GM Digest #60
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
GMD Ecosystem Update
• @GBOTofficial: Revamping UI/UX, New Trading Pairs, News Trading Bot & Alerts
• @GMDprotocol GMD GMX v2 Vault Soon
• @GNDProtocol GND v2 with Sustainability / Reduced Reliant on Market Volatility as the Focus
• 15,000 $ARB and 200 $xGND will be airdropped to new esGMD lockers. Airdrop Snapshot at 12:00 PM UTC on September 27th, 2023
Thoughts: Prices of the entire GMD ecosystem have steadily been declining for the past few months due to the overall market, the death spiral of launched / incubated projects, and the recent exploit that happened with $gBOT. gmdSaul and the team are still building out their current 3 main products which is good to see. But in term of catalyst, nothing much is happening so I don’t expect any of their eco tokens to massively pump (Still a good eco to keep monitoring)
Wand Bot Snapshot
• The @wand_bot snapshot has been taken and there will be a presale for @friendtech key holders of @slangingcoins, @onetimebb, @0xfrankbaum and @krypto_kuz
• The tokenomics are as follows:
⇢ 53% supply to presale
⇢ 22% supply to @oz_dao airdrop
⇢ 25% supply to team multisig
• There will be an allocation of 0.25ETH per key held for the pre-sale
• Wand bot is a sniping telegram bot built by OzDAO
Thoughts: The current version of the bot is only open to OzDAO holders so there aren’t many reviews on the bot. Nevertheless, sentiment is mostly positive as it is built by OzDAO and devs are based
Arcton Weekly Digest
• @Arctonhq is the First Web3 Tokenized Swiss Startup Marketplace (Cash-generating, Profitable Businesses)
• Arcton Produces Weekly Digest which aggregates all the useful Arcton’s RWAs Educational Series, AMAs, events, and more
• Great educational content for those getting into RWAs. Arcton is also a great project to keep an eye out for on the RWA — Startup side
• Link: https://twitter.com/Arctonhq/status/1703665195011469643
Thoughts: I’ve partnered with Arcton in producing educational threads on them & RWAs. The main reason why is because Arcton product (Tokenized Startup Shares) is pretty unique on Arbitrum. Even though I’m not a RWA expert or close to the industry, leveraging blockchain to invest in TradFi & RWAs anywhere anytime is a huge value proposition for me.
Welcome to OTSea
• @otseaERC20 P2P / OTC Exchange for Altcoins & Shitcoins (Think Pintswap)
• OTSea also offers crowd-filling feature which ensures that the orders can be filled by a larger number of smaller fills and promotes broader participation in the sell
• 75% of revenue will be shared with $OTSea holders. The token is out now, currently trading at $340k MCap
• Website is live / Dapp is not yet live. Next milestone in their roadmap is to Launch with a fully functioning, crowd-fundable OTC platform with rev share
• CA: 0x37da9de38c4094e090c014325f6ef4baeb302626
Thoughts: This is about 1/5th or 1/6th of the valuation of PintSwap, OTSea also has that unique crowdfund or crowdfilling feature that allow small fishes to participate in OTC P2P Trades. I’m a believer in having a de-facto DEX for Altcoins & Shitcoins
GHO Borrow Rate Update
• There is a proposal to increase the borrow rate of $GHO from 1.5% to 2.5% to address the peg issue
• $GHO has witnessed rapid growth reaching a circulating supply of over 20m. The main reason is due to the low borrow rates as compared to borrowing other stablecoins
• However, $GHO is still suffering from weak peg which is why this proposal is active as it aims to reduce the supply of $GHO in circulation which would drive up the price of $GHO
Thoughts: As explained, the $GHO peg has been weak since inception so the team is bringing in new measures to reduce GHO supply. I think that the reduction of the borrow rate is a good move, but more demand (such as more utility for the token on different dApps) should still be created to put GHO back on peg
Root TGE Date Announced
• @Root_Genesis TGE is finally close. It will go live on Oct 28
• Root has been polishing their dapps along with their stems (Torus, Codex, Seneca, Cordyseps). There’ll be a phased roll-out of the dapp alongside it
• For those who forgot what Root is already, Root is basically New Order DAO + Redacted Cartel. A treasury management / governance aggregator of Top DEXes & Incubator of new and exciting products that synergize with each other
Thoughts: Possibly one of the newest & likely to be successful ecosystem that launched on Arbitrum. No public token sale was done but capital was raised via rootNFT (Rev share, incubated projects airdrop (Stems), and $ROOT airdrop). I’ll probably do a recap thread on Root Eco as we’re closer to TGE on October → Definitely one of the main ecosystem to keep an eye out for as there are 4 Stems already slated to launch — YUGEEE!
SingularityDAO Changes in LP
• @SingularityDAO Starting Sep 26, the SDAO-USDT liquidity pool on the Ethereum chain and the SDAO-BUSD liquidity pool on the BNB chain will no longer be incentivized with SDAO
• Going forward only SDAO-ETH / SDAO-BNB LP will be incentivized with SDAO
• Singularity is a decentralized portfolio management protocol with sophisticated risk-management strategies of AI-managed funds to DeFi. There’s currently $1.9m TVL so far (Defillama)
Announcing zJOE Buybacks
• @vector_fi’s $JOE LST product “zJOE” is getting the zJOE Buyback Program that aims to balance the peg on zJOE-to-JOE (The current peg is around 0.65 to 1)
• Example: Right now you can purchase ~1500 zJOE using 1000 JOE. Vector buys those zJOE, burns 1000 of them, and stakes the 500 zJOE, deriving USDC yields for the VTX lockers
• VectorFi is an Aggregator / Yield Optimizer / Liquid Wrapper that integrates with Platypus & TraderJoe
Thoughts: What I’ve come to learn with LST for any tokens is that peg is the #1 thing you have to watch for if you’re thinking of buying or bought into the LST. Learned this the hard way from plsARB, getting locked for eternity and exited at 60% loss
Doubler Sepolia V2 Testnet
• @doubler_pro launches its v2 testnet today on Sep 19
• Doubler runs Initial Testing Offerings (ITO) where you’re getting $DBR incentives from creating, joining, ending pools and testing out the Doubler Dapp
• Doubler offers investment strategies that minimize risks while pursuing rapid profitability. It utilizes the application of the “martingale” strategy
Thoughts: Martingale strat is betting strategy that was popularized in the 18th Century. It involves doubling up on losing bets and reducing winning bets by half. This is done to make back the principal if you lost or take profit on the principal and let the moonbag run if you win. First time seeing a product that’s using Maringale as the main strat, and also first time seeing an ITO as well. Great incentives for testing out the platform atm — suggest you guys try the v2 testnet out
Mantle Q4 Milestones
• @Defi_Maestro Released TL;DR for Mantle Q4 Milestones
• More LSD & LSDFi Infrastructure, Stargate Bridge for Ease of Bridging, Mantle Journey Quests & Leaderboard Rewards, Native Projects IDOs with Maestro being super bullish on @BetBitX (Me too)
• SocialFi Dapps, Deployments of Mantle Ecosystem Fund into Native Projects, Citizen of Mantle NFT, NFT Marketplaces
• Full Post: https://twitter.com/Defi_Maestro/status/1703998587099881794?t=k09D4rMFF3OLcKHwA71nLQ&s=19
Thoughts: The key hurdle for Mantle is to get that early hype going like what Base did with the Onchain Summer. There needs to be a hoard of interesting native projects launching, exciting & attractive incentives for the TVL to flow from other chains to Mantle to get in on the action. For now, wish the best for my Ex-Spartan Compatriots at Mantle
Concentrated Liquidity Vaults on Osmosis
• Osmosis has partnered with @QuasarFi and @DefineLogicLabs to have automated liquidity vaults to optimize returns for LPs on Osmosis’ Supercharged Liquidity Pools
• Quasar and DefineLogicLabs will be opening vaults which would help users optimize their yield opportunities
Thoughts: Higher capital efficiency, more volume, exciting APR… on Cosmos Ecosystem. Have not had time to deep dive the ecosystem yet. If anybody knows something, please gib alfa on Cosmos lol
Ancient8 Chain
• @Ancient8_gg will be launching their new L2 built on the OP Stack and will be focused on gaming. Testnet is currently live
• Ancient8 is Vietnam’s largest Gaming Guild aiming to onboard the next wave of Web3 citizens
Thoughts: It will be interesting to see how Ancient8 is able to onboard new users into their chain. They have the advantage of being a large gaming guild in Vietnam and will potentially be able to onboard builders in that region.
Archimedes Beta is Live
• @ArchimedesFi’s Beta is live and users can now deposit ETH or USDC into the Protected Pools
• Protected Liquidity Pools help mitigate risks for DeFi users, protecting them from IL on any whitelisted ETH-pegged pools on Archimedes
• Guardrails protect LPs from volatile pool conditions by performing “Health Checks” and execute risk-mitigating actions in the events of sharp IL, depegging, drastic price divergence, etc
• Archimedes is offering Single Protected LP → Omni Protected LP (where all capital will not be left idle. This will be done thru pool hopping) → Leverage Products (LPs & LTs [Leverage Takers] Auction Model)
OP Airdrop #3
• @optimismFND has announced their 3rd airdrop with 19m $OP tokens allocated to over 31k unique addresses
• The distributions began on Monday, September 18th at 18:10 UTC. You don’t need to interact with any claim website whatsoever
• The eligibility requirements are that users had to delegate their OP tokens between January 20th to July 20th 2023
• Addresses will receive a 2x bonus if they have delegated to an active voter
• There will be no claims page and users will receive the tokens directly in their wallet beginning 18th September
Thoughts: More $OP will be entering circulation. As mentioned in Substack #58, we can expect most holders to dump their tokens.
Uniswap ARB Liquidity Mining Incentives Live
• @gauntlet_xyz announced that the first round of $ARB liquidity mining incentives for Uniswap went live on Sep 15
• The $ARB allocation for eligible pools will be as follows:
⇢ USDC/USDT 0.01% 30000 ARB
⇢ sdtETH/WETH 0.01% 27000 ARB
⇢ MAGIC/WETH 0.3% 17000 ARB
⇢ BTC.B/ETH 0.3% 9000 ARB
⇢ WETH/RETH 0.05% 9000 ARB
⇢ RDPX/WETH 1% 8000 ARB
• Yields are still pretty ok right now with wstETH/ETH earning 16% and USDT/USDC earning 10%
Thoughts: Good farming opportunity if you have some ETH or Stables laying around on Arbitrum. Might be a good idea to leave some funds there to take advantage of farming opportunities coming soon due to the ARB liquidity incentive program (latest Arb Budget Proposal)
Degen Section
• Aped into $OTSea today because of the PintSwap Thesis. Gonna add more if $OTSea retraces to $150-200k Market Cap
• $IGGY is getting hyped by a bunch of my colleagues. It’s a project that the dev rugged and community came in to save it. I’m personally not in and prob won’t be in
• RestakeFi Private Round is wrapping up and is super oversubscribed. Me and my group is getting in with a small allocation of $10k alongside many active DAOs in the space. Will keep my eyes open on the Public & TGE Rounds
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*