GM Digest #289 — Geodnet
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Introducing GEODNET
• @GEODNET_ is a DePIN project contributing to the GPS industry by building a massive global network of reference stations using blockchain and token incentives
• Individuals can install GNSS antennas to provide reference points worldwide and earn $GEOD tokens
• These stations improve GPS accuracy by calculating signal differences and issuing correction streams, enabling centimeter-level accuracy for devices within their range
• High-precision location from GEODNET benefits industries like Agriculture, Construction, and Transportation, aiding with automation and autonomous vehicles
Cakepie Updates
• Bribes on @Cakepiexyz_io remains high with $303,000 in bribes allocated across Cakepie bribery market during the last Epoch
• CIP #3 was successfully approved where the proposal will boost the efficacy of CAKE incentives as bribes in high-impact liquidity pools, thus enhancing both utility and volume without increasing overall emissions
• CIP is bullish for locker protocols like Cakepie as emissions that were originally allocated to farms are now allocated as bribes in highly efficient pools
Mode Season 2
• @modenetwork Season 2 has begun and will last until Sep 6
• Season 2 offers 500 million $MODE tokens and up to 1 million $OP tokens as incentives
• New DeFi apps like Velodrome and Balancer will join, along with new assets such as Ethena's USDe and sUSDe
• Users automatically earn points for Airdrop 2 starting May 5th, and can track progress on the Mode Dashboard. Updates to points multipliers for various assets and pools are expected in the next 72 hours
Bedrock Expansion
• @Bedrock_DeFi, a liquid restaking protocol, announces expansion to Bitcoin while successfully closing a strategic round with participation from OKX Ventures, LongHash Ventures, and Comma3 Ventures, among others
• Bedrock will launch liquid Bitcoin staking ($uniBTC) natively on @babylon_chain, with the aim to leverage idle capital in the Bitcoin ecosystem
• Bedrock currently offers ETH liquid restaking, has over $200 million TVL and aims to bring institutional-grade infrastructure to a wider audience through multi-asset restaking
KelpDAO EIGEN Distribution
• @KelpDAO announced their plans on redistributing the $EIGEN airdrop to $KEP holders and Kelp restakers
• All Kelp restakers who have accumulated EigenLayer Points till March q5 will be eligible for $EIGEN in Phase 2 of the distribution
• However, the team has excluded $KEP sellers from Season 1 of the airdrop. Partial $KEP sellers will only have 69.3% of their $KEP balance eligible for allocation in Season 1 while the rest is eligible in Season 2
Karak x Mantle
• @Karak_Network announced their first chain integration with @0xMantle
• Users can now restake mETH and earn 2x Karak XP as well as native staking rewards
GNUS Exploited
• @r0bster97 reported on X that $GNUS has been exploited through their new @axelarnetwork integration
• The exploiter created fake $GNUS tokens on Fantom and bridged those onto mainnet via Axelar. The tokens were then dumped for a 407 ETH
Misc News
• @Juice_Finance announces partnership with @okxweb3. Users will be able to farm via Juice directly from the OKX wallet
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*