GM Digest #310 — Master Protocol, The Pendle of Bitcoin?
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
MYSO Token IOO
• @MysoFinance will launch their token $MYT via Initial Open Offering (IOO). A new token distribution method designed to drive protocol adoption and fair token distribution
• The IOO allows users to pledge collateral and receive MYSO tokens with the option to return the tokens and reclaim their collateral if the token underperforms
• The first IOO will distribute $MYT using the MYSO protocol. Users pledge collateral (LSTs or stablecoins) to farm MYSO token call options. They can keep the $MYT or return it to reclaim their collateral
• If $MYT value exceeds collateral at expiry, users keep $MYT and forfeit collateral. If $MYT value is less, users return $MYT and reclaim collateral
• IOO Starts May 22, 3:00 PM UTC and ends May 27, 3:00 PM UTC. Loans expire 14 days after inception
• Initial valuation at $22 million FDV, same as institutional investors, increasing with volume. Token Distribution: 2.5% of total MYT (2,500,000 MYT) available. Minimum per address is 1,000 MYT, maximum is 50,000 MYT
• MYSO is a lending protocol enabling loans with any ERC20 token and supporting various on-chain financial strategies
Introducing Master Protocol
• @MasterProtocol_ aims to enhance the Bitcoin ecosystem through its BTCFi platform, offering products like the Master Yield Platform, Master Liquid Staking Solution, and Master Liquid Restaking Solution
• The Master Yield Platform, launching its testnet in June, will provide real yield by converting yield-bearing Bitcoin assets into tradable tokens (MSY, MPT, and MYT) similar to Pendle
• The platform also supports a liquid staking protocol on @BotanixLabs' SpiderChain and plans to aggregate assets from various L2 protocols
• The LSDFi platform is set to launch in June, along with the Yield Pass NFT series. Yield Pass holders will earn platform commissions and points for trading and referrals, which can be exchanged for rewards. The rollout will include a Free Mint
Solana IBC Live
• @Picasso_Network’s Solana IBC, a trust-minimized connection linking Solana with Cosmos, Ethereum, and Polkadot, is now live on app.picasso.network
• Along with that the $PICA token is also live on Solana, with initial liquidity for the $PICA / $SOL pool provided on Orca
• Solana IBC's launch marks the first AVS on Picasso's restaking hub. Restaking and IBC are live, with future AVS onboarding expected
• No fees for transactions to Solana for the first week; $10 fee for transactions from Solana. After the first week, a $10 fee in the transferred token will apply for transactions to Solana
Racer Hints at Leaving Base
• @friendtech founder Racer publicly announced that he was looking to leave the Base ecosystem
• Racer said that the main reason for this is due to the team and Racer’s relationship being rocky
• Jesse Pollack acknowledged that Friend.tech's team had felt "isolated and disconnected" from certain parts of the Base and Ethereum ecosystems but will support whatever path Racer chooses
• The price of $FRIEND has fell around 20% since then and is not trading just below $1
Ethena Season 2 Updates
• @ethena_labs posted updates for their Season 2 campaign
• The team firstly clarified that a minimum of 15% of ENA’s supply has been allocated to the points program distributions. This may be increased up to 20% subject to growth in USDe and subject to governance. The Sats Campaign will end on September 2 or when the USDe supply hits 5b, whichever earlier. There is now also a Sats Campaign calculator where users will be able to input assumptions into a high-level calculator tool, experimenting with inputs for example engagements with ecosystem integrations and impact on the sats they can expect to receive
• Other updates include integrations with Curve, Infinex, Karak and Bouncebit, Bybit USDe integration on their UTA trading accounts and new CEX USDe integrations
Misc News
• @IntentX_ public ICO is live on Mantle
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*