This Week in DeFi: The blocmates Alpha Report – News, Opportunities and more…
Welcome to the second instalment of This Week in DeFi. We are going to release a weekly round-up newsletter on our website which covers all the current events, opportunities and what to look out for in the coming days.
Here at blocmates, we are trying to help as many people discover and understand the weird and wonderful world of DeFi. If there is anything you are unsure about you can always join our free community ran Telegram which is aimed at helping newcomers and those who have issues in crypto and DeFi.
Before we start non of this is sponsored and if it does become sponsored in the near future we will tell you. There are enough shitty things going on in the industry at the minute. This is no strings attached.
On top of that, we aim to be at the forefront of DeFi, experimenting and trying new things as and when they come up. We do the troubleshooting so you don’t have to.
Anyway, enough of that it is time for the alpha report.
KuCoin Comunity Chain Release.
This week we ventured onto a new unchartered chain that is KuCoin Community Chain (KCC). Quick, efficient and with low fees the KCC was a seamless experience. We withdrew a small amount of KCS that we bought pre-pump (mentioned in our Telegram) for a few cents to our pre-configured KCC MetaMask address.
To set this up, in short, head to KuSwap and connect your wallet. KCC will automatically configure to the wallet. Simple.
Being ones to test the water, we immediately bought some KuSwap (KUS). This was then paired with KCS-KUS LP and put in the KUS farm for some pretty good APR paid in more KUS.
Our plan was to manually auto-compound by pairing with more KCS and create a nice DCA price for the LP. Not financial advice, we are idiots…
Looking at KCS it seems to be performing relatively well and I would like to see KUS continue to expand (for obvious reasons) with single-sided staking and more farms.
We will continue to keep a close eye on this chain although nothing too exciting is happening over there just yet.
A lot of the good price action on exchange coins KCS, FTT and even Coinbase lifted its head, was in our opinion due to the increased crackdown on Binance. People needed other places to on-ramp their funds (we included).
We found that using WISE (formerly transfer wise) may or may not allow you to load up on Binance… We didn’t tell you that.
Eleven Finance Heads to Becoming Deflationary.
Eleven and ELE have had a tough time of late due to the exploit in their Nerve Finance Vaults which seen $4.5 million stolen through another flash loan attack.
It saddens us to announce that a little over 36 hours ago select Eleven Finance vaults were exploited and funds were lost totalling a value of around $4.5 million.
We stress this vulnerability was isolated to our NRV vaults, making up around 4% of our TVL.
— eleven.finance (@ElevenFinance) June 24, 2021
Many panicked and sold their ELE, we on the other hand used this opportunity to load up on some sub $2 ELE. Not financial advice, again we are idiots…
In the coming days, Eleven released that their extensive recovery plan for all those affected by the exploit. I have to say, the response from the team has been excellent.
They have already recovered a substantial amount of funds, began legal proceedings against those expected to be involved and set out their immediate and long term plan to reimburse its loyal users.
We love finding new homes on various scaling solutions, here’s to one more – lets find those gains!
— eleven.finance (@ElevenFinance) June 25, 2021
Added to that Eleven, will continue to expand onto other chains and become a truly cross-chain yield-yield farming ecosystem.
They have released a post stating they are already operating and testing on the Arbitrum test net which is extremely positive. The amount of funds that this Ethereum layer 2 will grant projects access to is huge.
Seeing how the team, build and respond has made us very sure of our ELE investment.
For all those yield farmers out there. We know it isn’t the best move to give up your positions as the TVL increases and yield goes down but who are we kidding this site is tiny.
ELE-MATIC LP using Quickswap has been a sustainable and profitable LP to use.
Finally, the time has come were the ELE emissions per block have decreased from 3 to 1. In effect, this heads the ELE token in the direction of becoming a deflationary token. The increased scarcity of the asset is extremely positive for price action and the long term ELE investor.
NFT/Gaming Boom –
Something a touch different but I still class it as important to this newsletter.
There are 3 or 4 NFT/gaming projects that we have our eyes on and may or may not have invested in.
Axie Infinity – This goes without saying. One of the highest revenue-generating crypto projects out there. In the past week, AXS has run hard and still may have plenty of room to grow. Who knows…
My Neighbour Alice – Again, on the back of the NFT gaming hype ALICE which previously got flash listed on Binance and hit $60 on its opening day is now hovering around the $5 mark. With nice sentiment and a nice-looking daily chart who knows what the next week days-weeks look like for this one.
The Sandbox – SAND has been getting a lot of attention from some big-name companies. You only have to look at the projects who have bought plots on their NFT/Gaming/MeatVerse platform to see that people won’t be sleeping on this one for too long either.
Finally, the smallest DeFi/AI/NFT project we are looking at this week is AiRight (AIRI). A weird and wonderful mix of AI-generated NFTs and DeFi. The project seems to fit the current narrative very well and is something we are monitoring very closely indeed.
Upcoming listings to be aware of –
OpenOcean Token Listing – OOE
“It is with much excitement to announce the OOE token distribution to the community will take place at 1:00PM, July 12th, 2021 UTC, along with liquidity mining on the OpenOcean BSC network”
The huge OpenOcean ecosystem will finally expand on to BSC. With eligible airdrop wallets being the first followed by liquidity mining and then DEX access.
For more on the release head HERE.
If your project would be a good fit for this newsletter give us a shout over at [email protected] to discuss further or contact us on Telegram using @blocmates as the handle.
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