GM Digest #140 — Alts Pumps | $VKA Wars
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Alts are Catching Up
• BTC stays flat today while ETH +5% and the alts are doing phenomenal numbers — $OP +26%, $SOL +14%, $ARB +11%, $APT +9%
• Defi coins have also started surging with $LBR +20%, $MGP +15%, $GRAIL +11% and greenz across Arbitrum coins
• We’re seeing flow of money starting to move from Bitcoin → Ethereum → Large Caps → Med - Small Caps Alts
Vaultka x Vela → Kicking Off $VKA Wars
• @Vaultkaofficial partners with @vela_exchange in an OTC swap between $esVKA & $esVELA ($50k for $50k)
• The partnership forges long-term bonds that mutually benefit each other — Vela will now have more power to redirect VKA governance power & attract more liquidity while Vaultka can generate additional yields on Vela by staking esVKA
• Vela will also initiate a bribery initiative, bribing 1750 $VELA as a reward for voting for VLP Leverage strategy
EigenLayer Expansion
• @eigenlayer has announced that with the upcoming cap increase, we will be treated to an entirely new lineup of LSTs
• The six new LSTs eligible to be re-staked on EigenLater are $osETH, $swETH, $oETH, $EthX, $WBETH and $AnkrETH
• The vault cap increase and the integration of the new tokens will be on Dec 18
• Further integrations hinted for 2024, including with @liquid_col, @fraxfinance, and @0xMantle
Umami GM Vaults
• @UmamiDao just introduced their new vaults built on top of GMX v2 GM pools
• The GM Vaults employ a simple strategy with a risk-adjusted index of GM pools, maintaining balance with internal netting
• Key improvements include Chainlink’s Low-Latency Oracle for accurate trading, adaptive funding rates for market neutrality, and isolated liquidity pools for specific asset pairs
• The initial focus is on ETH and USDC markets, and expansion to other markets and tokens is planned
Thoughts: Umami failed to attract significant attention with their GLP vaults, which they admit are not 'ideal' for bull market environment. As a result the $UMAMI token has been heavily underperforming. Hopefully, the GM vaults attract more TVL
Liquity lApps
• Liquity proposes running self-sovereign, trustless frontends via lApps (local apps)
• With lApps basically the users host and serve the frontend themselves, which leads to super fast loading times with no latency, and increased security in case of DNS, domain, or server hijacks
• This also lessens the dependancy on third-parties and intermediaries like AWS and other web servers/hosts
Thoughts: In line with the true ethos of crypto, Liquity is a protocol that deeply values decentralization and trustlessness, and you can see it from their products. For example they already use distributed hosting for their frontend, but that is obviously not good enough for them, so they are taking it even further with the implementation of lApps
Introduci
ng Matcha Cross Chain Swaps
• @matchaxyz introduces cross chain swaps where users can now swap directly for tokens across 7 chains and access Matcha’s aggregated liquidity across 100+ DEXes
• Matcha’s cross chain swap is available on Ethereum, Polygon, Optimism, Arbitrum, BSC, Avalanche and Base. Matcha is also currently offering 0 fees on cross chain swaps
Introducing Polymer
• @Polymer_Labs is a L2 rollup serving as the Interoperability Hub for Ethereum by providing IBC as a feature and establishing connections to integrated L2s
• Polymer will be incorporating the settlement functionality of the OP stack with the developer experience and native interoperability of the Cosmos SDK, and utilizing data availability from EigenLayer
Railgun V3
• @RAILGUN_Project introduces their V3 bringing contract modularization & gas savings, relayer alternatives, private intents and new DeFi possibilities
→ Contract Modularization: Railgun V3 contracts are now modular allowing for 60% cheaper gas for cross-contract (like a private swap) transactions. Modularity also enables tailored design, such as ZK verifiers for specific apps or swapping the RAILGUN internal ledger to KZG commitments (leading to up to 70% in gas savings)
→ Relayer alternatives: Allows any solver to Relay transactions for users, greatly expanding the supply of Relayers and resulting in more reliable & cheaper RAILGUN transactions
→ Private Intents: Able to support intent based protocols like CoW Swap or Uniswap X
→ Private DeFi expansions: Through using NFTs to represent collateral positions (and support for ERC-6551), users will be able to access lending, perps, and stablecoin minting from their 0zk addresses
Gyroscope Live on Mainnet
• @GyroStable is a dollar pegged stablecoin that aims to protect against the risks of holding stablecoins by offering an alternative to centralized and algorithmic designs
• $GYD is fully backed by a basket of assets with fundamental innovations in risk control at the protocol level. $GYD uses automated risk diversification, optimized minting and redemption bonding curves and novel resilient oracle and circuit breaker systems
• The team announced that its stablecoin — $GYD is live on Ethereum Mainnet
Misc News
• @chainlink staking v0.2 Early Access is officially open
• @hiyield_xyz is live on Avalanche offering competitive on-chain Treasury Bill rates
• TON blockchain slows due to ordinals related activity
• @burnt_xion has launched its testnet that focuses on “generalized abstraction”
• Sindri, a zero-knowledge infrastructure platform, secured $5 million in a seed round led by CoinFund
• @symm_io raises more than $1m USDC
• @BEARNDAO got exploited for $700k
• @aztecnetwork reminds users to withdraw any remaining funds as soon as possible
• @taikoxyz introduces their Based Contestable Rollup (BCR), a rollup that features contestation and uses based sequencing
• @goodentrylabs made a move to Tally, promoting DAO governance & discussions
• @QuickswapDEX introduced Quickswap Bonds allowing users to provide liquidity and receive tokens at a discount that vest over time, represented by a Bond NFT. In return, projects get protocol owned liquidity (POL)
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*