GM Digest #377 — Further Drawdown
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Entire Market Sea of Red
• BTC & ETH went down to $61,470 and $2,975 due to the weak job report that came out yesterday in the US.
• The S&P 500 sank 1.8% for its first back-to-back losses of at least 1% since April. The Dow Jones Industrial Average dropped 610 points, or 1.5%, and the Nasdaq composite fell 2.4% as a sell-off for stocks whipped all the way around the world back to Wall Street
• July’s surprisingly low estimated employment gains of 114,000 and the surprisingly high 4.3% jobless rate painted a picture of a significantly weaker job market and raised some fears of a pending recession
Morpho Raises $50M
• @MorphoLabs, a money market protocol, has successfully raised $50M in a strategic funding round led by Ribbit Capital
• The funding was secured through a private token sale, though Morpho has not disclosed its valuation based on this recent capital influx
• Morpho's previous funding effort in 2022 brought in $18M
Allora x PancakeSwap
• The @AlloraNetwork x @PancakeSwap points program has been launched to reward community members participating in PancakeSwap's AI-powered prediction market on Arbitrum
• Participants predict ETH prices every 10 minutes, either aligning with or against the AI's forecasts
• The points program runs from Jul 25 to Augt 25, offering a 30-day window for users to earn points through on-chain and off-chain activities
• For on-chain participation, 200 points are allocated per round of predictions, distributed based on the prediction volume. Correct predictions earn an additional 25% bonus. Early participants who made predictions before July 25 also receive retroactive points
• Allora's AI-powered ETH prediction market works by integrating workers, reputers, and consumers. Workers provide predictions, reputers evaluate accuracy, and consumers acquire these predictions
Pichi Raise
• @PichiFinance raised $2.5 million in seed funding led by UOB Venture Management, Signum Capital, and Mantle Network
• The funds will help Pichi Finance target new points programs, create yield-earning vaults, and expand to other EVM chains
• Pichi Finance is the first trustless points trading protocol, allowing users to trade points from protocols like EigenLayer, Ether.Fi, and HyperLiquid before and after TGE using the ERC-6551 standard. This standard enhances NFT functionality by adding smart contract capabilities, enabling points to be traded securely and transparently
Creditcoin x Credefi
• @Creditcoin and @credefi_finance have formed a strategic partnership to enhance global access to real-world assets
• Credefi, which facilitates debt financing in the EU, is integrating with Creditcoin, an EVM-compatible blockchain known for its RWA infrastructure in emerging markets
• Credefi recently launched NFT Bonds and NFT Default Swaps to tokenize and trade corporate bonds and create a secondary market for asset-backed lending
MOE Tokenomics V1.5
• @MerchantMoe_xyz announced that they will be revamping $MOE tokenomics
• The tokenomics changes will be as follows:
⇢ Reduction in $MOE emissions
⇢ Closing down V1 farms to optimize $MOE emissions
⇢ Protocol fees for key Liquidity Book Pools will be managed dynamically to increase the value capture for $MOE staking
⇢ Changing the current protocol model from ‘buy and distribute $mETH’ to ‘buy and distribute $MOE’
• The team plans to roll out these tokenomics changes in August
Misc News
• @defi_sunio introduced SUN DAO, a platform aimed to achieve genuine community autonomy and open collaboration
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*