FTX Paying Back $16bn to Creditors in Stablecoins
• Repayment Proposal: FTX has proposed a plan to repay creditors with an estimated amount ranging from $14.5 to $16.3 billion, aiming to distribute these funds starting in Q4 2024. This plan includes options for creditors to receive their repayments in either cash or crypto, reflecting the value at the time of FTX's bankruptcy.
• Market Speculation: There's significant discussion on X about the potential impact of this large-scale repayment on the market. Many speculate that the influx of cash back into the market could lead to increased investment, potentially causing a fresh bid in the majors & alts
• Legal and Creditor Dynamics: The SEC has shown reservations about using stablecoins for repayments, which might lead to legal challenges. Meanwhile, creditors, particularly those with smaller claims, are expected to receive up to 118% of their claims, including interest, showcasing an effort to compensate for the time value of money lost during the bankruptcy process.
Eigenpie TGE
• @Eigenpiexyz_io is launching its $EGP token via an IDO on the Magpie Launchpad, with a $3M FDV and 3.4 million $EGP tokens available
• The launch includes a Priority Access Program for early supporters, with different categories, including Eigenpie Season 1 Points Holders, vlMGP Holders, and MGP & vlMGP Burners
• The IDO proceeds will be allocated to development and operations (30%), liquidity and market making (50%), marketing and business development (10%), and auditing (10%)
• Eigenpie, a SubDAO of Magpie, focuses on restaking ETH LSTs via EigenLayer, allowing users to earn rewards without a lockup period
GoldLink Farming on Avalanche
• @goldlinkfinance has expanded its GMX Funding Rate Farming strategy to @avax
• This strategy allows users to earn yield through funding rate arbitrage with up to 4x leverage while remaining delta-neutral
• The protocol uses a prime brokerage model for undercollateralized lending, with tools for lenders to assess risk
• Initially, the rollout on Avalanche will have a $1M TVL cap, with plans to gradually increase capacity
Bedrock x Ignition x Mantle
• @Bedrock_DeFi, @FBTC_official, and @0xMantle have partnered to offer a campaign with triple rewards, including Bedrock Diamonds, Sparks, and $MNT tokens
• The event runs from Sep 2 to Sep 13, with a total rewards pool of 100,000 Bedrock Diamonds, 500,000 Sparks, and 20,000 $MNT, plus a 2x Diamonds boost
• Participants can earn rewards by completing interaction tasks (swapping tokens on Ignition and minting uniBTC on Bedrock)
• Rewards are distributed based on participation, with a separate lottery for social media engagement
Nectar Raise
• @TryNectarAI, a generative AI platform, has raised $3.9M in a seed round to build immersive AI companions
• Originally focused on AI image generation, Nectar has expanded to offer customized roleplay, fantasy products, and AI companions
• The platform allows users to create lifelike AI experiences with text, image, video, and soon, AR/VR and haptics
• The funding will support further development of immersive AI interactions and on-chain capabilities
Wizzwoods Whitepaper
• @Wizzwoods_game, an interchain pixel farm game with a SocialFi twist, has unveiled their Whitepaper
• Wizzwoods is a blend of Pixels, Axie Infinity, and DeFi Kingdoms and will be interchain with Berachain, TON, and Tabi
• Additionally, Wizzwoods will be the top pool on Berachain where $WIZZ LP pairs can earn the most $BGT. Their game allows users to earn yield through DeFi protocols or by providing liquidity, making it the top beneficiary of Berachain's POL/BGT mechanism
• The team will be focusing on driving the liquidity and sustainable consumption of the $WIZZ token
Introducing Aave Sky Force
• @aave introduces Sky Force — an initiative by @runekek and @stanikulechov to drive mass adoption and close the gap between DeFi and TradFi
• Sky Force will propose to:
⇢ Integrate USDS and Savings USDS (sUSDS) on Aave V3 with native token rewards
⇢ Creating a new @sparkdotfi / Aave market for seamless interactions and exclusive rewards
Misc News
• @pear_protocol v2 public beta is live
• @GammaSwapLabs raised over 342 ETH in their LBP
• @tomo_wallet introduces Tomo Wallet, an all in one social wallet aiming to bring mass adoption