GM Digest #84
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Platypus Finance Exploited
• Yesterday, @peckshield informed @Platypusdefi of suspicious activity in their sAVAX-AVAX pool
• The Platypus Finance team immediately took protective measures and they temporarily suspended all pools
• The team then confirmed on X that they have lost approximately $2.2m in the sAVAX-AVAX pool. With the help of @SupremacyHQ, they recovered around 50k sAVAX and 7k AVAX from one of the exploiters. The team is still working on identifying and rectifying the vulnerabilities and will only resume the pool once these issues are resolved
CJ Exploited
• @CJCJCJCJ_, top news/alfa aggregator & top analyst & top friend has got his FT keys compromised
• His fund most likely got drained because of 3rd party FT bot, FriendSniper which he initially used at the start of his FT journey and forgot about it
• Hacker stole 37 E worth of FT keys but CJ managed to claw back 13 E. He has since then gone clubbing and drank away his losses
Thoughts: My condolence ser — This story serves as a reminder to be careful when using 3rd party tooling for anything at all. Beware what you provide authorization to & beware of the centralized risks that come with the dApps or platforms that you use
Rodeo Alamo
• @Rodeo_Finance Leverage Hub on Arbitrum introduces Rodeo Alamo
• Alamo allows users to stake their yield-bearing tokens as collateral to borrow additional funds, while retaining full exposure to underlying yield
• Alamo is built in order to maximize capital efficiency for our users, and to build upon the fast growing LST & RWA sectors
• Imagine (no need to imagine because it’s happening) earning 4% stETH yields while earning 20% leveraged yields on Pendle rETH
Thoughts: Alamo doesn’t just end with stETH, it’s designed to handle yield-bearing assets on Arbitrum that have secure price feeds — jUSDC, GLP, more LSTs, more assets. This will differentiate Rodeo from other leverage protocols in terms of higher yields & higher capital efficiency on the lending side, attracting new LST & more capital to Arbitrum. Can’t wait for RWAs collateral lol
Swell Side Quest
• @swellnetworkio announced a 2-week campaign opportunity to earn additional Pearls
• For a limited time of 2 weeks, you will receive 40 Pearls for every swETH you swap into using the Swell app
• You can zap into swETH from any token. There is a 500 pearls bonus for whoever zaps the most obscure tokens into $swETH
• Swell is a Liquid Staking protocol that aims to help decentralize Ethereum. It has accumulated over 48,840 worth of ETH in TVL since its launch in May
Introducing esRDNT
• @Radpiexyz_io introduces esRDNT — a new version of $RDNT that allows users to claim their rewards without any lockup period
• Traditionally, Radpie depositors have the opportunity to earn RDNT without the need to hold any dLP by depositing their capital on Radpie. However, participants must undergo a 90-day vesting period to claim their RDNT earnings
• esRDNT is created to offer users with more options — Instead of waiting for RDNT to be fully Radpie depositors can withdraw their pending RDNT income prematurely as esRDNT
• esRDNT is tradable for RDNT on the secondary market, offering an immediate liquidity option for users and allowing them to monetize their future RDNT income in the present
• Through esRDNT, users are offered an opportunity to purchase RDNT at reduced prices depending on market rate and after a 3-month period, they can redeem esRDNT back to RDNT at 1:1 ratio within Radpie → This is similar to buying a PT token on Pendle (you fixed the yield)
Thoughts: Radpie continues to dominate the Radiant War with the new esRDNT use cases (RDNT at a discount & early withdrawals), making it more attractive to deposit lending capital via Radpie — You can earn 5-9% APY on stables & majors on Arbitrum and earn 10-11% APY on stables on BNB. Check it out HERE
Introducing Nibbl
• @NibblNFT has recently announced a Perpetual DEX for NFTs, and other on-chain assets such as FriendTech keys
• What stands out in their approach is their decision to utilize a unified liquidity AMM. This means that all collections/assets share a common liquidity pool. Essentially, it consolidates liquidity in a single WETH vault which acts as a counterparty for traders. Depending on traders PnL this vault can potentially produce nice yield given that portion of the fees will be given to LPs as well
• Additionally, with unified liquidity, it becomes effortless to direct liquidity towards newer collections, as long as there is a reliable oracle feed. This greatly simplifies the process of onboarding collections
GuessOnChain Mainnet Launch
• @GuessOnChain is a prediction platform to bet on token prices, sports events, politics, and more
• They have announced the mainnet launch, which includes four prediction markets available for betting.
• One of these markets allows users to bet on the native token $GUESS's market cap within the next 36 hours
• $GUESS currently sits at a market cap of $360k. It offers a revenue share model, with 80% of fees going to token holders. Additionally, it incorporates a burning mechanism similar to Rollbit
Thoughts: I’m not sure why Smart Money was accumulating $GUESS. The platform itself looks like it is poorly done and roughly patched together. There are better sports-betting platforms out there → SX Network, Betswirl, BookieBot (TG) you can practically bet on Crypto and whatever sports you want while earning additional tokens
P.S. I just got on as an ambassador for SX Network, will start covering them next week & start betting on SX platform as well
Ipor V2 Live on Mainnet
• @ipor_io is a DeFi protocol providing a benchmark interest rate and enabling users to access Interest Rates Derivatives on Ethereum
• @ipor_io launched their V2 on mainnet with a few additions:
⇢ stETH Pool: Users can now farm pwIPOR liquidity mining rewards on their stETH.
⇢ 3-month duration swap: With the launch of v2, swap traders can now open contracts with tenors extended to 3 months
⇢ More predictable yield: Ipor now has an improved risk engine and a new risk oracle which enable LPs to get capital-efficient swap-based stable yields for less, even during periods of increased rate volatility
Introducing Initia
• @initiaFDN emerges from stealth with a seed round announcement from @BinanceLabs
• Initia is an L1 (Layer 1) on Cosmos with application-specific L2s (Layer 2) using Optimistic rollups. Through Initia's architecture, encompassing the L1, L2, and communication layers, developers can easily launch application-specific blockchains as Initia L2s without needing to know complex chain-level infrastructure or run validator sets
• L2s (called “Minitia”’s), built on Initia’s platform, are full-featured CosmosSDK application blockchains secured through Optimistic Rollups under the OPInit Stack and support:
⇢ 500ms blocks with 10,000+ TPS
⇢ multiple contracting environments: MoveVM, EVM, and WasmVM
⇢ decentralized sequencers and a shared DA layer
⇢ enhanced security with Omnitia Shared Security
Lido Slashings
• @LidoFinance reported that 20 slashings have occurred relating to validators operated by @launchnodes as a part of the Lido protocol
• The slashed validator penalties amount to 20.04 ETH and are estimated to increase to 23.06 by time of withdrawal. Additionally, infra downtime penalties and overall missed rewards (excl. EL rewards) amount to 5.663 ETH (including slashed validators)
• Launch Nodes have agreed to compensate the stakers and disbursed 25.663 ETH prior to the rebase. They will also compensate for the additional future penalties and missed rewards
Misc News
• @citadelswap successfully audited by @SolidProof_io
• @pintswap0x re-schedules TGE for Wednesday, Oct 18
• @0xNerdBot announces $NERD public sale will be on Oct 23
• @ArchimedesFi partners with @lifiprotocol
• @dopex_io $DPX pool on @CamelotDEX goes live on Oct 16
• LayerZero X Magic Eden
• crvUSD-USDM pool live on @CurveFinance
• Beta is live for Uniswap Wallet on Android
• @HelloTelos x @CryptoAlgebra x @SwapsicleDEX bringing Algebra Concentrated Liquidity Engine to Telos
• Introducing @uraxyz_ the first Solidly Fork on Cosmos
• WAGMI (@PopsicleFinance) is Live on Kava
• @TeamUnibot introduces their Ecosystem Fund whereby 1% currently going to the LP will be used to bootstrap an ecosystem fund by buying $UNIBOT back from the market
• sFRAX is paying 7.87% APY with Yields from T-Bill & additional incentives (yield has tapered off from 10% and will move towards 5% as TVL continue to grow)
Arbitrum Pick of the Day (Best Grant to MCap Coin)
• $RAM @RamsesExchange Grant/MCap is about 2.5x making it the project with the highest grant received per MCap. $RAM just had 25% drawdown from yesterday dump. The MCap is now at $420.69k perfect for dip-buying.
• Even though they have enough “For” vote and reached a quorum, Ramses could not make it in time for the 50m ARB limit (given out to projects that reached quorum faster than Ram). This is why there was a 25% drawdown yesterday. There’s a new proposal to discuss the potential extension of the grant program by ~24m ARB to cover the rest of the protocols that got “For”. So far great sentiment & great support with many people agreeing on extending the grant program
⇢ It’s a CL Solidly Fork token but drastically differs in term of its flywheel. Ramses introduced xoRAM flywheel where it gives 20/80 (RAM/xoRAM) emissions instead of pure liquid tokens. xoRAM needs to be vested (From instant to 14 days to 30 days or 90 days max depending on the options you choose to vest into).
⇢ Forfeited xoRAM are used to bribes high-performing pairs, creating a sustainable flywheel within the existing ve(3,3) flywheel framework, fostering long-term growth of the ecosystem while effectively aligning the interests of capital providers
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*