GM Digest #249 — Numa | TaoTrade | GMD Ecosystem Sunsetting
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Introducing Numa
• @numamoney is a RWA platform on Arbitrum. It mints synthetic assets collateralized on-chain
• $NUMA tokens are burned to mint equivalent nu money synthetics like $nuUSD and $nuBTC
• The Numa model includes a vault that mints $NUMA tokens by depositing rETH, providing benefits like backing NUMA with rETH, and offering sustainable yield for single-stakers
• Users can mint NUMA by depositing rETH into the vault with a 5% fee or burn NUMA to withdraw rETH with a 5% fee
• $NUMA is the utility token for the numa protocol. Supply adjusts based on the burn and mint mechanism. Exiting $NUMA positions involves selling tokens or burning them to withdraw rETH from the vault
• Numa protocol combines proof-of-reserves and arbitrage for price pegging. It ensures transparent reserves visible on-chain. Users can see the dollar value compared to circulating synthetics, while arbitrageurs can profit from price differences between oracle and market prices
Tusima Power
• @TusimaNetwork Galactic Campaign offers rewards for depositing assets to mine $TSM tokens. A total of 500,000,000 $TSM, 5% of total token supply will be distributed
• Users need to deposit assets on Tusima Network's website to accumulate power for mining. Supported assets include $ETH, $USDT and $TRIAS, and you can bridge them to Tusima from Eth mainnet, Arbitrum, BNB chain and Polygon
• Campaign starts on Mar 22 and will run until Apr 30. Withdrawals enabled after mainnet launch (expected mid-May 2024)
• Power calculation considers deposit value, duration, and successful referrals. Reward distribution will begin after mainnet launch and $TSM issuance
• Tusima is a privacy layer 2 that integrates Web3.0 with real-world business (RWBs) to enhance commerce by leveraging decentralized networks. It aims to reduce costs, broaden funding options, and facilitate credit finance
Introducing TaoTrade
• @TaoPadX announced their second presale, @TaoTradeX. TaoTrade is a a platform focused on leveraged derivatives for the TAO ecosystem, in addition to other top tokens
• TaoTrade will be deployed on Arbitrum and users will be able to set up the suite of products tailored for trading, yield farming and holders will earn rewards accrued from vault creation, trades, and how liquidity moves through the system
• 20% of the total supply will be allocated to $TPAD holders to purchase
Echelon Live on Aptos
• @EchelonMarket is a Move based money market and the team announced that Echelon is now live on @Aptos mainnet
• Users will now be able to start lending and borrowing on the Echelon Market DApp
• Additionally, v1 features over-collateralized positions with price feeds powered by @PythNetwork
Introducing Notional V3
• @NotionalFinance is a DeFi lending protocol on Ethereum and Arbitrum and the team announced that V3 is now live on Mainnet
• Deposits are now live and users can deposit USDC, USDT, ETH and rETH into the LPs to earn yield from interest and $NOTE incentives. Additionally, there is lending/borrowing on variable and fixed rate on a range of assets such as stablecoins, LSTs, $FRAX and wBTC
• V3 also offers leveraged liquidity strategies to maximize yield with more strategies in the future utilizing @Balancer / @AuraFinance and @CurveFinance / @ConvexFinance
GMD Ecosystem is Winding Down
• @GMDprotocol announced in its Discord group that “due to runway issues, our team at GMD Protocol has decided to sunset all operations except for our GMX V2 vaults”
• This situation arose after the GMX V1 vaults suffered significant losses during a BTC market rally, where users betting on long positions against GLP (the liquidity pool) won
• Although the team attempted to hedge these losses with leveraged long positions, the gains were insufficient to cover the losses, forcing the use of the entire treasury to allow user withdrawals
• As a result, the team has been operating without proper funding for the past two months, impacting development across the board. To mitigate this, the GMD team has decided to allocate the profits from the successful GMX V2 vaults—amounting to around 100k total profits—towards liquidity for GMD pairs and facilitating exits for investors within a $3-8 range. However, users from V1 vaults will only be able to withdraw 70% of their investments through a special UI created for trading in their V1 positions. Additional measures include buybacks for GBOT at $10-14
• Despite these challenges, the team will continue maintaining the profitable V2 vaults for those interested in parking their assets to earn interest. The GMD ecosystem has distributed over $3.8 million back to its stakers. The message ends with an apology for the unfortunate outcomes and mistakes made, along with a commitment to maintain the V2 vaults as long as there is demand.
Misc News
• @CantoPublic proposal 169 passed lowering the gas costs by over 90%
• You can now win @munchables on @insrtapp
• @KelpDAO native restaking with is now live on @Blast_L2
• @OrderlyNetwork announced, “The Road to The Order” which is a gamified campaign where traders earn “Merits” to compete for Orderly’s airdrop
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*