GM Digest #173 — SEC Hacked | Nostra | Taopad
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
SEC X Account Got Hacked
• Somebody hacked into SEC account and posted that the BTC ETF got approved. The post was then taken down in 20 mins
• The SEC’s false Bitcoin ETF announcement resulted from a SIM swap attack — The SEC didn’t have 2FA authentication enabled, resulting in the hacker getting access to the account
Introducing Citadel
• @Citadel_Finance is an OlympusDAO inspired protocol on Arbitrum. It aims to create a sustainable economic system using its token, $CIT, backed by a treasury
• Citadel combines taxation with OlympusDAO's treasury distribution and bonding system. It imposes protocol taxes on actions like buying and selling $CIT, with the revenue used to fund the treasury and provide real yield to stakers
• The taxation revenue replaces the bonding mechanism used by Olympus, aiming for sustainable development of the treasury without devaluing the token
• The protocol seeks to create a cycle where high yield leads to more demand, increasing volume and treasury growth, which in turn provides more yield and demand
TsunamiX Points
• @TsunamiFinance_ is a new trading platform on Mantle mainnet
• Users can swap and trade margin spot with zero percent price impact and access up to 50x leverage
• Also, you can earn points by trading on the platform, and climb up a leaderboard to win Mantle Network’s $MNT rewards and TsunamiX incentives
• Alternatively, you can provide liquidity to receive TsunamiX LP tokens (TLP), which earn fees from trading activities plus additional points
• Liquidity providers also earn Mantle Journey Miles as part of a collaboration with Mantle Journey
• On a side note, by being active in their Discord channel you can win roles that will potentially grant you a whitelist spot for the upcoming NFT mints
Introducing Nostra
• @nostrafinance, a money market on Starknet, introduces a unique approach to asset tokenization by converting different asset types into ERC-20 tokens
• The protocol tokenizes assets into four different ERC-20 tokens, catering to various investor needs, from cautious to risk-taking
• Nostra iToken-c: Interest-bearing tokens used as collateral while lending out to others
• Nostra Token-c: Tokens used as collateral without lending, offering liquidity
• Nostra iToken: Focused on earning interest, without being used as collateral
• Nostra Token: Basic tokens that neither earn interest nor are used as collateral
• This tokenization encourages the usage of “DeFi legos” by allowing users to utilize these tokens in various ways
Osmosis Introduces Staking V1
• @osmosiszone introduces Staking V1 where users can now stake assets directly on Osmosis
• Instead of using 3rd party apps such as Keplr and Leap wallet, users can now stake their assets on the Osmosis page itself. Users can stake assets, collect rewards and delegate or redelegate
• V1 will begin with $OSMO staking and will introduce multichain staking in the future
Introducing Ondo Points
• @OndoFoundation introduced the Ondo Points program to reward community members and increase awareness of products in the Ondo Ecosystem
• Users can earn points by participating in the community and DAO to using Ondo products and services. These opportunities to earn points are grouped into 3 campaigns:
⇢ Campaign 1: Wasted Stablecoin Interest Competition. Every wallet that held uninvested $USDC or $USDT between the launch of $OUSG (January 26, 2023) and the end of 2023 will be eligible to earn points. Points must be claimed by March 31
⇢ Campaign 2: Ondo Community. New community members who join Ondo’s community channels are able to earn points as well. Participants can confirm their participation on Galaxe to earn points. Additionally, CoinList purchasers who claim their $ONDO tokens by March 31 will earn more points according to their stakes
⇢ Campaign 3: Ondo Ecosystem. Participants in the Ondo Ecosystem will be rewarded through participating in DAO Governance, lending stablecoins on @FluxDeFi, holding and minting USDY and to use Ondo assets across DeFi
Introducing Clearpool Credit Vaults
• @ClearpoolFin announced its latest Credit Vaults launching on chain soon
• Credit Vaults are open-ended single-borrower pools that empower borrowers to set their own parameters, enabling them to customize interest rates, repayment schedules, pool caps, and more. Borrowers can modify these parameters within predefined rules, offering a wide range of repayment options to suit their needs
• For borrowers, they are able to set their own parameters including interest rates, repayment schedules and KYC requirements giving them control and customization options which would attract new lenders and borrowers
Re-Introducing TaoPad
• @TaoPadX is a protocol introducing a novel rewards mechanism, leveraging a collection of miners and validator nodes to reward its holders with wTAO
• $TPAD has a 5/5 trading tax which is used to fund the ecosystem of miners, validators, and support the operation. 1% of the tax is distributed towards $TPAD holders
• Taopad recently announced the integration with LayerZero. Wrapped TPAD can now be bridged to Arbitrum to LP for juicy APR on Arbitrum
• A launchpad for the Bittensor Network with part of the revenue (10% rev share) flowing back to $TPAD holders will be coming at the end of the month — The launchpad will aim towards bringing more decentralized AI projects to light
• $TPAD is currently trading around recent highs and is currently $8m MC. As we’ve seen with the recent run of $TAO price, $TPAD is a great way of getting exposure to the decentralized AI narrative and invest in early stage $TAO projects
• Disclaimer that I’m currently advising & supporting the team by Introducing Taopad to the community
Misc News
• @rage_trade V2 reaches $10M in volume
• @SatoshiVM — a ZK Rollup L2 on Bitcoin is in its testing phase
• @AltitudeFi_ Raised $4m from Tioga Capital, New Form Capital, GSR, G1, UDHC, Flow Ventures, Owl Ventures, Soft Holdings and Metavision. Altitude is a decentralized protocol on Ethereum that optimizes collateralised lending, ensuring both the lowest possible cost of borrowing as well as generating yield from users’ dormant collateral
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*