GM Digest #247 — Sunday Read | Blackwing | ERC-314
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Sunday Read — Liquid ReStaking Risk & Consideration
• @eigenlayer recent article highlights the Risk & Consideration of Restaking & LRTs with Financialization of LRTs & Lack of Liquidity
• Financialization of LRTs — Defi LRTs, engaging in “looping” or recursive borrowing strategies. Price depeg of specific LRTs can lead to losses & liquidation
• Lack of Liquidity — EigenLayer takes 1 week for users to withdraw from the system. LRTs offer secondary DEX liquidity that allows people to swap out anytime. Do be careful because these DEX liquidity could be thin, thereby impacting user positions with high slippage
• Full article HERE
Introducing Blackwing
• @blackwing_fi introduces a modular blockchain enabling liquidation-free leverage trading for long tail assets through Limitless Pools
• It leverages recent advancements in modular infrastructure and uses @InitiaFDN as a base to allow users to trade assets from any chain
• Limitless Pools are a new concept in Blackwing's margin trading. They work by converting LP positions into Domains, resembling option strategies, ensuring the LP position can be recreated regardless of the asset's price
• Blackwing recently raised $4.5m seed round led by @hashed_official & @GumiCryptos
• Additionally, they have an airdrop campaign going on where users who deposit USDC or WETH will receive Blackwing points and Initia XP
Simplify's ERC-314
• @Simplify_ERC314 introduces ERC-314, a new standard that simplifies token transactions and significantly reduces gas fees on Ethereum
• ERC-314 eliminates the need for WETH, DEXs, and transaction approvals, making transactions more efficient
• Developers can utilize ERC-314 by directly depositing liquidity into smart contracts, bypassing the need for DEX liquidity pools
• ERC-314 transactions are about half the cost of standard swaps initially and up to four times cheaper thereafter
• To trade ERC-314 tokens, users can send ETH to the contract address to receive tokens, or vice versa. An integrated swap feature is also available
• Note: ERC-314 is experimental, charting services may not support it initially, and Telegram scanner bots may not recognize it
Munchables Lockdrop
• @munchables is a GameFi project on Blast, centered around cute alien creatures (NFTs). Play by acquiring Munchables through minting or buying on market and feeding them schnibbles
• Lock ETH or USDB in the lockdrop to participate and earn schnibbles for Munchables' evolution
• Locking funds for the lockdrop yields Blast native yield, a free mint of a munchable, schnibbles, and points
• Schnibbles are essential food for evolving Munchables, obtained through lockdrop participation
• Users gain extra points by caring for Munchables, participating in community events, and achieving milestones
• The Munchables lockdrop went live on Mar 22 and they already have over $45M in TVL
Blast Gold Distribution
• @Blast_L2 announced that thy have distributed 10m Blast Gold to Big Bang winners and Mainnet DApps. Active users on Blast mainnet have also been given 1 Gold
• Blast Gold will be used to promote Dapp development by enabling Dapps to reward users with Gold through the Blast Points API with Gold being distributed to a wide range of Dapps, and different distributions for each Dapp
• Currently only Dapps receive Gold but there will be distributions to holders of Blast native assets in the future
Polygon zkEVM Outage
• @0xPolygon’s zkEVM stopped producing blocks since March 23 530am EDT, showing unscheduled maintenance on Polygonscan
• The Polygon team addressed this on X saying that there was a sequencer issue due to an L1 reorg. Only Polygon zkEVM is impacted and this issue does not impact Polygon PoS, Polygon CDK, or any chain that has deployed using Polygon CDK
Hercules DEX Launch
• @TheHerculesDEX is a DEX on Metis and they announced the launch details scheduled for March 25
• From March 25 to 29, the Alpha Pools will be open and users can LP $METIS, WETH, artMETIS and stables to earn whitelist spots during the TORCH public sale on April 5 to 6. These Genesis Pools will be open on April 1 to 7
• Additionally from March 25 to April 2, there will be a Launchpad Blitz for partner projects to be launched on the Hercules Launchpad. Users who wish to participate will not require xTORCH (as TORCH is not live yet) but each project will have their own participation Whitelist
Misc News
• @Dolomite_io closes $900k strategic investment round for creators, KOLs and angel investors
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*