GM Digest #66
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Perp Activity on Base Picks Up
• Since DEX Infrastructure has been set up and we see @aerodromefi taking the #1 DEX Spot already, the next big competition is a competition for #1 Perp DEX Spot
• @vela_exchange currently has the top spot with $1.4m in TVL and $700k in 24hr volume
• BMX by (@MorphexFTM) and @fxdxdex have been growing fast with TVL at $233k & $140k respectively, growing at 70%+ for the past 7 days
• BMX already has its token but fxdx doesn’t — fxdx TGE will be on Sep 30
FanTech on Mantle
• There is a new FriendTech competitor on the Mantle ecosystem — @joinfantech
• Fan Tech tackles the challenge of shares getting sniped up by bots & sniper by introducing Shares Generation Event (SGE) where users are able to auction bid for new shares at a relatively low price (Feels like participating in an IDO)
• Similar to FriendTech, there is a 10% tax on buys and sells. But 5% goes to creators, 1% to inviter (when their referral code is used), 1% to Liquidity (To defend the bonding curve) and 3% to Treasury
Thoughts: Why its features are good & better than FT → SGE, UI/UX, Better Analytics, Chat Group
Why I’m skeptical → Friend Tech is the first mover and has paradigm backing them up, Fan Tech is in the process of discussing with the Mantle team. If they got Mantle full support, we could see Fan Tech as the de-facto SoFi platform on Mantle which would bring a lot of value for users (especially if you participate in it early)
FanTech Mantle Journey Farming
• Participants in Mantle Ecosystem traditionally earn Miles from completing tasks and interacting with the protocols on Mantle
• You can start generating Miles by exporting your Fan Tech wallets to the browser and mint Mantle Journey SBT using that wallet address — you’ll start earning Miles Rewards + Potential Fan Tech rewards
• See https://twitter.com/Defi_Maestro/status/1705961840801669147 for more details
Thoughts: There could be a likelihood that there are specific tasks and campaigns designed with Fan Tech as the core centerpiece to drive users and activities to Mantle. Mantle has been quite stagnant in terms of TVL, not many interesting native projects have launched so Fan Tech might just be what they need
Upbit Enabled Trading for Fake APT Tokens
• On Sep 24, Upbit accidentally allowed trading of fake $APT tokens on their exchange
• The fake tokens were from “ClaimAPTGift . com” which had made its way to 400,000 Aptos wallets after its creation on Sep 21
• Upbit was not able to distinguish the fake tokens from the real ones and allowed users to deposit them on Upbit and sell them for Aptos' market price
• Since then, Upbit has started to request refunds from users who sold the fake APT tokens. The market price of $APT is currently $5.44 on CoinGecko and is trading at around $5.47 on Upbit
Thoughts: Upbit has been calling customers who sold the fake tokens and requesting refund. The thing with Korea is you’re required to do full KYC when you use the exchange. Upbit basically has the real names of everyone and they’ll would likely be able to get those funds back. Still a ridiculous mistake from the exchange lol
Banana Gun Revenue Share Claim is Live
• @BananaGunBot users & $BANANA token holders can claim the revenue share on Banana’s Dapp
• Users can only claim every 24 hours and a minimum of 0.1E. Users can also opt for ETH or BANANA rewards
• 50E worth of BANANA has been bought back from the market to serve as a buffer (No inflation is being created for this)
• Revenue Share comes from two sources — 40% of Trading Bot Volume & 50% BANANA Tax revenue
Thoughts: More than 1,700 E of Lifetime Fees have been garnered, yielding $BANANA holders with 60% APY. Volume, fees, and user metrics show strong metrics despite the lackluster market environment. Banana overtook Unibot in DAU while Maestro still maintained the highest number of DAU 30%, 27%, 36% respectively
Dojima x Sparkfi
• @dojimanetwork announced a strategic partnership with @sparkfi_xyz
• Dojima Network will be integrating Base into its cross-chain infrastructure and the SparkFi team will be bringing their launchpad onto the Dojima Chain
• Sparkfi is is the first launchpad built on Base
• Dojima Network is an omnichain L1 which serves as a cross-chain hub to connect various chains. They pool assets and data to enable cross-chain application
PT-GLP TimePoint Farming
• Since @TimeswapLabs allows for PT-GLP from @pendle_fi to be used as collateral for the fixed-maturity loan,
• Users can borrow USDC while earning TIME Points which can then (likely) be converted to $TIME token later when $TIME goes live
• Borrow 200 USDC, Gets 10 Time Points | Borrow 750 USDC, Gets 100 Time Points
• Tips: You can also loop the strategy to earn more points
Thoughts: Timeswap is one of the first project (if not the first one) to fully implement oracle-less lending with many of the Top Defi projects assets / strategies that we see today — plsARB, PT-GLP, sJOE, etc.
Timeswap reminds me so much of when I was trying to hedge against the downside risk of holding an NFT collection — I used to use x2y2 NFT loan feature, deposit Captainz (9GAG’s Memeland), and take out a loan in ETH. If the floor price of Captainz falls too much, I just keep the ETH. If the floor price increase so much, I’d just repay the loan with some interests before the maturity date. You can do something similar with longer-tail assets or unique assets on Timeswap
On Chain Activities
$CREAM
⇢ According to @spotonchain, around 241.4k $CREAM was unstaked to 19 addresses over the past 10 hours with the majority going to machibigbrother
⇢ machi received around 215.2k $CREAM which he staked it all back while 13 addresses has allegedly sold around 5.4k $CREAM so far
⇢ $CREAM is currently trading at $17.19 with its 24h high at around $23.36
$ARB
⇢ The claim period for the $ARB airdrop has ended and around 69.4m $ARB tokens (worth about $56.54m) were transferred into the Arbitrum DAO Treasury [These are unclaimed funds]
Mixin Network Hacked
• @MixinKernel reported earlier this morning that the database of Mixin Network's cloud service provider was attacked by hackers, resulting in the loss of some assets on the mainnet
• The team have contacted Google and blockchain security company @SlowMist_Team to assist with the investigation It is estimate that the funds involved are approximately $200m
• Since then, deposit and withdrawal services have been temporarily suspended. The Mixin team will announce a solution to deal with the lost assets
No Degen Play today — Gonna spend some time to do deep research on something… something…. ;D
Have a great day!
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*