GM Digest #125 (Jeff is on Holiday)
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Waking Up to Green Dildos
• Market has rebounded back with BTC $37.3k and ETH $2.06k, 2.5% and 4.0% increase respectively
• The pump is likely due to SEC Commissioner Hester Peirce saying "There’s no reason for us to stand in the way of a spot Bitcoin ETF” & potentially due to $4.3bn fine for CZ signaling the green light for the ETF
• Alts are still lagging behind pumping only 5-10%
KyberSwap Exploit
• @KyberNetwork pools across all chains have been exploited, about $45m+ has been drained
• The team has advised all users to promptly withdraw their funds. They’re currently investigating the issues and will likely provide updates soon
The Webverse
• @WebverseNFT is an alternate reality that embodies @Entanglefi infrastructure, adapting the infra into a lore-driven NFT project, transforming complex ideas into engaging narratives
• The NFT collection is split into 2 categories — Weavers (4700 Supply) & Agents (300 Supply)
⇢ Weavers will get exclusive access to Entangle’s IDO in February 2024. Holders will be able to stake their Weavers to revenue share from every aspect of Entangle’s infrastructure and dApps
⇢ Agents receive the same base benefits as Weavers + additional IDO token allocation + fixed amount of tokens, earning revenue (8%) APY for supporting the ecosystem
$rDPX V2 is Live
• @dopex_io has launched $rDPX v2, an upgrade to the $rDPX token, allowing it to be bonded with ETH to mint a new receipt token called $rtETH
• This upgrade provides a self-reinforcing source of PoL for Dopex and offers $rDPX and $ETH holders an opportunity to earn yield
• $rtETH Utilities: Staking on Dopex. Participating in an rtETH/ETH LP on Camelot. Redeeming $rtETH for a mix of $ETH and $rDPX
• With $rDPX V2 we also see the introduction of 'Perpetual Put Vaults': Users can deposit $ETH to earn yield while buying $rDPX in case of a > 25% price dip
Voodoo Trade $VMX Tokenomics
• Voodoo Trade is a community-driven Perp DEX on Base
• The native utility and governance token, $VMX, follows the standard real-yield perp DEX rewards structure with multiplier points and $esVMX. However, it incorporates a few key additions
• First there is the value accrual mechanism. 5% of the platform's revenue will be allocated to purchasing $VMX from the open market, which will then be added to the VMX/ETH pool to enhance liquidity. Another 5% of the revenue will be dedicated to a buyback and burn program, reducing the circulating supply of $VMX
• In addition, the token emissions are dynamic with the aim to keep the APY within a pre-determined range. These emissions have an upper cap on the monthly emission amount
• There are also rewards for VMX/ETH LPs who will get 30% of revenue, multiplier points and $esVMX emissions for staking the LP tokens
Introducing zkRisk
• @VestExchange introduced zkRisk for perpetual futures. zkRisk is a zk-powered risk-engine AMM that efficiently prices liquidity for leveraged trading and verifies via zkSNARKs
• zkRisk is a model that enables higher capital efficiency, optimal pricing of liquidity, a single coherent risk framework and correct computation and verifiability via zkSNARKS
• The zkRisk model is currently used on Vest Exchange and the team is also opening invites for their newly launched private beta on @zksync
Introducing Pragma
• @PragmaOracle announced that Pragma is now available on Starknet
• Pragma is a decentralized, transparent and composable oracle network using zk cryptography. Pragma partners with liquid exchanges and market makers who sign and timestamp their own data to be sent directly on-chain
• Pragma’s feeds are currently live in public alpha on Starknet and has undergone smart contract audits and approved by @NethermindStark. The Pragma contract is also secured by @argentHQ’s multisig
Asymetrix V2 Live
• @asymetrix_eth is a yield distribution protocol where users deposit their stETH to earn ASX rewards and potentially ETH rewards as well. The yield from the stETH rewards are distributed randomly between the participants in the pool and works as a lottery-based system
• V2 introduces esASX which aims to incentivize early adopters through an initial distribution model. Users will now be able to earn in esASX which is a non-tradable token which users can only unlock after sending the tokens to a 100-day vesting contract
• V2 also introduces the BOOST which uses the dLP mechanism similar to protocols like Radiant. Users can lock their Balancer or Uniswap ASX/ETH LPs to get boosted rewards. The amount of BOOST which a user can get is determined by the lock period and the liquidity-to-deposit ratio
• The last feature introduced by V2 is the Mini Pools where users can pool their ETH together to stand higher chances of obtaining rewards
IPOR SRS
• @ipor_io introduces Stake Rate Swap (SRS) which focuses on the Ethereum staking rates market. The first IPOR Stake Rate Swap will be for Lido’s stETH, an $18.23b LSD market, enabling users to pay or receive a fixed ETH staking rate
• SRS & IRS in general offer better capital efficiency & leverage compared to yield stripping. Interest Rate Swap does not require the full notional value to underwrite the instrument, making it easier for institutions to participate
• LP in IPOR stETH pool will start receiving protocol-generated fees (real yield) in addition to the Lido staking rate and liquidity mining rewards
Introducing the Superform Protocol
• @superformxyz is a universal yield marketplace available on any chain built for both yield seekers and developers
• Devs can deploy a vault once and permissionlessly list it on Superform to be accessed by users on all chains. On the other hand, users looking for yields can deposit into any vault on any chain from any chain with any token
Misc News
• @PrismaFi’s $vePRISMA integrated by both @ConvexFinance and @yearnfi
• @vertex_protocol hit new ATH in 24hr volume with $525M traded in total
• @ThenaFi_ reaches $10M in total revenue and a daily record in trading fees
• @SynapseProtocol now supports @Solana
• @Blast_L2 has reached $230 Million in TVL within 48 hours. 37,131 community members are now earning yield (~4% for ETH and 5% for stables) + Blast Points
• @CamelotDEX achieved $103k in fees and $83m volume traded in the past 24 hours. New pools & partners, launchpads, $GRAIL wars & more in the coming weeks
• @TimeswapLabs Time Pre-mine is live on Polygon zkEVM
• @Injective_ announced that @OndoFinance’s USDY is now live on the Injective L1
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*