GM Digest #69
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
SEC to Delay on ARK 21Shares Bitcoin ETF
• The SEC moved to delay a decision on the proposed RK 21Shares Bitcoin ETF into next year, with a new deadline of Jan 10
• The SEC has posted an apparent reminder it doesn’t want to rush a decision on approving or denying the latest wave of spot bitcoin ETFs
• Based on this stance from SEC, we may see other ETFs filings getting delayed to next year as well
Thoughts: No drastic reaction from the Crypto market, BTC & ETH are actually greens at $26.4k & $1.6k respectively. Since October is historically a good month for Crypto and EIP-4844 is slated to be in Q4, the market is likely pricing that in. We might see more volatility in the second week of October when many of the filings are bound to be approve (or not) by the SEC
Arb Coins Go Up
• While the TVL of Arbitrum remains quite stagnant, Arbitrum coins pumped again with the anticipation of Uptober, Q4 EIP-4844 Upgrade, and waves of Arbitrum Protocols asking for $ARB grants from ARB Short-term Incentive Program (STIP)
• Gainz During the last 24 hours: $RAM 90%+, $TND 26%, $SILO 20%, $WINR 17%, $LODE 15%, $JONES 10%, $GRAIL 8%, $GMD 7%
• @RamsesExchange v2 (Concentrated Liquidity) has generated the highest Vol/TVL efficiency vs other DEXes on Arbitrum during the last 24 hrs, contributing to the sharp rise in $RAM price
Thoughts: Arbitrum lowcaps are starting to move in anticipation of Arbitrum Bull Run in Q4 — Safe play would be to start DCA’ing into solid Arb picks that are medium-high cap such as $GRAIL, $RDNT, $PENDLE, $JOE, and most importantly $MGP (if you’re not in yet)
Shibarium & Calcium (and the Alleged IP Theft)
• The $CAL story began with the announcement of Shibarium's launch, where the creators decided to make a unique meme called Calcium, offering rewards in Bone.
• On January 9th, 2023, they announced their launch on Twitter, 259 days before the $CAL token was launched by the Shib Team.
• They had been building and growing their community since October 2022, conducting a successful presale in February, raising $6k in 21 seconds.
• Frustration grew due to constant delays and issues with Shibarium's development. The Shibarium team faced criticism for inadequate preparation and communication.
• The $CAL project used humor and stickers to express their growing frustration.
• Legitimate developers and communities were banned for voicing concerns about Shibarium's development.
• The Shib Team retaliated by announcing a dummy token named Calcium ($CAL) and adding liquidity, causing chaos in the community.
• Shib Team takes elements of the $CAL project, including logo, branding, stickers, and website, leading to accusations of theft (as alleged by the original $CAL project team)
• Despite the challenges, the original $CAL community remains determined to stealth launch on ETH soon
Thoughts: Did not know this had unfolded before seeing this article. Many who are not familiar with the Shibarium community only saw Shibarium devs launching $CAL as a test token + the sniper sniped majority of the supply that rekted everybody. Regardless of the factuality of this allegation, I’d advised anybody to stay away from Shibarium ecosystem. Better R/R investing in actual projects with proper fundamentals in other ecosystems
SankoCorp STIP Proposal
• @SankoGameCorp $DMT has made a proposal for Arbitrum Shor-term Incentives Program, asking for 500k grant
• Sanko seeks to leverage the grant to fuel streamer involvement and viewer interaction for SankoTV (on-chain live streaming platform), thereby expanding Arbitrum’s SocialFi ecosystem
• Sanko’s Dream Machine (Arcade) currently features five fully developed games: McAfee’s Main Event, ¡Sanko!, Miya, Sakura Pinball, and Milady Tekken.
• Multiple games are in development which are slated to launch with Sanko’s L3 Arbitrum Orbit Chain, including SankoScape (MMORPG), Sakura Park (Action), Street of Milady (Action), and more
Thoughts: Sanko has proven itself to be a top team building a unique ecosystem around GameFi and SocialFi. The $DMT token now sits at $13, at 13m FDV, down from its high of $50. Current price makes it pretty attractive to accumulate. The current price was the price that Sanko launched with only 1-2 games.
RestakeFi Seed Round
• @restakefi raised seed round from DAOs and Angels such as Alfa Dao, DCDAO, Y&M, Moni, Bizyugo, 0xJeff and more
• Restake Finance is one of the first modular liquid restaking platform powered by EigenLayer. Users are able to earn ETH Staking Yields & EigenLayer Staking Yields while keeping their ETH liquid via Liquid Restaked Token (LRT)
Thoughts: Yes, I participated in the sale (albeit at a small allocation) — Main rationale is RestakeFi being one of the first to offer LRT (besides Stader LRT) and FDV is only at $5m (High Pumpability). EigenLayer Restaking is one of the biggest narratives with EigenLayer accumulating over $224m in TVL already (even though there’s a cap on it)
Balancer Liquidity Growth Program
• @Balancer is introducing their Liquidity Growth Program (LGP) on @arbitrum
• The Balancer DAO was allocated 3m $ARB tokens and the DAO plans to allocate 2m of these tokens to the ARB/BAL/AURA LP and the remaining 1m $ARB tokens allocated to DAOs looking to incentivize liquidity
• Protocols or DAOs who place a voting incentive on their pool on veBAL voting markets will get matched with direct $ARB incentives in ratios that depend on an underlying boost factor, by the Balancer DAO
dYdX v4 Launch Incentives Proposal
• There is a proposal by @chaos_labs for $20m worth of $DYDX tokens for a 6-month Launch Incentives Program to be deployed on v4
• The purpose of this proposal is to reward early adopters and to stimulate early growth
• This proposal is only a temperature check and the final proposal will be created on the dYdX Chain
Thoughts: An Incentives Program would definitely encourage more users to adopt the new chain. Price action on $DYDX hasn’t been the best and this could be due to the large upcoming unlocks happening at the end of Q4
Premia Finance Permissionless Pool
• @PremiaFinance has deployed their Permissionless Pools
• Now anyone can deploy Options pools for any token pair on @arbitrum using @chainlink and soon @redstone_defi oracles
• Premia is a decentralized options market based on a pool-to-peer architecture, similar to Uniswap, but for option
Thoughts: There’s currently a lack of demand for options products in the market due to the nature & complexity of the products. Premia has released its Premia Academy with lots of educational content to try and educate the market on Options but it has not gotten an attention that it deserves
Jade Protocol Community Proposes a Rage Quit
• A member of the @JadeProtocol DAO proposed that the DAO liquidate its $31m treasury and issue redemptions to its token-holders
• The reason behind this proposal is due to the foggy regulatory landscape which poses a risk to all token holders. Another member also suggested that a $2m “legal defense fund” should be created to help the core contributors wind down the DAO if the dissolution is approved
• Jade Protocol is a crypto-focused investment group that sources early-stage deals
Thoughts: The $JADE token pumped by around 17% in the last 24 hours. There is no confirmation on the winding down and how it will be executed. Speculators are probably just betting on the fact that there will be a winding down and the $31m treasury will be distributed.
Misc News
• @binance to sell its Russia business to CommEx
• @OpenLiq integrated @xyfinance, a cross-chain DEX and bridge aggregator
• @HyperliquidX listed USD perps for $FTT with up to 3x leverage
• @TeamUnibot added a new Advanced Bundle feature
• @yearnfi launches veYFI on Oct 19
• @YieldGuild Unlocks 6% of Supply
• Michael Egorov settles entire debt position on Aave
• @beefyfinance v2 token migration snapshot taken on 26 Sept 17:00 UTC
• @TheTNetwork reduced tBTC mint fees to 0.1%
• @chainlink is now live on @BuildOnBase mainnet
• @emdx_io unveiled its v2 — RWAs & Currencies Perps, KYC/AML for Institutions, Multichain & Web2 Support
• @monad_xyz v1 Docs are Live
• @Aark_Digital Early Bird ALP Season 2 Starts on Oct 4. ALP Liquidity Provider earns additional $AARK rewards by locking the ALP up for 2 months
• @ThalaLabs introduces Thala Foundry — a joint incubation initiative with the Aptos Foundation
• @AuraFinance introduced a new project — @ProjectFlywheel [No details on what this is yet]
• @atorprotocol shared its Tokenomics details
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*