GM Digest #55
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Why Are We Up Again Today?
• BTC & ETH gained another 1.3% and 1.6% respectively over the past 24 hours, many of the altcoins followed and rebounded back some of their previous losses. This gain could be attributable to
⇢ Annual Core CPI falls: August at 4.3% which is less than July 4.7%
⇢ ETF Tailwinds: Growing Institutional Interests in Bitcoin with the recent Franklin Templeton filing of Spot BTC ETF on Sep 12
⇢ BTC on Exchanges Continues to Steadily Drop: Signaling that users transfer from CEX → their own wallet to hold until the next rally
Thoughts: Same suggestion as yesterday — if you’re not properly hedged, don’t mindlessly ape into altcoins & shitcoins & FT keys. The bonding / pricing curve of FT Keys make it very attractive for price to pump early but when it draws down, the fall could be rough considering the large number of keys’ supply. Creators continue to grind to pump up the price and earn that 5%, attracting people to buy while farming the FT points. While this could be attractive for me (as a content creator) to focus on, I don’t wanna artificially inflate my key prices and blindlessly throw random alfa that may or may not be a good alfa. Despite saying that, I’ll still bring value to my key holders first — WLs, early rounds, and tokens that I have a conviction on.
Cosmos 2024 Roadmap
• Since 2019, the Cosmos Hub has pioneered the Interchain Stack, and proof of stake in general, as the largest blockchain in the interchain
• More recently, the Cosmos Hub launched shared security and re-staking with Interchain Security, which has catalyzed the formation of the Atom Economic Zone
• The AEZ is a “super-app” of chains which are secured by the Cosmos Hub and aligned with the ATOM token through their shared security
• The key strategic themes in 2024 roadmap
⇢ Security and composability: Provide chains in the AEZ with composability through Atomic IBC: the ability to integrate tightly with instant IBC transactions
⇢ Liquidity: Utilizing POL & Liquid Staking, utilizing ATOM to provide liquidity & collateral to chains in AEZ while strengthens the fundamental role of ATOM
⇢ IBC Routing: allows chains utilizing IBC to reduce relayer costs by sending light client updates through the Hub
Swap Across Cosmos & EVM Chains with MetaMask / Squid
• MetaMask is considered to be the most used wallet for Ethereum & EVM-chain. But, exploring Cosmos chains tend to be cumbersome — clunky UI/UX, no integrations, failed txns, forcing users to install new complicated wallets
• This is where @squidrouter comes in with its seamless integration of Squid’s EVM to Cosmos swap interface into Mystic Labs’ Cosmos MetaMask Snap, every MetaMask user can now effortlessly access the Cosmos ecosystem
Thoughts: Both Cosmos 2024 Roadmap & MM on Cosmos make it exciting to take a look at this further. Cosmos used to (or still is) a developer-focused community and not a user-focused one (due to its lack of MetaMask integration). This has now changed with Metamask & Squid Router (Utilizing Axelar). I’ll keep my eyes open for anything Cosmos-related from now on
BookieBot on Friend Tech
• @TeamBookiebot brings gamification to Friend Tech by partnering with an unknown “advisor”
• This is how I think it works (Medium article wasn’t clearly explained / Apologies if I get it wrong) → Users buy a key of the BookieBot account → bet on bookie for at least $50 per play → msg in FT chat before Thursday → hold key throughout the period → beat advisor to win prizes
Thoughts: This seems to be a simple gamification to pump up FT keys. BB token itself has drastically declined from its ATH (just like a lot of bot tokens) but it has been sustaining nicely at $1.6m MCap
ScopeScan Statistics
• @0xScopescan allows you to track and access alpha from Popular smart contracts, Activity levels of notable industry players, Exchanges’ latest rankings and important information, Institutional trading moves, Stablecoin data
• Smart Money, Alpha Hunting Dashboards are all free to try right now
EarnXTech
• @EarnX_tech “Fusing FT & advanced tokenomics to reward users. Pioneering DAO, unique airdrops for $TIP holders, empowering $EARN holders”
• This is basically a FT Treasury Management project where taxes from trading $EARN and the ETH bonded to buy more FT Keys.
• EarnXTech also has a KOL Alpha Group where you can access insights by purchasing their keys
• $EARN will launch at 2pm UTC on Sep 14 (Today)
Thoughts: A lot of projects are leveraging on Friend Tech hype by building on top of it. There are many projects who are doing Treasury Management, using revenue to buy more keys to farm airdrop. Most will fail given, you need continuous traction of users buying & selling & bonding your tokens to get revenue which isn’t sustainable. I’m keeping my eyes open for this to see if it’s worth speculating / buying a small bag
USDM, The First Regulated & Permissionless Yield-Bearing Stable
• @MountainUSDM is the issuer of USDM, the first regulated & permissionless yield-bearing stablecoin, regulated by the Bermuda Monetary Authority
• The token is fully backed by short-term U.S. Treasuries, with the difference that USDM provides users daily rewards in the form of rebasing, currently at a rate of 5% APY
• Mountain Protocol has been granted a Digital Asset Business license (#202302512) by the Bermuda Monetary Authority, a top financial regulator globally, to issue, sell and redeem USDM
• Note: USDM is not available for U.S. persons. USDM has not been registered under the U.S. Securities Act of 1933. For more information about eligibility, please refer to our terms and conditions
Thoughts: In times of bear market, having a stablecoin that provides T-Bill yields will be extremely beneficial to Defi users. Rather than holding an actual T-Bill or a Synthetic T-Bill on-chain, users get the benefit of holding stable (Always $1) and the yields of T-Bill 5%
Vortex RWA
• @VortexDexOffice a multi-chain liquidity aggregator based on ZK-SNARKs, catering to peer-to-peer (orderbook) and liquidity pool (LP liquidity pool) for Spot & Perps with 8-10m in daily trading volume
• Vortex plans to introduce perpetual contracts for traditional financial assets in the orderbook contract segment, using USDT as collateral for trading volatile assets like US stocks
• Vortex also collaborates with publicly-listed companies to capture yield from underlying assets such as US bonds and stocks using platform-native assets and cryptocurrencies
MetaKeys v1
• @MetaKeysDAO announced v1 launch, granting access to friendtech keys in the hands of MetaKeysDAO, instant addition of purchased keys, Unlimited key support with full history, Improved design and readability, Fault-proof delivery and unbeatable speed
• v2 in the next 4 weeks will offer Alpha Stream (Alpha Terminal with Non-stop Alpha Feed), Fractional keys, Enhanced Content Moderation (of all the purchased keys contents), Sniping bot (Quickly ape into new creator keys)
• MetaKeys is an NFT that provide access to all the chats and alphas of major creators’ FT keys. There are 100+ content creator keys held by MetaKeys & available for the NFT holders
Thoughts: This is a good way to get exposure to the friendtech ecosystem without having to buy the individual keys itself and lowers the barrier of entry. v2 introduces exciting update that can position MetaKeys to be one of the top alpha hub with curated alpha from top creators
Camelot Market Maker Incentive Program
• @CamelotDEX launch Market Maker incentive program, leveraging the Merkl platform to directly incentivise v3 liquidity, allowing active LPs to earn $GRAIL rewards
• The program will focus on rewarding the most efficient v3 LPs, achieving higher fees and more volume
• @IncentivesAlert (Merkl platform) is built by @AngleProtocol to locate the best LP with best volume / fee / incentives / APR
Synapse Chain
• The Synapse Interchain Network (SIN) and Synapse Chain has been launched on testnet
• The SIN is the first optimistic proof-of-stake interchain network, enabling trustless communication and settlement between chains
• The Synapse Chain is an optimistic rollup that serves as data availability for the Interchain Network, where network agents stake tokens, confirm transactions and submit fraud proofs
Premia Blue goes live
• @PremiaFinance, the Next-Gen Options Trading Protocol is Finally LIVE
• Premia Blue offers CLAMM, Defi Options Vaults (DOV), Orderbook, and OTC. All on one platform. Premia provides an intuitive trading experience with attractive e-girls
Thoughts: Options with Perp-like trading experience / Easy-to-use Options platform is the direction of where the sub-sector is heading. Options are traditionally difficult to execute in comparison to Perpetual where it feels intuitive to use. By blending the line between the two, more users could trade Options more due to its ability to hedge against upward & downward movement in price. Premia offers American Options in v2 and European Options in V3
Good Entry Vault Bug
• At approximately 18.00pm, 12 September 2023, Good Entry Core team was alerted with a possible attack on the ecosystem by early community members
• Team acknowledged that there was inflation and swiftly contained the issue by freezing all markets. Losses have been kept to the minimum. Funds are Safu
• Approximately ~84k USDC in losses to the Good’s ecosystem of 1.6m TVL and Good Entry is committed to make all the users whole as soon as possible. The key actionable as a community is to safely migrate from the current Alpha mode to Production
• Losses were kept to a minimum because of good-intentioned users kept their eyes out and swiftly alerted the team. This coupled with the team’s responsible multi-layered security approach has kept the losses at bay (caps on vaults & intensive investments in security with Peckshield, Protofire and Code4Arena)
Thoughts: Good Entry Community is one of the most solid protocol community that I’ve seen this szn. I can say this confidently because I’m part of the community and I can feel the vibe that everybody wants the project to suceed, not just the future price action but the products themselves (protected perps & the ezVaults). The team reacted swiftly, further strengthening the trust that the community has in the team
Big Hands to Banana
• @BananaGunBot has continued to find ways to remunerate holders who are affected by the recent bug / liquidity pull.
• Banana team has started reimbursing a total of 740Ξ has been distributed to a total of 591 wallets to users who bought after the snapshot
• People who held and did not sell will get airdrop in the new v2 tokens with the same amount and People who sold after the warning will get airdrop with the amount sold subtracted to their tokens (people who sold all and is in profit won’t get refund or airdrop)
Thoughts: Very impressed with the Banana team to continue to grind and come up with this fair solution to all parties involved. I’m more excited to $BANANA v2 now lol
Degen Section
• Gonna bid for a few MetaKeys NFTs because of their v2 Roadmap. Once v2 rolls out, there’s a high likelihood that the NFT price will continue to rise assuming the activity on FT remains high
• PintSwap Tris NFT FP has retraced to 0.6 E, opportunity to bid more here as well
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*