GM Digest #160 — ETH & L2s Moon | Merkle Trade v2
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
ETH & L2s Moon
• ETH has increased by more than 9% during the past 24hr, kicking off the rest of the ETH & L2s ecosystem
• The move finally comes after weeks of outperformance by $SOL & $BTC, the capital rotation has finally rotated from shitcoins & memecoins to actual Defi dApps with proper use cases
• $ARB & $OP have both moved 27% & 22% respectively — ARB altcoins in particular have pumped massively, especially ones with lagging price (vs its fundamental) e.g. $VKA 60%+, $RAM 100%+ (last 3d),
Merkle Trade V2
• @Merkle_Trade V2 is a gamified omnichain perp DEX that just released new RPG-like features and mechanics for a more engaging trading experience
• Along with V2 release they announced 'Trading Seasons', each one lasting 4 weeks. At the end of each season, levels are halved, and $MKL rewards, determined by pMKL points earned during the season, are distributed
• Additionally, users can now open previously acquired loot boxes, as well as new ones instantly. These boxes contain items and points beneficial for trading
• Each box contains Shards and has a chance to include gear (Mining Tool, Helmet, Suit). Gear becomes soulbound upon equipping and has durability that depletes over time but can be repaired using Shards
• Items obtained from loot boxes can be equipped to boost XP, enhance pMKL mining, and reduce trading fees
• Traders earn pMKL through activities, convertible to $MKL tokens at season's end. $MKL tokens will become a governance and value accrual tool post-TGE, including 30% of collected trading fees
• Merkle Trade also has plans to introduce the Merkle Marketplace for gear exchange and further incentivize liquidity providers
IntentX Update
• @IntentX_ is undergoing a major update to V0.82 contracts, aiming to enhance its decentralized trading system with new features
• The migration from V0.80 to V0.82 contracts is set for Dec 26 to Jan 5. Users with existing open positions will need to migrate their trades from the old to the new system manually
• Funding rates will be implemented to adjust the PnL of open positions depending on the contract skew
• The platform is shifting from USDbC to native USDC as the collateral asset, aligning with the availability of Circle-issued USDC on Base L2
• The fee structure will change from 0.04% to 0.06% combined open and close fee to balance competitive pricing with revenue generation for the protocol
• A force close function will be implemented shortly after the migration, allowing users to exit positions via a neutral third party in case of disruptions
• The update is expected to set the stage for significant scaling in 2024, including the introduction of new solvers, more open interest, reduced spreads/fees, and multi-chain deployment
Camelot x XAI
• @CamelotDEX is partnering with @XAI_GAMES to deploy on their Layer 3 Arbitrum Orbit chain
• This move aims to enhance Camelot's position within the Arbitrum ecosystem and support the expansion of Arbitrum through Orbit chains
• XAI GAMES is designed as a Layer 3 solution specifically for AAA gaming
• Camelot will list the $XAI token on Arbitrum One shortly and subsequently deploy the Camelot protocol on the XAI chain. This deployment is intended to improve trading of in-game assets and tokens within the XAI gaming ecosystem
Tonka Finance Fair Launch
• @tonkafinance is conducting a Fair Launch allocating 50% of its total token supply (500 million $TOKA tokens) for public participation
• The launch aims to raise $2.5 million USD at a total valuation of $5 million. Participants can contribute using ETH or Bitcoin and will receive $TOKA tokens via an airdrop
• The launch consists of three rounds, each with an equal token allocation and cap. The amount of airdrop tokens participants will receive is proportional to their contribution relative to the total donation pool
• Airdrop distribution begins on Dec 30, with additional reward airdrops available for eligible participants
Yeti Finance Winding Down
• @YetiFinance announced that they will be winding down due to challenges posed by the drop in protocol TVL and revenue
• $YETI holders will be allowed to redeem 90% of the treasury which includes the AVAX portion of the protocol owned liquidity
• Additionally, the interest rates for outstanding loans are to be increased over a 3 month period to encourage withdrawals
Dolomite Introduces vARB
• @Dolomite_io introduces vote enabled ARB (vARB) which allows users to deposit ARB as collateral while also use it to participate in Arbitrum voting
• vARB is distinguished from ARB whereas ARB can be lent, borrowed and used as collateral while vARB can be used as collateral and voting in Arbitrum governance
• Users can convert their ARB to vARB and then delegate votes to delegates of their choice
HyperliquidX 50% fee discount for CEX Traders
• CEX traders get 50% off fees for your first $50M volume on @HyperliquidX
• Fees become 0.012% taker and 0.002% maker rebate - the cheapest place to trade perps. All you need is an email to start trading
• How to: Send a screenshot of your withdrawal from a CEX to Hyperliquid via twitter DM. If you do at least $1M volume by January 2, 50% of your trading fees will be refunded directly to your Hyperliquid account by January 5
• More details HERE
Misc News
• @ArkhamIntel says Donald Trump has been selling the ETH he earned through royalties
• @lemiscate shares thoughts on Aave being deployed on Neon
• @worldcoin ID verifications launched in Singapore
• @BendDAO introduces lending and bridge for the Bitcoin ecosystem
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*