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The Protocol

Are We Ready for the Speculative Frenzy? Airdrop Controversies, Smart Contracts, and Liquid Restaking Critiques

Ether.fi CEO Mike Silagadze joins as Guest Host to discuss the controversies and issues surrounding the Starknet airdrop, the phased rollout of Soroban smart contracts on the Stellar blockchain and the concept of liquid restaking incentives and rewards.

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ABOUT

This episode is sponsored by the Stellar Community Fund

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In this installment of "The Protocol," hosts Brad Keoun, the founding editor of The Protocol Newsletter, and tech journalists Sam Kessler and Margaux Nijkerk, explore the following stories:

Starknet Airdrop Coverage

Starknet Token STRK begins trading at $5 after a mammoth airdrop. A Fully diluted value of STRK reached as high as $50 billion with an initial market cap of $3.64 billion.

Stellar Starts 'Soroban' Smart Contracts

The "Protocol 20" upgrade, which adds support for Ethereum-style smart contracts to the decade-old payments-focused blockchain, had been delayed by three weeks due to precautions after a bug was found.

Liquid Restaking Landscape

New liquid restaking platforms like Puffer and Ether.Fi have attracted billions of dollars in deposits, but they've birthed a speculative "points" frenzy that carries some risks.

PROTOCOL VILLAGE GUEST HOST |

Mike Silagadze, CEO and Founder at Ether.fi - the first ETH staking protocol that allows stakers to maintain full control of their keys throughout the entire staking process, making it the only truly decentralized liquid staking platform.

Takeaways |

- Controversies and issues often arise with airdrops, including eligibility criteria and token unlocks.

-The introduction of smart contracts on established blockchains can rejuvenate the ecosystem and attract new users.

-Liquid restaking is a natural extension of proof-of-stake blockchains and allows users to stake their assets while maintaining liquidity.

-Points in liquid restaking protocols have sparked speculation and trading frenzy, but their future value is uncertain.

-The explosive growth in the liquid restaking market may experience a correction in the future. The money printer being turned on again has led to a speculative frenzy in various markets, including crypto.

-Restaking has become a focal point of speculation and value creation in the crypto space.

-EtherFi aims to become a trusted brand for holding ETH and accessing DeFi, with plans to roll out integrated products over time.

Sign Up forTHE PROTOCOL NEWSLETTER

EPISODE LINKS |

Starknet Token STRK Begins Trading at $5 After Mammoth Airdrop

STRK Tokens Claimed Hit 420M in a Day as On-Chain Metrics Soar

Starknet’s STRK Drops 53% Amid Token Issuance Criticism

Stellar Starts Phased Rollout of 'Soroban' Smart Contracts

Liquid Restaking Tokens or 'LRTs' Revived Ethereum DeFi. Can the Hype Last?

Liquid Restaking Protocol Puffer Rakes in $1B in Deposits in Just 3 Weeks

As Crypto 'Points' Farming Grows, So Does Risk of Vague Promises

Etherfi

Mike Silagadze - EtherFi | LinkedIn

From Our Sponsor:

The Stellar Community Fund (SCF) is an open-application awards program that draws on community input to support developers and startups building on Stellar and Soroban. Accelerate your web3 project today.

Apply for Funding at communityfund.stellar.org

The Protocol has been produced and edited by senior producer Michele Musso and our executive producer is Jared Schwartz. Our theme song is “Take Me Back” by Strength To Last.

HOSTS

Margaux Nijkerk

Margaux Nijkerk reports on the Ethereum protocol and L2s. A graduate of Johns Hopkins and Emory universities, she has a masters in International Affairs & Economics. She holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.

Sam Kessler

Sam is CoinDesk's deputy managing editor for tech and protocols. His reporting is focused on decentralized technology, infrastructure and governance. Sam holds a computer science degree from Harvard University, where he led the Harvard Political Review. He has a background in the technology industry and owns some ETH and BTC. Sam was part of the team that won a 2023 Gerald Loeb Award for CoinDesk's coverage of Sam Bankman-Fried and the FTX collapse.

Bradley Keoun

Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.

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