GM Digest #278 — Depeg Mayhem
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Renzo Depeg
• After the announcement of shitty tokenomics of 60%+ insiders-focused tokenomics, Renzo users rushed to sell ezETH via secondary dex market, thereby depegging the ezETH:ETH
• This depeg drastically impact the demand for ezETH, especially on Leverage Points platform like Pendle, Gearbox, and Airpuff
• Many of Airpuff users’ funds didn’t get liquidated as Airpuff utilize API3 to take the price of the underlying ETH under the contract, instead of the “trading price” from secondary dex
Umami >> Bonsai
• @UmamiDao is transforming into Bonsai DAO due to challenges in valuation and in a bid to bring excitement to the community. Bonsai DAO will oversee Umami and future subDAOs
• New products start under Bonsai DAO, transition to independent subDAOs after proving sustainability. The first subDAO(not counting Umami) should launch in May
• Umami token ($UMAMI) will be exchanged for $BONSAI at a 1:10 rate, increasing token supply but maintaining stakeholders' proportional ownership in the ecosystem
• Bonsai's subDAO strategy brings the following advancements to the table: Airdrops from subDAOs to $BONSAI token holders. Flexible tokenomics tailor each subDAO's token model for market needs. Easier chain expansion and early builders programs aim for broad ecosystem growth. Allows for experimentation in specific segments without jeopardizing stable offerings
Safe Points
• @safe introduces Safe{Pass}, a points campaign that rewards users for participating in the Safe Ecosystem
• Users can earn points through various activities such as making transactions, storing assets, and maintaining weekly activity. These points accumulate throughout the first season, which runs until Sep 30
• Additionally, users can lock their $SAFE tokens to potentially double their earned points, with higher boosts for earlier locks
• This program is active on Ethereum Mainnet, with plans for expansion to other networks later
Dolomite Minerals
• @Dolomite_io Minerals is a new initiative to recognize users who provide liquidity to the Dolomite ecosystem
• Users earn Minerals by depositing $USDC and $ETH to Dolomite, with rates of 1 Mineral per $USDC per week and 5000 Minerals per $ETH per week
• The program offers a Bonus Multiplier based on the duration of assets deposited, rewarding consistent liquidity provision
• Minerals contribute to Dolomite XP and users can compete on the new Minerals leaderboard
Introducing Zentry
• @GuildFiGlobal announced their rebrand to Zentry, the gaming superlayer bringing the MMORPG experience to real life
• The Zentry ecosystem comprises of the underlying blockchain infrastructure bridging Web2 and Web3 data, a suite of consumer apps, a multiversal IP world and a strong treasury. These pillars will push Zentry to become the foundational layer of the play economy
• The team confirmed that there will be a token conversion from the original $GF token into the new $ZENT token in a 1 for 10 split
Metis Announced Phase 2 of Decentralized Sequencer
• @MetisL2 announced that phase 2 of their Decentralized Sequencer Upgrade is now live
• This upgrade activates Sequencer Mining, multiple transactions per block, and a transaction pool and users can start mining via @Artemisfinance and @ENKIProtocol
• These protocols will be the only 2 liquid staking providers for this alpha phase. After the alpha phase, more providers will join to progressively increase demand
Misc News
• @rage_trade announces integration of @dYdX v4
• @CamelotDEX live on the first @Arbitrum Layer 3 - @XAI_GAMES
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*