GM Digest #39

Good Morning with Valuable Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril

BUSD on Binance at ATL

• $BUSD’s supply continues to shrink and BUSD trading pairs now only make up 6% of Binance volume monthly in August. It was as high as 38% in January this year.

• @Paxos stopped minting BUSD in February this year and Binance has started to shift to TUSD, a US dollar stablecoin issued by @Archblock_. Binance slow migration out of USDT continues and Paxos has started working with more regulated entities like @PayPal

Overnight USD+

• Users can mint $USD+ using USDC and passively earn from delta-neutral strategies generating 5-15% APY

• They have attracted $7M in TVL on @buildonbase and have $20M in TVL across multiple L2s. They look poise to be one of the largest stablecoin yield generating vaults on L2 and TGE coming soon

• @overnight_fi is an asset management protocol offering low-risk passive yield products on L2

IRS Proposed New Crypto Tax Rules

• US Treasury Dpt.’s newly proposed rules would require brokers and exchanges to report crypto sales on their platform and provide their users with reports of their transactions

• This could require neutral entities such as wallet software providers and DeFi protocols to collect and report user information

Altitude is Live

• Altitude has raised $380k from public sale and its LP pools are now live on @traderjoe_xyz and @CamelotDEX

• @AltitudeDeFi is a composable asset bridge, and one of the first dApp’s built on LayerZero, a cross-chain communication infrastructure

• $ALTD PA shows range-bound price movements between $0.17 - $0.19. $ALTD Average LBP Participants are currently under water since they got $ALTD for $0.3 per token.

Thoughts: Key Selling Point of $ALTD is due to its status as the “Native LayerZero Bridge”. Sees a lot of Shills/Hype by KOLs pre-LBP launch. Now it’s pretty much quiet, I’m gonna be avoiding this for now.

Standard is Live

• The Standard $EUROs & $TST are now listed on Camelot with trading and liquidity incentives live

• $EUROs-$USDC Pair offer 450% APR in Nitro Pools Rewards + Trading Fees APR. Caution that you have to lock up your LP for certain duration to be eligible for Nitro Pools Rewards

• @thestandard_io is a CDP that allows minting for several currencies, starting with $EUROs. Users can mint up to 91% LTV.

• Not much volume on $TST — there has been only 9 txns since it listed

Thoughts: Possibly not a good speculative play on $TST given how low activity & low demand this is. $EUROs-$USDC could be a good farming play if $EUROs pegs stabilize — For now, I’d personally just monitor it given how new it is + I’m biased against the way they’ve done their docs & socials

Friend Tech Flipflopping

• @friendtech plan to penalize users who use FT forks and copies by opting them out of earning Points and forfeit the existing earned Points

• 6 Hours after the initial post, the team backtracked their statements and apologized for it

Thoughts: FT Activity continues to slow down and users are exploring FT forks and beta plays that offer much better UI/UX.

I’m still quite bullish on FT due to them being the First Mover in this new segment + They were able to initially acquire a lot of Creators & Fans during the first 3 weeks. The platform itself feels slightly faster and less laggy

Mantle Treasury Assets Proposal

• @0xMantle EC Proposal in accordance with MIP-25, proposes

⇢ $160m in Liquidity Support for Dapps

⇢ $60m in Seed Liquidity for RWA-backed Stables

⇢ $18m in Liquidity Support for External Bridges

• Over $238m to help early projects on Mantle bootstrap their liquidity. Since over $60m will be allocated to RWA-backed Stables, it’ll attract builders to build one of the largest RWA ecosystems right on Mantle

Connect Newsly with Binance Account

• @Newslybot has been executing trades through Bybit since launch. It has now expanded to Binance, allowing users to execute news trade on Binance directly on Telegram

• $NEWS has been retracing -50% from ATH of $0.78 to $0.36. Currently trading at $3.6M MCap — Could be a potential dip-buying opportunity

Thoughts: Buying 50-60% retracement on coins with a unique product & good hype tend to perform well in the current market (2-3x). Newsly is the first TG trading bot that allows users to quickly ape into coins based on news announcement

Thales Market on Base

• Thales Markets & Speed Markets are now available on Base with allowing users to bet Up & Down on Crypto Prices

• Overtime Markets (Web3 Sportsbook), $THALES Liquidity on Base, and Staking/Voting will come next

• @thalesmarket is peer-to-peer parimutuel markets (Betting on what goes up or down in any time frame — days or hours)

Thoughts: Potential play on $THALES on Base when liquidity is seeded. Base season has slowed down quite a bit and we’ll likely see more proper solid projects launching. Even though Thales is not a Base Native project.

Degen Section

• @aerodromefi platform is live but $AERO isn’t live yet. $AERO Liquidity Launch will be on Aug 31, 00:00 UTC

• $LIM has sharply retraced -60% from ATH yesterday. $LINQ PA remains solid — LINQ Forks with Low MCap like $LIM could still run. Potential short-term 2-3x here buying the 50-60% dip

• $BB also saw -40% retracement from ATH yesterday. Azuro Dashboard & More Partnerships coming within 1-2 weeks. Strong Support level at $1.94 and current price is at $2, another potential good dip-buying opportunity

Refer to GM Digest #38 for Contract Addresses of the Picks Above

*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*