GM Digest #256 — ENA Szn 2 | Fjord Tokenomics | eesee Mainnet
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Market Retracements
• BTC & ETH have fallen below $67k level and $3.4k level respectively with many altcoins undergoing market correction
• According to Coindesk, “The U.S. factory activity unexpectedly expanded in March, data released Monday showed, sending the dollar index higher”
• A stronger dollar makes dollar-denominated assets like bitcoin and gold expensive, potentially leading to lower demand. The probability of Fed rate cut in June has now decreased to 50%
Ethena Season 2
• @ethena_labs launches Season 2: The Sats Campaign, coinciding with the $ENA airdrop
• The campaign replaces "Shards" with "Sats" to celebrate onboarding BTC as a backing asset
• This move significantly increases Ethena's open interest and presents a substantial yield opportunity
• The campaign aims to support Ethena's growth by running for 5 months or until USDe supply reaches $5bn
• Season 2 of Ethena also boosts rewards by 20% for users who held Season 1 positions, as well as introducing new partnerships
• Increased caps on Morpho with Maker increasing liquidity significantly, offering 20x sats on USDe collateral and 5x sats on sUSDe collateral
• Additional Pendle Pools. Existing USDe Pendle pool reopens with a 100m cap, and two more pools will be launched in collaboration with Pendle during Season 2
Fjord Tokenomics
• @FjordFoundry is launching its $FJO token via an LBP from Apr 16 to Apr 18, offering 7.5% of the token supply
• The LBP will start with 99% $FJO and 1% WETH, transitioning to 10% $FJO and 90% WETH by the end. Following the LBP, a Token Generation Event (TGE) will occur, with 100% of tokens unlocked for LBP buyers, and a liquidity pool established on Uniswap using funds raised from the LBP
• Fjord's $FJO token won't be used to gate sales, but instead aims to deliver value through fee generation. With over $7.5 million generated in revenue since the V2 launch, the platform plans to use 90% of profits to repurchase $FJO tokens from the market, which will be burned to reduce supply
• New use cases like staking and potential airdrops are in the pipeline with staking allowing holders to grow protocol ownership. Buyback and burn mechanisms will evolve to allocate funds for both burns and staking rewards
• The $FJO token supply starts at 15%, increasing to 30% after six months. Tokens from seed rounds are unlocked over 18 months. Additionally, 4% of supply is reserved for an airdrop for V1 and V2 users
eesee Mainnet Live
• The @eesee_io Mainnet is now live on Blast after concluding a successful testing period
• eesee is a gamified liquidity solution and marketplace for digital assets and tokens, backed by Animoca Brands
• In eesee, users list NFTs as lots with entry prices and ticket quantities. Buyers purchase tickets for a chance to win the NFT. When the raffle is complete, a winner is randomly chosen, allowing the seller to sell their asset at the full price while the buyer obtains the item for a fraction of its value
• Testnet contributors are rewarded with points transferred to Mainnet at a 1/1 ratio. Mainnet rewards depend on earned points, which users can farm by trading on eesee after launch. Points earned by April 9th will be converted into tokens before listing on exchanges
Arbitrum Grants Phase 3
• @arbitrum announced that they are moving to Phase 3. Phase 2 will come to an end and the application for Phase 2 will be closing on April 3
• Phase 3 will continue to focus on dApps but also introduce Grant Tracks to have a more standardized approach to wards awarding grants. Each grant will have specific goals and amounts allocated to increase the transparency and fairness of the grants process
• Phase 3 opens on April 15 and builders can start applying from then up till the end of June 2024
Term Labs x Lido Finance
• @term_labs announced @LidoFinance’s support for isolated fixed-rate lending markets on Term Labs
• Beginning in April, Lido's Liquidity Observation Lab (LOL) will boost wstETH markets on Term starting with Term's USDC / wstETH pairs. Users can now lend at secured fixed rates while earning extra rewards
• Users who wishes to participate can just place their offers to lend USDC against wstETH and decide the minimum interest rate that they’re comfortable with. After the auction, the most efficient rates will be determined and any offers below that rate will secure the rate for the loan term. Successful lenders will be awarded incentives
dYdX Introduces Liquidity Vaults
• @dYdX announced that LP Vaults will be coming soon to boost the liquidity of all markets on protocols utilizing the dydX Chain software
• The team announced that these LP Vaults will most likely be deployed on the dYdX Chain open sourc software in phases. Phase 1 will be an experimental version of LP Vaults deployed at a protocol level with no front end and only support deposits. Phase 2 will allow for withdrawals and front-end functionality
Misc News
• @IntentX_ sets an ATH monthly volume with $530M traded in March
• @AuraFinance officially launched on @avax mainnet. @Balancer LPs can now earn boosted rewards
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*