GM Digest #64
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Defi Ecosystem Pulse Check
• Almost every chains TVL have turned green during the last 7 days with Arbitrum $1.7bn (+6.8%), Optimism $655m (+4.1%), and Base $370m (+1.1%)
Notable Arbitrum Native Protocols with large TVL gainz during the past 7 days are
@SavvyDeFi $500k (+120%),
@stellaxyz_ $2m (+44%),
@Vaultkaofficial $1.4 (+18%),
@HMXorg $26m (+9%)
Base overall TVL remains quite stagnant as
@aerodromefi TVL continues to fall (from $200m during its ATH at launch to currently $100m).
@friendtech continues to grow in TVL which is currently at $37m (+18%) from the past 7 days.
@moonbase_fi has grown its TVL to $6m in less than a few days due to its extremely high degen APR (purely from $MOON emissions), users can earn 1,500% APR by single-sided stake ETH and 5,500% APR on $MOON staking
Thoughts: Besides Friend Tech, not much has been happening on Base. Arbitrum on the other hand is seeing a renewed wave of eyeballs spurred by EIP-4844, $50m Arbitrum Incentives, and wave of proposals coming from native Arbitrum projects asking for $ARB grants. Arbitrum Q4 Bull Run Incoming!
Radpie is Live
• @Radpiexyz_io is officially Live
• dLP holders from @RDNTCapital can now convert & stake their assets using the mdLP Pool via @arbitrum or @BNBCHAIN. mdLP depositors can earn a share of Radpie's revenue without any lock-up period
• The $dLP accumulated by Radpie allows liquidity providers to enhance their assets and receive RDNT emissions without any requirements
• The $RDP IDO is targeted to be around October, launching in two rounds — First round at $5m FDV sold for 10% Supply and Second round at $10m FDV sold for another 10% Supply. mdLP holders & stakers will receive the highest allocation of whitelist
Thoughts: Radpie launch has been delayed for quite a while but the timing couldn’t have been better. Radiant has retraced in price to a relatively decent entry, a potential Arbitrum season is about to start in Q4 which will likely ensure the success of $RDP launch in October
Introducing Galxe 2.0
• @Galxe introduces Galxe 2.0 — a full upgrade of Galxe with Galxe Mobile App, Smart Balance, and More
• Mobile App: Users will be able to explore new projects, contribute to dApps, claim rewards, and stay up-to-date with the swipe of a finger on your phone. Test flight in Q4
• Smart Balance: deposit stablecoins and GAL tokens and enjoy seamless cross-chain transactions pay for gas fees in any token while minting across the 26 blockchains that Galxe have integrated
• Galxe Web3 Score: It’s the FICO of Web3 — This score evaluates your experience, fame, expertise, assets, and humanity in Web3. Galxe Web3 Score represents an exclusive gauge of your Web3 journey (unique to you with Soulbound NFT)
• Galxe is the leading platform for building Web3 community, developed by @BulletLabs. It is a ****Web3 credential data network that aims to help Web3 developers and projects leverage on-chain credential tracking to build products and communities — Users can complete quests, earn points, NFTs, and more
Thoughts: Personally not an expert in Quest platform. I’ve tried both Galxe & Zealy and both feel great. Having Galxe 2.0 on mobile could be a game-changer and could likely attract a lot of users to Galxe since that’s where I think the next trend in Dapps is going to be → an even easier onboarding experience via Telegram, and Mobile Dapps.
Binance Labs Incubation Season 6
• Binance Labs has selected 12 project teams to participate in Season 6 of the Binance Labs Incubation Program
• The chain-agnostic program (Yes, it’s not just BSC) empowers founders by leveraging a tailored curriculum and resources across the Binance ecosystem
• For the Season 6 line up, we have (I’ve only included Infrastructure & Defi projects here and not AI & GameFi)
⇢ Vistara - a one-click rollup deployment framework (@vistaralabs)
⇢ UXUY - a a next-gen DEX trading platform based on MPC and AA wallet technology (@uxuycom)
⇢ BBOX - a perp DEX initially launching on Linea that can swiftly create trading pools for a wide asset range (@bboexchange)
⇢ Derivio - a decentralized structured derivatives ecosystem on zkSync (@derivio_xyz)
⇢ Ethena - a derivative infrastructure provider to transform ETH into the first crypto-native yield-bearing stablecoin with no reliance on banking systems (@ethena_labs)
⇢ Shogun - a chain-agnostic orderflow aggregator and smart liquidity router for modular networks, initially launching on the Cosmos interchain (@shogunfi)
• Season 6 of the Incubation Program is set to kick-off on September 25, 2023
• Some of the best protocols to come out of the Incubation Program during the previous seasons are @Injective_, @DuneAnalytics, @WombatExchange, @0xPolygon, @perpprotocol, @playbuxco
Thoughts: Ethena is probably the highest-profile project out of every project here as it’s $6m round was backed by Dragonfly & Arthur Hayes. Ethena USDe is created by utiling user collateral to hedge price delta with ETH short perp position across CEX & DEX
WAGMI X Kava
• There is a proposal for a treasury swap between @PopsicleFinance and @KAVA_CHAIN. Wagmi DAO shall receive $2m worth of $KAVA tokens at $0.69 while giving Kava $2m worth of Wagmi tokens at $0.01
• Kava agrees to lock $2 million worth of WAGMI in their treasury while Wagmi DAO agrees to provide $2 million worth of Kava tokens into Wagmi - Kava WLP and lock them into GMI and distributes the fees among GMI participants
• The WAGMI x Kava news comes after the announcement of migration from $ICE to $WAGMI, completely merging the two and rebranding Popsicle Finance to WAGMI
Thoughts: Wagmi going to Kava could be a strategic move from Daniele to tap into those high Kava tokens incentives that Kava offer. Unsure if this Daniele’s desperate attempt to get incentives, start on Kava and go multi/omnichain
zkDX X LayerZero
• @zkDXio has integrated with @LayerZero_Labs to build an omnichain aggregator for derivatives trading
• zkDX will now be able to aggregate liquidity from various chains, enabling users to seamlessly trade a diverse range of derivatives
• zkDX is a GMX fork that started with zkSync and is now omnichain on Base, Linea, zkSync, and Scroll Testnet. zkDX has $500k TVL with debt-tranche mechanisms (Level Finance-style)
dYdX v3 Trading Fees Update
• Holders of $DYDX or $stkDYDX are no longer eligible to receive a trading fee discount
• @dYdX will be winding down fee discounts and reverting back to normal fees for all dYdX traders on Sep 29 at 1pm ET
• Hedgie (the NFT) holders will be eligible to receive a 3% fee discount beginning Sep 29
Lexer v2 Testnet Paper Trading Competition
• @lexermarkets introduces Lexer v2 complete with Synthetics engine for trading Forex with up to 100x leverage as well as implementing the new pyth oracle
• They will be hosting a paper trading competition starting on Sep 27 at 12pm UTC — Winner will get a chance to earn 700 USDC, 500 USDC, and 300 USDC for the first, second, and third place
• There will also be a bug bounty if users come across any issues during the competition which users can earn up to 50 USDC for Critical Bugs (Why so low? -_-)
• Lexer is a Perp-Everything on Arbitrum — In v1 users can trade ETH, BTC, ARB and invest in two isolated XLP Pools, CoreCryptoPool and Arbi Pool
• v2 will introduce Synthetics Pools — Forex Pool, AltCrypto Pool, NFT Pool, RWA Pool, allowing users to trade Forex, Altcoins, NFTs, and RWAs
Trade Journal
• Seeing how many Arbitrum native projects have provided proposals to get $ARB Incentives and seeing where we are in the current Defi market, I’m going to start scaling more of my portfolio into $MGP (One of my highest conviction play)
• $MGP has been one of the best low cap that remains fairly stable in price, currently trading at $5m in Market Cap with $18m FDV. Magpie deserves to be trading at 4x of its value based on all of its catalysts and its Sub-DAOs catalysts which directly increase the value of Magpie Treasury
• Magpie directly benefits from the growth of solid protocols like Wombat Exchange, Pendle, Radiant Protocol, and Camelot DEX due to the nature of its Sub-DAO Governance Aggregator
• $GMD ecosystem is another eco that I’ll start bidding more. Despite the recent mishap of gBOT, GMD remains one of the biggest ecosystems on Arbitrum with almost ~20m in TVL. GMD shaped the way clever ponzi tokenomics are done on Arbitrum and brought a lot of hype to the ecosystem 3-4 months ago
• Other than this, For Arb bags, I have a lot of $GRAIL staked as xGRAIL, some $RDO $PNP and $DMT. All of these I’ll hold them through the current market
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*