# StablEigen: PMF and VCs $ up for grabs.

By [Js](https://paragraph.com/@js-4) · 2025-03-31

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Clickbait title…but is partially true; I think that if someone goes to VCs with this deck can raise money and deliver a great product….happy to help if you are that founder (I am focusing on DAMM)

**Sunday morning**

Woke up with several bookmarked tweets to read (half of them were around [Level](https://x.com/levelusd) )

Liked the approach, so wrote a design that, instead of relying on AAVE + Symbiotic, it

minimizes governance/collateral risk using only Morpho + EigenLayer.

As many might know from [SAFU design](https://x.com/JuanSamitier/status/1902797691912114668), I believe there are many opportunities for building on top of Yield Bearing tokens & restaking..

Level is an example combining 2 out of top 5 main categories on crypto Lending (40b) and Restaking (15b).

They capitalized (>100m right now) on this by using the most battle-tested lending market (AAVE) and Symbiotic’s modular approach.

**So where’s the opportunity?**

Imo, there seems to be room for a competitor in this niche which builds on the main actor challenging AAVE (which is Morpho) and the main restaking player today instead of Symbiotic (which is Eigen).

_PS; Actually you could build it on Symbiotic also since is a different risk profile than Level (though added value coming from differences on the design would be less)_

![On the way to become professinoal designer](https://storage.googleapis.com/papyrus_images/4a40a8916b69d735a0bbd66f46ce0bb3d3ca1ac19dbf351c8ad1c28e7b006daf.png)

On the way to become professinoal designer

### **Upside given Key Differences with Level**

**Lending leg**

You could use Morpho markets to limit risk by using only BTC and Ethereum derivatives as collateral...and not relying on the solvency and liquidity of volatile governance tokens or the implications of governance risks at the Aave DAO level.

Yes, Aave is the biggest player, but the core thesis behind Morpho as infrastructure (rather than merely a protocol) along with the elimination of governance token and DAO risks, positions it ideally for institutional adoption.

This offers enormous growth potential both in terms of nominal dollars and lending market share (both aave and morpho will growth in $ notional terms imo)

**Restaking leg**

Level is the main stablecoin player currently active in restaking, utilizing Symbiotic, which I really like. CAP is the only one developing a stablecoin design on top of Eigen and could be compatible with StablEigen (could allocate morpho deposits to CAP).

….And I don't know anyone that exclusively allocates to Eigen, which seems an obvious product to build (Risk managers/capital allocators tend to prefer as less layering risks as possible).

While levelUSD employs a similar mechanism to stablEigen, it lacks the network effects of the Eigen ecosystem, and its value proposition differs from CAP.

Why I haven't seen this live yet.....has anyone build it already?

**"Docs"** around the idea [https://stableigen.gitbook.io/stableigen](https://t.co/d5f4ThsC8F) _(Note this is a 5 hour research + sharing in public work…so expect grammar mistakes and vector of attacks)_

Feel free to [reach out](https://t.me/JuanSamitier) for discussing this further (I am pretty sure Eigen team would like to support it)

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*Originally published on [Js](https://paragraph.com/@js-4/stableigen-pmf-and-vcs-up-for-grabs)*