GM Digest #132
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Cake War is Heating Up
• @Cakepiexyz_io is leading the Cake War with 3M+ Cake Converted — Owning 27% of the total veCAKE (The second largest holder is @StakeDAOHQ)
• @vector_fi recently announced Breakfast Finance, another governance aggregator that promises to whip up an innovative way to accrue veCAKE
Thoughts: Cakepie remains one of the best place to park your CAKE due to the proven’s team ability to execute all pies seamlessly. Owning 27% from launching it in a short span of time is one of the best feats that we see today — having #1 place would allow them to generate better boosts than any other projects + adds more value to the governance token holders + IDO allocations are gonna be massive
Wormhole Funding Round
• Wormhole has raised $225 million in a funding round, valuing the company at $2.5 billion
• Key investors include Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading and others
• Since 2021, Wormhole has processed over $35 billion in transfers and manages over 2 million cross-chain messages daily
• @wormholecrypto is an interoperability platform that offers messaging and bridging solutions across different blockchains
Meet Tribe
• @tribe_ft is a SocialFi protocol that allows users to create chats, post to profile, trade and manage wallets
• The platform is currently in closed beta but as of Nov 28, anyone who is interested can sign up for participation
• Also starting on Nov 28, an airdrop campaign will kick off, where users can earn $TRIBE points by onboarding new people, trading, and actively engaging with the platform
Thoughts: Another point farming opportunity where you can be early, but whether or not the dApp gains traction remains to be seen. Bonus points for not being just another friend tech fork though
Plutus DAO The Enlightening
• Plutus just launched their latest product in the form of $plsRDNT V2. A more efficient and higher yielding model compared to V1, that uses a buyback & burn mechanism to support the exit pool ratio and index
• Along with the launch Plutus is running a 4-week incentive campaign called ‘The Enlightening’ that rewards those who convert $dLP to $plsRDNT V2. Depending on certain criteria up to 150K $esPLS will be distributed to participants
• @PlutusDAO_io is a governance aggregator for Arbitrum native protocols like Radiant, Dopex, Sperax and Jones
Thoughts: There is a potential opportunity for an additional airdrop play here. Radiant intends to distribute 2 million $ARB tokens to all $dLP holders who have locked their tokens for a period of 6 to 12 months. The snapshot for the airdrop will be taken within the next 60 days. Watch out for the peg though as Plutus model has proven to show very weak peg (unlike Magpie eco model), there’s no capital to adequately support the peg (it’s 0.55 rn for plsRDNT to RDNT)
Velodrome and Aerodrome Front Ends Compromised
• @VelodromeFi and @aerodromefi reported that their front ends were compromised and @zachxbt reported that over $70k has been drained so far
• The latest update from the teams were that they were able to regain control over their domain and are still working to restore their primary domain
• @ArkhamIntel have created and funded a bounty to help identify the individuals behind the attack
Stakewise V3 Live on Mainnet
• @stakewise_io announced that their V3 is now live on mainnet
• V3 introduces the Vaults Marketplace which allows users to choose from a range of staking offers from different node operators. Users can choose from node operators offering different APYs, fees, MEV strategies, DVT, SLAs, insurance etc
• Users can also opt out of minting osETH when they deposit their ETH. Not minting the LST allows users to save on extra fees
Introducing FIN
• @PoolsharkLabs is a DEX offering ease-of-use to get into swap positions while offering concentrated liquidity provisioning — Users are able to TWAP in & out while providing liquidity with Cover Pools, setting limit orders, and providing CL LP
• Poolshark is introducing their token — $FIN launching on @arbitrum
• Starting December 11, Poolshark users will be able to bond their WETH to FIN on @arbitrum mainnet to engage in DAO participation and revenue sharing. The Public Bonding Sale will be at $40m FDV with a 20m total supply
• Users can stake their $FIN tokens to earn multiplier points used to enhance their rewards. Unstaked $FIN will result in lost points. These rewards are distributed during each season
• Season 1 rewards will have 2.4% of the total $FIN supply distributed via Options Liquidity Mining (OLM) which allows users to purchase $FIN at a market discount
Thoughts: Interesting project but the valuation of $40m FDV is super high. I’m not gonna touch this personally
UniDex X Celestia
• @UniDexFinance announced that their OP Stack Chain — will be switching to @CelestiaOrg’s modular DA
• This switch would allow Molten to reduce its gas costs by over 100x which means cheaper trades, more frequent on-chain updates and more efficient and new protocols to deploy
Misc News
• @wormholecrypto secures $225M in funding
• @Dolomite_io opens $RDNT, $PREMIA, and $JONES for lending and borrowing
• @nftperp trading competition week 3 is underway
• @CryptexFinance introduces Pi — A decentralized platform revolutionizing on-chain markets with unparalleled speed, capital efficiency, and deep liquidity built on @perenniallabs infrastructure
• @maplefinance announced that they are expanding @Circle’s USDC adoption via Maple's Secured Lending pool
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*