GM Digest #116
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Deadline Looming Close for ETF Approval
• SEC has till Nov 17 to approve all pending 12 BTC ETF applications. If these end up getting approved, it’ll be more than a month before the products are launched and see an inflow of institutional capital
• If not, then we’ll have to wait until early next year for the last ETF approval where the SEC would have no choice but to approve the ETFs
• We might see a retracement of BTC & ETH if the ETFs don’t end up getting approved this year — bullish whichever way since capital inflow is bound to come either “very soon” or just “soon”
Perennial Season 2
• @perenniallabs is a derivatives primitive that allows for the creation of two-sided markets that trade synthetic exposure derived from a price oracle
• As one of the protocols that is part of the Arbitrum STIP campaign, they are rewarding all who deposit in their vaults with $ARB tokens on top of the yield generated from fees
• Season 2 just started and currently there are some juicy yields to be had on Perennial. For example, depositing in the bluechip ETH & BTC vault currently nets you around 85% APR
• Furthermore, the protocol is currently tokenless. As we are all aware, when new protocols release tokens, they often reward early adopters. By providing liquidity or trading on Perennial, you have the potential to become one of these early adopters and position yourself for a potential airdrop in the future
Thoughts: Arbitrum season is single handedly bringing yield farming back from the dead, and I like Perennial because of the potential to get a nice airdrop as a bonus
Introducing Ondo Bridge
• @OndoFinance is a platform that aims to make institutional-grade financial products and services accessible to everyone
• One of their primary products is $USDY, a stablecoin backed by tokenized short-term US Treasuries and bank demand deposits. $USDY’s US dollar-denominated yield has attracted a TVL of over $200M so far
• However Ondo recently announced another product: a cross-chain bridge that enables the movement of Ondo RWA tokens like $USDY between Ethereum and Mantle. The bridge is powered by @axelarnetwork
Thoughts: Ondo is one of the best positioned protocols to continue benefitting from the RWA narrative for the foreseeable future
Maya Protocol Volume
• @Maya_Protocol is an ecosystem comprising of both MAYAChain (live) and AZTECChain (under development)
• MAYAChain is a Thorchain fork and is therefore a cross-chain AMM using the Tendermint consensus engine and Cosmos-SDK
• AZTECChain is a smart contract chain and a fork of the Cosmos Hub (Gaia), that combines MAYAChain's cross-chain liquidity with the functionality of smart contracts
• The entire ecosystem will feature three tokens:
$CACAO: The primary token for transaction fees on both Maya and Aztec Chains
$MAYA: A revenue share token where holders receive a portion of swap and transaction fees from MAYAChain
$AZTEC: Similar to $MAYA, it's a revenue share token for transaction fees on Aztec Chain
Thoughts: With $RUNE seeing impressive price action, Maya should act as a beta to ThorChain and potentially net you higher returns
Introducing Midas
• Midas plans on introducing its stablecoin that is 100% 1:1 backed by US Treasuries — stUSD to the DeFi space
• Users can now earn up to 4.9% net yield on stUSD
• The Midas stablecoin project plans to buy Treasuries via asset manager BlackRock and use Circle Internet Financial's USDC stablecoin as an on-ramp. They will also be partnering with Fireblocks and Confirm as their custody technology provider and blockchain analytics firm
Vertex LBA is Live
• @vertex_protocol’s Liquidity Bootstrapping Auction (LBA) is live and will run from November 13 to November 20 (7 days)
• During the LBA, users will be able to supply $VRTX trading rewards and/or USDC.e to the auction up until Day 5 of the auction. Users that LP in the $VRTX and/or USDC.e pools(s) will be receiving dual rewards composed of the pool fees and the $VRTX LP incentives
• ⅓ of LP liquidity from the auction will unlock 60 days after the end of the LBA. The remaining ⅔ of LP liquidity continues vesting linearly over the following 60 days, fully unlocking 120 days after the end of the LBA.
Top Launches Today (DYOR)
• @coffee_vedex private presale FCFS from Nov 13 - 15. Coffee is a Solidly Fork that’s creating Ramses-style flywheel on Scroll
• @LuminProtocol Presale Round 2. Lumin is a fixed-lending / borrowing protocol (Timeswap-style Money Market) on Arbitrum. FDV for this round is 3.3m
ZachXBT Exposes GROK Devs
• @zachxbt exposed @GROKERC20 devs to be scammers who frequently launched scam shitcoins
• As a result, $GROK dumped from its $0.024 highs to $0.008 before bouncing back. It is currently trading at #0.014
Misc News
• @tortle_ninja integrates with @Balancer
• @ParallelTCG announces referral links. You need to fill a google form to apply for it
• @alphagate_io offers 8 day free access to all
• @WickedCasino experiences all-time high volume for the three weeks in a row
Arbitrum Backfund STIP Passed
• The previous list of coins with high GRANT/MC are likely to go higher, make sure to have exposure on $RAM $USH $MGP $RDO $MGP $SVY $DMT
• $DMT has retraced a bit, looking more attractive PA-wise. $RAM still the most attractive due to GRANT/MC ratio
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*