GM Digest #62
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
FOMC Fed Hawkish Pause
• Crypto market is down today with ETH down 1.4% and BTC 0.8%. This is due to the Fed signaling that interest rates will stay higher for longer
• The policymakers’ inclination to keep rates high for an extended period suggests that they remain concerned that inflation might not be falling fast enough toward their 2% target
• Fed’s Dot Plot Projections point to one more rate hike this year
Thoughts: While the overall interest rate / inflation situation is taking its course and the overall markets are pricing this in, Crypto still has that bullish ETF Approval catalyst that could come soon (Mid-Oct). ETF would signal the inflow of institutional capital to BTC & ETH, potentially pre-starting the bull market.
Bitboy Begging for Money
• @BenArmstrongsX begs for donations in his fight against @HitNetwork_
• Not much to say here except read this post from @CryptoGirlNova
https://twitter.com/CryptoGirlNova/status/1704544549073219897
Thoughts: Why?
Thailand Taxing Oversea Income Next Year
• Thailand’s IRS is planning to impose personal income tax on the foreign revenues, including those made from crypto trading, of any person who resides in Thailand for more than 180 days
• The new rule will take effect on Jan 1, 2024 as the first tax form to be delivered in 2025
• Under the previous regulation, only foreign income remitted to Thailand in the year of earning was taxed. People were able to exploit the loophole by waiting a year before remitting the income to Thailand to avoid paying the tax
Thoughts: Hmmmmm Hmmmmm Hmmmmmm. Time for me to move out of Thailand? lol
PintSwap Tokenomics
• @pintswap0x has unveiled $PINT Utilities & Token Distribution Details
• PintSwap will have 4 major revenue streams and $PINT holders are entitled to 40% rev share from these streams and 60% will go to Treasury supporting the team runway. 40/60 split will change later once trading volume & fees pick up
• The 4 rev streams are Market Making | Trading Fees (1%) | MEV/Arbitrage Strats (Between PintSwap & Other DEXes) | $PINT Taxes
• Market Cap at launch will be determined by 7-day TWAP of TRIS NFT (in ETH). TRIS collection will represent roughly 63% of circulating TGE supply. Assuming the 7-day TWAP is 0.66 E (current FP), MCap at TGE will be ~$1.7m
• TGE will start with 14.5% of Total Supply → 10% from TRIS, 2.0% Initial Liquidity, 2.5% Treasury
Thoughts: The $1.7m MCap is ok but imo not ideal for this kind of market environment. The 40/60 split in revenue would possibly extend the runway of the team and make this project sustainable but looking from a perspective of a 0 IQ degen, it’s not super bullish for the PA. Imagine people seeing 80% or 100% rev share, degens would go bonkers. For this reason, I’ll speculate 3/4 of my stacks with NFT (Sell close to TGE) and convert the rest to $PINT
ETHx & mPendle Joins Pendle
• @staderlabs_eth ETHx joins the @pendle_fi lineup of LSD and Users can now fixed their ETHx yields through PT, speculate with YT, and provide liquidity to earn up to 88% boosted APY on Pendle
• @Penpiexyz_io mPENDLE pool has now made it to Pendle and Users can now trade PT, YT, or provide liquidity to earn up to 163% APY on Penpie mPENDLE (On Penpie platform)
• HLP Pool from @HMXorg recently went live offering 50% APY as well (Highest HLP Yields without lockups and without waiting for esHMX to vest)
Thoughts: Arbitrum season is back + Pendle keeps on building on scaling on both retail & institutional front → More pumpability on $PENDLE and $PNP (Penpie). Also, I’m jumping onboard as an ambassador as well so you might see more Pendle content from now on
dYdX v4 1-Click Onboarding
• @dYdX has integrated with Axelar’s cross-chain infrastructure to support single-click onboarding and offboarding to dYdX version 4
• The integration will utilize @squidrouter, a single-click cross-chain transaction builder built on Axelar's decentralized infrastructure
• Users in any chain (that’s supported by squid) can swap USDC on their chain and get USDC on dYdX and vice-versa
Thoughts: After an eternity of delayed v4, the Mainnet launch is expected to come pretty soon. We’re seeing bug bounty program, several rounds of testnet, and 1-Click onboarding with Axelar. dYdX v4 will have its own dYdX chain — fully decentralized, off-chain, orderbook and matching engine capable of scaling to orders of magnitude and more throughput than any blockchains can support
WAGMI Phase 2
• WAGMI is also previously known as @PopsicleFinance — a project led by @danielesesta
• Users are now able to swap their $ICE and $NICE tokens for $WAGMI. $WAGMI is deployed using L0 tech, and to facilitate a seamless transition from one network to another
• The price of $ICE is currently sitting at $1.55- a 20% increase the past 24 hours and a 130% increase over the past week
• WAGMI is an Active Concentrated Liquidity Management protocol currently live on zkSync and Fantom and is a rebranded version of the previous Popsicle Finance
OP Token Sale
• @optimismFND announced that the Optimism Foundation has entered into a private token sale of approximately 116M OP tokens, split among seven purchasers, for treasury management purposes. The tokens come from the Unallocated portion of the OP Token treasury, and are part of the Foundation’s original working budget of 30% of the initial OP token supply
• Other than the number of tokens OTC-ed and the vesting period for the buyers — a 2 year lockup, no other information was given regarding the sale
• The Purchasers will be able to delegate the tokens to unaffiliated third parties for participation in governance throughout the lockup period
Thoughts: Good that the Optimism Foundation gave a heads up on this before moving large amounts of tokens around. It is still unclear on the OTC price and to whom the Purchasers are but hopefully there will be more clarity on this in the future.
GammaSwap Live on Arbitrum
• @GammaSwapLabs has finally gone live after an eternity of testing & research on Constant Function Market Makers (CFMMs)
• GammaSwap is the first DeFi primitive enabling users to short LP tokens from any AMM pool
• Currently only wrapped pools on @SushiSwap will be available for Borrowers to trade volatility perpetual without delta risk. TVL is now at $140k
• Primer on GammaSwap, Courtesy of @Slappjakke:
https://twitter.com/Slappjakke/status/1620436830494625793
̶F̶r̶i̶e̶n̶d̶ ̶T̶e̶c̶h̶ Post Tech is Here
• @PostTechSoFi went live yesterday and had a massive surge in users and user activity
• Some people dubbed Post Tech as Friend Tech 2.0 because of its superior UI/UX that’s an overlay on top of Twitter. Users are able to easily earn trading fees from all the trading activity of your favorite creators
• Fee Structure that benefits holders
⇢ Buy Fee 15%: 5% to Protocol, 5% to holders, 5% to creator
⇢ Sell Fee 10%: 5% to protocol, 5% to creator
• You can gain both points & ETH from creating valuable insights & posts on Post Tech & on Twitter (Full list of eligible tasks can be found in Post Tech “Airdrop” Page). Over $100k in actual prize pool will be distributed in the first epoch
Thoughts: I’ll personally be using FT as the first place to share my Alpha but man oh man how better Post Tech is to Friend Tech. I’ve been earning so much trading fees now from just Buying & Holding the
OETH Reallocation of ETH into LSTs
• @OriginDeFi is having a vote to start deploying the majority of OETH’s ETH holdings into liquid staking tokens. This reallocation will allow the protocol to start earning a higher percentage of its yield from native staking rewards instead of OGV incentives
• This proposal was due to $OGV- the native governance token, not performing well despite OETH’s growth
• If this proposal is granted, ETH will be deployed into Rocketpool, Lido and Frax
• Origin DeFi issues $OUSD and $OETH — fully backed assets tracking prices of USD and ETH while providing holders with access to better yields
• Origin also created a marketplace called NFT Launchpad to simplify NFT issuance and put more control in the hands of creators. The protocol is governed by the $OGV token
Notional x WenLlama
• @NotionalFinance will be partnering with @WenLlama to kick off V3 Beta on @arbitrum next Monday, September 25th
• Notional V3 offers fixed and variable rate lending and borrowing + leveraged yield strategies. All Llama NFT holders will get an exclusive sneak-peek at the closed Beta
Misc Defi News
• MUXLP dropped its position fees by 25%
• 1st Product to Mainnet: ZKX Account
• ION Finance Triumphs at Hack-a-Ton
• Siren Flow Unified Pool for Onchain Options
Arbitrum Picks (My 3 Biggest Convictions)
$GRAIL (Camelot DEX)
• #1 Native DEX / Launchpad / Arbitrum Liquidity Hub
• $GRAIL has drastically retraced its price from its ATH of $4,500. $GRAIL is the #1 beneficiary of EIP-4844 Upgrade & the 50m Arbitrum Incentives
• Catalysts: The inflow of users from EIP-4844 will increase the volume traded on Camelot → More fees for LP & xGRAIL → GRAIL Price Go Up → More GRAIL gets staked for xGRAIL
• Camelot is also eligible for 2m $ARB Incentives because of its Volume & TVL → Potential additional $ARB Incentives to attract liquidity & volume
$DMT (SankoCorp)
• Arbitrum L3 Arcade Decentralized Casino Gaming Layer with Sakura Pinball, Milady Tekken, Mcafee Main Event, Miya as popular games at the moment
• $DMT is required to play a game (Arcade-style) and 1/3 of $DMT gets burned every single time. Rewards only given out to Top of the Leaderboard players
• Catalysts: Sanko TV (Livestream) for ALL Sanko Games -> Creators economy, sending gifts using $DMT (similar to Tiktok)
• Potential direct Sanko TV integration with friendtech, exclusive streaming to keyholders
• Privy integration / mobile optimization -> you can log in Sanko mobile app with Apple ID, it creates you wallet in background, which you can top up with credit card and start playing games right away
• RuneScape-style game, Street of Milady fighting game, and many more in pipeline
$MGP (Magpie)
• Read this (if you haven’t already)
• Catalysts:
→ Magpie Growth from Wombat Growth (Multi/Cross-chain StableSwap with Wormhole)
→ Penpie Growth from Pendle Growth (New Asset Integrations, Pendle Earn Institutional Adoption, RWAs, LSDs, etc)
→ New Growth Streams: Radpie & Campie as two next Sub-DAOs
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*