GM Digest #145 — Further Retracements
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Drawdown Continues
• BTC & ETH continue downwards, retracing 2% & 3% respectively over the past 24 hours. Both $SOL & $AVAX, the top-running alts experienced 7% & 15% drawdown during the same period
• BTC experienced tough resistance around $44k level and the prolonged period of mini-bull (~8 weeks) has resulted in the need for near-term correction
• Top trending Ethereum coins such as $MND & $GEC have faced 50% & 25% drawdown respectively
• The hope is that Powell comes out as dovish during the FOMC when talking about growth sentiment → This could lead to capital flowing back into the market again post-FOMC
Florence's Duke Dash
• @FinanceFlorence is a DeFi platform that utilizes stablecoin liquidity to fund real-world business loans
• The protocol utilizes two tokens: $FLR, which is essentially a stablecoin pegged to the euro, and $FFM, a governance/utility token that has not yet been launched
• Florins ($FLR) are tokens created by the Florence Finance protocol when loans are funded, mirroring the funded Euro amount. FLR doesn't earn interest directly but can be placed in loan vaults that provide yield. They can be traded on platforms like Camelot DEX or redeemed for $agEUR at a 1:1 ratio. Backed by EUR-denominated loans and EUR reserves in the redemption module, each $FLR effectively values at 1 EUR
• Duke Dash, launched by Florence Finance, is a tiered reward system using Duke NFTs to recognize user engagement. Participants earn points through various activities, increasing their rank from Squire to Archduke
• Points are earned by depositing $FLR in RWA Vaults, social interactions, challenges, competitions, and referrals. The rewards system is designed to benefit both high and low-capital participants
• The platform's other token $FFM, will have a maximum supply of 1 billion. Its tokenomics involve using real-world interest from loan vaults to buy back and burn $FFM from the market, with the burn rate tied to the platform's deposit volume
• Additionally $FFM will serve as a governance and utility token, with holders involved in approving collateral, setting lending terms, and managing Loan Vaults
Thoughts: While these real-world loans can be risky, there is currently an airdrop campaign happening. Considering this, it might be worth the risk to allocate some stablecoins there for the next few months
Cleopatra Launch
• @CleopatraDEX is a concentrated liquidity DEX with ve(3,3) tokenomics, that is launching soon on Mantle
• The DEX will have the usual features, such as swaps, voting, bribing, vesting and LP staking
• They will also have a rebase mechanism to counterbalance token dilution. At launch, veCLEO holders will see a 25% weekly rebase, designed to mitigate dilution from emissions. This rebase rate will increase by 1% each week, capping at 50%
• For the LGE 2,500 CLEO tokens are allocated. Participants can contribute $MNT to receive $CLEO or veCLEO (with a 30% bonus) to be claimed post-LGE. All participants receive tokens at equal dollar value. The initial liquidity seeding price is set at 200 $MNT per $CLEO
• The LGE has a maximum cap of 500,000 $MNT. Whitelisted users include RAMSES OGs, early supporters, select ve(3,3) project users, and Zealy campaign participants
Parcl Points Campaign
• @Parcl is a perpetual DEX for trading Real Estate with leverage, deployed on Solana
• Launching on December 15, 2023 the Parcl Points Program will reward users for trading, holding open interest, and liquidity provisioning. Additionally, holders of @HOA_NFTs will enjoy a boost in points earned
• Furthermore, the system will consider previous interactions with the protocol and retroactively award points to Parcl V2 and early V3 users. If you chose to LP or trade when we initially introduced Parcl some time ago, congratulations you will have a head start
• There will also be a referral program that will be introduced down the line
Thoughts: Considering how these Solana airdrops perform, parking some capital or opening up some delta neutral-ish positions could pay off well when the Parcl token launches
Introducing Rainbow Points
• @rainbowdotme introduces Rainbow Points
• The team has dropped Rainbow Points to every Ethereum user based on their on-chain activity. Users who have swapped in Metamask, swapping or bridging in Rainbow, holding at least 1 Rainbow NFT at snapshot date, having a wallet balance were eligible for bonus points. Snapshot was taken on December 11
• Users who import their Metamask wallet will also be eligible for up to 150k extra points. Users who are looking to accumulate more points should swap and bridge in rainbow, and to also invite others using the referral system
Pike Finance Testnet Live
• @PikeFinance is a protocol allowing users to borrow, lend, leverage and earn across any chain and is powered by @wormholecrypto, @circle and @BuildOnBase
• The team announced that their testnet is now live and users can now lend, borrow, leverage and earn to explore how a natively cross-chain protocol actually functions
• Pike testnet is live on Ethereum Goerli, Optimism Goerli, Arbitrum Goerli and Base Goerli
Seamless Protocol LM Program
• @SeamlessFi is the first native, decentralized lending protocol on Base and their Liquidity Mining program is now live for early community members
• Users are now able to earn boosted rewards (20-55% APR) by supplying and/or borrowing tokens
The End of SNX Inflation
• @synthetix_io announced the passage of SIP 2043 ending the inflationary model of the $SNX token
• This decision was due to $SNX rewards falling to single digit APRs which diminished the effectiveness of inflation as a staking incentive
• SIP 2043 suggest a new buyback and burn mechanism instead of inflation. Stakers are also able to obtain free loan against $SNX collateral in sUSD
Play of The Day
• $MND @MindLanguageAI — an application layer that’s built on top of Bittensor (TAO) & GPT3 (OpenAI). I’ve covered Mind extensively before on the GM Opportunities latest episode
• Mind is a smart tool that turns natural language inputs into computer programs. It follows an approach called graph programming, where tasks are represented by nodes on a graph and the control flow is expressed using directed edges that connects the nodes
• $MND is trading at $0.16, ~$13m MC about 50% away from its recent high. The sharp drawdown is due to the overall market retracement
• A fee is required to be paid to use Mind in the future (in other Crypto tokens), the fee will be used to buyback & burn $MND. Taxes revenue will also be used for buyback & burn, starting from 0% allocation to 30% allocated to buyback & burn within the first 3 weeks
• pwnlord69 has tried building a conditional swap tool with Mind in this video, he has proven that the tech works and not a vaporware
Misc News
• @NFTfi collaboration with real estate lending platform @fabricaland
• @fwb_network_ announces partnership with @landxfinance
• @ClearpoolFin announces the launch of Clearpool Prime live on @optimismFND. Clearpool Prime is an institutional credit marketplace aiming to bring the private credit market on-chain
• @CoinbaseAssets added $BONK to the roadmap
• @CelestiaOrg announced that they will be integrating their DA solution with @0xPolygonLabs’s CDK
• @Vivex_official IDO sold out within 2 minutes
• @Radpiexyz_io IDO is very hyped — now in 4th stage with almost all of the $RDP filled
• @0xHashstack announced that $HASH will be airdropped to its v1 mainnet users
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*