GM Digest #82
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Trader Joe’s v Trader Joe
• American supermarket chain Trader Joe’s filed a lawsuit against the Trader Joe DEX over trademark issues. The Plaintiff stated that the Trader Joe name is closely associated with the supermarket’s brand and the Defendant’s logo of an image of “Trader Joe” wearing a red cap is also the supermarket’s primary color
• The Plaintiff alleges that the Defendant’s use of the Trader Joe brand is enabling them to derive commercial benefits from an already well-known brand and trademark
• The Plaintiff is now seeking for an order to compel the Defendant to cease using variations of its name in their business operations, seeks ownership of the pertinent domain names and any additional damages
Morpho Blue
• @MorphoLabs unveiled Morpho Blue — a new lending protocol focusing on enabling trustless and efficient lending and borrowing of assets
• Morpho Blue enables deployment of minimal and isolated lending markets by specifying one loan asset, one collateral asset, a liquidation LTV (LLTV), and an oracle. Markets with any collateral and loan assets and any risk parametrization can be created. The protocol also supports permissioned markets, enabling a broader range of use cases, including RWAs and institutional markets
• The isolated lending markets allow liquidation parameters to be set without consideration of the most risky asset in the lending pools and suppliers can lend at a much higher LLTV increasing the efficiency of the protocol
Instadapp Introduces Fluid
• @Instadapp introduces @0xfluid — a lending protocol which combines functionalities from Aave, Compound, Uniswap, Maker, and Curve.
• These are Uniswap v3’s "slot-based liquidity" feature for improved loan liquidations, MakerDAO’s vault protocol for asset security, liquidity pool strategies from Compound and Aave to determine risks and design rate curves based on usage, and Curve-inspired “smart collateral” features
• What is unique about Fluid is its “Liquidity Layer” where liquidity is consolidated across protocols that can be built on the Liquidity Layer increasing capital efficiency
• There will be 3 protocols on Fluid:
⇢ Lending Protocol: Allows users to lend with a gas cost lower than 'a Uniswap swap' and follows ERC4626 standard for interest-bearing tokens
⇢ Vault Protocol: The borrowing protocol of Fluid. It is a MakerDAO-like vault with Aave-like earnings on your collateral. The team claims that it can allow ~95% LTV against ETH due to algorithmic advancement in liquidation mechanism. Its liquidation mechanism also allows for the simultaneous liquidation of all positions in range with no extra gas. It only liquidates as much as required back to the Liquidation Threshold
⇢ DEX Protocol: Enables the features of smart debt and smart collateral, allowing users to earn on their debt and collateral. Smart debt allow users to use their debt as liquidity, enabling earning on their liabilities while gradually reducing the debt through trading fees. Smart collateral takes it further to maximize the productivity of the collateral, using it as liquidity for trades
• Fluid will be using $INST as its governance token to govern the protocol
• The Fluid team will be depositing $500k into the protocol as a bug bounty for anyone who is able to hack it
Reserve Protocol on Base
• @reserveprotocol is a platform to build, deploy and govern asset-backed currencies referred to as “RTokens”. RTokens are also backed 1:1 allowing permissionless minting and redeeming
• The Reserve Protocol is now live on @BuildOnBase allowing anyone to use RTokens without having to pay high gas fees
Parallel listed on Steam
• @ParallelTCG managed to get a store page on Steam
• Parallel is an NFT sci-fi trading card game (TCG) that utilizes the Echelon’s $PRIME token for in-game incentives and rewards
• @EchelonFND is an ecosystem that powers game economies. At the center of it is $PRIME, the utility token for Echelon.
• $PRIME enables access to token-gated products, services, and experiences known as PRIME Sinks. ParallelTCG is Echelon's first gaming partner
Gyroscope Protocol Under the Radar
• @GyroStable issues a fully backed stablecoin called Gyro Dollar - $GYD. It is a novel attempt at creating an all-weather stablecoin capable of maintaining its peg during turbulent times
• $GYD is backed by a diversified basket of protocol-controlled assets (mostly other stablecoins). A significant amount of these reserves are deployed in CLPs built on Balanser and earn yield. CLPs are AMM pools that establish a predetermined price range for the assets contained within
• By utilizing $GYD and elliptic CLPs, stable-stable LPs on @Balancer can get better risk-adjusted-yield returns
• Gyroscope has raised $4.5M in seed funding co-led by @placeholdervc and Galaxy
Bemo Incentive Program
• @bemo_finance is the first liquid staking protocol on TON blockchain
• The core of their incentive program is centered around staking experience points (stXP). You earn stXP for every interaction involving $stTON, including swapping, staking, and holding $stTON. These XP points can be redeemed for $BMO tokens on a pro-rata basis. Initially, the allocation is set at 5% of the total token supply, but their goal is to increase it to 20% once they reach 50 million $stTON in TVL
• It's worth noting that this comes in addition to the yield you'll earn from staking $TON
Transient Labs’ Doppelganger
• That latest innovation coming from the Transient Labs team is Doppelganger
• The contract offers a unique feature where multiple media can be associated with a single token. Think of it as a dynamic NFT. With this contract, collectors have the freedom to choose which image (media) the contract points to, allowing them to easily change their PFP, for instance
• @TransientLabs premier product is The Lab. A code-less NFT toolkit that helps creators build and deploy contracts, analyze markets, and manage collections.
• Transient Labs itself is a creative studio that brings innovation, ingenuity, and security to NFT projects and ecosystems across the world
Sommelier Turbo stETH
• @sommfinance, Top Automated Vaults platform has announced Turbo stETH Vault that provide users with up-to-date exposure to the best yield opportunities for stETH in DeFi
• At launch, Turbo stETH is using leveraged staking, Uniswap V3 LPing, and stETH peg arbitrage strategies to provide the most comprehensive and powerful yield vault for Lido
• To incentivize adoption of the vault, Lido will be providing 20 wstETH as initial monthly incentive rewards for users of the vault. More details of the Turbo stETH vault launch date will be announced soon
• Sommelier has proven to be a leader in LSTFi with the fast-growing Real Yield ETH vault that has gone from 0 to over $40M in TVL in 9 months. A large component of that and other vaults on the platform’s success has been achieved by pursuing strategies involving Lido’s stETH
Vela: Ending 2023 Strong
• @vela_exchange unveiled that Social trading infrastructure will be one of the main areas of focus, with an entire layer of usability to allow chat, copy trade, competitions, and achievements to connect traders to a degree not found on any DEX on ANY chain — $VELA will be the heart of this
• Expansion of 1-Click Trading to abstract the wallet connection and management process further (Team is working on a prototype)
• Core automation for risks & fees will also be the focus, to make sure traders receive the most competitive rates possible while mitigating the possibility of front-running, market manipulation, and other attacks
• Vela has started to lower the spreads by 50% on on many assets, and will be testing reduced fees on select assets starting in October
• The amount of $VELA (and/or $esVELA) tokens required to receive discounted trading tiers will also be drastically reduced to enhance the utility for $VELA
Misc News
• Temp Check for crvUSD onboarding on Aave V3 Ethereum Pool — Link
• @THORSwap to work together with an industry leading provider to perform address screening — Link
• @dopex_io sunsets V1 straddles
• @raft_fi to airdrop 1.5% of total $RAFT supply
• @binance will list @Neutron_org
• @0xPolygonLabs welcomes the introduction of Circle's native USDC tokens
• @Galxe is compensating users for the entire amount they lost during the recent front-end hack, which totals over $400K
• @binance complies with Israeli request and freezes accounts linked to Hamas.
• @ape_swap rebrands to ApeBond with a brand new token $ABOND. New product, roadmap, and new token launch will be unveiled soon
• @ExtraFi_io x @Tide_web: Deposit Lending USDC and Earn additional rewards from a pool of 4,000 OP
• @primex_official partners with @UmbNetwork — Umbrella’s custom gas TWAP helps Primex optimize the crucial Primex’s Keeper network reward optimization
• @Aark_Digital introduces Token Mining (Trade Loyalty Program) where users can earn 3.6% of the total supply for the next 18 weeks
• @Pryzm_Zone, formerly known as Prism Protocol introduces Pryzm — a dedicated blockchain for yield trading — Not much info has been given by the team on the protocol but there will be a token — $PRYZM
• @TitananceHQ raised $1.5m in a seed round led by Sky Venture, Ant Venture. Titanance aims to bring CEX to DEX with multichain support
• @Unlockd_Finance’s NFTBatchTransfer allows Gas-efficient bulk transfers of ERC721 NFTs
• @pintswap0x delayed its TGE from Oct 14 to next week due to the delay in the process of setting up an entity (to cater to institutional investors / MMs). FP of Tris NFT has fallen by 25% since the news of the delay came out
Upcoming Launches (That I look forward to)
• @ScaleXOfficial — First Omnichain Reflection Token, liquidity launch on Oct 11 at 8pm UTC (Today). This is a degen pick, still not sure if I’m aping this, might pump due to it being the first omnichain reflection token. This is not audited nor KYC so it’s super risky (careful if you’re playing around with this lol)
• @moneymatestech — SocialFi platform with Financial Tooling (Charts, Trade Unclaimed Profiles, etc), platform launch on Oct 13. I invested in the seed round, will be actively monitoring & degening on here when they launch
• @Vaultkaofficial — Leverage Hub for Perp DEX LP, TGE on Oct 16 (5 WLs Available for Substack Readers, feel free to DM me if you want one). Will share my thesis for Vaultka tomorrow in a thread
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*