GM Digest #93
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Bitcoin Hit $30k
• ETH hits $1,630 and the entire market is green
• Bitcoin dominance has hit its highest peak in the past two years, propelled by Bitcoin ETFs catalysts and the premise of “digital gold”
• Bitcoin and the overall crypto market has detached itself from the Equities market. With geopolitical risk and inflation concerns at hand, S&P 500, NASDAQ, Dow Jones have been moving down for the past weeks while crypto market kept climbing up ever since the Powell speech last week
• TL;DR → WE’RE SOOOO F*CKING BACK
Cypher Protocol IDO
• @cypher_protocol is a DEX on Solana that offers Spot trading, Perpetuals, and Dated Futures
• The IDO will happen on Oct 25 and will be done through an LBP on @ArmadaFi
• More than 50% of $CYPH supply will be released directly into the market. This allocation is exclusively from the public sale and the airdrop. Unlike other tokens, there is no upfront treasury allocation. Instead, it will be funded with a percentage of fees generated. Additionally, the allocation for liquidity mining incentives is intentionally kept reasonably small to prevent token inflation
• The native token, $CYPH, derives its value from the fee mechanism within the protocol. Each interaction on the platform incurs a cost in $CYPH (Basically like a gas token on L1). However, regardless of whether you are trading 100 $SOL or 1000 $SOL, the flat fee remains the same. If you don't have $CYPH, the protocol will automatically swap for it. Holding $CYPH also grants the benefit of lower trading fees. 50% of each fee is burned, while the remaining amount is split between rewarding makers and boosting the treasury
Thoughts: Could be an interesting play but the high circulating cap & the launch format make this a pretty unattractive play — LBP usually consolidates PA during the LBP phase which tends to lead to dumping post-TGE. Given the recent hype on Solana ecosystem, the hype could be consolidated during the LBP phase, leading to the overall high valuation. (Watch out if you’re participating)
Parcl V3
• @Parcl is an perpetual futures AMM on Solana that allows trading on real estate markets with up to 10x leverage
• Parcl enables users to long or short real estate in different cities around the world. The protocol aggregates loads of data to derive the median market price of real estate using city indexes
• V3 will bring a new perpetual futures DEX, cross-margined accounts, and one pool for all LPs to deposit into
• They are also running a trading competition called 'Real Estate Royal' and season 10 is currently underway
Thoughts: The platform has garnered $1m of TVL and $300k+ of Open Interest for Long & Short position. You can 10x Long / Short 19 cities in US & France with more cities coming soon. You can also provide liquidity on specific city to earn against traders’ losses. Pretty interesting protocols to check out
Flowmatic Token Auction
• @FlowmaticXYZ is a HybriDEX platform on Solana that offers perpetual swaps and zero day futures
• Flowmatic leverages the Dexterity protocol as its liquidity layer. The Dexterity protocol is an enhancement of Project Serum's CLOB take, which is maintained and developed by @HxroNetwork
• The public sale of the $FM token will begin on Oct 24, and it will be done through an LBP (Liquidity Bootstrapping Pool) leveraging @ArmadaFi technology. 70% of sale proceeds combined with 15% $FM supply will be used to seed initial POL, remaining 30% go to treasury. Interesting to note that until recently the LBP way of launching tokens was not available to projects on Solana
• Flowmatic has a dual token model, with $FM being the token that you can stake and earn part of protocol fees with, and $oFM the incentive token used to reward volume. $FM can be locked up to 36 months in order to boost staking rewards. $oFM is a call option token that you can exercise to purchase $FM with a 50% discount
Celestia Introduces Blobstream
• @CelestiaOrg introduces Blobstream — which streams commitments of Celestia’s data roots to an onchain Ethereum light client (also formerly known as the Quantum Gravity Bridge)
• With Blobstream, Celestia is on track to be the first modular DA solution for Ethereum that scales based on Data Availability Sampling (DAS), allowing any user to directly contribute to scaling rollups using Celestia by running a sampling light node
• DAS enables Celestia to increase data throughput as more users run light nodes, supporting millions of rollups without compromising on security for end users
Interesting Avalanche Infra
• Firewood: A Next-Generation Database Built for High-Throughput Blockchains on Avalanche. Firewood addresses the bottleneck of efficient state management by reducing the overhead of inserting, modifying, storing, and deleting Merkleized state
• Avalanche Warp Messaging: cross-chain messaging protocol built to enhance interoperability. It provides smart contract developers an easy, native way to call contracts on other EVM-based chains within Avalanche
• HyperSDK: The first framework for developers to build high performance Virtual Machines on Avalanche. HyperSDK abstracts away runtime complexities and gives developers a lightning fast environment in just a few hundred lines of code, reducing custom VM development from many months to a few days
Misc News
• @zksync announces the next phase of Libertas Omnibus. Join the zkSync Guild and secure your role to access upcoming news, new quests, loot drops, and onboard amazing new artists
• @TProtocol_ partnership with @fraxfinance to launch the @CurveFinance LP Pool USTP-FRAXBP, offering attractive $CRV and $TPS airdrop incentives with an impressive APR of 50%
• Crypto-friendly Rep. Tom Emmer pursues nomination for House speaker
• @TopicMarket launches next week. Topic Market is a Platform Where You Can Trade Hot Topics
• @OATHFoundation introduces oOATH — OATH’s option token
Solana is Back
• 10%+ in TVL increase in a day, $SOL price has been steadily increasing 30%+ for the past 7 days
• The pump could be attributable to the overall improvement market environment in combination with a few KOLs rallying the retail & pumping the token + Solana Shopify Partnership + Solana Breakpoint (end of Oct)
• Two projects have been performing really well are Marinade Finance & Jito since TVL from SOL liquid staking has flown from Lido (they’re closing down SOL liquid staking)
• Besides $SOL pumping 30% in price, we’ve only seen $ROA (NFT platform) and $SCS (Casino) pumping 80-90% during the past 7d
• @FlowmaticXYZ IDO for Oct 24 & @cypher_protocol on Oct 25
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*