GM Digest #312 — Aggregation
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Stripchain Raise
• @Stripchain has raised $10 million from investors including Sora Ventures and Shima Capital to simplify the blockchain user experience
• The goal is to enable users to perform on-chain transactions without needing to understand the specifics of different networks. Stripchain aims to achieve this through "chain abstraction”
• The protocol allows developers to create commands that facilitate data transfers between blockchains, focusing on the transaction layer with a proof of authority system
• Currently in private beta, Stripchain's testnet will launch in the coming months
Pichi Open for LRT, USDe, ENA
• @PichiFinance (previously Michi Wallet) is an ERC-6551 token bound account wallet — inside, NFTs act as sub-wallets / sub-accounts underneath. What users can do with this is to move their asset to Pichi and in the future, users can sell the points that are under this wallet directly to the buyers (think of this like Whales Market but more efficient)
• Marketplace is not live yet but Pichi is gearing up with more deposit asset type allowed on the wallet (LRT, USDe, ENA)
Hyperliquid L1 Season
• @HyperliquidX starts its L1 Season today — 700,000 points will be distributed weekly for 4 months. The first snapshot will be for May 29-June 4
• Points criteria will be updated on a recurring basis. Distributions will be based on weekly activity ending Wednesdays at 00:00 UTC and take place on Fridays. There will be 1:5 affiliate points matching. Affiliates will need to reapply
• 2,000,000 points per week will be distributed for activity from May 1-28
The Morpho Stack
• @MorphoLabs’ lending protocol introduces an aggregated architecture that blends the benefits of both monolithic and modular systems
• Morpho uses primitive markets as its core building blocks, which are simple, ungoverned, and reusable, unlike modular pools that fragment liquidity. These primitive markets allow diverse risk profiles to be created without liquidity fragmentation
• Morpho Blue is the core layer, enabling permissionless market creation. On top of this, modular layers like MetaMorpho provide customizable lending vaults, and the Public Allocator increases borrowing liquidity
• This layered approach allows specific use cases to be addressed individually, enhancing UX while maintaining aggregated liquidity
Introducing MONEY
• @defidotmoney introduces $MONEY, a USD-based stablecoin designed to be cross-chain and user-friendly
• It is a licensed refactor of $crvUSD with improvements such as broader collateral options, simplified user experience, and enhanced automatic rebalancing of collateral for stability
• The protocol is natively interoperable with any EVM, allowing seamless movement and locking of $MONEY across chains. This aims to overcome issues like liquidity fragmentation, inefficiency, and rigidity in the stablecoin landscape
• $MONEY leverages Curve's LLAMMA for better loan-to-value ratios and softer liquidations
Introducing ENS V2
• @ensdomains introduces ENS V2, the next generation of ENS where they propose to extend the ENS protocol to a Layer 2 network
• ENS v2 will allow users to enjoy lower gas costs along with faster txn speeds for .eth name management, employ a hierarchical registry system allowing users to have more control over the ownership of their names, and improved multi-chain interoperability where users’ .eth names will smoothly integrate across various blockchains
• ENS Labs have brought this proposal forward to the ENS DAO for feedback from the community
Maple Finance Introduces SyrupFi
• @maplefinance introduces @syrupfi, a new protocol unlocking institutional yield combining the strength and security of Maple’s renowned lending infrastructure with the flexibility and inclusivity of DeFi
• Users can deposit USDC into the Syrup protocol in exchange for syrupUSDC to begin earning yield. Yields generated are sourced from secured loans to large crypto institutions, fully collateralized with crypto assets
• Additionally, there is a Drips Reward System where users’ user engagement will be converted into rewards. Participants will earn Drips for depositing USDC into Syrup, with additional reward boosts for locking their deposits for up to 6 months. At launch, Syrup will target 15% yields in USDC with additional yield provided from Drips
• The team also confirmed that there will be a $SYRUP token and $MPL holders will be able to migrate to the $SYRUP token on a one for one basis while maintaining the total token supply. Drips will be converted to $SYRUP upon launch
Misc News
• @lyrafinance to deploy on @swellnetworkio L2
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*