GM Digest #108

Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril

Root Relaunch

• @Root_Genesis has just released a brief letter sharing the rebranding & relaunching of Root

• The move comes after notice from Futureverse/The Root Network specifying that Root Genesis has infringed on their IP

• Root was flagged as Infringement on IP and labelled as scam by Etherscan and delisted on CoinGecko

• There was a lot of confusion and FUD during the past few days with a lot of members sharing frustrations on the Etherscan issue & claim delays

• The team has addressed in their letter that they were unaware of Futureverse’s future attempts to contact

• Regardless of this, the team will make a complete rebrand of Root, changing the names and tickers, and making sure that the Futureverse/The Root Network team is ok with it

• The snapshot will be announced for the rebranded Root token once executed. All stakeholders (rootNFT, veROOT, Amplifi, ROOT, liquidity provider) will be airdropped with rebranded/relaunched token. Details will be announced on the upcoming days & weeks

• Suggests Reading Their Letter for a Complete Picture:

https://twitter.com/Root_Genesis/status/1721349850254671923

Thoughts: There were a lot of things going wrong since the launch, delays in claims, issues with front-ends, and communication issues that eventually led to FUD in the community. The price of $ROOT has seen a continuous sharp decline since launch which further exacerbates the FUD that was going on in the community. I’ve personally been observing & communicating with the Root team for several months now and have helped them to spread the word in several occasions. It makes no sense for them to rug after spending a lot of resources forming & developing their vision. However, this doesn’t excuse them from the lack of proper execution & communication since the launch. Wish them the best of luck with the relaunch

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Trace BETA

• @tracedotfan offers digital collectibles (NFTs) that represent a specific race you watched live

• Each 'Trace' (NFT) is created using the actual race data, with additional elements added to capture memorable moments that may have occurred

• There is a window in which fans can mint the corresponding 'Trace' prior to each race, which begins with the first practice on Friday and lasts until lights out on Sunday. The NFT is revealed after the race is completed

• For example, 4544 fans minted traces for the Brazilian GP race that ended on Sunday

Thoughts: The protocol is in Beta, with season 0 underway. Currently, the mints are free. However, there may be a possibility of implementing a token-gated model or something similar in the future. Therefore, being an early user of the platform could prove beneficial if they ever decide to release a token

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Perennial Protocol ARB Rewards

• @perenniallabs announced that they will be starting to distribute the 750k ARB incentives today and will continue for 12 weeks

• The rewards will be split between traders and makers. The exact split between these parties will change every week and be announced every Monday

• For this week, the allocation will be 75% to traders and 25% to makers. The 75% allocation to traders will be evenly split between a fee rebate and a reward for traders based on time-weighted open interest. For makers, 18.75% will be allocated to the vaults and 6.25% will be allocated to pro makers

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Suspected DDOS Attack on Binance

• @xFoudres shared his suspicions on X that @binance might have undergone a withdrawal DDOS attack on the $EGLD network

• Right before the Upbit pump, bots loaded Binance Withdrawal with the minimal withdrawing 0,01 EGLD at a max rate of 10/20 transaction per block. The bot was triggered 1 minute before the EGLD pump and xFoudres suspected that it is an attempt to block the Binance arbitrageurs from arbing the price for as long as possible

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Castle Cap Against ARB Staking Proposal

• @Castle__Cap expressed their stance against the ARB staking proposal. This proposal was proposed by @PlutusDAO_io to activate ARB staking

• Castle Cap believes that the necessity of a new staking module is not substantiated by the current data and ecosystem needs and that the success metrics and the proposal’s allignment with Arbitrum’s core goals remain unclear

• Castle Cap recommends Plutus DAO to submit a clearer plan for data monitoring, have a working group or service provider to fully research the staking mechanism and suggests to tie the ARB tokenomics directly to sequencer revenue

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ARB Staking Proposal Likely to Pass

• Arbitrum Staking proposal currently has

⇢ 63% of the vote — 88M ARB voted for 100M ARB (1%) allocated to ARB Staking

⇢ 37% of the vote — 51M ARB voted for 175M ARB (1.75%) allocated to ARB Staking

• The vote will finish today in ~4 hours. Once finished, The Arbitrum DAO will receive another proposal concerning implementation, which will aim to decide the vendor of the implementation and associated contracts and an auditor

• After the contracts and audits are finished, they will be provided to the community for review for two weeks. Once done with the review, the contracts will be deployed to Arbitrum, and the ownership will be transferred to the DAO

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Misc News

• Hong Kong considers allowing Spot Crypto ETFs

• @ConcentricFi deploys new vaults for ARB/USDC, USDC.e/USDT and CONE/ETH

• Attacker drains 2675.73 XMR from Monero's community wallet

• OpenAI conference starts today (Nov 6)

• @toupeetech live on Base. It is built by the @beradrome team, and they just announced that the protocol is live on Base

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Arbitrum Yield Opportunities

• @TraderJoe_xyz (STIP Live) 4 Huge APR pools — ARB-ETH (207% APR), ETH-USDC.e (145% APR), ETH-USDT (188% APR), USDC.e-USDC (9% APR)

• @CamelotDEX (STIP Not Live Yet) — Liquidity Manager Vaults giving 3-digits rewards on major vaults

• @ConcentricFi 90%+ APR on USDC.e/USDT pool

• @Penpiexyz_io recently wrapped up Pendle Rush 6 on Arbitrum, giving off 4 digits yields on vlPNP. This time they have started the 7-day program on Pendle Rush on ETH. 3% bonus for users who convert $PENDLE to mPENDLE + vlPNP incentives

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