GM Digest #46

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

Banana Gun Presale

• @BananaGunBot will raise 800 E in its Presale, Divided into 4 Tiered WL Rounds mainly based on how many NFT you hold

• Max allocation 1 E, Presale Price: $0.65, Starting MCap at $1.56m & FDV at $6.5m

• Tokenomics → Presale 20% of Supply, Majority (65.8%) Treasury for $BANANA Incentives, Team 10% where 5% is locked 8 years & 5% locked for 2 years, both linearly vest after that for 3 years

• Banana team has structured their team token supply with the intention not to sell at all. They’d make money from the revenue sharing that they get on their tokens (2% from tax) & on their team tax (1% from tax)

• Banana is a sniping bot that came into prominence recently, known for its capabilities to snipe pre-launch contract addresses successfully most of the time due to its bribe bundling mechanics.

Thoughts: $BANANA presale will be one of the most hyped launches this month due to the Unibot vs Banana drama and due to the actual Banana Bot Usage Metrics that continue to rival that of Unibot & Maestro. There’ll be a lot of volatility during the TGE since MCap is only ~$1.5m, I’m expecting huge pumps and huge dumps due to the lack of rich liquidity (only $195k worth of ETH paired with $BANANA), price impact will be huge

Alien Base Journey to Nebula

• @AlienBaseDEX announced strategic plans for September & October

• Area 51 Sub-DEX (Vetted Meme DEX on Alien Base) shifts requirement from “freely list projects that don’t rug” to “airdrop some tokens to ALB stakers and LPs**”**

• Launching rewards in ETH (generated from Area 51) to ALB stakers. Since trading fees on Area 51 is 1% (exotic pairs fees), rewards generated will make ALB yields >100% APR

• Lotteries & Predictions will be added on Area 51 at the end of September, StableSwap pools will be incentivized over v2 stable pairs

• Improving liquidity by launching bribes on @aerodromefi and launch Alien Base Perps in October

• Alien Base is a Top #4 DEX in TVL on Base (Coming after Curve)

Thoughts: Alien Base has found its moat as one of the Top Native DEX on Base. It has outranked Base Swap & Swap Base and continues to execute its Road Map. Given we’ve moved from the initial phase of utilizing emissions to bootstrap TVL, transitioning to funneling fees to $ALB stakers is a good move to add more value to $ALB stakers. Its TVL has declined -24% during the last 7d, price action on $ALB has also declined -40% from its recent ATH.

Vela Arrives on Base

• @vela_exchange is set to launch on @BuildOnBase at 4:00pm UTC today where VLP minting starts and trading opens up 24 hours later.

• There will be incentives for early minters/stakers and all VLP contracts will be pre-loaded with esVELA.

• Additionally, there’s a Loyalty Program for traders (esVELA rewards based on % of volume)

Thoughts: As mentioned in my previous Substack GM Digest Episodes, the Perp DEX market on @BuildOnBase is nascent. With the lucrative incentives that Vela is providing, they will be able to attract a lot of TVL & Volume upon launch. Vela already has a good working product on Arbitrum and may see more success with its move to the Base ecosystem where competition among Perp DEXes are less intense.

DYDX Native Asset for New Chain

• The proposal for $DYDX to be adopted as the L1 token of the upcoming dYdX Chain has been approved by the community

• The implementation would include a one-way bridge for $DYDX to be migrated from Ethereum to the dYdX chain

• @dYdX Chain was introduced as part of dYdX v4, supporting full decentralization, scalability, with high throughput and customization (using Cosmos SDK & Tendermint)

Thoughts: This is bullish news for the $DYDX token in general. $DYDX has always been a case of “good product, bad token”. This revamp in their tokenomics which includes 100% of fees accruing back to the token increases the value of the overall token. We can see validators accumulating the token in order to capture these fees. The only thing to be wary of is the huge $DYDX unlocks where 150m $DYDX will enter into circulation on 1st December

GALA: From Play-to-Earn to Sue-to-Earn

• @GoGalaGames two co-founders have sued each other for theft of $130m worth of GALA

• Speaking on behalf of Gala, Schiermeyer, who's also the company's CEO, claimed back in early 2021 that Thurston and his investment firm, True North United Investments, made off with about $130 million worth of a token connected to Gala Games

• On the very same day, Thurston's True North hit back with a lawsuit of its own against Schiermeyer, also on behalf of Gala. They argued that Schiermeyer was responsible for Gala selling off valuable company assets and using millions of Gala's dollars for his own personal expenses

• $GALA price continues to decline -13% over the course of two days

Trend of CEX Utilizing ChatGPT

• Bybit has developed a trading tool that utilizes AI to generate trading insights and answer technical questions from its market data

• Crypto com developed its user assistant powered by ChatGPT, “Amy”. Amy helps users learn about crypto industry with real-time information on pricing, token details, events, etc

• Binance integrated OpenAI’s Chatbot into Binance Academy, generating responses from its Database

Thoughts: Great tools for normies since the majority of retail users see centralized exchanges as the first entry point to get into Crypto. AI (hopefully) provides a better & faster onboarding experience for normies, leading to a faster adoption

Stake Exploit

• @peckshield alerted @Stake that an exploit was ongoing on Stake.com

• Since then @PeckShieldAlert noted that around $41m worth of cryptos were drained from Stake.com across Ethereum, BSC and Polygon

• It appears that unauthorized transactions were made from Stake.com ‘s hot wallets and were drained. Stake have not made an official announcement on what’s happening yet

Thoughts: Stake.com‘s reputation is getting affected by this, especially when Stake is slow in responding & making an announcement to explain what’s been happening. $RLB had a short pump to $0.18 the past 24 hours upon this news (13% pump) and retraced back down to $0.16. If confidence in Stake.com continues to decline, we might see more inflow of gamblers moving to Rollbit or Justbet for their gambling activities

Raft V2

• @raft_fi is introducing their v2 improving scalability, enhanced capital efficiency and for users to earn yield on their own stablecoin - $R

• Yield is obtained through the $R Savings Rate where users can convert $R to $RR to earn a 6% fixed APR

• The yield earned by the $R Savings Rate depositors are generated through $CHAI yield (DAI deposited gets converted into CHAI and accrues yield in DAI that is converted into R), borrowing fees, flash mint fees, and protocol liquidation fees

Thoughts: Raft v2 signals that CDP protocols are now trying to compete with the DAI Savings Rate yields. The yield on DAI Savings Rate now sits at 5%. Since $R’s peg is not stabilized at $1 and the yield is not that significantly different to DAI’s, we may not see a notable adoption of $R soon

Primapes on Base

• @PrimapesDAO Base Babies, Coming on Base Sep 7

• Primape holders will be airdropped 2 Base Babies and will get max 5 free mints. Keyana holders will be eligible for 1 free mint

• Holding 5 Baby Primapes (amount subject to change) will grant access to Primapes Capital where you can invest in seed & private rounds as other top-tier VCs & DAOs.

Thoughts: Primapes Capital = GigaChads. Mint their NFTs

Adam Cochran Dumped his FT Keys

• @adamscochran dumped his key price on @friendtech from ~0.5 ETH to ~0.18 ETH. He “warned” people in his FT chat last week that he was gonna sell

• Adam also tokenized his keys and $ADAM holders have no access to his FT chat. $ADAM price fell -50% overnight

• @AvgJoesCrypto is reporting this real-time, recommend checking his recent posts out.

Thoughts: Wtf Adam? Why you dumping on your followers for 2 E? 😂

Degen Section

• @gmblcomputer $GMBL TGE today at 22:00pm UTC → Not touching this at all due to its valuation $4.77m and $15m FDV. Extremely high in this market. Better buy $RLB, $WINR, $DMT if you’re looking to get exposure in GambleFi

• @WaffleBotTG $WAFFLE price has been declining more than 65% from its recent high on Sep 1. Bot that analyzes Maestro & Banana snipe analytics is live. The team is currently working on “Trending” function where it analyzes & alerts Top Trending contracts getting sniped or pre-snipe by snipers. Trending function is expected to go live soon which will likely be followed by token-gated access. Current MCap is only $86k so I’m scooping up more (My first entry was already -65%, gonna start to DCA more at the current price)

• @TeamBookiebot BB pumped 60%+ overnight due to the Azuro (betting liquidity layer) integration as well as the announcement of BookbieBot officially sponsoring @MarioNawfal @ShaykhSulaiman new sports show. $BB has retraced -20% from last night ATH — potential entry to get in if you don’t have an exposure to BB. Bookiebot is one of the First Sportsbook TG Bot, because it’s trading at $3m MCap, I won’t be buying for now

• Dip-buying opportunity for Newslybot $NEWS. Been retracing -30% for the past 2 days and is about to touch the support level at $0.018 (currently at $0.02). Newsly is still in beta, users are required to hold 10k $NEWS ($200 worth at current price) to get access to the bot. Potential to pump once rev share & monthly subscription pricing is live.

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