.

Meanwhile, MoreMarkets — formerly Nuffle Labs — is using restaking infrastructure to unlock utility for previously siloed assets like XRP, ADA and DOGE. By integrating with Wormhole and AVS-layer attestations, MoreMarkets lets users stake or provide liquidity directly from their origin chain.

"Users shouldn't be facing a bridging UI," MoreMarkets CEO Altan Tutar told Blockworks. "They should just click once — from wherever they are — and start earning."

Together, these developments mark a shift in how staking is conceived and deployed. It's no longer just a consensus mechanism, but a programmable economic substrate. EigenLayer proved that trust could be abstracted. Symbiotic is showing that it can be recomposed. And protocols like Puffer and MoreMarkets are building the interfaces to bring it to institutions and long-tail assets.

Restaking isn't just maturing, it's mutating.

— Macauley Peterson

Build Fast. Ship Loud. Before the Crowd Shows Up.

36 hours. $100K+ on the line.

Before Permissionless kicks off, builders will be deep in the code.
Push something onchain, on mainnet, in front of the right people.

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Samyak Jain 🦇🔊🌊 @smykjain

On Fluid our focus is to generate higher fees rather than volume. While Maverick did more volume, fees earned by Fluid was more.

Fluid can easily overcome and become the biggest here if higher volume is the goal.

Also, yesterday, Fluid did a total of ~$170M ($116M on Ethereum &

tw profile: DeFi Warhol DeFi Warhol @Defi_Warhol

The fight for Ethereum DEX dominance is on ↓

@Uniswap: 39%
@mavprotocol: 21.8%
@CurveFinance: 20.4%
@0xfluid: 13.2%

I think these stats will change drastically by December, I personally like blue. Discuss.

h/t @blockworksres

1:44 PM • Apr 23, 2025

37 Likes 4 Retweets

7 Replies

wale.moca 🐳 @waleswoosh

NFTs are a leveraged bet on ETH.

Both ETH/USD and floor prices are up in the last 7 days.

Holding NFTs > holding ETH

8:44 AM • Apr 23, 2025

656 Likes 60 Retweets

214 Replies

Felipe Montealegre (IFS) @TheiaResearch

Tokens are Broken

Tokens are broken for teams who spend too much time looking at price charts and not enough time focused on customers and product-market fit. Tokens are broken when morale fluctuates with macro and market beta, and for teams attempting to negotiate funding

5:09 PM • Apr 22, 2025

269 Likes 47 Retweets

41 Replies