GM Digest #390 — Pendle for NFTs
Good Morning with Valuable Alpha / News
MetaStreet is The Pendle for Airdrop & NFT
• @metastreetxyz introduces Airdrop Pass which unlocks NFT value thru tokenized yield so the users can trade future airdrop yields and/or buy discounted NFTs & more
• Airdrop Pass transforms NFTs into 2 dynamic, tradable tokens → Airdrop Pass (AP) & Discounted Pass (DP)
• AP represents something like YT for Pendle → Leverage exposure to the potential yield or airdrop of an NFT collection. Instead of buying 1 NFT for airdrop, you can buy multiple AP tokens, multiplying yield without for less than the cost of owning one NFT
• DP represents something like PT for Pendle → Buy NFT collection at a discount, foregoing the potential yield from future airdrops
• Personally still not sure how % APR is priced, and whether AP & DP follows the same pricing mechanism as Pendle YT & PT. Will give you guys an update if I get a response from the team on this
Nudge Introduces Re:Allocation Primitive
• @nudgexyz — Re:allocation is an economic crypto primitive that steers the flow of cryptographic goods with programmable incentives known as Nudges
• According to a statement to Cointelegraph, “Users can extract a substantial amount of this value by getting paid or ‘Nudged’ by protocols to re: allocate those scarce goods onchain”
• “One significant use case is asset nudging, where users can earn rewards by reallocating their holdings— stablecoins, memecoins, or governance tokens — between competing ecosystems,”
• Other uses include “liquidity nudging,” where users enhance returns by reallocating staked Ether (stETH) or liquidity to the highest bidder, and “activity nudging,” where protocols pay users to redirect engagement
Introducing lpETH
• @lpETHxyz is a new DeFi platform that unifies liquidity for staked and restaked ETH into a single pool, solving fragmentation issues in staking
• It allows users to instantly swap ETH staking tokens (LSTs/LRTs) for ETH with a small fee, avoiding withdrawal queues
• The pool only holds ETH and serves as a central clearinghouse for these tokens
• Liquidity providers can earn bribes, and LST protocols offering better bribes can reduce user fees
• This setup aims to enhance liquidity, incentivize participation, and revive the competitive "Curve wars" among LPs
NetSepio x peaq
• @NetSepio has joined the @peaqnetwork ecosystem to decentralize VPN and Wi-Fi services using Web3 technology
• Unlike traditional VPNs that may collect and resell user data, NetSepio's Erebrus network offers secure, private browsing by rewarding users for sharing bandwidth and ensuring privacy through zk proofs
• The service operates on NFT subscriptions, allowing pseudonymous crypto payments
• NetSepio will integrate with peaq for identity management, smart contract deployment, and network status reporting
Introducing SPN
• The @SquadsProtocol’s Squads Policy Network (SPN) is a new decentralized network on Solana aimed at enhancing the functionality and security of smart accounts
• It enables detailed transaction policies, ensuring advanced security and flexibility for digital asset management
• SPN acts as a conditional signer, approving transactions only if they align with user-defined policies, covering areas such as security, compliance, and automation
• Additionally, SPN is simulating and verifying transactions to prevent hacks and unauthorized actions. It also enforces compliance by incorporating regulations like KYC and sanctions checks
• Next on their roadmap is integration with Jito (Re)staking
Introducing Geist
• @aavegotchi introduced Geist, a new L3 built with Arbitrum Orbit and uses Base for settlement. They will also be using Alchemy as their roll up partner
• Geist aims to solve the issue of bots by having an open network where membership is limited by design. This approach mitigates Sybil farmers which in turn benefits real users. Member rewards will come from airdrops, giveaways, exclusive events etc.
• To be a member, users have to get invited. Currently, Aavegotchi NFT holders and users with good on chain history will be receiving invites
Misc News
• Private space firm SERA taps Base for NFT drop that could bring a holder to space