GM Digest #348 — Market Down Bad (Halp)
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
BTC & ETH Down Very Very Bad
• Bitcoin fell under $58,000 while Ethereum fell to $3,100 level (4.2% and 4.8% respectively over the past 24 hour)
• The recent decline in price of the entire market can be attributable to the Mt Gox BTC payout fear, which is 142,000 BTC worth $9 billion
SYNO Summer
• @synonymfinance is a multi-chain lending platform that simplifies cross-chain lending, borrowing, supporting Ethereum, Arbitrum, Optimism, Base, Scroll, and soon Solana
• To celebrate "SYNO Summer", over $1,000,000 in $SYNO, $ARB, and $W tokens will be distributed over 10 weeks based on a points system called Synonym BIPS
• BIPS, the points driving Synonym's incentives, are earned through actions like depositing and borrowing. Users with higher BIPS receive more rewards, with distribution happening bi-weekly
• Asset multipliers and specific actions like locking WETH-SYNO Balancer LP Tokens further boost BIPS earnings
• SYNO Summer runs until Aug 28, offering users multiple strategies to maximize rewards, including depositing ETH on one chain, borrowing USDC on another, and engaging with various dApps
PrimeStaked x YieldNest
• @OriginProtocol is partnering with @YieldNestFi to integrate primeETH with YieldNest’s ynLSD, offering significant incentives for PrimeStaked users
• Users holding primeXP and those migrating to ynLSD will receive allocations of YieldNest’s governance token, $YND, starting in Q3 2024
• YieldNest aims to reward the Origin community by allocating at least 60% of $YND supply across multiple seasons, with an initial allocation exceeding 15% of total $YND supply
• Prime XP holders will receive a pro-rata share of YND based on accrued primeETH XP. Users who migrate to ynLSD will qualify for future airdrops and receive a 5% Seeds Boost
• Migrating 5 primeETH will also mint a YieldNest Pioneer NFT, providing a permanent 15% Seeds Boost and early governance access
• Additionally, $xOGN holders will get up to 2.5% of $YND supply at TGE, rewarding their contribution to YieldNest’s TVL. The migration process is nearing completion
Burrow v2
• @burrow_finance, a DeFi protocol on the NEAR blockchain, released its V2 update with new features to boost functionality
• Burrow V2 introduces margin trading for leveraged positions and allows Liquidity Provider (LP) tokens to be used as collateral
• Burrow's native asset is $BRRR, and they are developing cross-chain functionalities through Chain Abstraction
• $BRRR holders can stake their tokens in the $BRRR staking program, receiving $xBRRR tokens in return. The longer they stake, the more $xBRRR they receive
• Staking $BRRR provides boosted rewards for supplying and borrowing on Burrow, and $xBRRR holders can participate in DAO governance. Staking periods range from 30 to 90 days
Etherfi Cash Card Pre-Orders Live
• @ether_fi announced that the pre-order for their cash cards are now live
• There will be 4 types of cards for users to order
⇢ Pepe card: This card has an annual fee of 0.01 ETH. Users will be rewarded with 10 points for every dollar spent and will enjoy a lending rate of the Aave market rate + 5%
⇢ Wojack card: This card has an annual fee of 0.1 ETH. Users will be rewarded with 80 points for every dollar spent and will enjoy a lending rate of the Aave market rate + 3%
⇢ Chad card: This card has an annual fee of 1 ETH. Users will be rewarded with 100 points for every dollar spent and will enjoy a lending rate of the Aave market rate + 2%. Additionally, users will receive a swag pack and free crypto conference passes
⇢ Whale card: This card has a one-off fee for 10ETH or users can opt for an annual fee of 1 ETH. Users will be rewarded with 150 points for every dollar spent and will enjoy a lending rate of the Aave market rate only. Additionally, users will receive a swag pack, free crypto conference passes and gain access and allocation on selected seed stage investment deals
Netmind Q3 Roadmap
• @NetmindAi announced their Q3 roadmap unveiling more product features, upgrades and launches
• Firstly, the team will be enhancing Netmind Power’s Inference Platform with a payment API and automated deployment of user-customised models allowing for a better user experience
• The team will also be launching a computing power solution for AI startups featuring inference and open-source model solutions. There is also the Netmind Programme to provide computing power support to selected AI startups
• Lastly, the team introduced a no-code fine-tuning module that allows users to fine-tune open-source large models based on their own data and needs
Misc News
• @LayerZero_Labs is live on Galxe’s @GravityChain
• @Uniswap deploys on ZKsync
• Morpho Blue by @MorphoLabs has been integrated into @veda_labs’ Native Yield stack
• @symbioticfi announced that they have increased their caps
• @ClearpoolFin announced that they have launched on Base
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*