🗞 Market commentary.
And a Grand Morning to you,
Right, there’s a lot of drama that’s been happening on crypto Twitter recently so we’re going to dive right in.
Bitboy begs for shillings and, at the time of writing, has had the crypto community bless his sorrows for over $115,000 in magical internet beans. It really is that easy to make 6 figures in crypto.
Whilst the bad guys continue to do their thing, trading OG and market mercenary Cantering Clark (TheFlowHorse) has continued to donate his weekly Friend Tech earnings to charity to bring a bit of positivity back to the markets.
Can you hear that “Wen airdrop?!” whispers are in the air as the Arbitrum Foundation announced, and long overdue might I add, part 2 of the Arbitrum Oddessy Quest series. Kicking off September 26th, you’ll be able to earn badges as you quest your way through the Arbitrum ecosystem (again), earning points and points (usually) mean prizes. And prizes, hopefully, means wen airdrop pt 2?!
It was a year ago that we saw the first Oddessy quest series spark an ecosystem-wide rally as questers, farmers and those damn sybillers began grinding points for that illustrious ARB airdrop. With the launch of the 50M token incentive scheme, Arbitrum might just hold on to its position as the #1 Layer 2 for a little bit longer
In other news, His Excellency Justin Sun released a video trailer of how he is defending the crypto frontier with “unwavering determination.” The billionaire hero we all need right now in “safeguarding the future of digital assets.”
Justin, we thank you for your service to everything TRON blesses.
🤓 In today’s email.
Degen corner. ICE ICE WAGMI
DeFi insights. 11, OMG can’t believe it, insights
ICYMI. Research on Immutable “The Infrastructure of Web3 Gaming”
Tweet of the day. justinsontron, saving the world in… Ray Bans?!
And finally. 9 days until UPtober, are you ready?
🔥 Degen corner.
ICE ICE WAGMI
You can’t SPELL TIME without ICE… or Daniele Sesta or most recently DWF… but that’s another story for another TIME (sorrynotsorry).
Popsicle Finance (ICE) has now transformed into the WAGMI dex. A suite of degenerate defi tools including LP strategies, leverage, limit order and token farming all built on zkSYNC. According to the original medium article, Dani and the team have created a bull and bear market-resistant product as this CLAMM differs from the stand. By taking a fee the dex will build its treasury bullet proofing its future.
But what about ICE?
Despite being a questionable token with a questionable past, ICE has been one of the biggest winners of the year. If you bought back in December you would, to date, be up 1700%… not bad.
It’s going to melt away into WAGMI. Holders have 90 days to make the switch, ICE at a 1:69 ratio and nICE 1:82.0795 ratio.
And thus a new era of frognation is created.
Tokenomic napkin maths.
80% of all newly minted WAGMI tokens go to Growth and Development whilst 20% of the newly minted WAGMI goes into an operation multisig for the daily operations and coffee runs.
Inflation isn’t fixed and the objective of the protocol, like many, is to attain greatness (and deflation) as fast as possible.
But are we GMI?
GMI represents hope, diversification and most importantly it’s the Liquidity Token on WAGMI.
To keep this simple GMI is a pool that contains multiple “multi pools” made up of three V3 pools. Acquire your GMI from any WLP token and start earning.
Emissions have been reserved to cover any potential loss, nulling and voiding permanent and impermanent loss (in theory). Despite Dani’s shady past the protocol has been designed with equality and profit sharing in mind as 100% of all fees generated by protocoled contracts are claimable by GMI token holders.
Pool caps are in place to ensure YOU as the GMI liquidity provider earn the MAXIMUM amount of shekels.
You can nerd out on the full docs here.
TLDR, it’s another DEX you can farm that’s built on zkSYNC by one of the most questionable public figures in crypto and it’s as simple as that.
👀 DeFi insights.
The important bits.
Arcton (IPO marketplace) – lecture on “who’s cashing in on start-ups” – read
Astaria (NFT lending) – acquire Metaquants_Ai (NFT aggregator) – read
Blur (NFT market) – founder reveals they’ve been “head down working” – read
Eclipse (Layer 2) – introduces and announces Eclipse Mainnet architecture – read
GammaSwap (DEX) – goes live on Arbitrum – read
Hashverse (Gamefi) – team-based, gamified trading competition goes live – read
Immutable (Infrastructure) – here’s how immutable optimizes liquidity for game studios – read
Infiniex (Derivatives) – are taking on CEXs and giving early access to discord – read
Mori Finance (LSDfi) – TGE goes live today – read
Protectorate Protocol (NFTfi) – Introducing Zaar, a new way to trade NFTs – read
Tenet Protocol (Blockchain) – a deep dive into the Tenet token tokenomics – read
📰 DeFi news.
Even more important bits.
Balancer gets DNS attacked as the DAO works to actively address the issue for a full and speedy recovery – read
Mt Gox delays repayment deadline by another year to Oct. 31, 2024 – read
OP Foundation dumps $162m in tokens and whilst “treasury management” as tokens were sold “privately” and “planned” – read
Post.Tech rivals Friend.Tech as daily volume hits $1.8m – read
Walmart to enter the metaverse and plans for a virtual fashion experience – read
Life gets busy so here’s what you’ve missed.
GM degen podcast: SBF’s Dad is Out For FTX Blood
Listen & Watch.
Tune in today to find out the language classes Grant, Alex and Mike took at school whilst SBF’s Dad is out to get him!
Immutable — The Infrastructure of Web3 Gaming
Building games is hard. Like, really hard. On average, developing a AAA-quality game takes anywhere from 3 to 5 years. Immutable is the ecosystem that simplifies the process of building, allowing developers to focus on creating fun and compelling games.
Introducing Mori: Revolutionising Stable Assets Within DeFi
Mori introduced a unique stable asset framework. This system cleverly splits $ETH’s inherent volatility between a low-volatility stabilised asset and a high-volatility derivative.
🐥 Tweet of the day.
To save you doom scrolling.
justinsontron, saving the world in… Ray Bans?!
🦍 And finally…
We are just 9 days away from, what analysts are calling “UPtober” where famously the price of token go up up up and away!
It also means we still have 9 days left of REKtember where anything could happen as Bitcoin, Ethereum and Tradfi heavy-weight charts look like they are on the brink of extinction.
That being said the FOMC yesterday seemed to be a nothing-burger as the FED looks to keep rates steady for now with one more possible hike later this year. I almost would have preferred the bandaid to be ripped off the markets now so we can enjoy the fruits of UPtober without worry or hesitation.
🤝 A final word.
A quick word from our super awesome sponsors who help us make this all possible…
Discover how your skills could power the next generation of web3 and blockchain technology. Your next career move could be one you never imagined. Start your search today at Web3nomads.jobs.
Disclaimer: This newsletter was imported automatically from our Substack feed, therefore some elements may appear differently. Subscribe below to get newsletters just like this sent directly to your inbox every week!