GM Digest #186 — Concentric Exploit | Eigenpie is Crazy | Ramen NFT Mint | LBP Mayhem
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Concentric Exploited
• @ConcentricFi “has suffered a severe security breach due to a targeted social engineering attack on one of our team members holding the deployer wallet”
• “Despite having audited vaults, our protocol was vulnerable as these vaults were upgradable. The attacker leveraged this feature to upgrade the vaults, mint new LP tokens, and subsequently drain the vaults of their assets.”
• Over $1.7m (717.5 E) was drained from the vaults
Eigenpie is Crazy
• @Eigenpiexyz_io just unveiled the high-level details on token distribution & Eigenpie Points
• 10% supply reserved for airdrop, 40% to IDO (with 60% of alloc to Eigenpie Points), 35% for community incentives, and 15% to Magpie Treasury
• 2x Multiplier on points if you deposit during the first 15 days that deposit becomes available
• Judging from the modus operandi of the pies, you can accumulate MGP right now and vote-lock stake it for allocation OR wait closer to EGP IDO and burn MGP for some allocations. Burning would likely yield the highest allocation per dollar spent, but ofc you’ll end up losing your MGP
• If you don’t have exposure to Eigen Layer yet, depositing LSTs into Eigenpie is also a great way to earn IDO allocation + Eigen Layer points + Eigenpie Points + ETH yields and restaking yields in the future
Tensor NFT Options
• @tensor_hq launched a new feature called 'Price Lock', allowing users to 'Go Long' or 'Go Short' on NFTs
• Users fund locks to secure the right to buy or sell an NFT at a locked price, with opportunities to earn upfront yield
• Additionally, funding a 'Long' or 'Short' lock provides a chance to win one of four Tensorians in a raffle. The more locks you fund, the higher the chance to win one
• Early access is available now, but you will need a code, which you can easily get by liking and retweeting their announcement post on X
Ramen Finance NFT Mint
• @ramen_finance is kickstarting the funding process with the launch of the Hungrybera NFT collection on Arbitrum on Feb 21
• The collection consists of 7,500 NFTs, 300 of which will be airdropped, and the rest go to priority mint, and the public mint
• Notably, the priority mint involves a lottery, favoring ecosystem NFT holders and Berachain testnet participants
• To participate in Lottery, your best chance is to own at least one of the following Berachain ecosystem NFTs with different multipliers: OG Bears and rebases (6x), Honey Comb (1x), and Baka Bears (2x)
Introducing Synthr
• @synthr_defi's liquidity layer and its architecture enable secure and capital-efficient asset transfers between networks, paving the way for other apps to be built on top
• For example Cross-chain DEX Aggregators leveraging Synthswap's atomic swaps to offer slippage-free, secure cross-chain swaps
• Or, perpetual exchange protocols using SYNTHR's omnichain global debt pool that supports counterparty setups
• Yield-Farming protocols making use of SYNTHR pools and vaults that enable multi-chain yield-generating strategies
Picasso Restaking Going Live
• @Picasso_Network announced that SOL restaking will be going live on January 28
• The initial assets for restaking will be SOL, jitoSOL, mSOL and bSOL with a cap of 50k SOL for the first phase. Additionally, users can form teams and refer friends during this time
• Teams are formed via their Mantis Games NFT collection. When restaking goes live, users will be able to accrue $PICA rewards and the winning team will also get 80% of the bridge revenue
Vector Reserve LBP is Live
• @vectorreserve introduces the novel concept of Liquidity Position Derivatives (LPD) & Superfluid Restaking (Vector is the first protocol to enable Superfluid Restaking)
• The LBP for their native token $INS is currently live on @FjordFoundry and will be live until January 25
• This is extremely hyped and will be even more hyped after TGE due to its positioning as the first Superfluid Restaking + LPD Protocol
Inscribe App LBP Going Live
• @inscribe_app is a cross-chain Marketplace, Automated tool (WebApp & Bot) and Indexer API for inscriptions on every chain (Bitcoin, EVM and Non-EVM)
• The LBP for their native token $INS is will be live soon on @FjordFoundry and will be live until January 26
• $INS token holders will be able to participate in governance and also be entitled to protocol revenue
Misc News
• @CadenceProtocol LBP Public Sale is live
• @movementlabsxyz to integrate @IBCwallet into the Movement Network
• @ProtocolRing launches on Blast testnet
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*