GM Digest #75
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
GemDrop IDO
• @GemDrop_xyz IDO is coming on Oct 9 on @Spartadex_io
• 2 Rounds will be launched, raising $190k and $300k subsequently — $157.5k MCap & $2.8m FDV with 25% unlock at TGE, the rest 1 month cliff and 4 months linear
• Round 1 → Revealed Spartan NFT holder will get $400 per NFT (Each wallet can hold up to 3 NFTs)
• Round 2 → Stake $SPARTA to secure your spot (1500 SPARTA if you have NFT / 3000 if not). you’ll get $3000 max allocation per wallet. If there’s anything left, it’ll go to public at the end (Oct 12)
• Gem Drop offers the hottest airdrops’ aggregation & an automated bot to farm those airdrops (Think Lootbot)
Thoughts: $GSWIFT, SpartaDEX has performed really well from its IDO price action of $0.0179. It has recently also bounced back more than 80% from its recent lows and is now trading at $0.083. Given the success of the first IDO & the low initial MCap, there’s a high likelihood that GemDrop IDO will do well PA-wise
Radiant Mainnet Deployment Delayed
• The @RDNTCapital deployment on Ethereum Mainnet has been pushed to October 15 after identifying opportunities for significant gas optimizations
• In the same post, the Radiant team also announced that they will be initiating a DAO vote regarding the distribution of the remaining 1m $ARB tokens initially allocated to the Radiant DAO from the Arbitrum airdrop
Thoughts: In addition to their 1m $ARB tokens already in the Radiant DAO Treasury, the team is also in the midst of the Arbitrum STIP applications. In their first draft proposal, the Radiant team is applying to get a grant of 37,952 to 2,852,046 $ARB tokens, depending on milestone progression
Winding Down Utopia Core
• @0xkaito announced that the team will be winding down @utopialabs_’s product
• All gasless transactions will now be turned off and the product will remain available for use until the end of the month. On November 6, all services will be turned off
• The CEO assured that the Company itself will not be shutting down and will just be pivoting away from their existing product
• Utopia is a crypto payments and stablecoin offramp/onramp for crypto companies backed by @Paradigm
Thoughts: The team is not shutting down the company, rather, moving away from existing product and existing direction. The team will be heads down building new products
Stella x Penpie Leverage LST
• @stellaxyz_ has successfully integrated with @penpiexyz_io and is now live with Boosted wstETH Pendle Pool on Arbitrum
• Users can 10x Leverage and access 32.62% APR from Boosted wstETH Pool. Since Penpie is built on top of Pendle and allows for max boost vePENDLE along with additional $PNP rewards, users can earn more rewards than LPing on Pendle
• Stella is a Leverage Farming Protocol that focuses on Univ3 Leverage. It has recently expanded its product to Leverage Pendle LP, making it the first protocol to enable leverage on Pendle products
Thoughts: Stella devs just keep devving — Leverage Pendle LP is exhilarating, especially on stable pairs like stETH and hopefully RWA pairs in the future. Won’t be surprised if we start to see more long-term leverage Pendle LP farming till maturity (to minimize IL and maximize gainz)
Orange Finance LPDFi vaults
• @0xOrangeFinance will be deploying LPDFi vaults on @dopex_io, @SmileeFinance and @InfPools
• Users can deposit single tokens into the Orange Finance vaults and the vault will provide liquidity for the vaults on Dopex, Smilee Finance and Infinity Pools
• What’s unique is that the Orange Finance vaults have a hedging module which implements a delta hedging strategy and also a strategy module for setting price ranges or rebalancing positions if the underlying position is a CLAMM
• Orange is an Automatic Liquidity-Management protocol for concentrated liquidity-type DEX maximizing the capital efficiency of LP by maintaining an efficient price range through statistical modeling and delta hedging strategies
Thoughts: Users will be able to experience Univ3 DEX Fees + LPDFi Rewards while hedging their exposure with Orange hedging module. LPDFi protocols will be one of the top upcoming narratives due to its improvement in capital efficiency of Univ3 LP & the new use cases offered to traders / users. By starting to integrate LPDFi protocols in buidling stage right now, Orange is positioning itself to be the Top LPDFi Vaults ahead of the LPDFi narrative
LayerZero X Conflux
• @LayerZero_Labs and @Conflux_Network announced a partnership on an upcoming blockchain-based SIM card (BSIM) co-developed by Conflux and China Telecom
• The BSIM will enable users to transfer assets and messages between chains using LayerZero and the SIM cards will allow users to securely store private keys on their phones
• LayerZero is an omnichain interoperability protocol which allows for transfer of messages between chains
• Conflux Network is a hybrid PoW/PoS blockchain that is known for its strong position in China despite China’s stance against crypto
Thoughts: Hmmmm hmmmmmmmm hmmmmmm
Winding Down of Yield Protocol
• @yield announced on X that they will be winding down Yield Protocol and they will not be launching the March 2024 fixed rate series
• For now, borrowing and lending is restricted to the December 2023 series and LPs for the March-September strategies will no longer accrue any fees. On December 29, the remaining series will mature ending all borrowing and lending on the protocol
• The reasoning behind the winding down is due to the lack of sustainable demand for fixed-rate borrowing and also regulatory challenges
• Yield Protocol is a collateralized fixed-rate borrowing and lending protocol on Ethereum and Arbitrum. Users can borrow/lend out ETH, DAI, USDT, USDC and FRAX for a fixed rate/return
Pear Protocol Updates
• @pear_protocol announced details on Protocol, Token, and Marketing
• Protocol → v0.5 is live on Arbitrum, you can join whitelist to check the platform out by going to Discord & opening a ticket
• Token → TGE when the time is right, token will have rev share, governance, exclusive trading content, discounted trading fees & rebates as main utilities (Expectation on TGE is Q4 23 - Q1 24 with Pear v2 & Arb szn 2 hopefully)
• Marketing → Team’s currently building out educational content, working with quality KOLs (why am I not contacted!?), partnering with protocols on Arbitrum, signing legal agreements with Market Makers, and attend IRL events
• Pear Protocol allows users to long & short assets simultaneously with 1-click. Pear has raise $1.25m in fundraising from Flow Ventures, RNR Capital, Portico Ventures and JY Capital, among others
Thoughts: Not sure if traders will use this given long & short strategies are performed separately, adjusted, and closed separately depending on the exposure that you want your positions to experience. Not sure if Pear allows for traders to flexibly & conveniently adjust 1 position in a pair instead of adjusting both at the same time. Interesting product nonetheless
Introducing USTP
• @TProtocol_ introduced USTP — a stablecoin powered by US Treasury Yield
• There are 3 different types of USTP:
⇢ Rebasing USTP (rUSTP): a rebasing token pegged to $1 when users deposit USDC into the pools. The yield on rUSTP is currently at around 4.6%
⇢ Interest-bearing USTP (iUSTP): converted from rUSTP at an internal exchange rate. iUSTP will not be a rebasing token but instead the value increases over time. This is Defi composable with TProtocol partnered protocols
⇢ USTP: non-rebasing stablecoin that can be minted from rUSTP. The minting of USTP from rUSTP and the redemption of rUSTP from USTP is 1:1. Stability of USTP is to be maintained via arbitrage and the liquidity pool for USTP will be incentivized
• TProtocol is a decentralized RWA lending protocol that combines the stability of US Treasury yield with DeFi composability
Thoughts: Shared several thoughts on TProtocol previously, I personally like the concept of having T-Bill yields of 5% easily accessible in Defi while having the stability of the stablecoin. Defi yields are extremely depressed right now so having more elements of TradFi yields on-chain is beneficial to Defi investors
Orbiter Finance Clarifies Bridge Issues
• Yesterday, CT reported issues of funds not being received when using the @Orbiter_Finance bridge and also issues on Discord with the team account showing “Deleted User” and also being silent on issue reports
• The Orbiter team responded to this in their thread on X addressing the issues:
⇢ Re failed transaction on the bridge: The failed transactions are potentially caused by a range of issues including “network problems”, insufficient balances or “abnormal transfers”. More explanation on these in their thread here:
https://twitter.com/Orbiter_Finance/status/1709308197293674672?s=20
⇢ Re Discord issue: The Orbiter Team’s Discord server account was disabled and they have sought for assistance from the Discord Team. Discord’s response was that their account could not be restored. The team is still working on recovering the account. More details in their thread here:
https://twitter.com/Orbiter_Finance/status/1709394389607587848
Thoughts: A bit scary seeing this because I use Orbiter Finance daily and has never experienced any problems (Have seen couple other people facing this issue of funds not being received though). Suggests using other bridge services for now. Try out Wombat CrossChain Swap instead of bridging if you’re moving around between BNB, Arbitrum, and Ethereum
Equalizer on Base
• @Equalizer0x will launch $SCALE token on Base on Oct 5 at 00:00am UTC with trading fee starting at 99.99% and decay every second to 2% at 01:00am UTC
• Initial circulating market cap will be $20k with FDV of $200k
• SCALE is the governance & utility token of Equalizer on Base. Equalizer is Fantom's #1 Solidly DEX
Thoughts: High likelihood this pumps due to its low valuation. If you’re around during that time, you can snipe it when fees decline to an optimal level (30%+ range). Since it’s a ve(3,3) token, holding it for a long time or participating in (3,3) usually doesn’t end well in this market climate. Suggest buy low & sell high within the same day or the next day max (DYOR | NFA)
Misc News
• Honda will now allow financing, lease or purchases via FCF Pay — a blockchain payments system
• Starkware — the Ethereum L2 delays first unlocks of its native token (STRK) to April 2024
• OP Labs ‘fault proof’ system goes live as an alpha on testnet
• Frax v3 rumored to be launched very soon
• $RLB Buys and Burns are now entirely on-chain and users view the transaction on the Rollbit Dashboard
• @lightning announced Taproot Assets, a scalable protocol to issue assets on Bitcoin and Lightning network
• @nftplayground integrates the @LayerZero_Labs ONFT standard
• SEC asks judge to reject Coinbase’s motion to dismiss lawsuit
• SEC’s Appeal Against Ripple Rejected
• DWF Labs invests $7.5 million in @airdao_io to drive ecosystem growth
• Ripple obtains digital asset license from MAS of Singapore
• Ehereum Futures ETF attracted less than $2m trading volume on the first day
Arbitrum Picks
• Revealed Spartan NFT (0.035 E per NFT) & $SPARTA → Both NFT & $SPARTA getting sold off heavily from lockdrop participants selling off their tokens. Price of both is so cheap right now to accumulate and participate in the GemDrop IDO — There’s a good chance that it’ll 3x - 4x allowing IDO participants to recoup their principal and ride a moon bag with with vested tokens (obviously NFA)
• Concentric $CONE is still a good coin to DCA into even though it pumps 20-25% from my call ($2.8 to $3.8 and now at $3.5). The first 3 vaults are launching today and will kick start the whole flywheel that we saw with GND when it skyrocketed from $70 - $90 to $200 and $300 in a few weeks
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*