GM Digest #49

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

ETH ETFs

• Ark Invest and 21Shares recently filed for its First Spot Ethereum ETF. The ARK 21Shares Ethereum ETF ($ARKE) would be the first US exchange-traded fund that’s physically backed by Ethereum.

• The Ethereum would be custodied by Coinbase and if successful, the fund would trade on the Cboe BZX Exchange.

Thoughts: Grayscale court ruling has started a wave of Crypto ETFs — Both BTC & ETH Spot ETFs will unlock billions of institutional capital inflow (pensions fund, mutual fund, insurance companies, university endowments, sovereign wealth funds). As the wave gets larger, SEC won’t be able to pull tricks and avoid approving the ETFs filing. Ideal case is we’ll see the BTC ETFs approved in the next 1.5 weeks which will signal the pre-bull market run

Hyperliquid’s Hyperps

• @HyperliquidX listed ZRO-USD - a way for users to long or short the value of the unlaunched native LayerZero token ($ZRO) with up to 3x leverage

• Hyperps are Hyperliquid-only perps which do not rely on any external data for the oracle price. Hyperps trade like vanilla perpetual contracts that users are familiar with, but do not require an underlying spot or index oracle price. Instead, the funding rate is determined relative to a moving average hyperp mark price in place of the usual spot price.

Thoughts: HyperliquidX is the only venue where you can speculate on ZRO right now since the token is not out. The lack of external price / oracle feeds combined with the low liquidity & volatility nature of this particular perp contract makes speculation extremely risky. Price can be easily & heavily skewed towards one side which would result in extreme funding rate & liquidation risk. I’d recommend everyone to check out Hyperliquid HLP if you haven’t already, the market making yields are one of the best (Hyperliquid Team are Market Makers GigaChads)

Unibot Updates

• @TeamUnibot has partnered with OKX and Unibot users are now able to swap using the meta-aggregation engine to find the most optimal trade route for the best trade execution. This will be powered by OKX Wallet’s DEX

• @crypt0savage teased that Unibot will have a loyalty program in the future. One of the incentives are potentially lower swap fees. There is no official announcement for this feature yet so it is worth keeping a lookout for it

• $UNIBOT price has been hovering around the mid $80s range

Thoughts: Once Banana launches its own token, we could expect to see more price volatility of $UNIBOT. I’m personally team $BANANA due to its superior pre-launch sniping capability.

GND Reconstruction

• The GMD ecosystem will be having a few updates with @GNDProtocol as the main beneficiaries

• Emission Adjustments → GND Emissions will be tweaked across productive pools to make sure that they’re well-incentivized

• Removing zGND → zGND (The liquid staked GND without lockups) will be entirely removed. Revenue APR on zGND will be gradually reduced and a swap between zGND to xGND at 1:1.2 will be enabled to facilitate the migration

• There is also a second iteration of GND - GND v2 which promises to drastically reduce emissions, creating a sustainable Univ3 Liquidity Hub on Arbitrum

Thoughts: GMD Ecosystem coins have been slowly bleeding since the start of the market down turn. Coupled with the gBOT hack, GMD Eco coins continued to plunge further. The change in roadmap could potentially be a way forward for GMD Eco given that it’s still one of the largest and one of the best eco in terms of product suite.

GMD & gBOT Roadmap

• GMD Incubator will be coming to a halt for the team to focus on building their existing ecosystem products.

• GMD will focus on finishing up MUX DN Vaults, GMX v2 Vaults, and LayerZero bridge to Base (live in 1-2 days)

• gBOT will enable gBOT Forex TG Bot, integrating GMX & MUX for more assets, and News-Based Trading + TA-Based Trading are in the pipeline

Thoughts: Respect their decision to focus on improving their existing products. Wish they have a venue for normal launchpad as well to continue attracting hype from the community & increasing the value for $GMD, $GND stakers ($$$ for WL Allocations & $$$ from New Launches Fundraise)

Silent Protocol <> CoWSwap

• @silentdao_ announced their partnership with @CoWSwap bringing CoWSwap into the Silent ecosystem. Users will now be able to execute trades in a privacy-preserving manner.

• Silent Protocol is a privacy protocol which allows users to interact with their favorite DApps in a privacy-preserving manner and is set to go live this year

Thoughts: Silent Protocol is a privacy protocol which allows you to connect to DApps and perform transactions discreetly. Silent has received a grant from AAVE and has secured $5m in funding round led by Sora Ventures in July 2023. The mainnet is scheduled to go live this year

OP Rewards Ending on Synthetix

• $OP rewards from the Synthetix Perps Optimism Trading Incentives program is finally coming to an end

• It may be worth looking out for Synthetix Perps volumes once the program ends

• The Incentives Trading program is based on SIP-2003 where Synthetix Perps traders on Optimism are rewarded in $OP tokens. 300,000 OP were distributed weekly for a period of 20 weeks

dForce August Recap

• dForce exapands its DeFi matrix and stablecoin USX to Base. LSR mechanism enabling users to 1:1 swap USX with DAI and vice versa, have been completed. dForce will work to expand other protocols (Lending, Trading, and Bridge) in the coming weeks

• Chapter II of the ‘dForce OPening Summer’ Campaign on Optimism → Aug 17 - Oct 21, dForce will be incentivizing veVELO holders who vote for our USX-USDC pool on the V2 of Velodrome with 2000 OP each week

• dForce is a decentralized stablecoin protocol powered by an integrated suite of DeFi products (assets, lending, trading, and bridge).

Introducing Capture-the-Alpha (CTA)

• CTA is a player versus-player alpha hunting platform on Arbitrum that lets alpha hunters establish their reputation in finding Twitter accounts of early crypto projects

• The platform guarantees alpha hunters to keep the information secret through a set of conditions until the message is revealed to let them prove how early they are to find projects before anyone else

Thoughts: Seems like a cool concept if applied to actual alpha that can make people money instead of “Twitter accounts of early crypto projects”. Follow C^4 by CJ and the Daily Degen by Rektdiomedes if you just wanna find early Twitter crypto project accounts

TProtocol v2 Mainnet

• @TProtocol_ is entering into Mainnet. TProtocol introduces T-Bill Token (TBT) which is fully backed by permissioned sTBT issued by a multi-billion ceDeFi institution

• TBT earns 5% T-Bill yields. TBT is a rebasing token whose price is always $1. Users’ holding amount will grow continuously as the interest from the treasury accrues

• v2 introduces TLending, bringing more RWAs & more financial opportunities for users

Thoughts: Even though T-Bill yields of 5% may not look like much, investors can park their excess stablecoins in short-term U.S. government bonds, generally deemed as one of the safest investments, and earn a return all while staying on-chain. As central banks continued to jack up interest rates to combat inflation, rising T-bill yields will continue to remain an attractive investment for investors to hedge their portfolio

Degen Section

• Majority of the Bot Narrative Coins are dead for now. I’ve cut some of my loss on $WAFFLE, $HIPVP, $NEWS, rotating them into ETH and bought the dip on $HMX due to it being one of the Perp DEX leader on Arbitrum

• $AWM @AutistWealthMgt has been trending — there’s an autistic story about the project and a shiller working his ass off, single-handedly pumping the chart for 300% for a few $. There’s also 10,000,000% APY for holders and rebase will be reflected every 2 hours (Likely not gonna end well but this could run for a bit)

• The overall play will be to mainly hedge port with stables & ETH, hold strong conviction coins or category leaders, and start deploying ETH into alts more during dips

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