GM Digest #104
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Crypto & Stock Up After FOMC Meeting
• BTC $35.9k & ETH $1.86k up by 2.7% & 2.0% respectively while S&P & NASDAQ both up by about 1%
• The Fed voted unanimously to keep the rate hike in check and left interest rates unchanged at 5.25% - 5.50%, marking the second meeting in a row where the central bank has skipped a hike in its current policy-tightening cycle
• Bets on future rate hikes shifted on the news. Investors have priced in a 73% chance that the Fed holds rates steady through its January meeting
Introducing Bond Limit Order
• @Bond_Protocol introduces Bond Limit Order — Bonders can now specify prices and an expiry for automatic execution when conditions are met
• Previously users need to keep a close eye on the market to buy bonds at their preferred discount. If somebody beats you to it, then you have to wait for it to come down to your discount
• Limit orders will significantly reduce this waiting game and decrease average discounts on bonds — a win-win for both bonders and issuers
Pyth Network Airdrop
• @PythNetwork is an oracle network publishing continuous real-world data on-chain
• They just announced a retroactive airdrop. Snapshots have already been taken, and the criteria for eligibility is based on on-chain activity on dApps that utilize Pyth Network data, as well as holding one of their NFTs or having specific Discord roles
• The $PYTH token has a total supply of 10 billion, and up to 6% (600 million $PYTH Tokens) will be distributed to eligible wallets
Thoughts: Given that around 70k wallets are eligible there’s a good chance that most of you got a free stimulus. You can check if you got some on their website
Rio Network's reETH
• @RioRestaking is a platform for issuing LRTs (Liquid Restaking Tokens)
• $reETH will be the first token issued by Rio. You can get $reETH by depositing native ETH, or LSTs like $stETH, $cbETH or $rETH
• All deposited assets will be staked on Eigen Layer, and $reETH holders will receive all the yield generated. plus a liquid token they can use elsewhere in DeFi
• The protocol is new and restaking is yet to be enabled. Keep an eye on their socials if you want to be early on this one
Thoughts: The restaking narrative might follow a similar trajectory to what we saw with Liquid Staking. It's often a wise decision to get involved in projects like this early on
Unibot Compensation Plan
• As covered in GM Digest #102, Unibot experienced a token approval exploit from their new router. Since then @TeamUnibot has assured those affected that they will be compensating for the lost funds
• @Reethmos announced that the buybacks and refunds have already been underway and that the team will be making an official announcement upon the successful completion of this process
Near X Nym
• @NEARProtocol and @nymproject entered into a partnership with @NEARProtocol to integrate Nym’s mixnet into the Near ecosystem
• Nym’s mixnet would allow Near’s L1 to incorporate end-to-end encryption and metadata privacy safeguards which would obscure user traffic and enhance privacy for users and validators.
• This is accomplished by segmenting data into encrypted packets and dispersing them via a global network of nodes. This method effectively obfuscates users’ online activities, making it more challenging to de-anonymize individuals through metadata pattern tracking
Starknet Early Contributor Application
• The Starknet Foundation is allocating 50 million of its unreleased STRK tokens to early ecosystem contributors as part of the Early Community Member Program. This program aims to reward individual contributors who encouraged technical discussion, organized Starknet-related events and regularly published Starknet-branded content
• Individuals and projects will need to apply for the grant, providing details of their contributions and this program will not be available for individuals in the US
Primsa Token Launch
• @PrismaFi announced the launch of $PRISMA on Mainnet and it can now be traded on @CurveFinance
• At the same time, the debt caps on the vaults will be increased and the minimum debt ratio decreased. Borrow interest rate will also be set at 1%
• $PRISMA immediately went up to 5x after TGE from $3 to $16+ and is currently now trading at $6. FDV has been pumping from $1bn to $4-5bn and now $2bn in the matter of hours. The volatility is high because liquidity is extremely low ($350k liquidity for a billion dollars coin…)
• $PRISMA currently has $80m TVL and is priced in $60m+ MC with billions in FDV. Even though it has the backing of Curve and several other high-profile founders, this is too over-valued. It doesn’t help that liquidity is extremely low, making the token prone to pump & dump (as we’re seeing it unfolds in real time right now)
MakerDAO Rebuilds DAI Collateral
• MakerDAO reportedly used $250m from its Coinbase Custody Account to protect DAI’s peg. The DAI’s USDC reserves in the peg stability module fell to below $60m before $250m is transferred into it
• Large redemptions forced MakerDAO to spend $250m to protect the peg for its DAI stablecoin as their ‘threshold liquidity’ of $300M had been breached 3 days prior
• There’s 5.5bn DAI in the market with 223% Collateral Ratio so DAI is all well
MicroAI LBP
• @GoMicroAI will launch $MAI on Fjord Foundry today (Nov 2) — 70% of the supply will be offered in the LBP, raising at a max $1m FDV
• MicroAI combines Deep Learning AI with High Frequency Trading & Market Making (HFT), generating superior return (alpha) with AI-HFT
• MicroAI's primary goal is to find and fill capital inefficiencies before the broader market reacts to these inefficiencies
MicroAI is also able to predict on-chain capital flow using futures & binary options (team is not able to display the research behind this in order to protect IP rights & guarantee exclusivity)
Misc News
• @RDNTCapital is live on Ethereum
• @y00tsNFT whitelisted on @Arcade_xyz via governance vote
• @blockworksres to hold RWA webinar with @centrifuge and @BlockTower
• @PrismaFi debt cap increased on vaults
• @ElixirProtocol Orderbook Modules are live for LPing directly on @vertex_protocol
• @fraxfinance regains control over domain names after potential hijacking attempt
• $DMT from Sanko has seen 60% pump because of the early success of Sanko TV. There’s a streamer who suck c*ck while playing LoL and there seems to be a lot of gifts given to her (bought by using $DMT)
Random Alpha
• @staderlabs is launching its liquid restaked token under different project — @KelpDAO. Since rsETH is already on testnet, the next phase of development will be in AVS & operator partnerships, Audits, and mainnet launch. Hint: There’ll be a new governance token for us to speculate on, will keep you guys posted on the private sale / IDO (if any)
• Talis NFT Marketplace $TALIS IDO (Nov 3)
• Vertex $VRTX IDO (Nov 13) LBA
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*