GM Digest #447 — Getting Farmed
Good Morning with Valuable Alpha / News
Scroll Listing on Binance Sparks Debate
• Scroll which recently listed on Binance has sparked debate on centralization with community questioning whether Scroll has kneeled down before the biggest CEX
• 5.5% supply is required to pay to Binance for the “Launchpool” program for “whales” to farm in the span of a few days
• Scroll is now traded in pre-market at $1.16bn FDV, massively lower than its Series B fundraise of $1.8bn back in March 2023
YieldLayer’s New Token
• @YieldLayer replaces their $SPOOL token with a new $YLAY token
• Starting Oct 15, $SPOOL holders can claim $YLAY tokens through a dedicated Claim Portal, based on a snapshot of their $SPOOL holdings
• No action is needed to unlock or move tokens, as everything will be automatically migrated
• Rewards for $YLAY stakers will be paused, but sYLAY will continue accumulating with a maximum term extended from 3 to 4 years. The $SPOOL to $YLAY swap ratio is 1:7.1428, with a total $YLAY supply of 1 billion tokens, 67.6% of which will be in circulation
Injex Token Launch
• @Injex_fi is launching its $INJX token public sale on @Dojo_Swap from Oct 15 to Oct 17
• The launch will use the Overflow method, allowing participants to contribute as much as they want, with tokens distributed based on total raised funds
• The sale seeks to raise $300,000 in $INJ, with 12 million INJX tokens priced at $0.025 each. $200,000 of the funds will be used to buy back $DOJO for liquidity
Introducing Juris Protocol
• @JurisProtocol is aiming to revive the Terra Classic ecosystem after its 2022 collapse by developing DeFi solutions and real-world use cases
• It aims to restore Terra Classic's standing through lending, borrowing, and cross-chain liquidity with an Inter-Blockchain Communication (IBC) bridge
• Its roadmap includes forming a DAO, revenue sharing with $JURIS stakers, and efforts to restore $USTC's peg
Puff Dragon Ultimate Trilemma
• @puff_drgn announced that there will be an Ultimate Trilemma for users to decide right after the launch of $COOK
• The team provides users with 2 choices to choose from:
⇢ Burn their $PUFF to receive a bigger $COOK allocation. This allocation will be a share of 225m $COOK tokens and will be fully unlocked on day 1
⇢ Lock their $PUFF to receive a $COOK allocation. Users who choose this option will have to lock their $PUFF in the mETHLab for 6 months and get a share of 22.5m $COOK tokens. These users will also get a free non-liquidation loan of mETH at a rate of 1meth per 69k $PUFF. Users will have to return the mETH by April 18 to get back their $PUFF
⇢ No burn or lockups but receive a smaller allocation of a share of 2.5m $COOK tokens
• This Cauldron game has a bonus multiplier for users who lock in their decisions early. The multiplier starts at 1.42x on day 1, 1.3x on day 4 and starts at 1.2x on day 7 which slowly ticks down to 1.0x
Introducing Chakra Settlement Layer
• @ChakraChain introduced the Chakra Settlement Layer, a next generation of cross-chain interoperability solution. Chakra is a modular shared settlement layer leveraging zk-STARKs and PoS consensus inspired by Tendermint
• Chakra solves the issue of cross-chain interoperability, isolated L2s and bridging risks by processing transactions asynchronously, which allows different blockchains to communicate without being constrained by each other's respective processing times
• Chakra currently features fast performance, lower costs and a simplified development allowing for a modular design and robust tooling for devs