eOracle: restaked slashable oracle and merit-based airdrop thesis
Post460 words
Argues eOracle, a slashable oracle built on EigenLayer, can challenge a monopolized oracle market and that its merit-based airdrop rewards real adopters over mercenary farmers. Benchmarks against Chainlink and Pyth FDVs.
Key claims
eOracle is secured with $7.5B in restaked ETH
Chainlink holds 70-80% of the oracle market at $10.4B FDV, Pyth $2.9B
Merit-based airdrop tied to on-chain metrics
Airdrops are broken.
That's why I spent months analyzing past airdrops & talking to leading builders with upcoming airdrops.
Bad news: Today, airdrops favour insiders & mercenary farmers
Good news: I found a tokenless billion $$$ protocol that is built different
Alpha on "The Ethereum Oracle" 🔮 ⤵️
I know you are too lazy to read anon.
So let's keep this short.
➊ TL;DR on @eoracle_network (a.k.a. "The Ethereum Oracle"):
➤ @eoracle_network is the endgame of oracle infra
➤ Slashable oracle built on @eigencloud
➤ Secured with $7.5B in restaked $ETH
➤ Modular, programmable & customizable
➤ Building a marketplace to supply or consume data
➤ Fully permissionless and can be deployed on any chain
Sounds exciting?
Let't talk merit-drop (formerly known as airdrop).
➋ TL;DR on why Merit-Drop (and valuation) will be huge:
➤ Oracles are absolutely key (especially for DeFi)
➤ Oracle industry is highly monopolized rn (70-80% Chainlink)
➤ Chainlink integration comes at huge cost (millions)
➤ No fully permissionless oracle solution available
➤ Security (crypto-economic) is crucial but not yet the norm
➤ @eoracle_network fixes these major issues
➤ @eoracle_network has clear PMF in huge market
➤ Also solves the incentive problem for apps to adopt new oracles
➤ For comparison: Chainlink at $10.4B FDV & Pyth (2nd largest) at $2.9B FDV
Still with me?
Good, now it's time for the real alpha.
Let's talk adoption incentives, a.k.a. airdrop.
➌ TL;DR on @eoracle_network airdrop:
➤ Token distribution to who wants/needs protocol to succeed
➤ Merit-based, using a mechanism driven by on-chain metrics
➤ Designed to incentivize real adopters (dApps, RaaS, chains)
➤ Flywheel effect: usage → growth → more distributed ownership
➤ Ownership creates incentives for apps to adopt
➤ Aligns interests in @eoracle_network ecosystem
➤ More sustainable growth & more effective governance
➤ Reduces the likelihood of sell pressure
➤ Receiving projects can distribute to (real) users
This significantly improves distribution vs. most contemporary airdrops, where a large part of the allocation often ends up with mercenary farmers just waiting to dump.
Putting the right incentives in place for adopters and users, it will also foster growth of ecosystem and community.
Could imo turn out to be one of the biggest infra layer play of the cycle.
➍ Okay cool, but what can you do right now?
If you are restaking on @eigencloud, or looking to restake your $ETH soon, do so with an operator that secures the @eoracle_network AVS (or through a LRT protocol that delegates to operators that do).
The points program for operators was launched back in April already and airdrop distribution to restakers is likely.
NFA but DYOR anon. 👀
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What came next · since 18 Sep 2024
Since then
Zero has written 17 more pieces on eOracle since this one.