GM Digest #77
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
420 on Avalanche
• @blockticity is a blockchain-based product certification system, powered by Avalanche
• Using Avalanche, startup Blockticity has minted NFTs which aim to certify the authenticity of psychedelic mushrooms, hemp and kratom
• Blockticity's COA NFTs will make both the tracking and verifying of products' authenticity more efficient and trustworthy
• So far, ACS Laboratory and Blockticity have minted nearly 37,000 non-fungible tokens, each acting as a Certificate of Analysis, or COA, for the products the companies announced. The plan is to mint another 120,000 COAs for mostly cannabis products
Thoughts: Having COAs recorded on blockchain as NFTs to circumvent QR code tampering, visual modifications, and data alteration issues are great. Could imagine a better use for authenticating luxury products / limited edition goods (Rolex, Nike, etc)
Offramp in EU
• @OfframpXYZ instant on/offramp service is now available in Europe and open to residents of several EU countries
• Recently, they launched a campaign where users could earn points. The top 100 participants were rewarded with 'The Lightning Passes' NFTs. Additionally, they have announced their intention to release a token in the future. Perhaps being an early adopter might prove to be lucrative down the line
• Offramp is a DeFi protocol that allows everyone worldwide to quickly convert crypto to fiat and vice versa, all for a fixed fee of $0.99. Insured by @NexusMutual
DedotFi Revolution on 10.10
• @DeDotFi announced that on Oct 10, they will finally unveil something they've been patiently working on for the past three years • This event is expected to be highly anticipated, considering the large number of people who have been using the platform in hopes of receiving a potential airdrop
• De .Fi offers a plethora of useful tools for the average crypto user. From a portfolio tracker and contract scanner to a permission revoke tool and insights and analytics. On top of that, it adds a social layer for enhanced collaboration
Premia Liquidity Mining Incentives
• @PremiaFinance liquidity mining incentives are live on Premia Blue's v3 vaults
• Premia encourages all liquidity providers to migrate from V2 to Premia Blue, as V2 will get deprecated on all chains except for Optimism
• The new liquidity mining incentives system utilizes OLM — liquidity providers get Premia Call options instead of tokens. This two-way system caters to both vxPREMIA holders and LPs, ensuring a mutually beneficial relationship
• Premia Finance exists as a multi-chain decentralized options market that incorporates a hybrid model of pool-to-peer architecture, an orderbook messaging layer, and automated liquidity vaults
Stars Arena Vulnerability
• @starsarenacom is a SocialFi app on @avax with $1.45m in TVL and has seen huge growth from $33.7k on Sept 27
• Yesterday @0xlilitch reported on X that Stars Arena had a critical vulnerability in their smart contracts (specifically the getPrice() function) which would allow anyone to drain $AVAX
• The Stars Arena team announced on X that the exploit has been fixed and reported that the exploit was due to malicious actors that are intentionally targeting Stars Arena
• The exploiters reportedly spent $5 to drain every $1 on the platform
Thoughts: The bug did not make it profitable to drain $ from the platform, given that more must be spent on gas to drain the capital. Instead of apologizing for the bug, the team is spinning an underdog “We Are at War” narrative. While this controversial is generating good engagement, the community does not appreciate this at all. No significant impact has been observed yet and its TVL remains at ATH
Xion Public Testnet
• @burnt_xion has launched its public testnet for Xion.
• Xion is a L1 blockchain with a modular account abstraction layer and will be using USDC as its primary transactional currency
• Xion will be focusing on use cases around payments, social communities, web subscriptions, loyalty programs and games
• At the same time, Burnt also announces a strategic investment from @circle_ventures
BinaryX Marketplace
• @BinaryxPlatform is a marketplace of tokenized real estate that bridges the real estate market and DeFi
• Binary provides property owners with a system of oracles that allows them to tokenize and retail their property while enabling investors to invest in tokenized real estate, obtaining fractional ownership
• Primary Marketplace allows investors to invest in tokenized properties (tokens) when they’re on sale while Secondary Marketplace (still in beta) allows investors to freely buy/sell the tokens anytime they want.
• Currently there’s only one property on sale for both markets (Karra Loft 3A in Bali) which generates 16.8% APY per year from net cash flow (rental income net all the utilities & management expenses)
Art de Finance Airdrop
• @ArtdeFinance is a community-based Web 3.0 Digital Arts/NFT & Physical Arts Platform where trades are conducted based on an understanding of the artist’s philosophy
• The platform also enables direct communication between artists and the community and allows the community to take the lead in curation
• The $ADF Airdrop will be eligible for LDL NFT Holder, ADF Pass NFT, Zealy Event participants who rank 3,900 or higher. The snapshot for NFT is Oct 11 06:00 UTC
Perennial V2
• @perenniallabs — a perpetual derivatives AMM on @arbitrum has introduced Perennial V2
• With V2, Perennial now offers:
⇢ Faster Oracles: Perennial’s oracle system is now able to support any low latency oracle reducing lag between oracle submission and execution. Perennial will currently be using @PythNetwork's oracles
⇢ Cheaper fees: The use of efficient oracles keep fees low and utilizes a PID-based dynamic funding rate. Now either longs or shorts pay the funding fees (depending on the imbalance) instead of all traders paying funding
⇢ Deeper liquidity: With V2, long and short markets are combined into one market rather than having a separate market for long and shorts making the protocol more capital efficient
• Perennial acts as a peer-to-pool derivatives AMM that perpetually offers to take the other side of any Taker’s position directly at the oracle price, in exchange for funding & interest rates based on market skew & utilization
• Makers (Liquidity Providers) can autonomously take the position by depositing liquidity in vaults that automatically manage Delta exposure between Delta Neutral to Delta (in times of Longs & Shorts imbalance) OR manually market make via advanced LP module which can leverage up to 50x, set limit orders and stop losses in any market that you prefer
Thoughts: At this time, Perennial has no plans to release its token and has not teased anything about it. While I have not done a deep dive on its platform, the advanced LP market making is pretty interesting to try out
PARSIQ’s Reactive Smart Contracts
• @parsiq_net is a full-suite data network for building the backend of all Web3 dApps & protocols. The Tsunami API provides blockchain protocols and their clients with real-time and historical data querying abilities
• PARSIQ’s Reactive Smart Contracts “Reactive” capabilities can help (i) save underwater leveraged positions by adding collateral once the threshold is closed to being breached, (ii) facilitate factoring / receivable loans automation between banks & businesses, and (iii) Tracking Supply Chain & Logistics
Misc News
• @StarkWareLtd has made an update regarding the Starknet $STRK token. The first token unlocks will now take place on April 15th, 2024
• @opensea announced the launch of OpenSea Studio. This new feature aims to assist creators in effectively launching and managing their projects
• @ParaFinanceLabs a decentralized lending platform, has secured $5 million in Seed funding from a consortium of investors including OKX Ventures, Uniswap Labs, and Gate Labs
• @nomicbtc brings native Bitcoin — onto @osmosiszone
• @0xOlive’s Olive V2 testnet is live
• Snapshot vote to deploy @AlchemixFi on @arbitrum
• @DWFLabs integrated @aevoxyz
• @friendtech adds option to swap from phone to email after reports of SIM swap attacks
• @FulcromFinance live on @zksync
• @AtlanteanBots a perpetuals TG trading bot launches next week. Atlantan is powered by @synthetix_io
• @jito_sol introduces bonus points for Direct Stake Conversions
• @SuiNetwork Foundation reallocates 117 million SUI from external market makers to support growth initiatives
• @MakerDAO to offboard RETH-A vault type from the Maker Protocol
Arbitrum Picks
• CamelotDEX $GRAIL — 3.09m in ARB tokens requested for the STIP proposal. Snapshot is live and currently, 63% voted For and 37% voted Against. We have until Oct 13 to see what the end result is but the community is bullish so far. $GRAIL has retraced another 12% today to $791 from its $1k recent high
• Concentric $CONE — tokens getting dumped from $5 to $3.7 due to a delay in vault launch and UI/UX bugs. The team is working to fix & improve the front end, the underlying fundamental is still the same imo. I have not sold any $CONE, if it dip further to $3.4 level, I’ll grab more
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*