GM Digest #126
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
ARB Backfund STIP Tally
• Snapshot vote for Backfund STIP 132m ARB voting “For” and 49m ARB voting “Against” resulting in 67% For vs 25% Against
• Since the end of Snapshot, delegates now have to perform on-chain vote on Tally. So far 70m ARB has voted “For” and 51m ARB has voted “Against”, 58% vs 42%
• Voting period started on Nov 19 and will end on Dec 3. Given the temp check on Snapshot went well, there’s a high likelihood that this will pass
Azuro Live Betting
• @azuroprotocol has announced that the testnet with live betting will be launching in the next few weeks
• This is the first on-chain live betting solution in GambleFi, and all protocols built on top of Azuro are encouraged to help test it
• Live betting is essentially betting after the game has started. That means users can place bets throughout, and the odds shift depending on what occurs on the field. This is an important upgrade since around 80% of volume done on Web2 sports betting sites comes from live betting
Thoughts: Live betting is absolutely huge in the realm of sports betting, and it’s a must-have for Web2 betting platforms. Azuro is pioneering its implementation on-chain
Orbiter Finance O-Points
• @Orbiter_Finance introduces a point farming campaign that rewards users with O-Points based on the completion of quests
• Quests mainly consist of bridging a certain amount of ETH to various blockchains and then repeating the process a couple of times to earn more points
• All previous Orbiter rewards like NFTs, OATs and Galxe loyalty points will be converted to O-Points
Thoughts: It's becoming increasingly clear that protocols have been farming user fees for quite some time now. Hopefully, the upcoming airdrop will make it all worthwhile
FLIP Token Live
• @Chainflip is a Thor-chain like DEX focused on enabling efficient, cross-chain asset swaps
• The $FLIP token TGE was on Nov 23 and you can get it on CEXs like @Bybit_Official, @kucoincom, @gate_io & soon @cryptocom. The token will also be available on-chain on DEXs like Uniswap
• There is also a liquid staking service in place from the get-go. Thanks to @ThunderheadWrld you can deposit $FLIP, get $stFLIP in return, and start earning rewards without running a node yourself
Rysk Rewards
• @ryskfinance is a platform for options trading on Arbitrum, that utilizes a hybrid approach combining an AMM and Request for Quote (RFQ) mechanisms
• Currently, they are rewarding traders and DHV (Dynamic Hedging Vault) depositors with 37,714 $ARB per week until Feb 9, split evenly 50/50
• The vault currently has a cap of $2.5M and is nearly at full capacity, at 96% as of now. However, it has been suggested that the cap may be increased if necessary to facilitate trading and hedging
Thoughts: Rysk operates as a tokenless protocol, which makes it worth considering for a deposit. There's a good chance you might receive an extra reward on top of that $ARB yield
Introducing Syncus
• @Syncus_Fi a new (3,3) with Reciprocal Bonding (two-way bonding mechanics)
• So far there doesn’t seem to be a product yet and no roadmap to grow the treasury but there are bunch of fees that are introduced for staking, bonding, and other operations
• The team hates French people and made a pretty funny post that got lots of people hype for the project: https://twitter.com/Syncus_Fi/status/1727350440415891629
unshETH Liquid Blast ETH
• @unsheth_xyz, Introducing "Liquid Blast ETH" (blETH) for @Blast_L2
• BlETH is a liquid wrapper for ETH deposits into Blast. Users who deposit ETH into the BlETH contract get minted BlETH on a 1:1 basis with ETH deposited (minus a small fee)
• Upon Blast withdrawals going live, the BlETH withdrawal contract will allow users to withdraw ETH + farmed points. All airdrops from farmed points will be converted to ETH and added to the withdrawable balances (minus a small fee)
• So far there’s no liquidity pool between blETH-ETH and the only to participate in this is to send ETH to unshETH designated contract while getting slapped with deposit fees. Would not recommend anybody to participate in this until further details are out.
M2, MOVE VM-based L2
• Movement Labs has announced its plans to launch M2, the first Move Virtual Machine L2 for Ethereum, scaled with Celestia as modular DA
• Celestia’s Blobstream acts as a vital bridge between Ethereum and Celestia, ensuring a seamless, cost-effective, and high-throughput environment
• This means Solidity projects can leverage Move performance and security and launch on M2 without having to write a single line of Move code
Deri V4 Live on Arbitrum
• @DeriProtocol is a decentralized derivatives protocol using Arbitrum Orbit. The team announced that their V4 is live on @arbitrum mainnet
• V4 will be offering consolidated liquidity for enhanced trading, faster execution and reduced gas cost, expanded symbol offerings and more option strikes
Introducing RainFi
• @RainFi_ is a P2P loans for DeFi on @solana
• RainFi allows users to build their own lending strategies and allow customization of LTVs, APYs and durations. Additionally, the loans can be created in multiple tokens with one base currency. Users who deposit collateral can also borrow tokens
• The team also hinted that users can currently farm on their protocol to accumulate “Droplets”
Misc News
• @Vaultkaofficial announces partnership with @RDNTCapital
• @synonymfinance testnet sees 4,000 active participants. You can still sign up, contributors will be rewarded with tokens
• @HyperliquidX reaches $10B in volume
• @squidrouter supports @OndoFinance $USDY bridging from any chain
• Mantle will debut $mUSD, a stablecoin built on $USDY, is designed to maintain a constant $1 peg while distributing interest as extra units of $mUSD (squid router will support this too)
• The vlCVX @PrismaFi market is now live on @VotiumProtocol
• @AftermathFi announced that their perps exchange is live on Sui Testnet
• @avantisfinance unveiled their public testnet launch
• @hashflow hints of a V2
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*