GM Digest #79
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Stars Arena Closing the Gap
• Stars Arena, a hyped FT fork on Avalanche that faced a major security breach yesterday ($3m drained) has now secured the resources to close the gap caused by the exploit
• The team will re-open the contract with all the funds in full after a full security audit very soon and will bring in a special white hat development team to “rapidly review the security of the platform”
Thoughts: In GM Digest #77, I covered the initial Stars Arena first exploit and how the team played the underdog card saying that the “little guy” is intentionally being targeted. After the second exploit yesterday, it is hard for the community to find a reason to trust the team and use the app even though the team promised to make up for the lost funds. Several other SocialFi platforms’ TVL (FT, Post Tech, Fan Tech, Cipher) remain stagnant and have not had significant gain in TVL from the fall of Stars Arena
PintSwap TGE
• @pintswap0x has made the latest weekly update as follows:
⇢ Trading engine is in the final testing phase against the production orderbook
⇢ Thorough security review of the PINT token and sipPINT / sipERC20 vaults
⇢ UX & Integration improvements for Telegram Bot (Team trying to get it ready before TGE)
• TGE is set on Friday, Oct 13 — More details will be shared next week
• PintSwap is the P2P/OTC Orderbook DEX for Shitcoins, Memecoins, and Altcoins. Users will be able to trade large orders without incurring hefty tax & slippage
Thoughts: 5 days away from TGE and PintSwap TRIS NFT is now trading at 0.73E floor which is very thin at this price point. Would not be surprised if the price exceeds 1 E during the TGE date. I’m currently holding about 6 NFTs and will be looking to bid for a few more
MoneyMates Tech
• @moneymatestech is a SocialFi project on zkSync that aims to empower creators & communities with financial tooling (Not FT fork)
• Users will be able to trade “Unclaimed Profiles” of creators who aren’t on the platform YET. Once the creators have joined, they can claim 4.5% of the accrued trading fees + mint a key for free
• Users will be able to utilize Google Authentication & 2FA with enhanced security, mitigating the risk of getting Sim-Swapped
• More details on launch & the raise will be shared very soon
Thoughts: I’ve personally participated in their seed round because of the emphasis in financial tooling / trading and its positioning as the #1 SocialFi platform on zkSync. Even though zkSync is under the radar at the moment, multiple interesting projects are building on the chain, EIP-4844 would push Arbitrum but also zkSync and it’s zk Stack Hyperchains as well
GammaSwap Airdrop
• @GammaSwapLabs is a DeFi primitive that enables users to trade volatility and earn impermanent gain. You can go long, short, or employ a straddle strategy on various AMM LP tokens (currently only on SushiSwap LP)
• Gamma has teased a point program which will contribute to your airdrop with more detail to be shared later along with the unveiling of the tokenomics and the roadmap details
• GammaSwap went live on Arbitrum mainnet on Sep 20, and has since attracted a TVL of ~500k. Previously, they managed to raise $1.7M in a private seed round back in February which included the likes of @spacewhalecap, @Modular_Capital and @OwlVentures among others
Thoughts: I’m more excited for Smilee Finance given they’ll have their own AMMs to freely get in and out of position + hope that Smilee simplify the process, UI/UX better than GammaSwap did
Dolomite Offers Extra XP
• @Dolomite_io has announced that they will reward 20XP to anyone who votes on their Arbitrum grant proposal or the proposals of their partner protocols
• Dolomite is a money market with $5M in TVL that allows borrowing against some native Arbitrum yield-bearing tokens like PT-GLP/YT-GLP, $jUSDC, $mGLP, and more. This unlocks liquidity and facilitates looping strategies
Friends with Benefits Releases WP
• @fwb_network_ is a new SocialFi protocol with revenue distribution (Not an FT fork)
• FWB will allow for sending tips, managing subscriptions, and token-gating private channels directly from Telegram
• Their newly released whitepaper states that they will airdrop 10% of the total supply to early adopters through a points-earning campaign. The initial valuation is at $213K
Introducing zkUniswap
• @0xfuturistic introduces zkUniswap, a first-of-its-kind zkAMM
• It combines UniswapV3 and a zkVM (RISC Zero) to enable off-chain computation of swaps, aiming for long-term cost efficiency without compromising trust
Metis Migrating Data Availability to Ethereum
• @MetisDAO is a Layer 2 with an off-chain storage layer which enabled Metis to avoid having to push all data to Layer 1 Ethereum and resulted in lower transaction costs
• Metis will now be migrating to Metis’ original Optimistic Rollup format. One of the reasons behind this migration is Metis wanting to launch its sequencer pool to decentralize its sequencers
• This change would mean that Metis will become more secure & decentralized, allowing potential for liquid staking, and enable a wider range of dApp integrations
• Additionally, there will be more utility for the $METIS tokens as users are now able to single stake $METIS to become a sequencer
Thoughts: This is one of the first L2s where users can stake the native token to become a sequencer. Top L2s such as Arbitrum, Optimism and zkSync rake in alot of fees daily. By allowing users to stake tokens and capture a portion of those fees would make the native L2 tokens more attractive → makes $METIS more attractive
Misc News
• @niftygateway marketplace is now featuring an open-edition collection of Pumpkin Spiced Latte NFTs released by Starbucks
• CMCC Global, a venture capital firm based in Hong Kong, recently secured a significant investment of $100 million to fuel the growth of promising blockchain startups in Asia
• @yugalabs undergoing restructuring, laying off 120 employees
• @GainsNetwork_io introduces 7 new crypto pairs on gTrade including $PEPE $LDO $RUNE $DYDX $GMX $INJ and $TWT
• Stolen funds returned by HTX Global hacker
• @jeremyongws outlines @vestafinance redemptions
Arbitrum STIPs (Those who passed)
• Camelot ✔️ 3.09m ARB
• JonesDAO ✔️ 2m ARB
• GMX ✔️ 12m ARB
• Some smaller projects are struggling to gain votes, and some proposals are at 50/50 but with some ARB away from reaching quorum. There’s still about 5 days ago before the voting period ends and we’ll likely see major projects (ecosystem leaders) reaching quorum pretty soon in the next 1-2 days
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*