GM Digest #95
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
Everybody Get a Gainz
• BTC & ETH have skyrocketed to $34k & $1.8k with 7% & 5% increase because BlackRock’s spot Bitcoin ETF is now listed on Nasdaq trade clearing firm
• The BlackRock’s iShares Bitcoin Trust, showed up on a list maintained by the Depository Trust and Clearing Corporation (DTCC) with the ticker IBTC implying potential approval by the United States Securities and Exchange Commission
Cipher Hitting Roadblocks!?
• @C4dotgg has just posted a snapshot of the chat of Zatis, Cipher core team. The snapshot goes as follows
• “We’ve hit a big roadblock while preparing for the $CIPHER token launch. The reality of the situation is that this is not a sustainable long term business. Our operating costs are greatly outweighing the fees we are earning. Point blank: look at usage outside of bots, the platform is dead.
• We have come to the difficult conclusion that it doesn’t make sense to keep the lights on anymore. We will obviously refund the entire seed round and any eth sent into our seed wallet will be returned to the sender”
Pendle Updates
• @pendle_fi hits $25m TVL on RWA pools
• Pendle Earn is now integrated with Coin98
• gDAI & GLP implied yields are skyrocketing because of the market pump
• More RWA pool(s) coming very soon
Landshare Staking Contest
• @Landshareio is a RWA protocol that allows users to invest in the Real Estate market
• They are running a 7 day staking competition that ends on Oct 27. To participate, you must stake $LAND. Upon staking, you will receive tickets based on the amount of $LAND you have staked. For every 5 $LAND staked, you will earn 1 ticket. The winners will be awarded from a pool of 200 $LAND
• Landshare offers two types of real estate investment strategies, each associated with its own token. The first strategy involves investing in rental properties, which grants you the 'Rental Property Asset Token'.
• With this investment, you can benefit from monthly yield from rental fees as the tokenized property is leased to tenants, as well as the potential price appreciation of the property itself. The second strategy focuses on house flips, represented by the 'House Flip Asset Tokens'. Unlike rental properties, investing in house flips does not generate a monthly yield.
• Instead, you receive a lump-sum payout once the flip is completed. House flipping entails purchasing undervalued properties, renovating them, and selling them for a profit
• However do note that they will be pivoting to a new model pretty soon, where there will be just one RWA token backed by all properties (rental and house flips), making it much more liquid, tradable, and easier to understand for new investors. Also, it could be used as a viable alternative to stablecoins
• The $LAND token itself holds utility as it is required to pay for platform services and can be used to purchase Asset Tokens. When purchasing an asset token, 10% of the price is paid in $LAND, which is subsequently burned and taken out of circulation. It can also be staked to earn $LAND rewards - recommended for holders who want to avoid dilution
Cantina Marketplace
• @cantinaxyz is a web3 security marketplace incubated by @SpearbitDAO
• On the Cantina marketplace, projects and organizations have the opportunity to book security reviews from a pool of freelancers who have been evaluated by Cantina. They can choose their preferred team, price, and time for the review
• Cantina offers two services: Cantina Managed and Cantina Guilds. Cantina Managed streamlines the entire process, handling booking and team selection on behalf of the clients. On the other hand, Cantina Guilds provides a more customizable offering, allowing projects to choose from various teams with different standards and pricing options
Thoughts: Affordable security reviews to help smaller projects get off the ground
Prisma Finance Cap Increase
• The last increase of the vaults on Prisma Finance before $PRISMA goes live
• Currently, Prisma has a TVL of $60M, and the vaults have been live since September. Ever since they announced the point system, each vault cap increase has been quickly filled up. So, if you want to make a deposit, you better act fast. The vaults open up on Oct 24 at 7pm UTC
• @PrismaFi main product is $mkUSD, a Liquity fork stablecoin backed by Ethereum LSTs
Thoughts: If you haven't deployed yet, it may already be too late given the current TVL residing in Prisma. The outcome largely depends on the amount and weighting of the airdrop, but it appears that it's becoming quite diluted
Convergence Deploys First Liquid Locker
• Convergence announces $cvgSDT which is a liquid version of $veSDT
• $cvgSDT holders give up their voting rights in return for boosted yield in the form of $CVG emissions and 12.5% of $SDT revenue. Additionally, 50% of $SDT rewards from the stable pool, along with extra rewards from the treasury's bootstrapping module, will also contribute to boosting the $cvgSDT yield. $cvgSDT is not redeemable for $veSDT, but there will be a cvgSDT/SDT stable pool on @CurveFinance if you want to exit the position
• The governance votes on @StakeDAOHQ accumulated by Convergence will be delegated to $CVG lockers who will be able to vote bi-weekly for gauge weights and earn bribes
• @Convergence_fi is a governance accumulating layer (black hole) and liquidity incentivizing protocol, currently deployed on top of StakeDAO (not live yet)
Marinade Blocks UK Users
• @MarinadeFinance is a liquid staking protocol on Solana where users can stake their $SOL and earn yield
• Marinade Finance has blocked UK users from accessing its site due to “compliance concerns” over Financial Conduct Authority (FCA) regulations
• Marinade is the largest liquid staking protocol on Solana with $179.01m in TVL
Thoughts: Liquid staking protocols on Solana are picking up. TVL of Marinade and Jito — considered market leaders for liquid staking on Solana have increased by 75% and 114% the last month. One reason could be due to $SOL being accumulated and staked. More $SOL being staked could signal that holders are currently not willing to sell their $SOL at $31.95. Marinade Finance’s native token — $MNDE has seen impressive price action the past month. With Lido now out of the picture for Solana staking, Marinade Finance & Jito are able to capture all of the value for this.
RabbitX BookTrader
• RabbitX is an order book perp DEX built on @Starknet offering zero gas trading with up to 20x leverage
• @rabbitx_io introduces BookTrader — a tool for fast and precise trade execution. Users will be able to enter orders directly from the exchange order book with instant, precise trading and quick switch between asset & USD denomination
Osprey Total Return Credit Pool
• @cicadacredit announce the launch of the Osprey Total Return Credit Pool on Maple Finance, furthering the platform’s momentum into real world assets (RWAs)
• The Osprey Pool enables on-chain allocators a unique opportunity to gain exposure to an actively managed credit portfolio with structural loss protections
• Via the Osprey Pool, lenders make on-chain first-lien loans in USDC to Osprey SPV, a bankruptcy-remoted Special Purpose Vehicle (SPV) actively managed by the Portfolio Manager (PM), Monetalis
• Custodial services are provided by Sygnum Bank AG and Canaccord Genuity, with Sygnum and Coinbase facilitating fiat on/off-ramp services
• Cicada Partners serves as the Pool Delegate (PD) on the Maple platform, ensuring asset verification and risk management
• The Pool’s approach is grounded in active portfolio management, capitalizing on credit market inefficiencies in trading and new issue allocations, and implementing proactive credit risk management measures
Skydrome IDO
• @skydrome announced that they will be conducting an IDO using the Overflow method and will be open to all users for a 9-day round. There will not be a distinction between Whitelist and Public participants but whitelist users will receive an additional 15% airdrop based on their contribution
• Whitelist users would be pre-mining participants, testnet participants and early DEX users (eg: executing swaps) before October 25 1pm UTC
• The initial market cap would be $1.96m with the whitelist price being $0.05. The listing price will be $0.055
• 450 E will be raised for 15% of the total supply and 100% of the IDO token will be unlocked at TGE
Misc News
• @AstarNetwork zkEVM live on Testnet
• @itsobvioustech smart wallet live on Arbitrum
• @Root_Genesis TGE on the Oct 28
• @frame_xyz will be an L2 on top of Arbitrum Nitro
• @StargateFinance $STG can now be borrowed or lent on Aave
• @eToro partners with @IndexCoop to launch Web3 Smart Portfolio
• @LayerZero_Labs now live on @TomoChainANN
• @GearboxProtocol V3 is under deployment
• @CoinbaseCloud announced that they intend to support the upcoming launch of @dYdX Chain as a validator
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*