My Crypto Discord Weekly Round-Up #6
Crypto Media is a great source of information, it's very easily digested as it's all organised for you. Not a lot in it outside the mainstream projects though and when that information gets to you it's usually old.
Crypto Twitter is a great source of information too, but it's literally everything so the noise can often overpower any signal. Hard to identify what the people posting have to do with the projects they're talking about too.
Crypto Discords are kinda the best of both worlds. They have the structure that Crypto Twitter does not (and can never have) but go deeper then Crypto Media can (or will ever be able to). The downside is you need to actually be in the Discords to see the information.
There's a lot of interesting stuff that gets announced in Discords that I see, that others don't.
I'm sharing anything I think is particularly noteworthy for people outside of the Discords.
And quite frankly I love what these teams are doing and think it should get more airtime so I'm trying to do my bit to make that happen.
I post daily on my Solcial account (see link at the bottom of the post) and on BULB I'm doing a weekly summary of those posts in a blog post (like the one you're reading now!).
The rules I've set for myself are pretty simple:
- I only post from the official announcements channel/s in each Discord. No gated token/NFT gated channels and no discussions from the channels.
- I only post what I find interesting. Your mileage may vary. I do have a soft spot for alpha though...
- I use the same prompt each time to generate a cover image for the post: discord weekly round up
That's it. Let's get to the posts.
Mummy Finance 10/07/2023
Calling all #Fantom users
Thrilled to release our medium on how #Skeleton unveils the power of trading on #Fantom
Experience unparalleled trading on #Skeleton, powered by #Mummy
Discover more here https://medium.com/@mummyftm/skeleton-unveils-the-power-of-trading-on-fantom-opera-a967d169dbef
1/ Skeleton offers
Lowest swap fee
Increase earnings for liquidity providers
Seamless users experience
2/ #Skeleton is the one and only DEX that provides up to 6 fee tiers.
Liquidity providers will experience a wide range of options to earn fees and counter IL
Details https://doc.skeleton.finance/products/fee-structure
3/ Enjoy the seamless trading experience here
https://skeleton.finance/swap
Beethoven X 10/07/2023
Dear Ludwigs,
A lot has gone on in the past week, and while certainly chaotic, we want to provide some clarity on the current MultiChain situation. Firstly, a little overview for those unaware:
How does a bridge like Multichain work?
A bridge such as Multichain operates by holding the native asset in a contract on the native chain and then issues a wrapped version on the destination chain. (e.g. hold USDC on Ethereum, and issue a wrapped version of USDC on Fantom).
Why do bridged tokens lose peg?
The value of the wrapped asset usually trades at the same value as the token because it's backed 1:1. Problems arise with bridges when the assets held on the native chain are hacked, or the bridge is closed. Without assurance of backing, or the ability to retrieve the wrapped assets for the underlying native tokens, bridged assets on the other chain can begin to lose their peg.
Which tokens on Fantom are at risk?
USDC, DAI, USDT, ETH, and BTC are all multichain-wrapped versions of the assets on Fantom, and with the recent loss of multichain funds and closure of the bridge, have begun losing their peg.
Why can I not see the loss in peg on Beethoven X?
Some have noticed that on Beethoven X, the value of these assets is still trading at the native asset price, whereas debank shows a far smaller value. This discrepancy is due to the subgraph pricing of these stable assets in relation to their liquidity pairs. As the stables are losing value, it is showing an increase in the paired token while showing the stable asset as higher than it is. To fix this, we will need to redeploy with new stable assets and rerun the subgraph.
When will Beethoven X deploy new assets?
We are currently in discussion with multiple parties to figure out the most efficient and seamless route to redeploy new versions of these assets. We are finalizing our strategy and will have new Liquidity pools deployed within the next week. Once these are deployed, we will re-run the subgraph.
What should you do?
With the current uncertainties, it's recommended you de-risk from all wrapped assets listed above. The only way that trusts in these returns would be if the bridge fully resumes and all bridge funds are returned.
Is there hope?
There is always hope. We empathize will all who have been affected by this situation. It's not fun. DeFi is a beautiful and rewarding space, but it can also be cruel and unforgiving. We're here for you. Please reach out, and ask your questions. In the end, it's just another bump in the road to a more decentralised financial future.
What about Beethoven X?
While a less than ideal situation, we believe there is now a profound opportunity to redeploy new pools, consolidate / optimize incentives, and cement Beethoven X as the dominant liquidity hub on the network. There are multiple protocols looking to collaborate, and we are extremely excited about what is to come.
As always, stay tuned for more information!
Marinade 11/07/2023
(Well worth the read even though the vote has now concluded. These governance decisions are the foundations of DAO structures and we're only at the very start of exploring these. I personally voted my Chef NFT for the proposal)
New Proposal is live for voting
Proposal 36 is for the final migration from Tribeca to Realms SPL Governance. This will sunset all remaining Tribeca governance items and enable further building of governance features on Realms. Some notable points include:
š Direct governing of Marinade's Treasury (view wallet here: https://app.realms.today/dao/MNDE )
š The MNDE Validator gauges take place via Directed Stake in Marinade's App (mSOL and veMNDE in a wallet will all direct to the same validator).
š This will also require a one-time migration moving the MNDE from Chef NFTs into locked MNDE (veMNDE) enabling governance power in Realms.
š Read proposal details on the Forum: https://forum.marinade.finance/t/mdao-proposal-final-phase-of-the-migration-to-realms/523
š³ļø This vote is taking place on Tribeca and is live for 5 days. VOTE HERE: https://tribeca.so/gov/mnde/proposals/36
Meta Pool 10/07/2023
We have exciting news, Meta Pool DAO is rocking it, and we have more awesome communities joining us this round!
8 proposals on this round!! LFG!!
Thatās why we are super excited to announce that the second voting process is now live!
Donāt miss this opportunity to vote with your $META token and earn a 23% APY while supporting amazing community proposals!
Check them out and cast your vote now!
https://www.metapool.app/vote
COMB Financial 11/07/2023
Weekly Recap
Mutlichain Incident:
We have been closely monitoring the mulichain incident since inception, while we are confident that we have negated the immediate risks the situation is still vastly unknown. Therefore we will continue to monitor it and inform the community of any future changes, in the mean-time we have some information to share regarding our Pools and Podz.
COMB Pools:
While a majority of our pools remain unaffected, 8/18 of them do consist multichain assets.
We are currently working on new emission structures and upgrades to the pools, this will see new pools and new opportunities brought to the COMB ecosystem!
Noteworthy mentions:
Our Equalizer Bribe is Live!
For all #veEQUAL lockers, be sure to vote for the COMB - wFTM pools to earn your share of this weeks bribe!
Validator Voting!
If you're a zCOMB holder, be sure to participate monthly in deciding where our Validator rewards go! This month results in Equalizer Bribes! With this we can uphold our bribes and maintain a great APR on on the Equalizer platform!
COMBLearn
We had another great week of delivering exciting educational material and on-chain data, if you missed out on any of the great content, feel free to check it out at the below links;
Fantom Spotlight Thread: https://twitter.com/combfinancial/status/1676117790313570304?s=20
Avalanche Spotlight Article: https://twitter.com/combfinancial/status/1676808673602199552?s=20
Avalanche Spotlight Thread: https://twitter.com/combfinancial/status/1677589849577254912?s=20
COMBLearn Article: https://twitter.com/combfinancial/status/1677951934039474176?s=20
What's to COMB: (short-term roadmap)
Even through turbulent times, we have been hard at work! We have some exciting developments underway!
Utopia Tokens:
While there has been a slight delay on our new LVL and MPX Utopia tokens, we are aiming to have these live by the end of the week, these are unlike any Utopia token that currently exists, utilizing each platform these tokens completely embody Utopias concept of "Tokenized complex DeFi strategies".
COMB dApp Revamp:
In addition, we have some exciting developments coming to the COMB dapp redesign. With this redesign, we hope to see fewer bugs, a refreshed UI/UX, and a more seamless experience. We expect to begin testing internally in the next two weeks and soft releasing it a week after.
Reliquary Upgrade:
With the dApp revamp, we will be integrating a new way of depositing Relics into the current fBEETs pool. This will require a migration but will be guided along the way. The deposit functionality will likely work with NFTs rather than traditional tokens.
Raydium Protocol 13/07/2023
Weāre kicking off LSTās summer with a nice suprise on the concentrated liquidity pools!
In addition to the existing mining rewards on other pairs, Raydium is happy to support decentralization with a new round of incentives on the CL pools focusing on Liquid Staked Tokens!
With LSTs you contribute to the decentralization of Solana, and earn staking yield while participating in DeFi!
Hereās an overview of the incentivized pairs:
Lido stSOL:
ā¢stSOL-SOL, 2,000 RAY/week
ā¢stSOL-wETH, 1,000 RAY/week
ā¢stSOL-mSOL, 1,000 RAY/week
Lido wstETH:
ā¢wETH-wstETH 1,000 RAY/week
Marinadeās mSOL:
ā¢mSOL-SOL, 2,000 RAY/week
ā¢mSOL-USDC, 1,000 RAY/week
ā¢stSOL-mSOL 1,000 RAY/week
Jitoās JitoSOL-SOL:
ā¢jitoSOL-SOL, 500 RAY/week
USDC-USDT, 1,000 RAY/week 1bps
Solcial 13/07/2023
We're excited to announce a new requested feature now live on Solcial!
If you haven't seen yet, since yesterday all Tier1 posts are now curated (powered by OpenAI) with improved Filters on our Discovery Page. This new update allows you to refine your searches and easily find the content that fascinates you the most. You're no longer limited to sorting by Trending, Newest, and Most Upvoted posts.
We've expanded the sorting functionality to include popular Languages (with a promise to widen this list over time) and popular Categories.
Enjoy this enriched filtering experience, and effortlessly discover content that truly resonates with your interests!
https://solcial.io/@solcial/post/125129-gm-everyone-we-re-excited-to
OATH 12/07/2023
Weāre proud to share the new Ethos Finance website, updated with clarity about the products weāre building, aggregated user guides and resources, and a growing library of insights ā with more on the way. If youāre not familiar with Ethos and $ERN, now is the best time to start!
See the Website: https://www.ethos.finance/
Blog: https://www.ethos.finance/blog/
User Guides: https://www.ethos.finance/documentation/
New App URL: https://app.ethos.finance/dashboard
OATH 13/07/2023
$ERN Pool update!
Reminder: With Multichain frozen please do not try bridge OATH. We are working hard to restore access to cross-chain OATH through Axelar. You can check the price difference of markets through CoinGecko: https://www.coingecko.com/en/coins/oath
FANTOM
With the chaos on Fantom comes opportunity, in collaboration with Axelar a massive ERN-axlUSDC pool on Equalizer is the key focus of this epoch. This represents a massive chance to grab market penetration on Fantom with $ERN, with enough incentives to scale into a key volume driver on the network. We are collaborating as well with Equalizer to get ERN listed as a core asset so any other partner protocols or assets can be paired against it, stay tuned for more. Fantom has already overtaken BNB for total $ERN exported.
Equalizer:
ERN-wFTM
ERN-axlUSDC
FVM.exchange:
ERN-lzUSDC (Supported by FVM)
ERN-FRAX (supported by Frax)
ERN-OATH
ERN-GRAIN
OPTIMISM
Not to be forgotten, $ERN is born on Optimism and it should represent terrific opportunities as well, with the winddown of the Proof of Reserves ERN-USDC and ERN-USDC on Velodrome, we are asking LPers fond of USDC to consider the new Bunni Univ3 pool.
The Stability Pool got an increase an yield due to all the migration away from Optimism, still at 19% to help defend the peg.
Velodrome:
ERN-DOLA (Supported by Inverse)
ERN-LUSD (Supported by Liquity)
(We are in talks with QiDao for a MAI pool but still TBD as they are struggling to maintain peg currently, coincentives do represent the most cost-effective way to scale $ERN onchain)
Bunni:
ERN-USDC (massive volume pool, pays for itself)
Reaper.Farm:
stERN launching on Reaper Alpha today with a 50K deposit cap, keep an eye out for a post shortly.
BNB CHAIN
Thena continues to be an excellent source of efficient spend, with 75% of our incentive spend coming back to the multisig from last epoch. We will look to continue to scale up ERN-USDT, ERN-OATH and ERN-FRAX, while ERN-BNBx has been reduced to be closer to the market rate for that pair.
Thena:
ERN-BNBx
ERN-OATH
ERN-USDT
ERN-FRAX
ARBITRUM
We're really pleased with the ROI on Chronos and see more room for growth there. RAMSES will be launching strategies with Gamma soon and we believe this will be a big catalyst of growth for their CL markets, which otherwise are generating great volume on-chain. We also have been working hard with Gains Network to promote the gDAI-ERN and GNS-ERN pools, they are huge fans of Ethos Reserve and even teased a future gERN vault for their gTrade platform.
Chronos:
ERN-USDC
ERN-OATH
ERN-FRAX
ERN-GNS
Ramses:
ERN-USDT
ERN-gDAI
ERN-GRAIN
ERN-OATH v1
ERN-OATH CL
ERN-LUSD
We hope your farmers are enjoying the best yields on stablecoins in DeFi and look forward to continuing to strengthen partnerships across all these chains and claw more market share towards $ERN.
Check out the Dune Dashboard yourself to see the last 23/24 positive days of growth for the platform: https://dune.com/bytemasons/ethosreserve
OATH 13/07/2023
Two quick notes.
1) Our friends at Tarot have opened up an ERN-wFTM Vault to let users supply ERN & wFTM, or otherwise leverage farm with LPs.
https://www.tarot.to/lending-pool/250/0x58a491537870473d1b88c746dc0497c012554728
You don't need to leverage to take advantage of the power of Tarot, if you deposit it also acts like a Reaper Vault which will automatically compound any earned gains. If you have some ERN laying around this pool could end up being a great source of single-side exposure.
Learn more about the platform here: https://docs.tarot.to/
We'll work on getting other ERN opportunities covered in the future, and perhaps even setup a Tarot Tower incentive program (I think axlUSDC-ERN could be a fantastic choice) to help drive more adoption.
2) Reaper Alpha on Optimism now has the staked ERN vault (stERN). It currently has a deposit cap of 50K which has already been filled by hardcore ERN enthusiasts, but the cap will continue over the next few weeks as we finalize the Digit deployment for Optimism. We're super excited to bring Ethos & Reaper (and eventually Digit) together to supercharge the OATH ecosystem!
Synthetix 14/07/2023
Synthetix and Lido Finance are thrilled to announce the launch of a trading rewards program specifically designed for Lido Staked Ether (stETH). This initiative will allocate 1,500 OP per week, provided by Lido Finance, to traders generating fees for the stETH perps market.
This rewards program is in addition to the Synthetix Perps Optimism Trading Incentives, which is currently distributing 300,000 OP per week to traders.
Learn more
https://blog.synthetix.io/lido-steth-synthetix-perps-trading-incentives/
ALEX 13/07/2023
Peg-In Open for $LGER
Listing for a new token currently opening on B20!
https://app.alexlab.co/orderbook
Trading will commence once the peg-in circulation reaches 0.05% of the maximum supply.
Tutorial here: https://perfect-bulb-261.notion.site/Step-by-Step-Guide-How-to-Peg-in-Your-BRC-20-Tokens-9578442e99664f22a9efe7c26051e4d4
Mummy Finance 14/07/2023
Dear community members,
We have some important updates from the dev team to share with you:
1/ Mummy Fantom has experienced significant impact due to a multichain incident. We are actively maintaining contact with the multichain team to find solutions and address the concerns of MLP holders.
2/ Mummy Fantom V2 will utilize assets from L0 and is currently in the final stage of testing.
3/ Skeleton will introduce the Skeleton Gauge, a feature inspired by UniSwap V3 Staker.
4/ Regarding Mummy OP, we will be utilizing L0 to facilitate cross-chain functionality for MMY between Fantom and Optimism. The existing MMY (multichain) on Optimism will be converted 1:1 to MMY (L0).
5/ We have some important news for NFT holders of Mummy Optimism. We are currently planning to use L0's bridging capabilities to enable NFTs on Optimism to be bridged to Arbitrum, allowing them to benefit from the fee structure of the Mummy Arbitrum protocol.
6/ We are actively collaborating with FF and the Multichain team to discuss and implement strategies that will minimize risks to the Mummy NFT treasury (Fantom).
7/ We are also in discussions for potential collaboration with the L0 Team. More information regarding this partnership will be revealed in the future.
8/ We will be transferring the LP MMY-USDC_MULTI (SpookySwap) to Skeleton DEX. We are also engaging in discussions with FF and the Multichain team to minimize risks for our LP holders.
We will continue to keep you updated on further developments. Thank you for your ongoing support.
Beethoven X 12/07/2023
Maestros,
The time has come.
Radiating purple power, ultra-efficient flywheels, and supercharged liquidity layers. This is a big one.
Aura Finance is now LIVE on Optimism!
Put your dancing shoes on and loosen up ya hips; a liquidity-pumpin', body-groovin', soul-movin' banger is about to ship!
Discover everything you need to know about the latest Beethoven X development in the article below.
https://beethovenxio.medium.com/the-aura-of-optimism-2f9164ffa8f5
Beethoven 14/07/2023
Dear Ludwigs
We have started our journey with a set of new pools and LayerZero bridged assets. Earn some Beets and lzUSDC on the following pools:
https://beets.fi/pool/0xe401df443303232ab4866a625286f97bb26a98af000000000000000000000762
https://beets.fi/pool/0xce752063c544f604ddb99a4335eb79b38c439d7200010000000000000000075c
https://beets.fi/pool/0x838229095fa83bcd993ef225d01a990e3bc197a800020000000000000000075b
We also restarted an new sftmx/ftm pool with Beets rewards:
https://beets.fi/pool/0x593000b762de3c465855336e95c8bb46080af064000000000000000000000760
Happy farming!
Beethoven X 15/07/2023
Dear Ludwigs,
It has been yet another crazy week in DeFi.
With the recent news of MultiChain shutting down operations, we wanted to give you an update and answer some important questions.
A reminder on MultiChain
A bridge such as Multichain operates by holding the native asset in a contract on the native chain and then issues a wrapped version on the destination chain. (e.g. hold USDC on Ethereum, and issue a wrapped version of USDC on Fantom).
What does MultiChain shutting down operations mean?
With multichain shutting down bridge operations, the wrapped assets issued on Fantom have lost the ability to redeem the underlying native assets. Essentially, the trust in these wrapped assets' is broken.
Which tokens are affected?
All MultiChain wrapped assets are affected. For transparency, we have added a "multi" prefix to all MultiChain-wrapped assets on the DEX. These tokens include USDC, USDT, DAI, wBTC, and wETH. As a result of the recent emergency DAO vote, we also stopped incentivizing all Liquidity Pools that include these assets.
Have these tokens lost their peg?
Without the ability to retrieve the wrapped assets for the underlying native tokens, all MultiChain bridged assets on Fantom have lost peg.
Why can't I see the full loss in Peg on Beethoven X?
On the UI, assets are priced utilizing a coingecko price feed. Currently, coingecko is still pricing the value of some of these tokens as the non-wrapped version. The second source of pricing in the UI is the subgraph.
Subgraph pricing of assets is calculated by pricing the asset in relation to $1. While the multichain $USDC is falling in value, the $USDC value is still being priced at $1. As a result, wrapped assets on the UI are shown to be worth more than the wrapped token value.
So, what's the actual value?
When swapping, it will use pool logic, and calculate prices from the on-chain value held within the pool. Subsequently, you will see the current value of these assets, with the change in value realized in the price impact.
To fix this issue, we must await coingecko to update the feed, and also rerun the subgraph, with newly deployed stables that are valued at $1. We are in the final stages of setting everything in place to begin this subgraph rerun.
While the multichain issue and coingecko pricing are completely outside of our control, we would like to wholeheartedly apologize to all affected by the inaccurate pricing of multichain assets on the UI.
What is Beethoven X's plan?
While a less-than-ideal situation, we believe there is now a profound opportunity to redeploy new pools, consolidate/optimize incentives, and cement Beethoven X as the dominant liquidity hub on the network. We have already redeployed a cohort of new Layer Zero and Axelar pools listed in the announcements above.
While we understand that the current situation has put a sour taste in many mouths, these new pools are some of the most competitive in DeFi. It's also important to note, that Fantom is still a ridiculously smooth and fast chain. Nothing has changed here.
Beethoven X harnesses the most flexible technology in the biz, and we will continue to offer the most seamless, powerful DeFi experience on Fantom.
Final Remarks
This event is a profound reminder that while the space we operate in unlocks profound opportunity, it also comes with risks. Ensuring you operate with risk management in mind is essential.
Once again, know that there is always hope. We empathize will all who have been affected by this situation. It's not fun. DeFi is a beautiful and rewarding space, but it can also be cruel and unforgiving. We are here for you; please reach out, and ask your questions.
For now, keep your head up, blast some tunes, and keep beetin'
With love,
Beethoven X 
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