GM Digest #115
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
zkOracle POC
• @Unstable_money is working with @SuccinctLabs and @unsheth_xyz to make on-chain lending accessible for all LSDs with our zkOracle
• zkOracle, trustless fair price oracles enabled by zk-SNARK proofs of validator balances and L1 state can trustlessly query and represent the state of Ethereum L1 and the beacon chain and write that state on any L2
• zkOracle will pave the way for a more accessible integration experience of LSDs as collateral on lending protocols, significantly reducing both the time and cost barriers for onboarding
• POC has been achieved internally, more potential use cases & integrations will be released soon. Unstable aims to venture beyond LSDs — supporting Index LSDs, Liquid restaking tokens, Structured LSD products, and LSD-ETH LP positions
Retiring the PIKA Token
• @PikaProtocol announced their decision to retire the $PIKA token and that users can redeem PIKA for all remaining TGE funds which is around 3538ETH and users can swap their tokens on Uniswap at a fixed rate of ~0.0001632 ETH(~$0.34)
• The sunset of the token was after concerns by the community that there is a misalignment between the $PIKA token and the protocol
• The team will be continuing to build the protocol without a native token and trading and USDC vaults will resume as usual. Trading discounts also remain without the staking requisite with more info to be announced in the future
Polygon to Make Major Announcement
• @sandeepnailwal and @okx hinted of a big announcement coming on November 14
• @Crypto_Noddy speculated that OKX will be launching their L2 zkEVM chain in collaboration with Polygon
• This speculation was due to the dates on their tweets and zkEVM smart contracts on the Github
DerpDEX IDO
• @DerpDEXcom is a concentrated liquidity AMM DEX with a light-hearted, meme-centric approach, deployed on ZkSync, opBNB and Base
• The platform is developing a unique market-making algorithm, which is still under development, dubbed DMMA (Derp Market Making Algorithm)
• DerpDEX also offers a launchpad for new projects, providing various formats for initial offerings like first-come-first-serve, hard-cap, and overflow model
• The $DERP IDO will begin on Nov 13 on a first-come, first-served basis, and it will consist of two phases: the first phase is exclusive to whitelisted wallets, while the second phase allows anyone to participate. The sale will have a $50k hard cap with 30% unlock at TGE
• $DERP tokenomics include deflationary aspects through a token buyback & burn mechanism
Thoughts: The protocol currently has around $1.1M in TVL, mostly on opBNB. With the token launch coming, and the DMMA update down the line, the TVL can significantly increase
Parcl V3 Mainnet Launch
• Despite the delay in releasing Parcl V3 due to an extended audit process, the launch is now imminent. However, if you act quickly, there's still a chance for you to join the testnet
• Even though the perpetual trading is the flagship feature of Parcl V3, there are a couple of other important improvements as well, like cross-margined accounts, and a unified liquidity pool for LPs
• @Parcl is a perpetual DEX on Solana that enables trading on real estate in various cities worldwide, offering up to 10x leverage
Thoughts: Parcl is built on Solana, and given the recent outperformance of $SOL and the potential rise of Solana DeFi, getting involved with this one might be worth your while
Genomes DeSCi
• @GenomesDAO is a genomic data security platform with the aim to build the world's largest, user-owned genomics database
• Genomes DAO works with trusted DNA sequencing providers to offer clinical quality genome sequencing and uses secure encrypted 'vaults' for user DNA data. On the flip side, it offers researchers the ability to query databases of genomic datasets while respecting privacy
• The platform's native token $GENE currently sits at a market cap of around $8M and is a deflationary token with a fixed supply of $1B. With each genome sequencing test kit sold, a percentage of the fees is used to buyback and burn $GENE
Thoughts: An interesting narrative that even Binance mentioned in one of their market outlooks, but not many people are paying attention to it
Misc News
• SEC window to approve all ETFs at the same time, runs out on Nov 17
• @JuicyPerp incentivized Beta sign-ups are closing in Nov 13
• @IntentX_ open beta starts in less than 3 days
• @solana experiences a surge of active wallets in the last week, going from 200k up to 360k
• Polytrade partners with DWF Labs
• @Aptos_Network is partnering with Seoul Land — a premier South Korean amusement park and media group to refine the fan experience in K-content
• @STFX_IO Spot Vaults are Live
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*