GM Digest #86
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Activity Picks Up on Sui
• Despite the slowdown in the entire Defi market, Sui TVL continues to grow for ~120%+ for the past 30 days and 16% in the past 7 days
• Sui continues to roll out better coding supports & dev tools to builders, recently unveiling dApp Kit, an all-in-one solution for building React applications and dApps on Sui
• Sui has also announced the creation of a dedicated ecosystem development fund, with a substantial allocation of 157m SUI which equates to $63m (18.2% of the total supply)
• @navi_protocol (#1 Lending), @CetusProtocol (#1 DEX), and @Scallop_io (#2 Lending) are amongst the top TVL growth contributor to Sui
Opportunities on Sui
• Scallop Lend Incentive Program — lend stables for 17 - 18% APR and earn 20% APR on top when you deposit the receipt token in the sCoin Pools
• Cetus — Earns ~30% APR from LPing on USDT-USDC pool (Incentivized Pools with $CETUS & $SUI)
• Navi Protocol — Liquidity Xplorer campaign deposit USDC, SUI to earn 17 - 18% APR
Thoughts: Great incentives that are worth bridging some of your stables for. Bear in mind that if you’re farming the CETUS USDT-USDC pool, both the stables are wormholes’ bridged stables instead of natively issued stables. There’s a risk of “lack of liquidity” in case of Black Swan events, impacting the users’ ability to freely bridge out — there’s currently $11m in liquidity in this LP alone so under normal circumstances, that’s unlikely to happen
Cipher Delays Airdrop & Announces Another Token Sale
• @cipher_cores has decided to delay the airdrop from Oct 14 to Oct 23 because “we realized it was too easy for large accounts to buy their way to success”
• “Cipher is working with experienced social media professionals to tweak our feed algorithm and scoring methods to better reward real users”
• On top of this, Cipher announces another token sale with whitelists with details to be announced soon
Thoughts: What a way to screw the early supporters over. Cipher raised seed round and got lots of support from early supporters (KOLs / Strategics) who helped bootstrap the traction & TVL. The abrupt change in airdrop date & complete change in point system dilute the efforts of early supporters. On top of this, they’re suddenly raising another token sale round (after they got the shoutout from Arbitrum, after they got the hype)
SocialFi is slowing down and all the FT forks or FT beta plays are hitting a plateau, Cipher TVL is slowly declining from its peak of $600k to $380k, Fan Tech at $150k even though it has MNT incentives, Post Tech stuck at $180-200k. Hope Money Mates’ gonna come and change the game soon (Early partners testing just went live)
Courtyard Spooky Season kicks off on Oct 17
• @Courtyard_NFT is a marketplace and tokenization service on Polygon, that allows you to own and trade physical collectibles on the blockchain
• For instance, if you own collectibles such as Pokemon Cards or Sports cards, you can tokenize them and bring them on-chain. This can be done by shipping your cards to @Brinks through USPS. Upon arrival, the cards are authenticated, tokenized, and credited to you on-chain. You are then set as the 'Originator'. Each subsequent time the NFT is sold 1% of the fee is distributed to the Originator. The new owner of the NFT can redeem the physical card at any time, which will be shipped to any location worldwide
• Occasionally, they organize themed 'Drops', just like the one happening on Oct 17. Drops consist of collections of cards that can be minted for a fixed price. By participating in the mint, you are guaranteed to receive a card. However, the real excitement lies in the opportunity to obtain one of the rare cards, which hold a higher value. It is worth noting that they have had 8 drops so far, and all of them minted out
Thoughts: The collectibles market is valued at an estimated $400 billion. Courtyard recognizes the importance of onboarding this community and has tried to simplify the process. In fact, Web2 users may not even realize they are using a blockchain platform when engaging with Courtyard. How is this possible? Well, when you create an account using your email, you automatically receive an embedded wallet. If you want to buy, you don't have to use crypto you can use a credit card. Also, there are no gas fees or other additional charges. Yet despite all this, everything still occurs on-chain. Furthermore, it's worth noting that this project aligns with the narrative of tokenizing real-world assets. Definitely worth keeping an eye on
Racer Loans is Live
• @RacerLoans is a lending market on top of @friendtech
• You can use it to long or short your friends with leverage. Currently, it is only in 'borrow mode' to test the waters, but we should see a full release soon
• For example if you want to go long you do so by depositing collateral and borrowing a key at a price significantly lower than the current market price. If the key's price increases, you can repay the loan and keep the remaining profit
Misc News
• Ferrari to start accepting crypto payments in the US
• @MetaMask temporarily unavailable for download on the App Store. It is now available again
• @paoloardoino teases RWE (Real world ecosystem) for Tether
• @AltitudeDeFi is live on Mantle
• @ton_blockchain will try to break world record for fastest blockchain on Oct 31
• @BinanceLabs reveals they invested in @initiaFDN
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*