GM Digest #101
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
AI Season
• AI Coins have been pumping hard due to the upcoming OpenAI first Developer Conference on Nov 6 in San Francisco
• $IMGNAI & $BOTTO both 2x in the past 7 days and $2DAI 4x’ed during the same period (50% gainz during the past 24 hr)
Aevo Airdrop & Tokenomics
• @aevoxyz is a derivatives L2 app chain for trading options and perpetuals, built on the OP stack. In July 2023, the $RBN DAO approved the merger of Aevo and Ribbon – with $RBN token holders being able to convert $RBN to $AEVO
• $AEVO will serve as the governance token, and the TGE is scheduled to take place no later than January 2024.
• Stake $AEVO for a period of 3 months, access to various perks such as discounts, rewards multipliers, and early access
• DAO treasury currently holds approximately 45% of the $RBN supply. This portion will be converted to $AEVO and allocated as follows: 16% for Incentives (including Airdrop), 9% for Token Liquidity, 5% for community growth, and 16% reserved for future DAO spending
• To Farm Airdrop
→ Deposit funds and actively engage with the platform (There are three tiers based on the amount you deposit: >100 USDC, >500 USDC, and >1500 USDC)
→ After making your deposit, head over to their Discord channel to claim your role
Thoughts: I have a concerns about the lack of revenue share for $sAEVO holders at the moment. Locking your tokens for 3 months solely for perks and bonuses doesn't seem sufficient. However, considering their track record and the involvement of some tier1 VCs in the funding series, farming the airdrop might prove to be highly lucrative
SynFutures Testnet
• @SynFuturesDefi is a DEX for perpetual and dated futures
• They are currently running a public testnet for their V3 iteration (Oyster AMM) on Goerli, and anyone can participate
• SynFutures originally started as an AMM (V1), before transitioning to sAMM (V2) which utilized synthetic assets, and finally came to where it is today with Oyster AMM (V3). Oyster combines the previous iterations of their AMMs with an orderbook, in one model, on-chain
• Their unique design offers several cool features, including single-sided LPing, unified liquidity, and dynamic fees
• In addition to the V3 testnet news, they made an announcement about a successful Series B funding round. Led by @PanteraCapital, they raised $22M, with participation from Susquehanna International Group (SIG) and @HashKey_Capital
Uniswap Investment in Ekubo
• @Uniswap DAO has expressed support for the proposal to invest $12m worth of $UNI tokens in @EkuboProtocol — a DEX built on the @Starknet ecosystem
• The temperature check showed that the DAO is supporting the proposal to invest 3m $UNI tokens for a 20% share in Ekubo. The 3m tokens will be used to fund Ekubo's operations as well as contribution to the Uniswap protocol. Ekubo confirmed that there will be a token within one month following the proposal passing, with 20% of its supply going to the Uniswap DAO's treasury. This investment will also grant Ekubo unlimited use of Uniswap v4
• Although the temperature check showed a majority support, there were also a huge chunk of votes (37%) opposing it. One of the main criticisms is that 97% of the votes in favour of this comes from only 5 token holders. Additionally, Wintermute commented that they will not be supporting this proposal due to the implied $60 million token valuation
Thoughts: The DEX is currently live and currently has $2.55m in TVL, a steady climb from sub $100k in TVL since early September. This could be a good airdrop farm opportunity for those who are already airdrop farming on Starknet as the Ekubo team has already confirmed a token to be launched and is anticipated to have a high valuation.
Spreads on Ipor V2
• @ipor_io is a DeFi protocol providing a benchmark interest rate and enabling users to access Interest Rates Derivatives on Ethereum. One of the main advantages of V2 is that it enables tighter spreads
• Ipor V2 improves the price for demand, fixes the lagging spread after high volatility periods and to allow for more speculative plays on interest rates
• V2 uses a few features such as risk oracles, leverage capping and dynamic rate capping to acheive low spreads
EtherFi Loyalty Points & EigenLayer Airdrop
• @ether_fi is launching the first native Ethereum Restaking on EigenLayer with eETH (Currently not launched yet)
• Users earn points from interacting with the protocol. You can simply stake & earn points by staking eETH or completing quests
• Users will also accrue points given out from EigenLayer to native stakers. All 100% of the benefits will be passed down to the eETH stakers with no deduction
• The team has not announced the launch date yet but you can get yourself whitelisted for the eETH by going through the EtherFi site, click the “Stake” and connect your wallet
Thoughts: EtherFi has launched their LST solution prioritizing Solo Stakers with DVT earlier this year. They’ve garnered well over $32m+ in TVL already. From what I heard (not sure how accurate this is), Native restaking offers restaking yields from AVS while Liquid restaking for now only earns additional rewards in term of EigenLayer points (which will contribute to your future airdrop). Native restaking requires setting up a node which demands much more difficult technicalities vs liquid restaking on EigenLayer front-end
Misc News
• 2.7% of total $OP supply to be unlocked on Oct 30
• USDT has experienced a remarkable surge in adoption in Brazil, representing 80% of all cryptocurrency transactions
• Non-custodial payment card NAKA operational in Switzerland
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*