GM Digest #332 — Ethena Tokenomics | Wasabi | $AZUR
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Ethena Tokenomics
• @ethena_labs is updating $ENA tokenomics and utility within its ecosystem by introducing generalized restaking and reducing $ENA inflation
• Generalized Restaking: $ENA will provide economic security for cross-chain transfers of USDe via LayerZero's DVN system
• Additionally, staked $ENA in Symbiotic will earn high multipliers and points, with pools opening Jun 26
• $ENA will also secure various DeFi apps and infrastructure on the upcoming Ethena Chain, such as AMMs, DEXs, and money markets
• When it comes to vesting the biggest change is that from Jun 17, 50% of airdropped $ENA must be locked in specified options to prevent redistribution of unvested $ENA
Wasabi Raise
• @wasabi_protocol, a platform for leveraged trading of memecoins and NFTs, raised $3 million in a seed round led by @ElectricCapital. Other investors include Alliance, Memeland, Spencer Ventures, and Luca Netz (Pudgy Penguins CEO)
• Wasabi provides asset-backed leveraged trading for "long tail assets" (2-3x leverage for exotic assets, up to 10x for ETH and USDB)
• Whats unique about Wasabi is that their on-chain perpetual futures are backed with actual assets, eliminating counterparty risk
• Currently available on Ethereum and Blast, with most activity taking place on Blast
Linea Surge Volt 2
• The Surge Volt 2 on @LineaBuild starts now, and it introduces updates to the LXP-L scoring system
• Stablecoin Boost: Enhanced rewards for stablecoin liquidity providers (LPs) to increase stablecoin liquidity on Linea
• Decrease in LXP-L: The total LXP-L rewards decrease by 10%, rewarding early adopters more
• Decrease in Early Adopter Modifier: The EA Modifier boost reduces from 1.5x to 1.3x
• The Surge will run for six Volts or until $3 billion in network TVL is reached, whichever comes first
AZUR TGE
• @azuroprotocol is the infra and liquidity layer for on-chain predictions and the team announced that their token, $AZUR will be launching this week
• The $AZUR token will be used for governance, predictions in $AZUR providing 0 odds-spread, the SuperCombo Game allowing users to stand a chance to win the Jackpot in $AZUR, the Azuro Ecosystem Rewards V2 with dynamic bribing and staking via the Azuro Zero Emissions Model (ZEM)
• The starting price of $AZUR is $0.075 ($11.4m MCap at Launch) which is the lowest valuation which funds were raised privately in the past 18 months. Launch will be on Ethereum mainnet Uni V3 pools and will have a circulating supply of 15.2% upon TGE
Introducing Alloy
• @Alloy_tether introduces Alloy by Tether as the first Tethered Asset
• Tethered Assets are digital assets that aim to track the reference price of another asset through different stabilisation mechanisms. Alloy by Tether, aUSD is over-collateralized by XAU and its price stability is maintained through supply/demand dynamics on secondary markets
• Alloy is an open platform allowing anyone to create different Tethered Assets potentially including yield-bearing products
Misc News
• @ether_fi announces partnership with @symbioticfi. Users can mint weETHs, and the vault will automatically deploy once Symbiots caps are raised
• @swellnetworkio’s Swell L2 now accepts $swETH and $stETH restaked on @symbioticfi. You can earn Symbiotic points while also earning Swell season 2 points and several other airdrops from projects like @brahmafi, @ambient_finance and @ionprotocol
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*