GM Digest #346 — Contango | CVX Rush | MetaPlex Buyback
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Contango Airdrop
• The @Contango_xyz token launch is approaching (likely in the next few weeks), and early users will receive an airdrop of $oTANGO tokens
• Points holders will get $oTANGO based on their accumulated points, with 1 point equating to 3 $oTANGO
• At least 12% of the total $TANGO supply is reserved for this airdrop. $oTANGO allows users to buy $TANGO at a discount. The conversion rate ensures early users get a significant portion of $TANGO supply
• The redemption mechanism for $oTANGO will be available on Arbitrum after smart contract audits and liquidity pool seeding
Convergence CVXRush
• @Convergence_fi is launching the #CVXRush campaign, allowing users to mint $cvgCVX with $CVX and earn $veCVG and $mgCVG
• Until 1,000,000 $CVX is converted, participants can claim a locked $CVG position allocated to governance ($veCVG) and metagovernance ($mgCVG) tokens
• $veCVG lets stakers direct $CVG emissions, while $mgCVG restores some voting power over converted $CVX
• The amount of $CVG earned depends on the $cvgCVX total supply, encouraging early participation. Joining #CVXRush is optional, and unconverted $CVX won't count towards the reward calculation
Metaplex Buyback
• The @metaplex DAO has used 50% of the Metaplex Protocol’s May fees (4,490 SOL) and a portion of historical fees (5,510 SOL) to purchase 3.8 million $MPLX in June
• Their plan is to use 50% of historical and monthly fees to buy $MPLX for the DAO continously. In June, the Protocol generated 8,735 SOL in fees
Introducing DeFi Money
• @defidotmoney is an autonomous stablecoin protocol leveraging L2 technology and proprietary innovations to enhance scalability, security and UX
• It supports less liquid assets as collateral through optimized gas costs and arbitrage incentives, ensuring profitable trades and higher loan-to-value ratios
• The protocol features infinite interest rate queries for scalability, stable oracles for efficient collateral liquidation, and chain-agnostic capabilities for seamless cross-chain functionality
• Additionally, it offers advanced UX with inborn flashloans and zaps for easy leverage and automation, and market hooks for flexible on-chain actions
Methamorphosis Season 1 Live
• @0xMantle announced that Season 1 of Methamorphosis is now live
• Starting from July 1 and for 100 days, users will begin accruing Powder daily across their mETH positions. The accrued Powder will then be convertible to $COOK - the future governance token for Mantle LSP
• mETH, cmETH holders and Season 1 Partner dApps will be able to earn Powder. Partners and Powder rates may be updated periodically during the season. Additionally, 200M $COOK tokens will also be allocated to the Mantle Rewards Station, where users can lock $MNT for $COOK rewards startinbg July 10
Introducing the Moca Network
• @Moca_Network introduced the Moca Network ahead of their token launch in July
• The Moca Network aims to bring full interoperability by onboarding a cohort of 60+ partners and 20 strategic partners (TBA) to build the largest interoperable consumer network
• The team plans to onboard more users via key culture verticals such as gaming, sports, IP, music and more
Misc News
• @well3official $WELL token claim set for Jul 3 at 09:30 UTC. Listing at 10:00 UTC
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*