GM Digest #73
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Uptober is Here
• Market is ever-green — BTC Up 1.8% (Almost hit $28k), ETH Up 1.4% ($1.7k), and SOL Up 7.2% ($24)
• There’s no additional positive news for BTC & ETH except that this month is October and historically October has mostly been a bullish month with positive returns for Crypto since 2013
• One clear trend that we’re seeing further is the Arbitrum Uptober / Q4 Season that’s propelled by EIP-4844 and Arbitrum Short-term Incentives Programs (STIPs) — $RAM made another 45% gain while other Arb coins are extremely green
Looksrare Tokenomics Revamp
• Previously, 50% of the fees have been used to buy back $LOOKS which resulted in 1.8m $LOOKS going to the Treasury
• With the updated Tokenomics, the fees will be split as follows:
⇢ 50% will be used to buy back LOOKS from the market
⇢ 10% will be earnable as LooksRare Protocol Rewards
⇢ 40% will be sent to the Treasury
• Furthermore, the trading rewards will be coming to an end. All $LOOKS previously allocated for Trading Rewards will be sent to the Treasury to be used for future products and incentives
• Looksrare is an NFT Trading Marketplace with $LOOKS as its native token. Users can stake $LOOKS to earn $LOOKS and WETH rewards. The current APY for staking $LOOKS is about 20% and 21% in the $LOOKS auto-compounder
Thoughts: $LOOKS had a nice 8% pump in the last 24 hours and is currently sitting at $0.05 — good price action against ETH and BTC. $BLUR also enjoyed an 11% pump the past 7 days and is sitting at $0.19. NFT Marketplaces have not been a great sector to trade on due to the crash of the underlying NFT market, most of the NFT collections are down (including blue-chips).
53% of the Market is dominated by Blur, 37% by Opensea (including Opensea Pro), and only 0.01% by Looksrare. Competition-wise Looksrare won’t be able to compete against Blur & Opensea. Pumpability-wise? Not so much as well
gTrade 6.4.1 Live
• @GainsNetwork_io’s gTrade 6.4.1 is live with incentives aligning with the $GNS token and increasing staker revenue by about 60-80%. All GNS NFTs are also to be consolidated into $GNS
• Gains Network is a DeFi ecosystem of multiple products on the Polygon and Arbitrum**.** Its flagship product is gTrade, a Perp DEX that allows users to trade Crypto and Non-Crypto Assets with up to 150x leverage
Thoughts: gTrade 6.4.1 would shift $GNS stakers revenue from ~33% to ~61% from (i) 16% founder’s wallet to $GNS stakers and (ii) 80% of fees to NFT redirect to $GNS stakers.
However, 4.36M $GNS tokens (~14%* of the supply) would be minted between development fund compensation (founders’ wallet) and GNS NFT compensation — all subject to vesting (1-year vest for 1m $GNS dev fund mint, 6-month linear vest for NFTs or 25% penalty), and eligible for staking rewards. Still makes this bullish overall as $GNS can be used to better incentivize gTrade trading volume.
gTrade has been experiencing intense competition from GMX & HMX & Vertex on Arbitrum and $GNS revised tokenomics & Gains Network Arbitrum STIPs could just be enough to improve the competitive landscape for Gains Network
Hyperliquid Scale Order
• @HyperliquidX introduces Scale Order — Users can now place multiple limit orders in a specified price range in just one click
• Scale orders are a popular advanced order type. Traders can use scale orders to split a larger order into smaller sizes. Scale orders can also be used to better manage your average price when opening or closing a position
• Hyperliquid has recently been listing new assets every week including (not limited to) $TRB, $FTT, $LOOM, $OX, and $OGN
• HyperliquidX is an Orderbook Perp DEX with $11m in TVL and $20m+ in Daily Volume
Thoughts: Hyperliquid has been one of the best Orderbook Perp this season, new assets get listed every week, new features roll-out, HLP (Team’s Market Making) have made almost $800k profit so far from $0 in May. So far no token in sight, I’m personally gonna keep monitoring this every month in the off chance that team decides to launch token soon lol (it’ll 100% perform well)
Introduces SX Bet
• @SX_Bet is the Largest Web3 Sports betting platform in the world with $500k - $1m in volume per day
• SX is profitable and pays out 100% of its revenue back to SX holders, generating 7% APR in real yields (without any emissions)
• SX provides higher payouts, anyone can offer odds, market makers compete with each other to give better odds, leading to an average payout that is around 7%+ higher than traditional sportsbooks
• SX has been around since 2019, and it has generated ~$5m in revenue since inception. The project has its own chain (SX Network) and is backed by @nascentxyz, @hack_vc, @cmcc_global
Thoughts: Since SX is not on Ethereum Mainnet or Arbitrum, not many people know that it exists. Its volume far exceeds other Web3 Sports Betting platforms combined and it’s one of the platforms (if not the only platform) to allow users to bet in big sizes (>$50k) — What’s amazing is that 100% of revenue flows back to token holders.
I recently got into a partnership with them, you might see a few threads / posts about them pretty soon, sharing my betting experience and bets that I got into (betting for the first time), as well as some analysis on the platform
Misc News
• @Injective_ integrates with @akashnet_ enabling seamless decentralized Injective node deployments
• @RDNTCapital to launch on Ethereum on Oct 3
• @LybraFinance’s Lybra DAO has been launched and users can now vote and submit proposals
• @fwenxyz, a meme coin project that airdrops its token to Friend Tech users is gaining traction
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*