GM Digest #252 — Fjord $FJO | Prisma Exploit | Genesis 15x
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Fjord $FJO & Fjord on Solana
• @FjordFoundry $FJO token is coming on April 16 @ 3pm UTC
• Obviously, $FJO will be launched via an LBP, giving everyone a good chance to acquire $FJO
• 7.5% of token supply allocated towards the LBP — Fjord won’t ever be token-gated. At least 90% of profits generated from all products to repurchase $FJO from the open market through a series of repurchasing programs such as TWAP orders; tokens bought will be burned, deflating supply over time
• More utilities will be announced a week after TGE. Some of these includes (not limited to), staking to grow your ownership of the platform, partnered projects airdrop their tokens to $FJO
• In term of Airdrop — 1.5% of the airdrop to users of Copper Launch and Fjord Foundry’s V1. 2.5% of the airdrop to users of Fjord Foundry’s V2
• Fjord has also recently announced adding LBP support for Solana with a bag of new features and launch types
Prisma Exploited for $11M
• @peckshield reported Prisma getting exploited with losses estimated to be around $11M
• The team has yet to announce a post-mortem to what happened but @LiquityProtocol, the protocol whose code Prisma has forked from is unaffected by the exploit
Unstable $2.5M Raise
• @Unstable_money protocol raises $2.5M to advance Liquid Restaking Token Finance (LRTfi) by leveraging liquid staking and restaking tokens for innovative yield strategies
• The protocol plans to use the funding to develop zkOracles and serve as a leverage layer for staked and restaked Ether
• It aims to enable borrowing against (re)staked ETH and interoperability with Layer-2 blockchains through a partnership with Axelar
• Powered by zkSNARK-based validation, the protocol seeks to enhance DeFi utility for LRTfi, with its testnet launching soon
Smilee x Kodiak
• @SmileeFinance and @KodiakFi team up to introduce automated liquidity management vaults with impermanent loss protection and leveraged trading for both protocols and users
• This partnership enables protocols to customize their liquidity strategies, while users benefit from automated liquidity providing and extreme leverage trading without liquidations
• The integration aims to enhance capital efficiency and ease of use for DeFi participants on Berachain
Arcana x Linea
• @ArcanaNetwork partners with @LineaBuild to enhance Web3 user experience (UX) by focusing on rapid transactions, low fees, and secure onboarding
• Through this collaboration, they aim to streamline user authentication for gamers, making entry into Web3 games frictionless
• Additionally, Arcana supports Linea Park, a virtual world aimed at making Web3 accessible
• Arcana offers products like Auth SDK, Gasless, and SendIt to boost Web3 UX and has raised $4.5M so far. Their native token XAR is set to launch in April 2024
Limitless x Gains Network
• @LimitlessFi_ partners with @GainsNetwork_io to introduce limitless trading of $GNS tokens on Arbitrum
• Users can leverage long $GNS on Limitless without facing liquidation, counterparty, or oracle risks
• Rewards are offered for participating in the campaign, including LMT points, lootbox rewards, and Discord roles
• Limitless is a liquidation-free perps platform on Arbitrum, providing a safer and more stable trading experience for users
GenesisLRT 15x Points
• @Genesis_LRT launched 15x multipliers on its Genesis Gems
• Users can deposit their ETH Here to earn 4% APY from ETH, EigenLayer Points, and 15x Genesis Gems rewards
• LPs are live on @Uniswap, @CurveFinance, and @AuraFinance
Ethena Labs $290k Exploit on Binance Launchpool
• @ethena_labs has been exploited for 480 BNB tokens worth $290,000 on the Binance launch pool for farming
• The vulnerability behind the attack is still unknown
Misc News
• @Dolomite_io launches @GMX_IO $GM pools as collateral
• @LybraFinance announced the launch of our new OTC market for eUSD & peUSD to deepen liquidity & ensure peg stability
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*