GM Digest #147 — F*ck Ledger | LayerZero v2
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Ledger Library Exploit
• @Ledger reported on X that they have identified a malicious version of the Ledger Connect Kit which allowed malicious code to be injected into numerous DApps on their front-ends
• About $483000 has been stolen so far and @tether_to has announced that they have frozen $44000 in USDT out of the $483000
• The exploit has caused a temporary drawdown in BTC, ETH, and other altcoins. Activity was paused for a short while across every dApp since nobody was sure what and what is not affected by the malicious codes
LayerZero V2
• @LayerZero_Labs V2 is launching on over 40 testnets, introducing an omnichain network for developers
• It features Decentralized Verification Networks (DVNs) and adapters for diverse verification methods, allowing applications to choose their security configurations
• The update enhances flexibility, throughput, and programmability, supporting both EVM and non-EVM chains
• V2 maintains compatibility with LayerZero V1 and emphasizes permissionless execution and improved throughput to align with destination chains
• The mainnet launch is scheduled for January 2024
Thoughts: Is it possible that the launch of V2 on mainnet could align with the announcement of the $ZRO token? Or, at the very least, an announcement that the snapshots have been taken and the airdrop is confirmed?
Leverage on Tensor
• @tensor_hq recently released a short teaser, suggesting that leverage trading will soon be available on their platform
• Tensor is the leading NFT marketplace on Solana, featuring its own exclusive NFT collection called 'Tensorians.' Additionally, they are currently running an ongoing points campaign for users and NFT holders
Introducing Term Finance
• @term_labs offers a noncustodial, scalable, fixed-rate lending protocol
• It employs a novel double-auction mechanism for determining fixed rates, allowing borrowers and lenders to transact at a market-clearing rate
• This system eliminates wide spreads common in AMM-based lending and reduces slippage, making it more efficient
• The aim is to offer products that align with trad-fi market practices
RestakeFi Fjord LBP Launch
• @restakefi has announced the Fjord LBP launch to be on 17 Dec at 5pm UTC
• 10% of the EigenLayer rewards will be split between $RSTK stakers for 5% and the other 5% for the operational costs
• Based on their Discord, Mainnet launch is likely going to come after EigenLayer raise their cap on 18 Dec. The smart contract is currently being audited by Open Zeppelin
Cian Introduces Voyage Points
• @CIAN_protocol is a automation platform that helps users earn yield primarily from LSTs
• Cian Protocol introduced their Voyage Points System. Users can earn voyage points through:
⇢ Depositing in Cian DeFi Strategies
⇢ Participate in the Cian Ambassador Program
⇢ Via redeeming all past and future CIAN campaign NFTs/OATs/W3STs for voyage points
Immutable zkEVM Gas Free
• @Immutable announced that the Immutable zkEVM and Immutable Passport will be capable of eliminating gas fees for players
• Instead of users paying for the gas, games and marketplaces on Immutable zkEVM will be able to sponsor gas fees for Immutable Passport users
Play of The Day — BRC-20 Play
• @OrdiswapLabs $ORD Public Sale is currently underway as Fjord LBP
• Ordiswap is building a BTC-native Uni-V2. Introducing 2 routes — vAMM off-chain processing swap/LP route and fully decentralized using Hyperlane as messenger & L2 (likely ALEX) to process routing of LP, settling actions on L1
• Given the hype around BRC-20 coins, this could be one of the next 10x play. Do watch out for entry in the LBP. Based on the current floor, somewhere between $10 - $15 seem pretty attractive (NFA — DYOR)
Misc News
• @vertex_protocol’s new listings include $AVAX, $PYTH, $JTO and $TIA
• @Landshareio integrates Chainlink oracles
• @cronos_chain launched public zkEVM testnet using zkSync’s ZK Stack
• @Entanglefi announced partnership with Google Cloud
• @kinzafinance unveils roadmap and confirms TGE and airdrop in Q1 2024
• @iota announces their IOTA 2.0 Protocol Upgrade
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*