The 🔴Optimist: OP Superchain News #28-1
#1 media about The Superchain: Optimism, Base, Mode, Zora, Frax, Lyra, Ancient, Redstone, Worldcoin, Mint, Lisk
First of all, i’d like to express my thanks to you readers, for your comments, support, likes on this Journey. Big 👏 to the team for making The Optimist the go-to Media for everything about DEFI on Layer 2 chains.
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————————————— KEY TAKEAWAYS ——————————
⚫Fraxtal: Welcome Frax to the superchain
Frax Finance, #19 DEFI protocols with 1.5b$ TVL, just announced their new chain FRAXTAL, built on the OP Stack, and connected to the Superchain. Let’s dive in!
🟡Mode : New protocols launched
With mode Phase 2 launched, let’s discover some new protocols with what could be the 1st launchpad on Mode. And remember, the more you play, the more points you farm.
🔥Hottest news
Your new bi-weekly breakdown of the most juicy news about the Superchain.
🟠Podcast: Project interview (Updates & Roadmap)
The last 2 weeks, we were pleased to receive on Stage :
Redacted Cartel: 0xsami, co-founder of Redacted, shares with us what they are cooking with DINERO: pxETH & $dinero stablecoin + how he plans to movected to the next level
Infinex: Kain & Bilby, co-founders of Infinex, share their vision about the next step to be taken for derivatives protocols to compete with Binance & other CEXs
GOVERNANCE & VOTE TIMELINE
Applications open until 21-feb 7PM GMT
If you wish to delegate your OP Tokens to Subli => Go to this page, and click on DELEGATE. Delegate Address: 0x3b128c6c1207d72092a8b3f6d651dfe54682a404
⚫Fraxtal: Welcome Frax to the superchain
by Thomas
Dear readers, as the narrative of the OP Superchain is just beginning, the giants of DeFi seem eager to engage in this new ecosystem.
After including numerous projects including Mode Network (which we have one or time in this newsletter as we think this chain can become the DEFI innovation zone of the Superchain), the Optimism ecosystem is poised to welcome a new giant.
Introducing Fraxtal, the new L2 of Frax based on the OP Superchain.
What is Fraxtal ?
If you're a regular user of DeFi, you probably know about the Frax Finance protocol, issuer of the famous stablecoin $FRAX.
In brief, FRAX is a protocol aiming to provide decentralized financial infrastructure through various products including its stablecoin (FRAX) and its LST ($frxETH).
On February 8th, FRAX officially announced the launch of its L2 called "Fraxtal," which had been teased for a few months already.
This new infrastructure based on the OP Stack is not constructed like a traditional L2. It hosts a multitude of innovations that we will detail right now.
#1 New Gas Token
The first distinctive feature of Fraxtal is its gas token: the team has chosen to replace ETH with FRAX's LST, frxETH.
If you've read our episode on Redacted Cartel in recent weeks (podcast at the end of this newsletter=, you won't be surprised: frxETH is similar to pxETH.
Frax operates with a two-token system:
FrxETH represents a liquid version of staked ETH but does not generate yield. It is used in DeFi as LP token or collateral
$sfrxETH is staked frxETH: it is non-liquid but generates yield (which comes from ETH staked in frxETH)
Since not all frxETH is staked, holders of sfrxETH benefit from a better APR.
By establishing frxETH as the gas token, Frax aims to drastically reduce the number of frxETH in circulation, and consequently increase the yield distributed to sfrxETH holders.
According to Sam Kazemian, this mechanism could propel the yield of sfrxETH to two/three times that of $stETH and $rETH!!
Source
#2 Blockspace Incentives (FLOX)
But the most important aspect of this new network is its on-chain incentive system. Named FLOX, this program aims to generously reward Fraxtal users.
What is it?
FLOX (Fraxtal blockspace incentives) is a rewards mechanism aimed at redistributing the on-chain value generated to all stakeholders.
In practice, it's quite simple: it rewards addresses and contracts that spend gas on the chain with points, called FXTL.
Every 7 days, all addresses and smart contracts that have paid transaction fees receive FXTL, proportionally to their level of activity.
Here's how FXTL is distributed on a simple FRAX/USDC swap on 1inch.
As you can see, all parties are rewarded: the user spending gas for their swap, as well as the contracts used.
Moreover, Frax has created an algorithm for ranking different contracts.
If a contract is heavily used, interacting with it will earn you a lot of points, but if it's the opposite, you will earn only a few FXTL.
Inspired by Google's ranking system, this scoring system has been implemented to prevent intensive farmers from deploying dummy contracts and generating volume on them.
It also encourages developers to create contracts intended to be used extensively.
Here is the formula :
So users receive FXTL for their activity, but what are these points used for exactly?
Well, within 12 months following the mainnet launch at the latest, FXTL will be converted into $FXS or tokenized in the form of a staking token.
The team will reveal the details of this program shortly.
And here's an opportunity for veFXS holders: a FXTL multiplier will be applied for each veFXS held. It's a way to reward the most loyal users of Frax.
By the way, be aware that an airdrop of FXTL will take place for veFXS holders on March 13th. The snapshot will be taken on March 6th at 11:59pm.
Frax hasn't simply created a conventional L2; the team has established real incentives aimed at generating activity quickly and over the long term.
"Incentives to spend gas > Burning of frxETH > Better yield for sfrxETH > Staking incentives > More income > incentives to hold veFXS."
There are so many other things to talk about Frax (FPI, sFRAX, etc…), so stay tuned cause we aren’t finished yet with it!
Imagine the success of Fraxtal... Now imagine when all chains on the OP Superchain start funneling a portion of their revenue into the RPGF.
Be optimistic about the future... And of course, count on us to not miss any of the upcoming developments of Fraxtal! ️
😁Meme of Week
🟡Mode : New protocols launched
By Nataliii
A couple of weeks have passed, and now the Mode’s ecosystem is growing by leaps and bounds!
If we've only seen a couple of protocols recently, now look at this on the official website:
A serious list for an ecosystem that is only a few weeks old, are not?
Let's take a closer look at the new protocols in the ecosystem.
1. Symbiosis
What is Symbiosis? A cross-chain engine and liquidity protocol.
And there is one good news from this protocol: Up to 60% Off Your Fee starting 13th Feb. No matter what its amount is, every L2 swap can now become eligible for a good take-off! (This feature is available to veSIS holders only)
To celebrate a new partnership, Symbiosis launches a new campaign with friends and for friends on Galxe. Make on-chain and cross-chain swaps into Mode from any other token and network! Yes, any.
2. Owlto
There are no details of this partnership yet, but we are promised many surprises ahead. In the meantime, you can use another great bridge to transfer your funds to Mode.
And yes, Owlto also doesn't have its own token yet, so using this bridge, you kill two birds with one stone.
3. Poolshark
Poolshark is dedicated to enhancing liquidity on Mode, striving to craft deep pools that position them as the premier liquidity layer for projects within Mode network.
Poolshark is a cutting-edge AMM where users can create directional positions to profit from volatility. Basically, deposit a single asset and get your order filled at market price or within a range. Traders are able to utilize their orders to provide liquidity.
Using this protocol, you can earn Mode’s points. If you would like to know more about points, read our thread in The Optimist Twitter (X).
4. Macaw
Macaw is decentralized Mobile First On-Chain Gaming! Their twitter account is followed by James Ross (Mode co-founder).
One more opportunity not only use Mode ecosystem, but also receive a Macaw Airdrop.
Instructions to claim your $MACAW airdrop:
Visit https://macaw.club
Connect wallet
Bet on any game for a chance to win 2x your bet in $MACAW (No Points!)
5. LogX
LogX's cross-chain routing innovation ensures that you can enjoy deep liquidity, regardless of which chain your funds are on.
With LogX, you are freed from the hassle of managing gas fees. Say goodbye to multiple pop-ups and trades getting stuck due to insufficient gas fees.
LogX intelligently routes your orders to the most cost-effective liquidity source, considering costs like trading fees and funding fees.
Its primary goal is to enhance liquidity on Layer 2 (L2) chains, improving trade execution across different blockchains. LogX aims to aggregate liquidity from multiple sources, striving to reduce slippage for traders of all order sizes and promote a more efficient trading experience.
One of the distinguishing features of LogX is its effort to broaden access to on-chain perpetuals trading. Through both a mobile app and a web platform, LogX is dedicated to facilitating a more convenient and accessible trading experience, allowing users to engage in trading activities seamlessly, anytime and anywhere.
Participate in Mode & LogX quest on Intract till the 29th Feb and get a chance to win a prize pool worth $5000.
Use LogX on Mode to get double the mode points along with Log points and gems.
6. Polkastarter
Polkstarter is a very famous launchpad that got a lot of success back in the last bull run (Spring 2021). And, few days ago, Mode partnered with Polkastarter 👀What this could mean? Maybe the 1st launchpad on Mode?
A Mode & Polkastarter quest has been opened, check this blog for more info.
$20,000 worth of rewards
Quest ends: February 23rd 2024, 3:00 PM UTC
To get access to the Quest and qualify for the unique benefits, participants should have at least 250 POLS Power and bridge over some $ETH to Mode.
JOIN MODE ECOSYSTEM
And of course as the Mode ecosystem continues to flourish, Mode always looking for fresh talent and innovative projects to join community. Whether you're a seasoned developer or just starting out, Mode is here to support you every step of the way in deploying your projects.
By deploying on Mode, developers engage with a network that extends beyond a single Layer 2 platform, connecting them to broader opportunities like the retroPGF rounds and a 1 billion dollar fund managed by Optimism.
Get started with Developer Guide here https://dub.sh/mode-devs
And if you want to stay up to date on how the Mode ecosystem is expanding, sign up for updates to our Newsletters and Mode Twitter (X).
Note: If you haven’t created an account on Mode, feel free to use our referral link.
🔥Hottest news
🪂Optimism Airdrop #4 has been announced rewarding NFT creators (not minters). Check eligibility here: https://app.optimism.io/airdrops/4. In order to claim your allocation, you need to delegate your OP tokens. In case you wish to delegate to Subli, here is his delegate wallet address: 0x3b128c6c1207d72092a8b3f6d651dfe54682a404
🎁Wombat Exchange has received a retroactive airdrop from Pyth Network to be distributed to users in the Bribe Market 2.0.
🚴♂️✈ Velodrome & Aerodrome Concentrated Liquidity pools seem to be released in the coming weeks
♥ Yearn Finance new proposal to launch yPools. The 1st index of Yield bearing assets?
👀 Worldcoin reached 1 million daily users
🥳 Lyra introduced self-custodial account abstraction wallet & deposit with 0 gas fees powered by Gelato, Coinbase Cloud & Alchemy
🦄Uniswap launched on Zora
🟨Ethena Labs backed by binance
👨💼👩💼New job positions at Base, Optimism & Gelato Network
🚀DENCUN upgrade set to be live around March-13, bringing down significantly L2 fees
🐇Conduit released almost a one-click button to deploy an optimistic rollup
🔴Timeswap is launching a 1.2million TIME incentives for lenders & borrowers of OP & USDC. Check this out.
✖ Post of the week
🟠Podcast:
Podcasts are the source of Alpha🔥. And what if you can transform 1h of listening into 5min of reading? The 🔴Optimist Podcast partnered with Revelo Intel to provide written notes of all podcasts for FREE.
The Optimist Social accounts:
Discord Handle: Subli#0257
Twitter: The Optimist
Farcaster: Subli_Defi
Notion (Research database): https://sublidefi.notion.site/sublidefi/Subli_Defi-c57a3141c983433ca74e785a0bf1bcd0
Youtube: https://www.youtube.com/c/Subli_Defi
Disclaimer: Nothing in this content is financial advice. We may have some positions on the presented projects, however these articles are written in a non biais way so that you can make you own opinion out of it.
Do your own research before investing, and remember that Crypto is extremely volatile and risky.