GM Digest #182 — Further Dumps | Kelp Bonus Miles | Particle | Clone
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Further Market Dumps
• BTC & ETH falls to $41k & $2.4k, declining 10.8% & 5.6% respectively in the past 7 days
• According to the Block, “GBTC investors — who over the past year had been buying the fund's shares at a significant discount to net asset value to position for the eventual ETF conversion — "have been taking full profit post-ETF conversion by exiting the bitcoin space entirely rather than shifting to cheaper spot bitcoin ETFs”
• “There could be an additional $1.5 billion still to exit the bitcoin space via profit-taking on GBTC, thus putting further pressure on bitcoin prices over the coming weeks”
KelpDAO Bonus Miles
• @KelpDAO announced a new 'Kelp Miles' bonus campaign for new stakers
• EigenLayer's LST caps will be open once again from Jan 29 to Feb 2. Two LSTs, $ETHx and $sfrxETH, are available for deposits
• Users who restake with Kelp, starting on Jan 18, will receive a bonus of 100,000 Kelp Miles for each $rsETH minted until Feb 2
• This bonus applies to $ETHx and $sfrxETH. Existing users with boosted Kelp Miles from Dec 12, 2023, will retain the boost until March 31
• Kelp is the Top Liquid Restaking Protocol right now with over $166m (67k ETH) deposited on the platform for restaking. Kelp is run by the Stader Lab’s team
Particle Trade on Blast
• @particle_trade will be deployed on the Blast blockchain and is participating in the 'Big Bang Competition' under the Perp Dex category
• If Particle wins, the entire Developer Airdrop will be allocated to the community. The 'Big Bang Competition' runs until February 16
• @particle_trade, a protocol focused on leverage trading, has secured seed funding led by @polychain, with participation from Nascent, Inflection, Neon DAO, and several notable KOLs
People's Marketplace
• @ParticleNtwrk announced that ‘The People’s Inscription Marketplace’ is launching on Ally.build platform on Jan 18
• $ALLY, initially minted on the Linea Network, will be tradable on this marketplace. The marketplace will calculate floor values dynamically based on supply and demand
• $ALLY is an ORC-20 Inscription under the Omnichain standard, which means is accessible beyond the Linea network. It has a fully diluted value of $3M, and there are 21B Inscriptions
• Upcoming features and collaborations within The People’s Alliance are teased for future releases
• Particle Network is the Intent-Centric, Modular Access Layer of Web3: Built with Particle Network's Modular Smart Wallet-as-a-Service, Confidential zkStack, Omnichain Account Abstraction & Intent Fusion Protocol
• The vision is to accelerate the world's transition into the cryptoverse. Using our powerful SDKs, developers can focus on creating great app experiences rather than the heavy lifting
Clone Protocol Mainnet
• @CloneProtocol is a market for 'cloned' assets on Solana
• Clone Protocol aims to catalyze Solana's expansion by introducing the Comet Liquidity System for capital mobilization
• Another focus is to promote token diversity through liquid spot markets for assets from other blockchains, and drive user growth by integrating tokens from other chains
• Private mainnet is expected to launch on Feb 1
Conflux Launching Bitcoin L2
• @Conflux_Network announced that they will be launching an EVM-compatible Bitcoin Layer 2
• Users will now be able to bridge assets from Bitcoin onto the L2 effortlessly
• The L2’s PoS consensus protocol will incorporate BTC staking and will be using BTC as the native currency for gas fees
Morpho Labs x BackedFi
• @MorphoLabs announced a new lending market for @BackedFi wblB01 on Morpho Blue
• The wblB01 market will unlock new use cases as collateral, ranging from generating high yield by leveraging wbIB01 to short-term cash management
• @SteakhouseFi’s will be using this new market to lend against both crypto-native and RWA collateral
Misc News
• @wasabi_protocol airdrop season 2 is live
• @UmamiDao announces their new GM vaults have passed @GuardianAudits
• @MetaMask introduces validator staking. With a 32 ETH deposit, they run your very own validator node
• @Saros_Finance spot listings on Bybit and Kucoin
• @OndoFoundation listed on Kucoin, Coinbase, HTX, Gate and Bybit
• Binance launched the USDⓈ-M WIF Perpetual Contract
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*