In light of the recent news regarding the liquidation of Curve founder Mikhail Egorov's positions, there has been growing interest in tracking the movements of the wallets to which he sold CRV last year. I analyzed the entire situation in detail at the beginning of August 2023 in the first part of a series of articles about Curve with exploit and OTC deals analysis. In the second part, I examined the development of the ecosystem around Curve, which led to interesting conclusions and the creation of a framework for assessing the potential development of ecosystems and narratives: "The Saga of Curve Finance 2: Curve Ecosystem as a Template for LSDFi"

The most obvious answer to this question lies in the development dynamics of LSDFi and LRTFi. Projects like Lido, Rocket Pool, Stader, and others once offered users the ability to maintain liquidity for assets staked in Ethereum. For a long time, LSTs were primarily used in DEXs, lending platforms, and other DeFi protocols in fairly limited scenarios. The term LSDFi itself emerged around the 2022-2023 transition period when protocols aimed at utilizing LST began to appear. Looking at EigenLayer in this context, it resembles Ethereum – the protocol itself doesn't offer liquid tokens, so LRT protocols quickly emerged in large numbers, following a model that had already been tested with LSTs.

Note: This material is the personal subjective opinion of the author and does not represent the position of any company of this matter. USD equivalent figures are very approximate and are based on approximate data about the token price in certain time periods, so this information cannot be considered accurate. There may also be some discrepancies in the transaction overview despite multiple verification, due to which the value of funds in USD equivalent may fluctuate in some range. The purpose of this research is not to establish absolute figures, but to understand the situation and build a general picture.

1\) Introduction

Recently, the concept of "modular blockchains" has been spreading. They include Celestia, Fuel, Polygon Avail, Solana Nitro. But what is meant by modular blockchains? And isn't it a marketing ploy? And how do they then differ from rollups, which separate the execution or calculation layer (L2) and the verification layer (L1)?