GM Digest #152 — Native Restaking | Overworld Hype | Bunch of Airdrop Plays
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Further Market Retracement
• BTC & ETH have done another 1.5% & 2.4% decline, sitting at $42.3k & $2.18k respectively
• Bitcoin ETF is still around — BlackRock has recently amended its policy around redemptions for its product to include BTC as an option
• BTC as well as the performance of the entire market hinges on the SEC approval of BTC ETF in January 2024. This is very likely to pass given years of delays & rejections
First Native Restaking is Live
• @RenzoProtocol just went live with its native restaking — users don’t need to worry about EigenLayer cap
• Native restaking requires the project to operate an Ethereum Validator node, pointing an Ethereum validator's withdrawal credentials to the EigenLayer smart contracts (much less simple than Liquid restaking)
• Renzo now has about $3m TVL, 2 days after launching mainnet
• Rumor (unsure if true): Native restaking yields more restaked points to users
• The other type of restaking that has yet to emerge is Superfluid restaking where it would allow the restaking of LP tokens (ETH LP, LSD LP) thereby stacking ETH staking + LP + EL yields
Overworld Hype
• @OverworldPlay is an extremely hyped cross-chain multiplayer RPG that recently launched its Genesis PFP collection (WL at 0.15 E and now FP at 2.55 E)
• Overworld is striving to launch the most impactful gaming token of 2024 with $MNCT token airdrop coming next year. Owner of the genesis collection will accrue points (if they don’t list the NFT) and the points will contribute towards the amount of airdrop you can get, owning up to 3 NFTs will get your multiplier for more points
• NFT holders will be eligible to future Overworld NFT collections and will be get to try the Overworld game first when it come out
Beradoge Rebase
• @beradoge gen 2 misoors will get a reserved spot for a rebase collection that will launch on Berachain mainnet at a later date
• The rebase called 'Angry Bidiots' is a result of people being unable to mint Beradoge gen 2 collection 'Mibidiots' because of tech issues during mint
• Once sorted out however, the collection minted out in seconds. Although it was a free mint the NFTs FP on secondary markets currently stands at .3 ETH
• The OG gen one Beradoge NFTs, currently can only be bought OTC and the FP is around 1 ETH
Thoughts: People mainly buy these NFTs because of the $BDOGE airdrop when Berachain launches. $BDOGE is likely to be the main dog meme coin on Berachain. If you want to buy the best place is the Beradoge discord OTC channel
Frame Airdrop
• @frame_xyz, an NFT-focused network, announced its initial funding led by @electriccapital and community members
• They're launching the $FRAME token, which will initially be airdropped to anyone who traded NFTs on Ethereum in the past two years
• Frame, focuses on creator incentives, including network-level royalty enforcement, liquidity freedom, and security priority
• The $FRAME token, initially for governance, will be transfer-locked until later phases and distributed more as users engage on Frame Mainnet launching Jan 31
Thoughts: If you are someone who regularly trades NFTs might be worth checking this out as you will more than likely have a decent amount of $FRAME tokens. You need to sign with your wallet and authorize with X, in order to claim your airdrop
Filament on Injective
• @FilamentFinance, a hybrid perpetual DEX combining an orderbook with an on-chain liquidity pool model, plans to launch on the Injective EVM in Q1 2024
• Injective is chosen for its fast execution, strong user base, resistance to MEV, and high composability, bridging gaps between ecosystems like Cosmos, Ethereum, and Solana
Ondo on Solana
• @OndoFinance is expanding its tokenized U.S. Treasury-backed tokens to the Solana blockchain
• This move allows investors to use these tokens as collateral in DeFi apps on Solana
• This expansion includes yield-generating stablecoin alternative $USDY and a tokenized version of BlackRock's short-term Treasury bond ETF, $OUSG
Stella 4 New Leverage Strats
• @stellaxyz_ launched 4 new leveraged strategies and 1 new lending pool
• ETH/ARB, ETH/USDC, ETH/GMX, ARB/USDC and USDC (Native) lending pool. These are all leveraged Gamma strategies on Camelot Nitro Pools with up to 500%+ APR for 5x Leverage
LayerZero V2
• @LayerZero_Labs introduces V2 aimed to maximizes network throughput and liveness, while making it easier for developers to build
• dApp owners now have complete control over their Security Stack with the ability to choose and combine third-party Decentralized Verifier Networks (DVNs) — off-chain networks of verifiers that come to consensus and attest to the validity of messages
• Being an “Executor” is now fully permissionless and anyone can submit verified transactions directly to blockchains, which can be done on LayerZero Scan
• V2 is currently live on 42 testnets with mainnet aimed to launch in January 2024
Introducing smkUSD
• @PrismaFi introduces smkUSD — a module for the stability pool that introduces rehypothecation and rebalancing that would provide unmatched capital efficiency to stability pool depositors
• Users are now able to deposit mkUSD into the stability pool for smkUSD which allows depositors to secure the Prisma system while providing access to liquidity to be used across DeFi
• smkUSD will automatically rebalance these collateral positions to mkUSD, and deposit it into the stability pool, providing a better experience for SP depositors
MilkyWay is Live
• @milky_way_zone is a liquid staking protocol on Celestia and announced that they are now live
• Users are now able to stake $TIA in return for its LST — milkTIA while being able to earn about 14.7% APR at the moment
Misc News
• @CelestiaOrg announces devs can now deploy an Orbit chain on Arbitrum Sepolia with Celestia as modular DA
• @vertex_protocol integrates @chainlink’s low-latency data streams
• @parallaxfin’s CALM Launch Proposal officially closed and accepted
• @DriftProtocol TVL reaches $85M in anticipation of an airdrop
• @restakefi announced @everstake_pool as their strategic partner and investor****
• @EclipseFND announced that their testnet is live
• @TeamUnibot announced @StargateFinance as their official bridging partner
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*