GM Digest #68
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Celestia Genesis Drop
• @CelestiaOrg Announced Airdrop for its $TIA token — 7,579 developers and 576,653 onchain addresses will have the opportunity to join Celestia from the first block
• Eligible participants can claim up to 60M TIA, the native asset of Celestia, until Oct 17
• 2/3 of the Airdrop is allocated to most active users on L2 rollups and stakers and IBC relayers of Cosmos Hub and Osmosis
• Go to the latest Twitter post, enter their site, and enter your address to see if you’re eligible. If you’re not active before Jan 1, 2023, you probably would not be eligible (I’m not eligible (ಥ﹏ಥ))
• Celestia is the first modular blockchain network that provides data availability and a consensus layer
Pudgy Penguins Goes Real World
• @pudgypenguins Pudgy Toys, with Pudgy World, are now available in 2,000 Walmarts in the USA
• Each toy comes with a QR code that unlocks digital traits which can be redeemed in our digital social experience, @PudgyWorld_, at PudgyWorld . com, now powered by @zksync
• Every toy will come with a random trait from various NFT projects such as @MeebitsNFTs, @DeGodsNFT, and more
Thoughts: While I’m not an NFT expert, Pudgy Penguins have outperformed majority of the NFT collections climbing from 0.5 E to more than 5 E per NFT. Since the project changed hand to Luca S, Pudgy has solidified itself as one of the strongest IP in the space that’s not just for Web3 people but for the masses (Hence the 2000 Walmarts expansion)
Solv v3: First-Ever RWA Fund
• @SolvProtocol v3 has unveiled the first-ever RWA fund that is tailored for investors seeking RWA yields with their stablecoins, providing exposure to US Treasury while preserving the stability of their stablecoin assets
• The entirety of the fund’s raised capital will be strategically invested in a single US Treasury, ISIN US91282CDR97 which boasts an impressive yield-to-maturity (YTM) of 5.40%
• Solv has a proven track record in Defi & Cefi, effectively managed assets valued at $162,898,517 across 76 funds. Solv ensures asset security through trustless fund infrastructure powered by ERC-3525
• Solv is also the first on-chain fund platform that offers delta-neutral vault for GMX v2 earlier this month (Sep)
Thoughts: Sol v3 utilizes ERC-3525 Semi-Fungible Token that aims to onboard an all-new asset class to the industry, enabling everyone to tokenize future cash flows. V3 offers a unified, secure, and transparency-driven platform for creating, issuing, managing, and settling on-chain funds with digital asset custody integrations by the best digital asset custody solution providers such as Gnosis Safe, Cobo, Enzyme, Ceffu, and Copper
This is interesting because it eliminated single points of failure and permissioned fund operations, investors provide liquidity on V3 with confidence and the interoperability and flexibility of SFTs ensure simple exit by trading SFTs on open markets and using them as collateral
Gas Finance Testnet Launch
• @GasFinance Testnet is live — Users can test out the swap feature between one asset to the tokenized gas assets as well as test out the liquidity provisioning feature
• Interactions with the testnet will be eligible for airdrops, with details to be announced soon by the team
• Gas Finance is a DEX powered by GAMM (Gas-specialized Asymmetric Market Maker). Gas Finance tracks and feeds Ethereum gas price first, and facilitates Gas Token trading through GAMM, empowering users to hedge and speculate on network activities
Thoughts: There are 3 protocols that are offering Gas Derivatives at the moment. Hedgehog, Alkimiya, and Gas Finance. Each of them is tackling this issue from a different perspective — Hedgehog using CDP to mint BaseFee token, Alkimiya using P2P Hash Rewards Swap, and Gas Finance using GAMM with GAT-N tokens (GAT-10, GAT-100, GAT-1000) which tracks the moving average of gas price of the preceding N blocks.
Tortle Ninja Live on Arbitrum
• @tortle_ninja is live on Arbitrum — Users can now create, build, and optimize your Defi strategies — Tortle Ninja is basically a visual programming language for DeFi
• Users can create their own products by linking nodes and combining them into DeFi operations. can split, create a limit, place stop-loss orders, farm, provide liquidity, and mix this together with combo triggers (Tortle Innovation)
• Combo Triggers: You can set trigger points based on a set parameters of on-chain or off-chain data e.g. If $BTC hits $30k, perform xxx actions → Chainlink will be used to feed the price. The triggers can be Price-based, APR-based, Time-based, Manual Execution, PnL, Social Sentiment
Thoughts: An interesting Defi programmable language platform with very good UI for individuals to create their own strategies. The UI reminds me of the game “Scratch” (if any of you know) where everything is just drag and drop. There are many things that you can do on Tortle, but in order to attract users, certain successful strategies that offer great consistent returns need to be established. Dezy Finance is the other protocol that’s building something similar, integrating various DeFi yield protocols to provide a simple and easy-to-use interface
Commodity Trading on Pika v4
• There is a new listing on @PikaProtocol where users can now trade commodities on Pika v4
• Users can now trade gold ($XAU) and Silver ($XAG) with up to 200x leverage, 0 slippage and low trading fees (0.012%)
• Pika Protocol is a decentralised leverage trading platform (up to 200x) on Optimism. Users can trade crypto, forex and now with their new addition — commodities as well
Pendle is Pendling
• @pendle_fi Pendle Earn is now on Bitget Wallet (Previous integration being OKX Wallet) — Pendle Earn on CEX wallets will allow Pendle to offer yield products to more CEX users
• PT-GLP appears to be very attractive now since the Implied Yield has recently increased to 9.2% while the underlying GLP is at 2.5% (Price YT ⬆️ | Price PT ⬇️) — PT getting more undervalued
Thoughts: Pendle continues to grow its TVL despite the overall lackluster market. Pendle is full stream ahead capturing the LSD & RWA markets, partnering with new protocols in the space and offering new ways for users to earn more yields by providing LP on Pendle Earn as well as hedging yields or speculate on yields via PT & YT.
Lybra v2 Burn
• @LybraFinance v2 has built in several Token Burn mechanisms that permanently remove portions of the LBR supply from circulation on an ongoing basis
• These include the dLP Token Burn Mechanism (Radiant-style), the Vesting Penalty Token Burn Mechanism and the Unmigrated LBR Token Burn Mechanism.
• Any V1 LBR that is not migrated to Lybra V2 by 24.00 UTC on Sep 30 will be burnt permanently
• dLP requires users to maintain 2.5% threshold in locked Dynamic Liquidity (LBR/ETH dLP). Failure to do so can attract bounty hunters to purchase your $LBR emissions at 40% discount using their $LBR. The $LBR that’s used to purchase the bounty will be burnt forever → 75,000 $LBR have been burnt already during the first 3 weeks of migration
Thoughts: Aside from the 24h pump this week, $LBR price action hasn’t been great the past month even with the burn mechanism on v2. TVL is slowly picking up a bit since accepting wBETH as collateral
Notional Finance Closed Beta on Arbitrum
• @NotionalFinance v3 closed beta is now live on @arbitrum with New leveraged yield strategies to maximize yield, Variable rate lend/borrow + fixed rate lend/borrow, Improved UI/UX
Other v3 features:
⇢ Yield contest.. During the v3 Beta, Notional Finance will also be running a yield contest for users
⇢ Listed tokens. Notional V3 launches with $USDC, $DAI, $USDT, $FRAX, $ETH, $wstETH, $rETH, and $wBTC with leveraged and un-leveraged yield strategies
⇢ Deposit caps. All currencies will have deposits capped at $250k except for ETH and USDC which will have deposits capped at $500k
• Notional V3 offers fixed and variable rate lending and borrowing + leveraged yield strategies products for users
StakeStone Live
• @Stake_Stone is Live on Ethereum Mainnet with $980k in TVL
• StakeStone is the omnichain LST that enhances capital efficiency for stakers and DeFi protocols by connecting blue-chip assets and multiple DeFi protocols with STONE, the yield-bearing ETH
• Users can earn about 5.28% APY on STONE which can be minted by depositing your ETH. There’s currently no entry or exit fees
• Yields are generated from blue-chip protocols such as Lido, Rocket, Frax, Balancer, Aura, and Mavericks
Thoughts: STONE uses trusted staking pools and selected blue chip protocols to generate yields and will be good for users who want to passively earn the best yields on their ETH through LSTs and LSTFi without active management. Advise cautions when interacting with StakeStone as this is a new protocol that recently launched, Smart Contract risk is real! StakeStone was audited by @secure3io on Aug 14, audit report can be found here
Immunefi Vaults Systems Live
• @immunefi vaults systems v1 is now live on Ethereum Mainnet
• With Vaults, projects can now be more transparent with their assets available to pay bounty rewards, increasing trust with white hats and getting higher quality bug reports
• Immunefi is a leading bug bounty platform for smart contracts within Web3 ecosystem. It serves as a vital component in ensuring the security of cryptocurrency projects, safeguarding over $60 billion in user funds
Supply Cap on Aave Increased
• The @AaveAave supply cap for the $METIS pool on the Metis chain has been doubled to 240k $METIS
• Now more users are able to deposit $METIS as collateral and borrow assets
• The current APY for lending $METIS is 8.3% and users can borrow other assets such as stables, ETH and $METIS and get paid 3-9% APY in $METIS rewards
Cartesi is Live with a Honeypot
• @cartesiproject is an application-specific rollup protocol is Live on ETH Mainnet with the first Dapp called “Honeypot Dapp”
• Users can hack the Honeypot Dapp for a chance to win 35,000 CTSI (Worth $4,375 at the current price) which will compound by 8% weekly
• This is done to invite the Web3 dev community to help test and enhance Cartesi Rollups security and also build their own DApps using Cartesi tech
• What sets Cartesi apart is that Cartesi is app-specific rollups with a RISC-V VM that can run a real Linux OS. Build scalable DApps with familiar software stacks like Python ML modules, GNU cryptographic tools & just about anything that you can run on Linux
TiTi to ALPHA Stakers
• @stellaxyz_ $ALPHA stakers will earn $TiTi tokens allocation date on Oct 1 — 4% of the total supply, will be distributed to ALPHA stakers on Stake ALPHA site
• @TiTiProtocol offers a No-Liquidation-Risk and Revenue-Earning Stablecoin 100%+ collateralized by Multi-Asset-Reserve
• The more you stake your $ALPHA and the longer you stake it will determine the amount of $TiTi tokens you get
• Stella (previously known as Alpha Finance Labs & Alpha Venture DAO) is a Uni v3 leverage farming protocol on Arbitrum. The team previously developed Alpha Homora with a peak TVL of $1.9bn, the team also incubated a multitude of Defi projects in the past — some have not launched yet, but when they do, parts of the token supply will be allocated to ALPHA Stakers (like TiTi)
Thoughts: Not super excited about the $TiTi token allocation. I’m more excited for Stella Hypernova, leverage to the tits on Pendle LP, 3-4 digits APY on Pendle sounds super exciting lol
Misc News
• @CurveFinance enabled leverage up to 9x on sfrxETH v2 & tBTC markets
• @circle's EURC is Live on @StellarOrg
• Arbitrum Odyssey: Reignited begins now with @GMX_IO → Check portal page to get details on the mission
• @pepeanalyticsai v2 likely on Oct with TWAP Detector (Detecting users who TWAP into a coin over 24 hours)
• @STFX_IO UI Update, showing Manager Investment in their own Trade
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*