Web3🌗Wednesday Trends: EigenLayer, VanEck ETF Caution, 'MetalCore' Game, WOO X's Innovations

Welcome to the forefront of Web3 innovation! Today, we embark on a journey through the latest developments shaping the decentralized landscape. From the advent of EigenLayer's groundbreaking restaking protocol on Ethereum to VanEck's cautionary notes on Ethereum ETFs, we delve into the dynamic realm of cryptocurrency and blockchain technology. Join us as we explore the launch of the immersive game "MetalCore" on Immutable zkEVM and uncover the innovative offerings of WOO X in the realm of meme coins and Layer 2 perpetuals. Brace yourselves for a captivating exploration of the ever-evolving Web3 ecosystem, where each development marks a significant stride toward a decentralized future.

1. EigenLayer restaking protocol debuts on Ethereum mainnet

EigenLayer, the Ethereum restaking protocol, made its debut on the mainnet, garnering significant attention with billions in Total Value Locked (TVL). The protocol introduces restaking, enabling staked ETH to secure and operate Actively Validated Services (AVSs). Despite its substantial TVL and support from investors like A16z, concerns persist over the systemic risks posed by restaking, an untested Ethereum security model. The mainnet launch precedes the full activation of critical components, signaling a cautious approach to mitigate potential risks. Notably, EigenLayer's introduction of points for depositors has accelerated its growth, akin to liquid restaking tokens like Lido's stETH. However, uncertainties remain about the impact of slashing and in-protocol payments, slated for future implementation. As AVSs develop and stabilize, investors await outcomes, anticipating significant implications for the burgeoning DeFi landscape. Venture bets by A16z and emerging startups positioned to become AVSs underscore the evolving dynamics of Ethereum's ecosystem.

Restaking protocol EigenLayer heads to Ethereum mainnet

EigenLayer is the highly-anticipated Ethereum restaking protocol that has attracted billions of dollars worth of customer deposits.

BlockworksJack Kubinec

2. Ethereum ETFs face potential rejection by May, per VanEck CEO

Ethereum ETF approval faces uncertainty as VanEck CEO expresses doubt over SEC's decision. Amid prolonged regulatory silence, prominent figures like Cathie Wood lose hope. ETF analysts, including Eric Balchunas and James Seyffart, revise approval odds due to lack of engagement from regulators. Balchunas lowers odds from 70% to 35%, citing SEC's absence of critical feedback. Seyffart echoes concerns, highlighting the absence of interactions as a negative sign. Despite skepticism, Ethereum's price surges by 4.31% to $3,532.87 within 24 hours. Changelly predicts further rise to $3,629.29 by April 2024. Uncertainty prevails in the Ethereum market, awaiting regulatory clarity on ETF approval.

Ethereum ETFs To Face Rejection By May, VanEck CEO Claims

While Bitcoin ETFs got a green signal from U.S. regulators, Ethereum is still waiting its turn. However, the optimism.......…

Watcher GuruSahana Kiran

3. 'MetalCore' game launches on Immutable zkEVM blockchain

"MetalCore," the pioneering open-world shooting game on the Immutable zkEVM blockchain, enters its second closed beta phase from April 9 to April 22. Developed by Studio 369, players engage in futuristic battles for space resources, choosing factions and competing against each other or the game's environment. While free-to-play, "MetalCore" integrates web3 elements, with its cryptocurrency MCG facilitating in-game transactions and NFT creation. Players earn MCG through gameplay and can convert it into valuable NFTs. The game also features an in-game currency called "Marks," obtained through various activities. With a significant influx of new players, "MetalCore" anticipates an open beta launch by year-end.

Web3 game ‘MetalCore’ launches on the Immutable zkEVM blockchain

Studio 369’s “MetalCore” is the first playable game on Immutable zkEVM, but it’s in a closed beta period until April 22.

The Block[email protected]

4. WOO X introduces Meme Coin, Layer 2 Index Perpetuals with Wintermute, GMCI

Indices provider GMCI introduces MEME index featuring top meme coins like SHIB, PEPE, and DOGE, alongside L2 index monitoring blockchain scaling tokens like MATIC, IMX, and OP. WOO X crypto exchange launches index perpetual contracts tied to meme coins, top 30 cryptocurrencies, and layer 2 tokens, in collaboration with Wintermute and GMCI. WOO X aims to offer traders exposure to diversified sectors, reducing single asset risk in volatile conditions. Chief Operating Officer Willy Chuang emphasizes the importance of sector-based investment and upcoming copy trading feature for fostering adoption and enhancing awareness within the legacy market. Evgeny Gaevoy, founder and CEO of Wintermute, highlights the potential for both retail and sophisticated investors to create more complex strategies with WOO X index products.

WOO X Introduces Meme Coin, Layer 2 Index Perpetuals in Partnership With Wintermute, GMCI

Indices provider GMCI’s MEME index includes top meme coins like SHIB, PEPE and DOGE, while the L2 index monitors leading blockchain scaling tokens like MATIC, IMX and OP.

CoinDeskIan Allison

As we conclude our journey through today's Web3 highlights, it's evident that the decentralized landscape is vibrant with innovation and opportunity. With every new advancement, the boundaries of possibility are pushed further, promising a future where decentralization and innovation reign supreme. Stay tuned for more updates and insights as we continue to navigate the exciting world of Web3 together. Embrace the revolution, and join us as we shape the future of decentralized finance and technology.

WEB3 AI ML