GM Digest #121
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Terraform Labs Makes Acquisition
• @terra_money makes a move to acquire @PulsarFinance, cross-chain portfolio management & analytics platform
• Terra continues to build its capabilities under the helm of Chris Amani who replaced Do Kwon as CEO while Do Kwon sits in a prison cell
dYdX Insurance Fund Drained
• Yesterday someone employing a highly profitable trading strategy managed to manipulate the $YFI market and drain around $9M from the @dYdX insurance fund
• @AntonioMJuliano the founder, suspects foul play from a well-capitalized actor who may have used market manipulation to achieve their goals
• Possibly the same actor a few days earlier tried to do the same with $SUSHI, but was not successful. dYdX will share all relevant info with applicable law enforcement agencies
• No user funds were lost in the whole ordeal, and the insurance fund still has around $13.5M in funds
JuicyPerp Incentivized Beta
• @JuicyPerp is a gamified DEX for trading NFT derivatives on Arbitrum
• Their incentivized Beta just launched with a paper trading competition that you can still sing up for and get involved with if you are interested
• All participants will earn XP points based on their trading volume and winning trades. These XP points are stored on-chain and will carry over to the mainnet launch, where they can potentially be converted into valuable rewards
Thoughts: JuicyPerp aims to become the NFTfi hub on Arbitrum. Positioning yourself to receive such an airdrop just by trading some paper ETH is a no-brainer imo
1InchDAO to Sell 2.5M ARB
• The @1inchDAO governance proposal to sell the $ARB airdrop the protocol received back in April has passed with 92% of the votes in favor
• The rationale behind the proposal is to maximize the rewards from the airdrop while minimizing exposure to volatile assets
• The $ARB tokens will be sold for USDC which will then be bridged to mainnet where they can be put to work to grow the 1Inch network
Thoughts: They could have at least kept the stablecoins in the Arbitrum eco
ENS EVM Gateway
• @ensdomains announced the launch of EVM Gateway bringing interoperability between L1 and L2 chains and is part of ENS’s L2 roadmap
• The EVM Gateway is an open-source repo that allows L1 smart contracts to fetch and verify state from other EVM chains (L2s) efficiently and securely. A key feature of the EVM Gateway is its modular design allowing trustless operations. This means that users can opt to operate their own gateway
• EVM Gateway is current available to use on @optimismFND Mainnet and Goerli
EspressoBot Tokenomics Upgrade
• @EspressoTG is a TG bot that allows users to launch and deploy ERC-20 tokens without any smart contract knowledge. The team announced of a tokenomics upgrade starting next Thursday for their native token $ESPR
• 20% of the revenue will now be used to buyback and burn $ESPR in addition to the current 5%. This makes a total of 25% of revenue to be used to buyback and burn
CAKE RUSH Bonus Ends Soon
• @Cakepiexyz_io CAKE RUSH — CAKE holders can gain access to enhanced yield and veTokenomics, along with CKP token bonuses
• Currently, users can get a 15% bonus upon converting CAKE into mCAKE and also grab incentives in CKP + IDO quota. There are only 14 hours left at this bonus stage (The 15% bonus stage)
Seneca Integrating ARB
• @SenecaUSD integrates ARB as collateral — users will be able to deposit ARB and mint $senUSD (isolated)
• Since ARB Staking proposal has passed, Seneca will be another interesting venue to maximize your exposure to ARB and for users to earn leverage ARB staking yields through looping strategy
Misc News
• @azuroprotocol releases SDK to simplify building frontends
• @OpenAI board in discussions with Sam Altman to return as CEO
• @IntentX_ lists new tokens, $TIA, $KAS and $ORDI
•@Mozaic_Fi reinstates deposits and withdrawals in the Hercules Stablecoin Vault
• @jumptrading has announced its move to transform its cross-chain protocol, Wormhole into a separate independent identity
• @EspressoTG introduced liquid revenue sharing — 20% of revenues will be used to buyback and burn $ESPR in addition to the existing 5%, for a total of 25%
• Introducing @HeroXApp — a Super DApp platform offering Social + Trading, integrating hundreds of DApps & products across multiple chains. An aggregator of aggregators with seamless onboarding via account abstraction and social logins and a 10X user experience (Gearing up for soft launch)
Great Weekend Reads
• Stacy BTC ETFs Deadline:
https://twitter.com/stacy_muur/status/1725860601489170733
• KelpDAO Weekly Round Up on its rsETH:
https://twitter.com/KelpDAO/status/1725884112698020182
Farming Section
This week we are looking at stacked airdrop farming strategies that have the potential the reward you with more than one airdrop.
Ambient Finance x Scroll
• @ambient_finance is an AMM DEX that combines concentrated and ambient constant-product liquidity. What's interesting is that the entire DEX is inside a single smart contract which makes it super efficient, and with much lower gas fees
• Ambient raised $6.5M at an unknown valuation from Circle, Janestreet Capital, and others in a seed round led by Block Tower
• They initially deployed on Ethereum, but recently have expanded to several other chains including Canto, Scroll and hopefully soon™ on Berachain as well. However, our focus today is on Scroll. The Scroll mainnet was launched a couple of weeks ago, and the TVL currently stands at $17M. It's worth noting that Scroll has raised $80M at a $1.8B valuation, and there is widespread anticipation of an airdrop in the future
• By depositing in Ambient pools on Scroll, you aim for potentially two airdrops: $AMBIENT and $SCROLL. Depending on your market sentiment, you can choose to deposit in ETH/USDC, USDC/USDT, or ETH/WBTC pools. The total TVL on Ambient across all chains currently stands at $15M
IntentX x Base
• @IntentX_ is a Perps DEX that implements intent-based architecture and account abstraction
• Just a couple of days ago, they launched the IntentX beta and initiated an airdrop campaign. During this campaign, 2% of the total supply of $INTX will be distributed to users as $xINTX, based on their trading volume
• It's worth noting that they deployed on Base, which is interesting because, as you may already know, there has been speculation about a possible airdrop of $BASE in the future. This aligns with what we've seen with most rollups thus far
• Depending on your market outlook, you can choose to go long or short to generate volume. Additionally, you can open up delta-neutral positions by longing and shorting two correlated assets simultaneously on the same or different DEXs. It's important to be mindful of funding fees though, but if you play it smart, it can also be a source of yield
Ekubo Protocol x Stark
• @EkuboProtocol is a highly efficient concentrated liquidity DEX with a singleton architecture. This means that all pools are managed within a single smart contract (similar to Ambient), and token transfers are deferred until the end of the transaction. As a result, it allows for the execution of numerous actions across multiple pools with only a minimum number of required token transfers
• This design caught the attention of Uniswap, leading to a $12M raise from Uniswap Labs Ventures. As a result, the likelihood of a potential $EKUBO airdrop in the future has significantly increased
• Luckily for us, Ekubo is deployed on Starknet, another tokenless L2 rollup that raised huge amounts in funding. $282M to be exact
• By making a deposit in one of the pools on Ekubo, you position yourself to potentially receive two airdrops: $STRK and $EKUBO. Some of the more attractive pools include wstETH/ETH, WBTC/ETH, and ETH/USDC. The current TVL is approximately $3.4 million, indicating that a lot of people are fading this one, possibly due to the effort involved in setting up a new wallet. However, this is precisely what makes it an attractive airdrop to farm
Aperture Finance x Manta Pacific
• @ApertureFinance offers a concentrated liquidity DEX and intent-based LP management on top of Uniswap V3 across different chains
• Currently there is an ongoing incentives program on their native DEX ApertureSwap, that awards LPs with both $APTR and $MANTA tokens. This is possible thanks to the push to make the Manta ecosystem the liquidity hub for $TIA in the EVM world
• Manta Pacific is a modular EVM L2, leveraging Celestia's DA. They successfully raised $28M in their seed and series A funding rounds, with a valuation of $500M
• To be able to earn both tokens mentioned above, you need to bridge to the Manta Pacific network, and you need to deposit in the TIA-USDT/USDC or TIA/ETH pools on ApertureSwap
• Or, alternatively you can deposit in the blue-chip pools with high trading volume that include USDC/USDT, ETH/USDC, and ETH/wstETH, and earn only $MANTA rewards
Degen Section
Dedicated Degen Trading Picks on Top 3 Degen Plays This Week
MUBI
• @Multibit_Bridge is a bridge that allows BRC-20 tokens to be bridged from the Bitcoin network to EVM compatible chains
• Its native token $MUBI is currently at around $25m market cap and has seen impressive price action the past week that is mainly driven by the ordinals hype
TURT
• @Turtsat has plans to be the largest IDO platform for BRC-20 tokens
• Turtsat’s most successful launch so far is $MUBI which was what attracted attention to Turtsat’s native token $TURT
• $TURT holders are able to be whitelisted for upcoming IDO projects on the launchpad making $TURT’s current $3m market cap valuation seem undervalued relative to $MUBI, a token that was just launched on Turtsat earlier this week
LUBE
• @JoeLubeCoin is a shitcoin on @LineaBuild and is currently at $4.4m market cap, nearing its ATH and has $1.3m in liquidity
• $LUBE appears to be using the $BALD playbook — seeding thick liquidity for a shitcoin on a relatively dead chain. Many have bridged over to Linea just to buy $LUBE and it currently has 953 unique holders
• There is an interesting thread by @sungjae_han on how an address suspected to be owned by Linea insiders have spent 4.20ETH to buy $LUBE
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*