GM Digest #67
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
BitBoy Arrested
• BitBoy got arrested while livestreaming his attempt to get his Lamborghini back from Carloz Diaz
• Bitboy was broadcasting live talking about his conspiracy theory that involves his crypto asset BEN coin and US Congresswoman Maxine Waters before the police arrived
• When asked by the police about who’s in the truck with him, Bitboy hesitantly admitted that it’s Cassie Wolfe, Bitboy Co-founder and his mistress. He clarified that his wife knows where he’s and what he’s doing
HTX (Huobi) Hacked
• Justin Sun reported that HTX (Huobi) lost 5000ETH (around $7.9m) as a result of a hack
• HTX has addressed the issue and trading operations have continued as normal and assures that HTX will cover all the losses
• In his post on X, Justin Sun said that he is willing to offer the hacker 5% of the stolen amount (400,000 USD) as a white hat reward and to also hire the hacker as a security white hat advisor for HTX
• If the funds are not returned within 7 days, information will be transferred to law enforcement authorities for further action
Thoughts: Unsure what they hack is about or how it came through. ~$7.9m is small when you look at their total ~3bn deposit, Huobi would be easily able to fill in the hole. However, this doesn’t look for CEXes — everyday there’s a news of something happening with CEX, Upbit yesterday, today Huobi
Cipher, FT Fork on Arbitrum
• @CipherRip, another Friend Tech fork has arrived on Arbitrum with a futuristic dark & neon green UI/UX
• The Cipher team put emphasis on “Engagement Rewards” that can be earned by accumulating Cipher Scores from interacting, posting, and engaging with other creators on the platform
• There’ll also be a staking function (Not sure what this is) and the $CIPHER Airdrop will be on Oct 8 which is calculated based on Trading Volume & Engagement
Thoughts: Since FT has established the first-mover advantage in being the go-to SocialFi that’s backed by Paradigm, other FT forks would have to have a unique way to acquire creators & users and retain them on the platform → This could be in the form of UI/UX and Incentives but so far nobody has yet to crack the formula despite significantly improving the experience for users on their platform.
FT experience still feels clunky but it was the first and it was credible, that’s why people stuck with it. Post Tech has slowed down and the chat room feature was halted for a while, now it’s up but everything has crashed yet another 50%.
Fan Tech launch was well-received two days ago, but without new big creators hopping onto the platform and running their SGE, the hype is just going to die down. Things could be different if they have the support of Mantle.
Cipher, not sure how this is gonna kick off, don’t feel any different experience from Post Tech. For now I’m gonna stick with FT if I have any insights to share
Perpboost Testnet Today
• @perpboost testnet is set to go live today (Sep 26)
• Users will finally be able to test out the Perpboost v1 Leveraged Trading Functionality, Leveraged Trading Aggregation, and LSDs as collateral
• PerpBoost is a Leveraged Trading Ecosystem on Base that finds the best way to open a leveraged trade across different Perpetual protocols and guarantees the best rates by P2P order matching
Factor Leverage is Live
• @FactorDAO’s Factor Leverage is officially live (Sep 23)
• Users are now able to execute 1-click leverage on AAVE strategies with any collateral & any strategies on AAVE. Lodestar, Tender, Silo, and Compound strategies will be coming soon
• Users are also able to switch their debt & collateral from one to another to react against market trends e.g. Switch ETH collateral to USDC if ETH is expected to fall
• Factor is a Defi Middleware that aims to offer a Defi Suite of tools for fund managers / users to easily create complex Defi products & strategies without any coding knowledge via Factor Studio. Factor has launched in-house auto-compounding vaults & basket of assets (indices) for users to invest in and recently launched Factor Leverage
Thoughts: Despite Factor Leverage being live, the experience of leverage is still rudimentary — it’s like opening a box of chocolate when you choose collateral and choose the asset to borrow, you don’t know what you’re gonna get, APY-wise, PnL-wise, etc
I’d expect ExtraFi-style simulation OF PnL or at the very least some analytics for users to understand the risks & rewards that they’re getting into for their strategy
Binance Futures Listed GLMR
• Binance Futures listed $GLMR and traders can now trade $GLMR perps on up to 10x leverage
• $GLMR is now trading at $0.223 and has pumped by 33% in the last 24 hours
• $GLMR’s @MoonbeamNetwork is a L1 that aims to bring all the functionalities of Ethereum (ETH) to the Polkadot ecosystem with its Substrate framework
WBETH on Lybra
• @binance’s WBETH can now be used to mint peUSD on @LybraFinance
• WBETH is the wrapped version of BETH — the wrapped version of the rebasing LST
• WBETH is now among other LSTs such as wstETH and rETH which users can use to mint peUSD
Thoughts: As covered in GM Digest #65, Lybra has lost alot of its TVL recently. Since the addition of wBETH as a collateral, the TVL has increased by almost 50% in the last 24 hours. It is too early to assume that this sudden surge is due to wBETH, but it is worth monitoring to see the impact that wBETH has on LSTFi protocols
RAFT Token Soon?
• @raft_fi teased their new token — $RAFT coming soon
• The peg of $R is not very stable. It is currently trading at $0.992 but fell to as low as $0.98 earlier this month
• Raft is a CDP that offers $R stablecoin and fixed 8% from R Savings Rate (Yield from DAI Savings Rate). Users can deposit LSTs and mint R 0.00%↑
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*