GM Digest #87
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Introducing Tomo
• @tomo_social a new FT fork on Linea has reached $1.5m in TVL
• Tomo introduces Voting where users can buy unclaimed profiles of content creators which will turn into keys once they join Tomo. 10% of the fees is charged (5% for creators, 5% for platform), these get redistributed to users in 6 months if creators don’t join the platform
• Tomo’s UI/UX is one of the smoothest & best compared to other FT forks, it also allows user to seamlessly deposit fund from both Ethereum & Linea, utilizing Tomo’s automated bridge. Tomo uses ERC-4337 Account Abstraction for the wallet (won’t be surprised if we see more AA features later)
Thoughts: Tomo is taking on a different approach compared to other FT forks, it primarily focuses on the core features of private chat room and “voting” which is pretty similar to “unclaimed trading profiles” that Money Mates is introducing. There’s no Twitter-like social posting like Post Tech or Cipher, the entire experience seems to be a simple private chat room & direct message, and simple onboarding experience. Tomo grew so fast during the past 3 days, likely because of its simplicity and its ease of use. The SocialFi landscape is likely to get more interesting as Stars Arena has just relaunched (trading still paused) and more FT forks / SocialFi platforms are coming (MoneyMates being one of my fav)
Wagon IDO
• @swap_based announces @WagonNetwork IDO launching on Swap Based on Oct 17
• Wagon Network brings supply-chain lending on-chain, creating a transparent marketplace of lenders & borrowers starting with the Indonesian market
• Supply chain operational data from the businesses that borrow from the protocol will be captured, verified and stored on the blockchain. This will be used as part of Wagon big data network, data source for solving supply chain problems and optimization, while preserving the data ownership, privacy and anonymity
• $WAG can be used for Staking (Governance & Rev Share), Lend $WAG to selected pools for businesses to borrow, access to Wagon big data network (for businesses to gain access to insights)
• $WAG TGE details, valuation, soft & hard cap have yet to be shared
Thoughts: Since not enough details on $WAG is out, I don’t know how attractive the IDO will be. The token utilities seem so-so / nothing stands out, token distribution — a good part of supply (27%) goes to 3 rounds of sales (seed, private, public) which isn’t optimal for public participants considering 20% of Seed & Private will be unlocked at TGE and 15% of Public will be unlocked at TGE. The product itself is interesting but extremely risky with a lot of trust assumptions placed on the team running the project & the trust on businesses borrowing capital from users. Purchase Order / Invoice Financing requires lenders to undertake a lot of risks even in the traditional market
Altr RWAs
• @Lucidao_’s Altr allows digitization of luxury collectibles Private collectors can digitize their high-value assets, such as rare watches and cars, into NFTs. These NFTs not only serve as proof of ownership but also offer a transparent history of the asset
• Altr’s digitization will extend to a lending functionality. Imagine owning a vintage collectible valued at $500,000. Through Altr, you can tokenize this asset into an NFT and use it as collateral for a loan repayable over three, six, or twelve months at market-determined interest rates
• If you default on the loan, the NFT is liquidated to cover the loss. All of this occurs while your asset remains securely stored and insured in a third-party vault
Insrt Perpetual Mints
• @insrtapp Insrt Protocol introduces Perpetual Mints (Now on early beta)
• Perpetual Mints is a Lottery platform that allows users to randomize “mint” and win NFT collections, credits for apps, PC, Graphics Card, and more. Mint price starts with 0.01 E
• Every time a user “mint” something, $MINT will accrue depending on the rarity of the items that they land on. This is non-tradeable and can only be utilized in Perpetual Mint ecosystem while it accrues benefits for $MINT holders
• $MINT is a rebasing token — 10% of all the $MINT tokens issued will be distributed to $MINT holders proportionally to their share of the total supply of $MINT tokens
• Every time some one “mint” a part of ETH goes to back $MINT. You can decide to burn $MINT for ETH but will have to pay premium in $MINT to do so (this will be dispersed back to existing $MINT holders)
Thoughts: The way the platform is set up makes it pretty interesting to “mint” and play the lottery. If you lose you’ll still gain a consolation prize that accrues in value ($MINT)
Flooring Protocol Liquidity Mining
• @flooringproto enables users to fractionalize their NFTs into micro-tokens known as μ-Tokens
• There are already other NFT fractionalization protocols available, but what sets Flooring Protocol apart is the unique combination of 'vaults' and 'safeboxes'. While vaults allow you to fractionalize your NFT and mint μ-Tokens, they also require relinquishing ownership over the specific NFT, as anyone can redeem it from the vault.
• On the other hand, with a safebox, depositing grants you μ-Tokens along with the safebox key. This approach separates the floor price (represented by μ-Tokens) from the key (which represents the premium value of your rare NFT). As a result, you can get liquidity by selling the tokens while retaining ownership (and potential upside) through the key.
• Flooring Protocol has recently announced its Liquidity Mining program, rewarding participants with 260,000,000 $FLC over the next 31 days. Currently, there are some attractive yields available, with μPPG/ETH offering a 453% APY and μELEM/ETH offering a 377% APY
Thoughts: Another way to hedge against potential FP decline by fractionalizing the NFT and providing liquidity to earn fees
Swapsicle V2 and launch on Mantle
• @SwapsicleDEX is a DEX on Telos with its own launchpad and perpetual market
• Currently they are in the process of rolling out V2 and expanding to Mantle after successfully completing an audit with @VibraniumAudits
• Swapsicle V2 is the first DEX built on @CryptoAlgebra's technology called 'Integral'. Compared to Uni V4, Integral offers several advantages, such as better gas efficiency and being a complete B2B product. Moreover, once it goes live, any DEX can immediately start integrating it, without having to wait for the exclusivity period to end in 2027, as is the case with Uni
Rivera Money goes Live
• @Rivera_Money_ offers market-making vaults for concentrated liquidity on @0xMantle
• When you deposit into the vaults, the position gets wrapped in yield-bearing fungible tokens instead of an NFT (like on Uni V3 for example). This makes it more composable and usable in DeFi
• There are several strategies available, each with different risk metrics. These strategies are actively managed and rebalanced to ensure optimal performance, giving you a passive LP-like experience
• Alongside the mainnet announcement, they also confirmed the governance token called $RIV. Additionally, they mentioned that 0.3% of the total supply will be airdropped to testnet users. Given all this, it wouldn't be surprising if a liquidity mining program or campaign is announced soon
Liquid Protocol V2
• @ProtocolLiquid is a platform that provides liquidity and tools for the seamless launch of tokens on Ethereum
• With their tools and contracts you can customize your token according to your preferences. Additionally, you can borrow liquidity to facilitate its launch. You can either borrow from the treasury at fixed borrowing costs, or from other lenders with their own rates
• Holders of the native $LP token get to share 25% of the treasury revenue and 50% of other utilities. It's also worth noting that no tokens are given out as rewards or incentives
Misc News
• @ThoraFinance an official @SonneFinance fork to launch on Polygon zkEVM
• @Landtorn announces collaboration with @PrimapesDAO
• European regulators assess DeFi risks and benefits
• @starsarenacom has relaunched but paused trading until a full audit has taken place
• @pintswap0x TGE will be on Oct 18
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*