GM Digest #270 — Arbitrum BOLD
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Arbitrum Bold
• @OffchainLabs launches Arbitrum BOLD on testnet, enhancing dispute resolution for optimistic rollups. BOLD ensures safe and permissionless validation, increasing decentralization
• Permissionless validation in Arbitrum, facilitated by BOLD, enables anyone to verify or challenge withdrawals from Arbitrum to Ethereum, enhancing network security and decentralization
• The testnet allows the community to deploy BOLD validators and validate its effectiveness. Deployment on Arbitrum Sepolia is expected after community testing and voting
• BOLD could advance Arbitrum's journey by addressing the State Validation wedge in L2 Beat's risk analysis pie chart, moving Arbitrum closer to a stage 2 rollup. Currently, fraud proofs rely on 14 WHITELISTED actors to prove incorrect states
Introducing Magnify
• @MagnifyCash is a permissionless and non-custodial NFT credit market on Base allowing lending in any currency against any collateral
• By supporting universal collateral acceptance and lending currency, Magnify offers benefits like minimized gas fees, automated lending, and flexible loan terms for both lenders and borrowers
• They have just launched their incentivized open beta campaign, so you have a chance to get in early and start farming this one
Manta LRT Boost
• The @MantaNetwork Foundation is proposing to release 3 million $MANTA tokens to boost LRT adoption on Manta Pacific
• This supports the Restaking Paradigm campaign and future LRT initiatives, aiming to enhance on-chain participation, capital efficiency, and long-term alignment with Manta Network's objectives
• Rewards will be distributed based on milestones tied to Total Value Locked (TVL), with up to 2 million tokens allocated for Restaking Paradigm milestones
• Moving forward, the Manta Foundation plans to enhance rewards, explore growth opportunities, and align incentives with long-term goals. More LRT options and yield-bearing stablecoin projects will join
• The proposal is live on the Manta Governance Forums pending approval
Grand Base Exploited
• @grandbase_fi team reported on X that their contract has been exploited and the $GB LP has been drained
• The team is currently working with partners and CEXs to freeze any hacker funds
• The team urged users to stop interacting with the contract and for LPs to remove liquidity
STEPN x Adidas
• @Stepnofficial announced their partnership with @adidas and @altsbyadidas to revolutionise the lifestyle app ecosystem, and bring global adoption to @fslweb3
• This partnership includes 1,000 co-branded Genesis Sneaker NFTs on @solana and exclusive perks for holders
• The Genesis Sneakers will be raffled on their marketplace and priority access will be given to Adidas and FSL communities with the first day only accessible through an allowlist including:
⇢ @altsbyadidas NFT holders
⇢ STEPN: OG & Genesis holders, and owners of “Effective Mover 6” Badge
⇢ MOOAR: Membership level 5 and above
⇢ Gas Hero: Badge or Genesis Holders
⇢ The Raffle will be open to the public on April 18
• Snapshot has been taken and allowlists will need to set up their account with their STEPN email before April 16
Misc News
• @alignedlayer raises $2.6M in seed round led by @Lemniscap
• @YieldNestFi, a liquid restaking protocol completed a successful $5.2M round
• @HyperliquidX announced that 4,462,258 points have been distributed to 11.5k closed alpha users for activity before October 31, 2023
• @SolanaStatus recommends MainnetBeta validators to use the v1.17.31 release to help alleviate the ongoing congestion on the Solana Network
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*