GM Digest #369 — Endgame is Coming
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Endgame Launch Season
• @MakerDAO's Endgame, approved in August 2022, is set for a summer 2024 launch
• Phase 1 will introduce major features, including a new brand, new tokens (NewStable and NewGovToken), and a new website
• Users can upgrade $Dai and $MKR to the new tokens, with $MKR redenominating 1:24000
• Additionally, NewGovToken will have a Sealed Activation mechanism, encouraging long-term governance participation with rewards and an Exit Fee for unsealing
• NewBridge comes next, connecting tokens from Ethereum to major L2s, followed by the launch of Spark SubDAO
• Holders who ‘activate’ NewGovToken will be earning $SPK tokens (no exit fee, unlike Sealed Activation)
Magnify Launch
• @MagnifyCash are launched their DeFi protocol and its $MAG token through a fair launch on Jul 23
• The platform enables permissionless lending and borrowing for ERC-20 tokens against RWAs, FYTs, and other digital assets, including NFTs
• Key features include universal collateral acceptance, enhanced liquidity options, and advanced risk management without oracles
• Currently live on Base Testnet, it will soon launch on Base and Ethereum Mainnets. The $MAG token sale runs until Jul 27 on Fjord
Bunni v2
• @bunni_xyz v2 testnet is live, offering automated, customizable, and programmable liquidity management for DEXes
• Built on Uniswap v4, Bunni v2 offers increased swap volume and cross-chain trading, and it also It introduces a flexible, shapeshifting liquidity model
• The platform also uses the am-AMM mechanism to optimize fee revenue and recapture LVR losses
• Additionally, Bunni v2 partners with Gearbox and Morpho to allow LPs to earn extra yield from idle assets
• Finally, the platform has rebranded from Timeless to Bunni
Velocore Liquidating Treasury
• @velocorexyz announced that they will be liquidating their treasury on zkSyncEra and Linea to compensate victims for the latest hack
• The liquidation will be calculated in the same way as the previous $ZK airdrop snapshot, including Linea, to calculate each user’s snapshot value. The value of all LPs was calculated based on their USDC equivalent price at the time of the snapshot. The value of the treasury for both chains are approximately $266k USDC which is 4% of the hacked ETH and USDC value excluding native tokens. Including the zkSync airdrop portion, the treasury will be worth about 10% of the hacked amount
• The treasury will be distributed in a 95:5 ratio with 95% for LP victims and 5% for $VC, $LVC related holders
Solend to Save
• @solendprotocol announced that they have rebranded to Save, Solana’s permissionless savings account. With this rebrand, the team also announced 3 new products: SUSD, saveSOL and @dumpydotfun
• SUSD is a decentralized stablecoin protocol that allows 0% interest borrowing against SOL and saveSOL is a liquid staking token for SOL
• dumpydotfun is a platform for shorting memecoins. Users who wishes to short memecoins have to choose a coin, the leverage and short the coin
Maple Finance x Jito
• @maplefinance announced their partnership with @jito_sol
• This partnership will give Maple and @syrupfi access to Jito’s MEV rewards and unlocks an additional yield source for lenders
Spectra Exploit
• @spectra_finance announced that the Spectra App has been disabled and router contracts terminated following a coordinated attack on users' interactions with the app
• The team assures that the core protocol contracts are not affected and the funds inside them are safe
Misc News
• @ethena_labs integrates with @Scroll_ZKP, USDe available on Scroll L2
• @lista_dao announced changes to their tokenomics
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*