Alpha Recap #14: Ethena Risk Committee, an opportunity on MegaETH, and the Cap Money airdrop

The Alpha Recap aims to present the most important crypto market Alphas of the week. Every Friday, we offer a condensed overview of the most valuable information from our Alpha Feed.

Reserved for OAK Premium members, the Alpha Feed brings together insights, yield and airdrop strategies, as well as key market information. In other words, what defines OAK Research: delivering filtered content that goes beyond market noise.

OAK Research applies to Ethena’s Risk Committee

OAK Research has long been involved in the Ethena ecosystem. This commitment has notably taken shape through our analyses, our regular Alpha content on the ecosystem, as well as the onboarding of more than 400 users on HyENA.

Our dedicated analysis of Ethena was also recognized as the most comprehensive and in-depth by the protocol’s own team.

Today, we aim to take our alignment with Ethena one step further. To this end, OAK Research has officially applied to join its Risk Committee in order to contribute directly to the protocol’s structural decisions.

As on-chain finance continues to grow and Ethena’s mechanisms become more complex, risk analysis and prioritization are becoming increasingly critical. The role of the Risk Committee can no longer be limited to an isolated reading of individual metrics.

Our objective is clear: to provide factual, readable, and immediately actionable analyses in order to reduce information asymmetry and improve the quality of governance decisions. In other words, to translate raw data into a coherent, understandable, and actionable framework for the community.

We invite you to consult our detailed application on Ethena’s governance forum. If you hold ENA or sENA tokens, you can already vote to support our proposal.

Thank you for your trust.

→ We have also just published an analysis focusing on Ethena’s fee switch and why, in our view, activating it at this stage would be a mistake:

Prism, MegaETH’s super app

As MegaETH’s mainnet deployment approaches, several native applications are starting to take shape. Among them is Prism, a project developed by the team behind Bad Bunnz, one of the first NFT communities built around MegaETH.

In concrete terms, Prism aims to aggregate all of MegaETH’s functional building blocks within a single hub. From launch, the protocol will offer a suite of core services, including a launchpad, integrated swap and bridge functionalities, trading, prediction markets, lending, and staking. In short, Prism’s goal is not to innovate on every vertical, but rather to concentrate liquidity, attention, and usage in one place.

Much like Hyperliquid, Prism has opted for a fully self-funded model. No venture capital has invested in the project, a deliberate choice aimed at maximizing community alignment.

In this spirit, Prism will accompany the launch of the MegaETH mainnet with a Liquidity Generation Event starting on February 9.

This initial phase will allow users to contribute to bootstrapping the protocol’s liquidity while benefiting from specific bonuses as part of the incentives campaign. Deposits can be made either in stablecoins (USDT0, USDm) or in blue chip assets such as WETH.

→ You can support us directly and at no cost by using our Prism referral link. This will grant you a 10% bonus on your points.

Cap Money airdrop

Cap’s Frontier program has just come to an end. In total, 12 million cUSD will be distributed to participants of this first community campaign, designed to kickstart adoption of the protocol at its launch on Ethereum and to prepare its deployment on MegaETH.

The campaign took place across several epochs, during which users were able to accumulate caps, the points distributed by Cap Money.

As a result, 11 million cUSD were distributed to participants, at a rate of 0.000027772 cUSD per cap. It is worth noting that the protocol chose to particularly reward users who gained exposure to the program through Pendle YTs.

This aligns perfectly with the approach we detailed in a dedicated Alpha several months ago. As such, those who followed our strategy are now eligible for a potentially meaningful airdrop.

Alongside this distribution, Cap has launched the Homestead program, which began on January 29 and will run until July 23.

The main incentive levers for this new campaign are as follows: holding cUSD (10x caps per day), exposure via YT or LP-YT cUSD on Pendle (20x), via YT or LP-YT stcUSD (5x), lending stcUSD or PT Cap on lending markets (0.5x per dollar). For reference, a temporary boost doubles the caps associated with cUSD during the first month.

Finally, specific incentives will be deployed on MegaETH, with more details expected at mainnet launch on February 9.

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