GM Digest #443 — Check Your OP Airdrop
Good Morning with Valuable Alpha / News
BTC & ETH Price Dip
• Bitcoin has dipped below $61k while ETH is now trading below $2.4k
• According to Coindesk, what likely weighed on prices was reports circulating about seized cryptos linked to the PlusToken ponzi scheme being moved to exchanges during the day, raising concerns of potential selling pressure coming to the market
• Earlier today, U.S. federal prosecutors charged crypto trading firms Gotbit, ZM Quant, CLS Global and MyTrade and their employees with market manipulation and fraud
• FBI created a cryptocurrency called NexFundAI Token at the direction of law enforcement for the investigation, a court document showed. A token with the ticker NEX with insignificant market value surged as much as 3,500% as speculators rushed to chase the potential token to profit off the attention
Optimism Rollout its 5th Airdrop
• 10.3m OP tokens worth $16m allocated to over 54,000 Superchain users. Many power users have expressed concerns that their main defi wallets are not qualified (somehow)
• 550m OP still remains for future drops. Check for more details here: https://community.optimism.io/op-token/airdrops/airdrop-5
Metamorphosis Season 1
• Season 1: Methamorphosis of the @mETHProtocol has concluded after 100 days
• During the season, $cmETH (a liquid restaking token) and $COOK (the new governance token) were introduced
• Top performers in the mETH Protocol campaign were EigenLayer, Agni, Symbiotic, INIT Capital, and Karak
• $COOK’s total supply is 5 billion tokens, with 15.1% distributed to Season 1 participants. The $COOK token allocation is split across various ecosystem initiatives
• Updates on $mETH data and Powder balances are pending, and more seasons and opportunities to earn $COOK are expected. Final details on $COOK’s TGE and listings will be shared soon, alongside the launch of $cmETH
Paradex Vaults
• @tradeparadex’s Vaults introduce a new model for on-chain investment management by combining spot, perpetual futures, and options in a single vault
• Vaults allow diversified exposure with multiple collateral types like BTC, ETH, and USDC. They are capital efficient, offering portfolio margin for larger trades with less capital, and allow LP tokens to be used as collateral
• Currently in a phased rollout from October to January, with the first vault already being live (Liquidator Vault)
Steel 1.0
• Steel 1.0, introduced by @RiscZero, enables EVM apps to run offchain while maintaining onchain security through execution proofs, removing the need for re-execution
• It addresses the limitations of current blockchain designs, where all nodes must re-execute computations, and provides an alternative to centralized sequencers in layer 2 rollups
• Steel allows a lot more computation over onchain data, significantly reducing gas usage and cost without rewriting smart contracts or building ZK circuits. It offers a scalable solution for blockchain devs, making complex applications more feasible
Legion Whitepaper
• The @legiondotcc whitepaper addresses the problem of "low float, high-FDV" token launches
• Legion proposes a solution through an on- and off-chain reputation system called "Legion Scores," allowing projects to offer investment opportunities to value-aligned investors, including retail and VCs
• This system aims to create a healthier investment environment while ensuring regulatory compliance. The goal is to make retail-accessible token offerings a primary funding mechanism for the next cycle of crypto growth, supporting multiple chains like Solana, Base, and Ethereum
Introducing Pretzel Layer
• @pretzelbuild (previously Beracer) introduced Pretzel Layer, the first modular L2 protocol built on
@Berachain and powered by @Arbitrum Orbit
• Pretzel Layer leverages Berachain’s proof-of liquidity to deliver a high performance modular blockchain with reduced costs. The project is incubated by @honeypotfinance
• The team announced that testnet is currently live
Introducing FAF
• @FlashTrade_ introduced $FAF, Flash Trade’s own native token
• The team announced that there will be an IDO for the $FAF token in Q4 this year. IDO funds will be used to fund the Flash Vault which is a pool that is allocated across 4-5 DeFi protocols in order to earn yield. Any excess revenue from Flash Trade’s products will be added to the Vault over time and the yield generated will be used to incentivize governance participation
• The team will have 0 tokens upon TGE and will not have a vesting schedule for the tokens. Instead, new tokens will be introduced into circulation upon launch of new revenue-generating products developed by the team. Additionally there will be a budget set every 6 months to determine operating expenses and infrastructure costs
Introducing PUFFER
• @puffer_finance introduced $PUFFER, Puffer Finance’s governance token for the Puffer and UniFi ecosystem
• $PUFFER will be crucial to support the Puffer LRT, the UniFi AVS and the UniFi Rollup. All the mentioned products will generate treasury rewards and future $PUFFER holders will be responsible for managing these rewards ensuring effective growth
• The team also introduced vePUFFER, the vote escrow token model of the $PUFFER token. Users can stake $PUFFER tokens to mint vePUFFER NFTs. This vePUFFER can be unstaked anytime and is not subject to a lockup. Voting power increases over time as $PUFFER is being staked but unstaking resets the accrued voting power
Misc News
• @aave launches the v3.2 upgrade introducing Liquid eMode providing greater control and flexibility over borrowing and collateral