GM Digest #287 — $EIGEN Update
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Blast Jackpot
• @Blast_L2 introduces a new way for Blast token and NFT holders to earn Gold
• All Blast token and NFT holders can participate by adding up to 8 Blast tokens or NFTs to their "Deck" to be eligible for the Jackpot
• Every block, there's a chance for the Jackpot to be hit, rewarding Gold to holders with winning assets in their deck
• The starting Jackpot is 1,000,000 Gold, increasing over time until it is hit. Then the gold is distributed to all who have the asses in their deck, the share depends on the size you hold
LayerZero Sybil Solution
• @LayerZero_Labs aims to distribute tokens to real users, defined as those likely to continue using the protocol. They also stated that detecting sybil activity is crucial for a healthy distribution
• According to LayerZero sybil activity includes industrial farming, creating "valueless" NFTs for chain movement, using known sybil farming apps, or frivolous chain bridging
• All sybil users have 14 days to self-report, getting 15% of their intended allocation. If not reported, Phase 1 will list sybil users, receiving nothing. Phase 2 offers bounties for reporting sybil activity, rewarding bounty hunters with 10% of the sybil's intended allocation
Uniswap x RobinHood
• Users of the Uniswap mobile app in the US can now buy crypto using Robinhood Connect
• Uniswap's mobile app offers a secure self-custody wallet, and Robinhood Connect joins other fiat onramp providers like Coinbase Pay and Moonpay
• Robinhood offers $10 of USDC to users who buy at least $10 of crypto via Robinhood Connect for the first time
EIGEN Stakedrop Updates
• @eigenfoundation announced some updates regarding their $EIGEN stakedrop. Firstly, the team announced that 100 more $EIGEN will be distributed to eligible restakers
• The team also clarified some terms regarding the the transferability of the $EIGEN token as well as investors and teams lockups. The $EIGEN token will only be transferrable on September 30 after new features are live and decentralization is achieved. The team also clarified that investor and team tokens remain fully vested for one year after $EIGEN is transferrable which is on September 30 2024. After that 1 year, $EIGEN will be begin unlocking at 4% a month
• The team also assured testnet users that missed testnet user allocations will be updated as part of Phase 2 of Season 1
Sturdy Subnet Live on Bittensor Mainnet
• @SturdyFinance announced that their Sturdy Subnet is now live on Bittensor mainnet. The subnet will be responsible for allocating >$10m across lending pools in partnership with @swellnetworkio, @redactedcartel, @RenzoProtocol, @KelpDAO and more
• Sturdy is a modular lending protocol allowing projects to permissionlessly create lending markets for their projects. The protocol uses a 2 tier architecture to isolate risk without fragmenting liquidity. Sturdy's base layer consists of isolated lending pairs, each of which has a single lending asset and a single collateral asset
• Built on top are aggregators which has whitelisted pairs from the base layer. These aggregators distribute assets among whitelisted pairs where users can deposit to aggregators that fit their risk/reward profile enabling them to determine exactly which collateral assets they’re exposed to without suffering from liquidity fragmentation
• The allocation of assets among lending pairs are all determined via the miners who compete to develop the best asset allocation algorithm. Validators will rank each algorithm's allocation based on the yield it produces
Misc News
• @stripe integrates @avax allowing for for easy onboarding of users
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*