GM Digest #96
Gm with Valuable Alphas / Insights — Make Sure to DYOR. All of This is Not Financial Advice. Ape at Your Own Peril
DTCC Listing Rollercoaster
• Earlier this week (covered in yesterday’s GM Digest #95), analysts such as @EricBalchunas and @martypartymusic caught wind of Blackrock’s Bitcoin ETF — the iShares Bitcoin Trust being listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades) with the ticker $iBTC
• This coupled with the speculation that Blackrock will be seeding their ETF this month based on their latest amendment drove traders to frontrun the potential ETF news approval sending BTC above the $35k mark
• However, about 12 hours ago @joelight noticed that the iShares Bitcoin Trust iBTC was gone from the DTCC website causing a slight 3% dump on a 15m candle all the way down to $33.2k from $34.5k
• $iBTC is now currently back on the DTCC website and BTC is currently trading around the $33/34k levels
Thoughts: We’re now at a stage where DTCC listing have sharp impact on the BTC movements. Since the listing “suggests” that ETF is getting approved, this is not official yet. Watch out for the actual approval which will happen in about 2 weeks — if it’s not approved, we’re going back down
IntentX Launch Sequence
• The launch of IntentX will roll out in three phases starting off with the Open Beta on Nov 15. The beta is open to all, there are no whitelists or other requirements
• Participants in phase one will be rewarded with 2,000,000 INTX tokens (2% of total supply) based on volume and participation in Galxe and Zealy campaigns. All tokens won during the open beta will be claimable at the start of phase three as $xINTX, which is staked $INTX earning 100% of protocol revenue
• Phase two will involve the TGE of $xINTX, which will operate on a first-come, first-served basis. The exact date is not yet known, but what is certain is that shortly after the TGE, the DEX liquidity for $INTX will be established and the staking contract will go live. Any fees collected by the protocol during phase one trading will be distributed to stakers
• Phase 3 marks the full launch of IntentX, which is scheduled to happen in Q1 2024. This is also when the 'Trade and Earn' program begins which will reward traders with $INTX emissions over the next three years amounting to 33% of the token supply
• @IntentX_ is an intent-based perp DEX on Base built on top of @symm_io infrastructure
Thoughts: I like the fact that on IntentX there are no LPs that need to be incentivized. Instead, all revenue is directed to stakers. This could create a positive loop: staking offers attractive APRs, which makes people buy the token in order to earn the yield, which in turn leads to price appreciation
Astrid Launch on Mainnet
• @AstridFinance is a liquid restaking protocol built on top of @eigenlayer. It offers Liquid Restaked Tokens (LRTs), which can be obtained by depositing LSTs like $stETH, $rETH, and $cbETH
• All LSTs deposited in the pool are staked on Eigen Layer and the rewards are compounded. In return, users receive an LRT, which can be in the form of $rstETH, $rrETH, or $rcbETH, that they can use in DeFi
• Depositing now will earn you Astrid Restaked Points determined by the size and number of days staked. You can boost your points 2.5x by providing liquidity on Uniswap for LST/LRT pools. Also, there are some roles to be claimed on @guildxyz depending on how much ETH you restaked in total
Thoughts: Judging by the interest in Eigen Layer there seems to be a lot of demand for restaking, and just like ETH stakers prefer their tokens liquid, so too will those who opt to restake. I think this narrative will gain traction and Astrid is the first LRT live on Mainnet. ~60E worth of TVL has already been accumulated
DegensBet Crosses $50M Volume
• @0xdegensbet is a betting game based on @WINRProtocol, where you have the opportunity to bet on the price of ETH and BTC with leverage ranging from x100 to x1000
• They are the first to offer x1000 BTC and ETH futures on-chain, using WINR's multi-asset pool. When trading on DegensBet, you won't experience slippage or any open/close fees
• If you want to be the counterparty to the degens, you need to provide liquidity by acquiring $WLP tokens
Thoughts: The GambleFi narrative will run again, and a bet on $WINR as an infrastructure play seems reasonable given that even more projects are likely to build on top of it
Maestro Exploit
• @MaestroBots reported on X that the Maestro Router was compromised and the team has revoked all of the router’s functionalities. The team clarified that the attack was purely directed at the router and no wallets were compromised
• Users affected by this exploit will be compensated by the Maestro Team which is about 280ETH and the team reassured users that unaffected users’ tokens were safu
Thoughts: The leaders in the TG Bot narrative — $UNIBOT and $BANANA saw a slight 3.5% and 2.7% pullback in prices. This could be due to short term FUD as everyone was being extra cautious of TG bots and moving money out of their TG bot wallets. Personally, I think that TG sniper bots are really useful especially when you want to ape shitcoins on the go. However, you shouldn’t leave too much money in there in case of exploits like Maestro
Root TGE
• @Root_Genesis TGE is coming on 28 October
• Root Genesis is a ‘DeFi Superapp’ — basically New Order DAO + Redacted Cartel. A treasury management / governance aggregator of Top DEXes & Incubator of new and exciting products that synergize with each other
• There are 3 core components to the Root Ecosystem:
→ Orchard: Root’s omnichain governance aggregator, which is its vehicle for generating the initial income that will be invested in its Bloomworks research & engineering enterprise. Its revenue generation process works through a process of bonds, bribes, governance aggregation and re-investment
→ Bloomworks: Root’s in-house engineering enterprise which uses parts of the capital generated by Orchard’s governance aggregator to develop innovative DeFi protocols which benefit and contribute to Root’s growing ecosystem known as Stems. A portion of the Stem’s tokens and its revenues are then distributed back to Root token holders
→ Sprout: The DeFi SuperApp that ultimately emerges out of the network of Stems created by Bloomworks. It is designed to create a “Robinhood of DeFi”, bringing all DeFi products and services under one roof to deliver an accessible, streamlined, and integrated user experience
• All of the benefits from the ecosystem components described above flows back to the ROOT token that is launching. Root uses a ve token model whereby $ROOT can be staked veROOT. The vesting process uses a ve8020 model ****based on Curve’s veCRV mechanism, which locks ROOT for 16 weeks through the Root dApp. This system operates in conjunction with the 80/20 ROOT/WETH Balancer Pool veROOT will allow users to participate in governance and to earn yields generated by Bloomworks, Orchard and Sprout
Super swETH
• @swellnetworkio introduces Super swETH — enabling users to deposit stETH in this vault for boosted Pearl hunting and up to 18% yield from staking + redirected DAO revenue
• All stETH deposited is unstaked and swapped for swETH — helping to diversify Ethereum. Users are able to withdraw anytime (7 days after depositing)
Lybra Grants
• @LybraFinance Lybra Grants Program will launch on Nov 1 — The program will offer grants of up to 100,000+ esLBR each to projects that help expand the Lybra ecosystem
• The Lybra Grants Program is designed to help Lybra achieve its vision of building an entire DeFi ecosystem with eUSD/peUSD at its center
• There will be a total soft budget of 500,000 esLBR to be allocated, with 4 different grant sizes to apply for Mega Grants 100,000 esLBR ($93k) to Micro Grants 2,500 esLBR ($2.3k)
• Interested projects need to go through a 2-step application process — Pre-Proposal & Full Proposal → Discuss you proposal on the new Lybra Forum, share your outline and receive feedback from the team. Then you can make a full proposal with all the comprehensive documentation, roadmap, use of funding, etc
• For projects that are interested in exploring, you can read the most recent Lybra medium on grants for more details
Penpie & Radpie Updates
• @Penpiexyz_io reached TVL of $69.69m → mPENDLE pool is now at $3m with 80%+ attractive APY paid in $PENDLE
• @Radpiexyz_io reached $8m in TVL → IDO to move to Mid-Nov and Radpie will soon be deployed on Ethereum Mainnet. Ethereum users who convert their $dLP into $mdLP on Radpie platform will also receive ARB incentives
Celestia Launch
• @CelestiaOrg’s experimental Mainnet Beta will be launching soon introducing data availability sampling (DAS). Since it is still experimental, users can expect occasional instability or reduced performance while the devs ship out updates and fixes along the way
• Between now and Mainnet Beta, the Celestia Foundation will coordinate with the genesis validators to collect their genesis transactions. Those transactions will be included in the genesis block collectively created by a decentralized validator set. Once the genesis block is finalized by the validator set through consensus, Celestia’s Mainnet Beta network will be live
• Mainnet Beta will enable rollups and other modular chains to use Celestia as a data availability and consensus layer
• Other features such as Blobstream (as covered in GM Digest #93) and ‘partial nodes’ will be added in the future
Introducing Sudoshort
• @sudoswap is a fully on-chain NFT AMM protocol that facilitates NFT-to-token swaps
• @0xmons introduces sudoshort, a protocol designed to boost pool lp yields, allow users to go short nfts and minimize oracle dependence
• Sudoshort is an opt-in protocol built on top of sudo pools and a pool owner opts into letting traders borrow their NFTs in exchange for ETH collateral. The LP will either get the NFT back with interest or they get more ETH than they would have gotten had they sold the NFT at the point of borrow
Misc News
• @BlockFi is back, and will be accepting withdrawal requests from both U.S. and international users
• @MaestroBots disables trading due to router compromise, user will be refunded
• @berachain twitter sim swapped
• @gamblino_app MarketMinds beta launch on Oct 26
• @LendexERC fixed-rate, fixed-term lending protocol to go live on Oct 26
• @SmokeyTheBera reported that the official BeraChain X account — @berachain has been compromised after a team member was sim swapped
• @LayerZero_Labs live on @HelloTelos mainnet
Jeff’s Betting Shenanigan
• Recent @SX_Bet is on Dota 2 TI between Team Spirit & Team Liquid. Jeff bets on Team Spirit due to their undefeated records since Riyadh Masters
• TS have been in their top form even in games where they’ve drastically fallen behind and on the verge of defeat, they still manage to make a comeback (Shopify Rebellion)
• TS has showcased top-tier drafting, flexibility, and team cohesiveness by setting the games at their paces, respecting the enemy when they’re falling behind and capitalizing on that when the enemy overreachs
• Bet $300 on Team Spirit with 1.54 Odds and $460 potential returns — game time Oct 28
*Reminder to Size Your Entry for Degen Plays and Take Your Principal Out (Take Profits) Whenever You Hit Your Target*