Daily Notes 10-08-2023
Developments
friend.tech Launch
friend.tech (a social networking app where you can buy and sell shares of other users) launched today on top of Base.
Rollbit Burn 11M RLB ($1.9M)
As per Rollbit’s new tokenomics upgrade, they burned 11,074,278.65 RLB (0.33% of supply) today. This represents a ~$1.9 Mil token buyback and burn. Since the burn RLB gained 25%, making it the top performer in the top 300 today.
SAND Unlock
Sandbox will unlock 332.55M $SAND tokens on the 14th of August, which is valued at $135 million and represents 16.6% of the Sandbox’s Market Cap.
The 332.55M $SAND token unlock is divided as shown below:
nd4.eth Burns A Cumulative $8.5Mil
nd4.eth, an anonymous market participant has sent a cumulative $8,440,765.52 of crypto asset to the burn address.
This sum is compromised of:
$4,680,320.96 of $ETH
$1,782,112.76 of $GMX
$1,568,640.52 of $GNS
1 Crypto Punk, 3 BAYC, 2 MAYC, 1 BAKC, $18,500 worth of ApeCoin, $2365 of $ARB, $400 of W$Cas well as 6 ens domains of indeterminable value.
All NFTs above that have been sent to the dead address have been purchased by nd4.eth within the last 2 months (65 days) for a cash value of $388,318.78.
Justin Sun Utilises EDSR
Justin Sun has deposited 178,545.18 stETH ($332.5m) over the last 24 hours into Maker, to mint $135.8m of DAI which he then deposited into Makers DAI Savings Rate (DSR) to earn the current 8% yield.
As of now 1.12B DAI has been deposited into the DSR contract which is a 2.8x increase from August the 6th’s 396m.
Milady
Milady’s (back) in control
SparkDAO SPK Airdrop
The SparkDAO SPK pre-farming airdrop aims to incentivize continued usage of Spark Protocol, particularly if the proposed stability fee increase to 5% is implemented. The objectives are dual-fold:
Trust and Liquidity Boost: The initiative seeks to attract substantial assets to Spark Protocol by encouraging users and borrowers, even those engaged in arbitrage, to persist in their usage. This endeavor aims to establish a robust market presence and enhance overall market trust.
Community Alignment: Through the airdrop, a community aligned with SparkDAO's mission and potential will be fostered. Users and participants who share a common vision will be incentivized to actively contribute to the platform's growth.
In terms of execution, the Support Facilitators will retrospectively identify users who have borrowed from Spark Protocol since the stability fee increase to 5% during the Phase 2 Launch. A predetermined quantity of SPK tokens, as specified in the Support Scope of the next amendment proposal, will be distributed proportionally to users who utilized volatile assets as collateral for borrowing. This distribution, which functions as a bulk airdrop, will reward users based on their borrowing amount and duration.
Notably, users will automatically qualify for the airdrop without needing to take any specific actions. Simply engaging in regular borrowing activities from Spark Protocol will make them eligible for this token distribution.
Yoots Migration To Ethereum
y00ts will be migrating to Ethereum from Polygon stating that “It's just time to unite the DeGods & y00ts communities”. The team has also stated that they intend to return 100% of the $3m that was provided by polygon to incentivise the migration back in late December of last year.
This announcement comes with DeGods Season III refresh which sees the upcoming integration of 20,000 new non-dilutive art pieces this sunday; “1 DeGod, 4 pieces of generative art.” .
Additionally, the new seasons will allow for the possibility to swap your DeGod 1 for 1 for a female version, as well the introduction of the points parlor where Season III DeGods can use points to play & win prizes.
Trending Assets
Top 300 Performers
Top 300 Losers
WLD, down 7.90%, and BITCOIN, down 7.77%, are the top underperformers of the day.
Below $100M MC by performance, on chain
ICE, up 19.69%, and VELA, up 19.31%, are top notable performers for coins below $100M MC. Notably, Daniele Sesta made an announcement regarding the mechanics behind WAGMI protocol, which ICE is associated with.
Above $100M MC by performance, on chain
RLB, up 23.31%, and RPL, up 6.92%, are the top performers for coins above $100M MC. Coinbase Ventures made a strategic investment into RPL recently.
Above $1B MC by performance, on chain
Nothing particularly notable in regard to coins above $1B MC.
TVL
TVL Above $10M
Over the past day:
BaseSwap TVL grew by 50.21%.
Spark TVL grew by 28.77%.
Fees
Governance Proposals
Make Aura and Balancer the STG Liquidity Hub on Arbitrum
Proposal to move $1.5M of POL from the current 50/50 pool to the already available Balancer 50/50 STG/Boosted Aave V3 USD pool on Arbitrum, staked in Aura.
Proposal for Balancer to build a ve8020 Launchpad to incentivize protocols to adopt the ve8020 model created by Balancer.
[GIP-68] Remove FRAX LM rewards
Proposal to remove FRAX liquidity mining rewards from Gearbox.
[FIP - 277] Onboard FinresPBC as FRAX v3's Offchain RWA Partner
Proposal to establish a partnership with FinresPBC to hold USD deposits, mint stablecoins like Paxos USDP and Circle USDC, and oversee United States Treasury Bills for yields.
Disclaimer:
The information and services above are not intended to and shall not be used as investment advice.
You should consult with financial advisors before acting on any of the information and services. ASXN and ASXN staff are not investment advisors, do not represent or advise clients in any matter and are not bound by the professional responsibilities and duties of a financial advisor.
Nothing in the information and service, nor any receipt or use of such information or services, shall be construed or relied on as advertising or soliciting to provide any financial services.