GM Digest #119
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Extremely Red Market
• BTC & ETH ETF euphoria is now starting to wane as the market starts to price in ETF approval delays
• SEC must decide on applications from Hashdex and Global X ETFs by Nov 17. The SEC also needs to decide on Franklin Templeton’s Bitcoin ETF application by Nov. 21. Failing to do so would push the deadline to 2024
• Over $160m in long positions have been liquidated, sending BTC & ETH to $36.3k & $1.98k. Altcoins are taking larger blows with 15-30% retracements across the last 24 hours
Blackrock Officially Files for Spot Ethereum ETF
• Blackrock has officially filed for a spot Ethereum ETF with the SEC called iShares Ethereum Trust. This was confirmed after Nasdaq filed for the proposed ETF
• Blackrock will be using Coinbase Custody Trust as a custodian for its proposed spot Ether ETF and the CME CF Bitcoin Reference Rate from administrator CF Benchmarks has been chosen as the proposed ETF's benchmark
• The price of ETH rose to around $2090 before retracing back following BTC’s move down. ETH is currently trading at $1980
Superfluid Airstreams
• @Superfluid_HQ is an asset streaming protocol that allows for real-time, second-by-second crypto transfers
• As an alternative to one-off airdrops, Superfluid offers ‘Airstreams’. Airstreams are continuous token distributions over time to a large user base, with customizable rules
• Airstreams are primarily designed with DAOs, GameFi projects, and Web3 businesses in mind
Buffer Finance Perps
• @Buffer_Finance is a binary options trading protocol on Arbitrum
• Their simplified take on options trading has not seen much traction so far, therefore launching perps seems like a good move to bring more attention and excitement around the protocol
• The perps on Buffer are powered by @perenniallabs
• Currently just crypto pairs are live, but soon users will be able to trade forex + commodities with up to 100x leverage
Gondi V2 Live
• @gondixyz is a lending and borrowing market for NFTs on Ethereum
• The team has just made a significant announcement - their latest update, Gondi V2 with focus on composability, is now live on the mainnet
• V2 brings a lot of new features to Gondi. The most notable ones are 'BNPL' (Buy Now Pay Later), enabling you to purchase an NFT with loans, and 'Sell and Repay,' which allows borrowers who lack funds to repay their loans, to sell the collateral in escrow and retain a portion of the difference
• Additionally, there are the 'Gondi Vaults' that enable users to deposit NFTs, ERC-20s, and ETH bundled together, and subsequently borrow against them
Thoughts: Gondi is another one of the NFTfi protocols that is still tokenless. Currently they are running a points campaign that will put you in a position to get $GONDI airdrop if you participate
Introducing the AdaptiveCurveIRM
• @MorphoLabs introduces the AdaptiveCurveIRM — ****************an immutable interest rate model that is efficient and flexible designed specifically for Morpho Blue
• The efficiency component is achieved through having a close to 90% utilization rate while removing the need of supply as collateral thus removing liquidity constraints
• The IRM is also immutable and neither governance or market creators can change the parameters. It is reliant and adapts to market conditions, changes in interest rates on other platforms and changes in supply demand dynamics
Jupiter Unveils First Round of Airdrop
• Starting next week, Jupiter will airdrop 1b $JUP tokens to suers who have done a minimum of $1000 in swap volume on the protocol
• Based on the snapshot taken on November 2, 955000 wallets are eligible
Return of the AstroWars
• @astroport_fi is an AMM on the Cosmos ecosystem and have unveiled their revamped tokenomics for $ASTRO
• Originally, users can lock up their staked $ASTRO (xASTRO) for vote escrowed xASTRO (vxASTRO), similar to the Curve model for up to 2 years. This vxASTRO is non transferrable and there is no way to unlock the tokens until the lock expired. In exchange for locking, users will get up to a 2.5x boost in voting power and also in $ASTRO emissions
• The team is now introducing vxASTRO 2.0 which addresses the concerns of the prolonged lockup of tokens and the centralization of voting power
• This new iteration of vxASTRO introduces the following features:
→ Holders can stake $ASTRO for xASTRO, then lock that xASTRO for vxASTRO with the lockup period will be as little as 2 weeks
→ xASTRO and vxASTRO holders would both have 1:1 voting power on general governance proposals, however vxASTRO holders alone would have the power to vote on ASTRO emissions
→ LPs who hold vxASTRO would not receive boosted $ASTRO emissions like they would have under the original proposed design
→ There will be a Curve-style voting incentives protocol exclusively benefitting vxASTRO holders
Misc News
• @PerpyFinance closed incentivized beta is winding down in 7 days
• @LayerZero_Labs introduces new features on LayerZeroScan . com
• @Contango_xyz announces integration with @RDNTCapital and brings new markets for perp traders
• @VenusProtocol snapshot to deploy on Ethereum mainnet live
• @UniswapFND announces that Uniswap V4 Hooks can now be tested and developed with a UI
• @1inch introduces 1inch Portfolio
• The Aave group of Companies which encompasses Aave, GHO, Lens Protocol and Sonar has rebranded to Avara
• @BinanceLabs announced investment in $ARKM
• @beoble_official raised $2m in pre seed
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*