DeFi Enclave's Chronicles #17
Ether.fi, Frax, Aevo, Mozaic, good articles, projects updates and much more.
In this episode:
Voyager's Thoughts - personal reflections and insights on DeFi and Beyond
Voyager's Portfolio - Detailed Report on My Investment Moves
DeFi Survivor's Bookshelf - Handpicked must-read threads and articles
DeFi Projects Radar - detailed survey of projects news and developments
Alpha/Airdrops - unexplored DeFi territory, proceed at your own risk
My newsletter is completely free, but there are my referral links to the projects I recommend. I would be grateful if you use them as a small token of appreciation for my work.
🔎 Voyager's Thoughts
Ether.fi airdrop
I didn't get a lot of tokens, but it could've been less. Looks like I got a good amount for an NFT from Ether.fan, which I'd forgotten about and was supposed to upgrade. Seems like they cut the rewards for Penpie votes and Pendle's YT stake, though.
The founder doesn't really like the mechanism where you buy 1 ETH YT and it brings you income as if you have 20 eETH in stake. It feels like the guy didn't understand at all how Pendle and YT tokens work, that this multiplier doesn't come from nowhere. But in general, the project is very promising and I like it more and more. I'm thinking of selling a small part of the airdrop because there are a couple of attractive opportunities like ZkLink, and I also need to add more liquidity to Mode & Blast.
UPD. The founders just changed their decision, and gave extra tokens to small accounts and those farming YT tokens.
Aevo airdrop
Got quite a lot of AEVO tokens unexpectedly, considering I hate this perp dex and farmed on it very little. Just found it unpleasant to use this exchange, from the unjustifiably high fees and unfriendly interface to the unclear timing on when you could withdraw your money, sometimes having to wait for several hours, which I think is unacceptable.
Dirty play
Trader Joe set a bad precedent that other projects are starting to follow. Let me remind you that as soon as the emission of Trader Joe's JOE token finished, they immediately launched a fork of their project on Mantle, named it Merchant Moe, and naturally, started the emission of a new token. Of course, they won't directly admit that it's their own project; they call it a franchise as if they have no relation to this project.
I'm starting to observe the same thing with other projects. For example, Vertex launched their quickly cobbled-together fork on Blast with an ugly UI under the name Blitz. They haven't mentioned the launch of a new token yet, but I think it's pretty obvious. How easily do such forks expose themselves? They're too lazy to fully revise the documentation; they just copy everything and somehow adapt it to the new product but often forget to change the names, so the documentation sometimes still lists Vertex instead of Blitz.
The same is observed with the IntentX project. Under the name Fenix Finance on Blast, a complete copy of IntentX has been launched and is being shilled by them. At the same time, IntentX itself has also launched on Blast, so there's a possibility that Fenix is not even a fork, but just a slightly modified frontend of IntentX itself. It turns out to be a somewhat murky scheme.
Projects suffering from liquidity fragmentation are creating this fragmentation with such actions.
Fraxtal
I tried Fraxtal. The feelings are mixed. On the one hand, everything works great, without bugs and lags. On the other hand, I felt like I was lost in a desert where there is nobody but me and there is nothing to do.
I understand that over time, various platforms like Curve & Convex will join here, they simply have no choice, they will have to come here. But it seems that this is far from their main priority right now. I listened to a one-and-a-half-hour interview with the founder of Curve, Michael Egorov, and he didn’t mention Fraxtal at all during this interview, even though he was asked about the prospects for the development of Curve.
100% FRAX collateral
FXS stakers, which I am also part of, have been waiting for this event for over a year now, and now the yield on the stake should reach about 20% APR, which is not too much for alts in today's reality. Staking the same PENDLE looks much more interesting with all this hype around LRT, LST, & Points, which, by the way, is all that Frax Finance missed out on although they could have surely come up with some solution for this hype on their platform.
Mozaic Finance exploited
It's sad that such events still happen because there's nothing new in them. Reminding that one of the developers just took the opportunity and withdrew all the funds from both vaults. It seems that this character was not very smart and transferred 90% of the funds to the MEXC exchange, which froze these funds.
The team seems to be optimistic and is waiting for the return of these funds although I've heard from critics of this exchange that MEXC could very well keep the money, pretending not to understand what's happening. In any case, I wish the Mozaic Finance team a swift recovery.
💰 Voyager's Portfolio
Once a month at the beginning, I make a snapshot of my portfolio with detailed proportions and P/L.
You can check February Report in DeFi Enclave's Chronicles #15
Completely no changes in portfolio.
I'll add ETHFI to my portfolio after I receive the airdrop.
📚 DeFi Survivor's Bookshelf
WTF is MEV Protection ? - link
The Importance of Capital Efficiency in Liquidity Bridges — a primer on why Nitro wins! - link
How A Trustless Data Lakehouse Will Transform Your Web3 Data Strategy - link
From Eligibility to Sybil Detection: A Deep-Dive into Wormhole's Multichain Airdrop - link
The Hitchhiker's Guide to Restaking - link
State of Restaking: What You Need to Know - link
The Modular Watchlist for 2024 - 35 Modular Protocols You Should Know - link
Conic Finance V2: What You Need to Know - link
Announcing Stablecoin Activity Breakdown - link
Morpho M.M.M.M. (Part I) - link
MORPHO M.M.M.M. (Part II) - link
Ether.FI - Seamless Staking Effortless Earnings - link
Orbiter Finance: End Game for ZK Proofs Aggregation - link
The Castle Chronicle: Volume 60 - link
Econia: What You Need to Know - link
Staking is Just the Beginning - link
Curvance Approach to Security: Security-First By Design - link
Grass: What You Need to Know - link
🛰️ DeFi Projects Radar
Algebra - Weekly Digest #119 - link
Ether.Fi - Announcing ETHFI: The ether.fi Governance Token - link
Frax Finance - Monthly Report #37 | March 2024 - link
Frax Finance - This Week in Frax - March 14, 2024 - link
Frax Finance - Frax Achieves Full Collateralization - link
Mantle - Mainnet v2 Tectonic Upgrade - link
Meteora - Community Call Recap — 6 March 2024 - link
Galxe - Introducing Galxe Compass: Your Airdrop Navigator - link
KiloEx - 2024 February Monthly Recap - link
EigenLayer - Mainnet: Preparation for launch! - link
Entangle - Entangle Roadmap - link
Radiant - Rundown #11 February Recap - link
Balancer - Report: Protocol Metrics - link
Ethena Labs - Shard Campaign Update: March 11 - link
Silo - Report — February ‘24 - link
🪂 Alpha/Airdrops
Today we'll focus on combinations where we can integrate several different airdrops.
Delta neutral trading on LogX(Mode) + LogX(Blast) lets you earn points on both Blast and Mode simultaneously, earn LOGX tokens, and participate in the LogX trading competition as well as the Mode Trading showdown. You can substitute one of the chains for trading on Arbitrum; in this case, you will be accumulating airdrop from the Orderly network.
Providing liquidity on Kamino in pairs with the Meteora logo, this way you will also earn points on the Meteora platform created by the makers of Jupiter.
Deposit to Strudy Finance weETH silo, then borrow WETH, swap WETH to weETH and repeat several times. This way, you earn Mode airdrop points, STRDY tokens, EigenLayer points, and Ether.fi points.
My newsletter is completely free, but there are my referral links to the projects I recommend. I would be grateful if you use them as a small token of appreciation for my work.
I continue to make a significant bet on participating in the following projects:
Ether.fi - Have Robot NFT(wtf ?) on Ether.fan, some YT-eETH on Pendle for points
Dolomite - Lend/Borrow/Galxe OATs
Drift Trade - points/tickets
Hyperliquid - points
Nostra - Lend/Borrow
Gravita - The rewards for the project look promising.
Cega - Cool project for options traders.
Velvet Capital - I have been participating in the project for a while now and even successfully managing an investment portfolio there. Feel free to join.
IntentX - Making a big bet on this project, I continue to accumulate points.
Swell - I have high hopes for Swell, even though I also passed it by for quite a while, along with EigenLayer.
Kamino - Lend/Borrow for points
CARV Gaming - exp/levels
GRVT - Boxes
Ithaca - testnet/points
Merkle Trade - getting levels
KiloEx - points + NFTs.
Paraswap - staking PSP for fee refund + Paraswap revenue share
HMX - all-in for their token
Vertex - going to accumulate VRTX, they have crazy roadmap
LogX - new promising perp DEX aggregator with a lot of incentives
Chromatic Finance - new perp DEX, mainnet launch soon
My Nodes
Nulink
Avail
Lumoz
Idena
I'd be glad to hear any advice on what to add or change in the comments here or on my X (Twitter).
Hands down one of the best news letters in the defi space. I love seeing these pop up on the timeline. Thanks bro 🙏