GM Digest #137 — Match IDO | Bitcoin Defi
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Introducing Match Finance & its IDO in Dec
• @MatchFinance is the first yield / governance aggregator built on @LybraFinance and supported by the Lybra team
• Current TVL is 2M and offering a 3% token airdrop for $ETH and LBR/ ETH LP deposits.
• IDO will happen this month with 462k MC and the date will be announced later — Users accumulating 15,000 points can get the WL for the IDO. You gain points by depositing capital onto Match
• There’ll be two phases to this (i) WL Launch, raising 75 ETH (ii) Public Round, raising 375 ETH through Overflow IDO
STX & ALEX Took Off
• $STX & $ALEX both increased 35% and 60% in price over the past 24 hours off the back of the BTC pump to almost $42k. $ALEX in particular have done 250% gains over the past 7d
• Alex is the first complete DeFi platform built for Bitcoin through Stacks smart contracts. It introduces aBTC — Alex BTC that plays an integral part to Bitcoin ecosystem (simiar to how wETH plays its role on Ethereum & L2s)
• aBTC operates primarily through smart contracts on the Stacks blockchain. It uses the ALEX’s Bitcoin Bridge and the Bitcoin Oracle for its functionalities
• @XLinkbtc allows users to bridge fund to Stacks, Alex, and other EVM-based chains. This is a game changer and could be a big catalyst onboarding EVM-maxxis to Bitcoin ecosystem
Mantle LSP
• @0xMantle launched one of it's core products in the form of an ETH liquid staking protocol called 'Mantle LSP’
• The protocol enables users to deposit ETH and receive a receipt token in return, known as $mETH. Upon redeeming $mETH, the user will receive the initially staked $ETH along with all accumulated rewards
• As a core product, Mantle LSP is designed to integrate with other ecosystem dApps. It will have access to the Mantle Treasury and be subject to Mantle Governance
Premia Trading Comp
• Premia announced that Premia Blue SZN is starting on Dec 4, and will go on until Jan 31
• In the upcoming Blue Season, users will have the opportunity to participate in a Galxe campaign, complete various tasks, and take part in a Trading Competition. Additionally, the GMX vault will start receiving $ARB incentives
• The trading comp will begin on Dec 8, and the options traders with the highest PnL will be rewarded. The prize pool is to be determined
Minterest Xmas Campaign
• @Minterest is a lending protocol featuring a distinct economic model that returns 100% of fees to its users
• They just announced a Christmas campaign in which they will rewards users with Minterest NFTs which offer 50% boost on $MINTY emission rewards for supplying/borrowing
• In order to win these NFTs participants will have to compete in daily Discord/Telegram activities
Mars Protocol x Neutron
• A proposal has been made to both @Neutron_org and @mars_protocol DAOs with the goal of transferring the $MARS token and its governance to Neutron
• The proposal also includes the deployment of Mars V2 and the potential implementation of Perps, along with a large development grant going to Mars in exchange for 6% of $MARS token supply
Thoughts: Astroport and, pending the proposal's approval, Mars on Neutron could mark the beginning of a trend where we witness other builders and protocols that were initially launched on Terra migrating to Neutron
Chronos Reflections & Introduction to Fenix
• @ChronosFi_ has written a long medium article reflecting on Chronos to find the path to ve(3,3) sustainability. The reflection has resulted in Fenix, ve(3,3) that brings about features & architecture that would promote better sustainability
• Fenix will adopt OLM (Options Liquidity Mining) and utilize its revenue to buyback liquid FNX token and funnel it back to bribes in the form of veFNX instead of printing emissions
• Fenix will have a relatively lower starting emissions which will be dynamically adjusted on a weekly basis to prevent massive sell pressure, aligning with the markets
• There’ll be no rebase and the value of locking FNX will come from high voting APR which is generated purely from swap fees, OLM revenue, and market-making activity from FNX & EON (EON is on-chain derivatives platform of Chronos)
• Fenix promotes high capital efficiency through Concentrated Liquidity, it’ll also have multiple revenue sources from FNX & EON, and more which will be announced in the future
• CHR stakeholders will be able to migrate to Fenix, gaining a significant percentage of the initial supply
Thoughts: Personally love the redesign choices that Chronos have made with Fenix, taking all the learnings in what work and what doesn’t and implement it there. The OLM flywheel resembles a similar flywheel that sustains the price of Ramses $RAM and promotes alignment between different stakeholders. Excited to see how this unfold
Osmosis X UX Chain
• There is an ongoing proposal for @osmosiszone to merge with @ux_xyz to become the DeFi hub on the Cosmos ecosystem
• The merger will begin with the integration of UX’s codebase onto Osmosis which would also merge the TVLs of the 2 chains which would bring in deeper liquidity, a wider array of assets and new leverage strategies
• There will also be a discussion on the tokenomics following this merge between the communities
Vela 1m ARB
• @vela_exchange has just secured 1m ARB from the backfund STIP program
• 350k of the rewards will be distributed to VLP farms over the next 3 months, 50k rewards distributed over six 2-week epochs, if you stake for the entire six epochs, you’ll get additional 50k
• Users utilizing Vela’s Axelar routers to deposit VLP from other chains will receive additional ARB rewards
• 400k ARB will be allocated towards trading competition with modified rule sets every season to keep things fresh. Vela has also set $1m prize pool for the First Season of Grand Prix
Play of The Day
• $RAM from @RamsesExchange — 1.25m ARB was recently secured from the backfund STIP program
• Ramses is the best project in term of Grant/MC (As I’ve previously stated too many times lol). $RAM has yet to have its meteoric rise, in fact it has dumped by 13%
• 1.25m ARB will be used to pair with 1m RAM and distributed to CL LP pairs (with focus on ARB pairings) & LP Pairs with highest fees generated in each epoch
• The flywheel will kickstart once ARB rewards gets distributed to these LP → Higher APR attracts more LP TVL → Attracts more traders due to liquidity-rich/low-slippage trading environment → More fees accrue to $RAM (veRAM to be precise)
• $RAM currently sits at $1.9m MC & $16m FDV. Potential great 5x medium-term play
Misc News
• @merchantmoe_xyz a new DEX is coming to Mantle
• @izumi_Finance now supports Mantle’s $mETH
• @CamelotDEX hits ATH TVL of $116m, daily volume of $103m, and $204k fees was generated in the past 24 hrs
• @LayerZero_Labs introduced a new project codenamed Essence which enables anybody to spin up and run a validator (Oracle & Relayer) in less than 1 hour
• @BadgerDAO hints of a v2 coming soon
• @STFX_IO 50,000,000 STFX tokens (5% of Total $STFX Supply) was burnt due to the latest SIP-008 Token Burn Proposal that was Passed. The burn are split to 3 burns depending on the KPIs (the first one has already been met), the next two burns will be in effect when STFX hits $250m trading vol & $1bn respectively
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*