Golden Finance
This article covers some major events/catalysts in the crypto industry in June and several DeFi/airdrop strategies worth paying attention to.
Crypto Events/Catalysts in June
L1/L2
• Peercoin hard fork – June 3rd
• Sagaxyz “Vault 2” airdrop snapshot
• Rumored LayerZero airdrop in June
• zkSync airdrop on June 13th
• Blast L2 airdrop on June 26th
• Lisk L2 blockchain launch and token migration
• zkEVM L2 Taiko airdrop (5% of supply) at some point in June
• Fluent announces launch of Blend (hybrid execution) – combining WASM, EVM, and SVM on L2
DeFi
• Fractal (Frax Finance) hackathon stimulating the ecosystem
• Ether.fi S2 airdrop ending on June 30th (5% of supply)
• Maker starting the first phase of “The Final Battle” (possibly launching subDAO?)
• Platypus Finance acquired by Stable Jack – token conversion
• Staking RabbitX’s native token RBX earns new BFX tokens – snapshot on June 1st
• Swell TGE happening in the coming weeks along with “Voyage” airdrop (8% of supply)
• “Ether.fi Cash” launching soon, offering native savings accounts and Visa credit cards
Crypto x AI/DePIN
• Apple Worldwide Developers Conference – June 10th
• Tesla Annual Shareholder Meeting – June 13th
• NVIDIA Annual Shareholder Meeting – June 26th
• Rumored Aethir TGE in June
• Rumored Ionet TGE in June
GameFi/SocialFi
• DeGameFi conference
• FOMO Network launch date – June 1st
• BeeCasinoGames airdrop ongoing until June 30th
Important Token Unlocks
• June 1st – 7.29% of total supply of $SUI enters circulation
• June 1st – 3.63% of total supply of $ENA enters circulation
• June 1st – 11.9% of total supply of $DYDX enters circulation
• June 1st – 8.5% of total supply of $1INCH enters circulation
• June 12th – 2.6% of total supply of $APT enters circulation
• June 14th – 1.72% of total supply of $IMX enters circulation
• June 15th – 5.61% of total supply of $STRK enters circulation
• June 16th – 3.49% of total supply of $ARB enters circulation
• June 25th – 6.9% of total supply of $ALT enters circulation
Macroeconomics
• June 7th: Unemployment rate – any data above 4% may be seen as a significant risk-off signal.
• June 12th: Core CPI
• June 12th: Federal funds rate and press conference
• June 13th: PPI
• June 18th: Retail sales
• June 21st: Services and manufacturing PMI flash
• June 27th: GDP QoQ final
• EU MiCA (Markets in Crypto Assets) regulation partially comes into effect on June 30th
Crypto Project Fundraising in May 2024
• NodeOps raised $5 million in funding
• StripChain raised $10 million in funding
• Zeta Markets raised $5 million in funding
• Farcaster raised $150 million in Series A funding
• Blockless raised $8 million in seed funding
• Babylon raised $70 million, led by Paradigm
• GameFi project Paramlabs raised $7 million in funding
• Orbiter Finance forked Owlto Finance and raised $8 million in funding
• Ecosystem liquidity pioneer Mitosis raised $7 million
• Blockchain service platform Lagrange raised $13.2 million in seed funding
• Social gaming project Gamic, based on Linea, raised $1.8 million in funding led by Binance Labs
• Data service platform Lava Network, based on Cosmos, raised $11 million with participation from Coingecko, Gate.io, Animoca, etc.
• Web3 publishing platform Paragraph and Mirror merged into Paragraph, raising $5 million
• Fantom Foundation raised $10 million and announced the launch of Sonic Foundation $S and Sonic Labs, as well as an upcoming blockchain
Notable DeFi Strategies to Watch
1. Blackwing
Blackwing is a modular rollup DEX layer built on Initia. What sets Blackwing apart is its “infinite pools” design – abstracting bridging, allowing for leveraged trading of long-tail assets without liquidation. Blackwing has raised $4.5 million in strategic funding led by Hashed and Gumi Cryptos.
Blackwing is currently running its Tomcat-1 testnet where users can deposit liquidity to earn “BXP” (Blackwing native points). Supported assets for deposit include:
– ETH, USDC, PEPE, SHIB
– LRT (eETH, ezETH, rsETH, rswETH, etc.)
– Pendle PT tokens (PT-ENA, PT-sUSDe, PT-rsETH, etc.)
I personally have deposited some Pendle PT-sUSDe and have earned a 46% APY. So Blackwing is a great DeFi strategy for me to earn more yield. Let’s take a look at the potential returns in the following chart.
[Chart Image]
I have created a calculator where you can input your points and the expected airdrop/percentage of total supply. Based on that, along with the FDV and total BXP supply of the Blackwing token, you can see approximately how much airdrop you can expect. How many BXP will be distributed in total depends on TVL and the end date of the event. I speculate that the event will end in September, which leads me to the following:
[Chart Image]
With a growth rate of 100%, there will be approximately 40 million BXP in total. Please note that this number can easily deviate upwards or downwards. As for how many points you can earn, that depends on your deposit time. As more liquidity enters, the APR will decrease over time. In my personal case, I deposited $160,000 a few days ago, which translates to around 3,200 BXP (excluding referral points).
In conclusion, aside from the smart contract risks, if you are earning fixed income on ETH or stablecoins by depositing Pendle, then depositing it into Blackwing seems like a wise choice and can potentially earn you two to three times what you’re currently earning. But remember, risks are present everywhere!
2. Ethena S2
The Ethena S2 “sats airdrop” has been running for almost 2 months now and will end in September, so there is still plenty of time to participate. The beauty of the Ethena <> Pendle strategy is that the leverage increases over time. Therefore, there is no significant difference between the returns for 4 months and 3 months of farming.
Points leverage (YT-sUSDe)
If you are bullish on ENA and want to maximize your S2 airdrop, the Pendle sUSDe market is the best strategy so far, as you not only earn leverage through the points you earn but also earn high yields paid to sUSDe holders (currently at 36% APY). Please note that the sUSDe market on Pendle has limitations on the amount that can be deposited, so you may need to act quickly.
[Chart Image]
The image below shows the estimated return on purchasing $20,000 worth of YT-sUSDe tokens today.
[Chart Image]
Based on the previous analysis, I estimate a total distribution of around 100 trillion sats. However, given recent growth, the number may be closer to 120 trillion. Taking into account some additional assumptions, purchasing $20,000 worth of YT-sUSDe will net you:
– $22,643 in ENA airdrop
– $13,393 in sUSDe yield if the average yield until September 2nd is 25%
Please note that the $20,000 spent on YT-sUSDe will become 0 at maturity, so the actual return is $16,037, which is an 80% return on investment (not bad). As you can see, about 40% of the return comes from sUSDe yield. If you believe that the future months’ funding rates will be high and the sUSDe yield will stay around 35% instead of the estimated 25%, then the sUSDe yield will bring you $21,394 instead of $13,393. But if the lower funding rates result in reduced Ethena yield, the return on this strategy will be lower.
A more risk-averse approach would be to buy PT-sUSDe tokens and lock in a fixed yield of 36% annually for the next 3 months. That’s an amazing yield and it’s fixed. If you’re looking for passive income related to stablecoins, you can hardly go wrong. You can also deposit PT-sUSDe tokens into Blackwing to earn passive income as well as airdrop rewards.
3. Ether.fi S2
Ether.fi is the largest liquidity re-collateralization protocol with a TVL of over $6 billion. Ether.fi’s Season 2 points program will end with a 5% airdrop at the end of June. So practically, you have very little time to participate. However, due to the high leverage on the Pendle YT-eETH Arbitrum market, it still seems like a profitable strategy when considering the EIGEN airdrop yield. The pool currently offers 135x Ether.fi points leverage and 68x EIGEN points leverage. If your Ether.fi StakRank is already at the highest level L8, the expected return from Ether.fi and EIGEN is 55%. If you haven’t reached L8 yet, the expected return is 28.58%, as shown in the chart below.
[Chart Image]
Please note that while there is a lot of information confirmed by the Ether.fi team about the S2 airdrop, it is still unclear how EigenLayer will allocate points for the S2 airdrop. So please take these estimated results with caution.
4. Karak
Karak is a competitor to EigenLayer with a TVL of nearly $800 million. There are several interesting strategies with Karak, including depositing earned LRT and EIGEN points into LRT to earn Karak XP.
Additionally, Pendle recently launched three Karak markets for Karak USDe, Karak sUSDe, and Karak eETH. This allows users to either lock in fixed income for these assets or gain leveraged exposure to all the points. Pendle Intern has access to information about the total supply of XP from the Pendle team and has released detailed information about the expected returns for this strategy:
[Chart Image]
In conclusion, June has several great strategies to diversify your investment portfolio. I personally operate all of these strategies, but remember, many of the returns are based on speculative assumptions.
Tags:
DeFi
Crypto Market
Airdrop
Golden Finance
Source link:
https://www.jinse.cn/blockchain/3687095.html
Disclaimer: The views expressed in this article represent the author’s opinion and do not constitute investment advice.
Original article link:
https://www.bitpush.news/articles/6838735
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