GM Digest #72
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
FTX’s Auditor in Deep Shit
• SEC initiates legal action against FTX’s Auditor, Prager Metis, alleging that the firm committed hundreds of violations related to auditor independence
• “As alleged in our complaint, over a period of nearly three years, Prager’s audits, reviews, and exams fell short of these fundamental principles. Our complaint is an important reminder that auditor independence is crucial to investor protection.” said SEC
VanEck Donates to Core Contributors
• VanEck, one of the largest ETF & Mutual Fund Manager has pledgedto donate 10% of its Ethereum Strategy exchange-traded fund to The Protocol Guild and is committed to doing so for at least 10 years
• VanEck is currently in preparations to launch its Ethereum Strategy ETF which focuses on ether futures contracts
• The Protocol Guild is a collective of 152 Ethereum core protocol contributors dedicated to funding core protocol development for the public good
Thoughts: VanEck is the first TradFi Fund Manager to offer parts of the profit to core contributors. This is super bullish and will set a precedent case for other TradFi Fund Managers & Institutions alike to openly incentivize key contributors. Key contributors happy → dev devving, contributor contributooring. Price go up, print3r go brrrrr
Overtime x Bookiebot x Azuro
• @TeamBookiebot partners with @OvertimeMarkets, on top of the existing partnership with @azuroprotocol
• The partnership with Overtime is done to offer users more betting varieties on different sports, different blockchains, and different currencies (ETH, USDC, etc)
• Bookiebot is the first Sports betting bot on Telegram
Thoughts: $BB was one of the largest gainer of TG Bot coins in the last 24 hours with a 27% increase in price and is now sitting at $1.94 — amongst the TG bot narrative, Bookiebot is one of the most consistent project with dev continuously shipping and getting into partnerships — This is further shown by the increase in 7d avg unique users and bet volume in September as shown here
Growth in crvUSD
• The TVL of crvUSD has been steadily growing since inception with TVL currently sitting at $187m. In terms of Market Cap, it climbed from around $115m to $127m since Friday
• @DefiMoon noticed that there were large mints of crvUSD over the weekend. The big increase in crvUSD minting mainly came from wBTC, tBTC and WETH
Nitro Cartel GMLP
• @nitrocartel announced the launch of GMLP next week
• GMLP serves as a one-click way to purchase an index of all GM pools (GMX v2) where the rewards on these pools are all automatically compounded for holders
• Nitro Cartel is an Arbitrum-focused DAO, backed by a treasury that will be generating yield and growing the ecosystem. $ALP index of Arbitrum blue-chip assets is one of Nitro Cartel core product whose price has been steadily increasing by 20% from its ATL in September
• Early this year Nitro Cartel is the project that raised its IDO with the highest amount of ~$14m through Fair Launch
Thoughts: If you’re pondering whether to ape into $TROVE because it has yet to pump yet, Don’t! Main reason why is it has $2m+ in liquidity in its pool, making it impossible for degens to move the price 30-50%, while its ALP Index & GMLP Index will likely do well, it’s better to speculate on something else if you’re looking to capitalize on the Q4 Arbitrum Bull Run
Valkyrie Pauses ETH Futures Position
• Valkyrie has decided to temporarily suspend the purchase of ether futures contracts in its Valkyrie Bitcoin Strategy ETF (BTF). This suspension will remain in place until an amendment to the fund's registration statement is effective, allowing the addition of ether futures contracts to their strategy
• During this suspension period, the fund will also unwind any existing positions it holds in ether futures contracts
• Valkyrie previously announced on Sep 29 that they will begin offering exposure to ETH futures through its newly combined Bitcoin and Ether Strategy ETF, making it the first U.S. firm to allow investors to bet on the future price of ETH
• Valkyrie is an asset management firm at the intersection of traditional finance & the emerging cryptocurrency sector. They are mainly known for their Bitcoin Strategy ETF (BFT) which invests in BTC Future Contracts and also their Bitcoin Mining ETF
Thoughts: This was a big shift from offering ETH Futures to winding down their ETH Futures positions. Some suspect that the SEC had asked Valkyrie to unwind their positions until the official effective date
Orderly Network X LayerZero
• @OrderlyNetwork announced a collaboration with @LayerZero_Labs
• This would enable traders on multiple blockchains to settle trades in one order book
• Orderly dApps can now accept deposits from any supported chain and enable cross-chain perp trading with zero bridges
• Orderly previous partners with Google Cloud collaboration equips developers with user-centric enterprise tools like customizable widgets and ready-made solution
• Orderly is an omnichain CLOB infrastructure. It’s the ultimate trading lego for seamless integration by any builder on any blockchain
Great Weekend Reads
• @DeFi_Made_Here Thoughts on Arbitrum STIPs Proposals: https://twitter.com/DeFi_Made_Here/status/1708104280945594565
• @DefiIgnas Bull Case for SocialFi: https://twitter.com/DefiIgnas/status/1707760460794040764
• @Defi0xJeff EIP-4844 and toilets: https://twitter.com/Defi0xJeff/status/1687450021439197184
• @jackchong_jc Defi will eat Tradfi: https://twitter.com/jackchong_jc/status/1574745695654797312?t=o1uSO0FZUIFNqaCEgCXHQA&s=19
Wisker Trade IDO
• @wiskerstrade Public Sale will be on Oct 2, raising $52k at $320k FDV. Exact time & details will not be revealed ahead of time
• Wisker previously Private Sale raising $51.5k at $275k FDV from KOLs / Angels such as @0xUnihax0r, @TheEuroSniper, @EricCryptoman, @County_Cap and more
• Wiskers connects Ethereum based wallets to streamline any TradingView indicator(or anything you can attach an alert to on TV; trend lines, drawings, custom scripts, paid indicators, etc) into executable actions on chain on any token Tradingview has a chart for
More Arbitrum Lowcap Picks
ConcentricFi $CONE
• Even though Concentric Univ3 Liquidity Manager Solution is similar to any other liquidity manager. The key difference lies in its Tokenomics that creates a value-accrual mechanism for CONE & xCONE holders given 40% of the fees are distributed to xCONE and 10% of the fees are used to Buyback CONE.
• In contrast, while Gamma Strategies has $80m in TVL and over $3-4m in annualized revenue, $GAMMA only shares 5% of fees to stakers while the other 5% is shared only to the voter of the best LP pool
• 40% fees sharing & 10% Buyback makes a huge difference. We could see Concentric being more prominent in Arbitrum since it receives direct support from the Camelot team, more pools could get integrated which would lead to more TVL, and more fees to xCONE stakers and upward pressure in CONE price
• $CONE is trading at $2.9, $777k MCap & $2.9m FDV only a slight increase from the launch price of $2.45
Plutus $PLS
• Plutus = Governance Aggregator of Arbitrum Bluechips | Even though plsARB f*ckup happened (Yes I took -60% cut on my ARB stack), there’s no denying that they hold huge amount of governance tokens from ARB, RDNT, JONES, DPX, and SPA
• Plutus is focusing a lot of efforts into the Arbitrum inflation RFC (which will likely turn into a proposal after all the feedback are taken into account). If this passes, we might see even more activity on Arbitrum and Plutus would be one of the main beneficiary due to the large amount of $ARB that it holds
• $PLS price has drastically retraced due to the overall market & the emissions from its v1. v2 encourages longer-term participation with its bPLS tokenomics, vote-locked PLS and esPLS encourages lockups and 3,3 if you wanna get that fees, bribes, and voting power
• $PLS price at $0.2 ($2m MCap) down from $1.3 ATH (~$12m MCap)
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*