The 🟡Optimist: Superchain News #32
The Superchain Knowledge Hub: Optimism, Base, Mode, Worldcoin, Lyra, BOB, Ancient8, Redstone, Cyber & many more
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 the Superchain.
Did you miss the latest newsletter about DEFI opportunities? Catch-up here
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————————————— KEY TAKEAWAYS ——————————
🔥Hottest news
Your bi-weekly breakdown of the most spicy🌶 news about the Superchain
🟡 Mode yield Accelerator
Mode announced a new incentive program called “Yield Accelerator”. With 5% of $MODE total supply & a 10m$ investment fund through Mode Angels network, Mode is setting up a new pace to attract new DEFI projects on the chain.
➡➡➡🦄Meme of the week
🔵Ready to Farm on Mode? Welcome to Airpuff
Eigen Layer, Restaking protocols, Pendle… There are so many ways to farm restaking points, that you need now to scroll over 5 to 7 websites, spend hours of research and compare all the possible farms. What if there was one website aggreating all of this? Let’s discover it Airpuff who just landed on Mode.
➡➡➡✒ Post of the week
🟠Podcast: Project interview (Updates & Roadmap)
None for this week. Records & notes will be available in 2 weeks
GOVERNANCE & VOTE TIMELINE
If you wish to delegate your OP Tokens to Subli => Go to this page, and click on DELEGATE. Delegate Address: 0x3b128c6c1207d72092a8b3f6d651dfe54682a404
Spotlight project: Extra Finance
What if you could Long, Short or take a Delta Neutral position, while leveraging Liquidity Pool yield? Built on top of #1 dex of the Superchain VELODROME, and of Base AERODROME, Extra Finance offers incredible yields for Lenders & Borrowers.
As the Velodrome will expand to the other chains of the Superchain like Mode & BOB, expect Extra Finance to live the same destiny.
Ready to EARN ? Visit https://app.extrafi.io/ now.
🔥Hottest news
⚪Worldcoin is launching its own Layer 2 WORLD CHAIN, and joining the Superchain
🟠Build On Bitcoin [BOB] Chain reached 200m$ TVL milestone & strategic investment from Coinbase Ventures
☠ One GrandBase project team member rugged by minting token and dumping it. Their gov token was whitelisted on Aerodrome for info
👍 Curvance, cross chain money market, is set to be deployed on Optimism & Base
🍀Native restaking by Kelp DAO is now live on Mode
🧊Fjord foundry launchpad will launch on Fraxtal
🔶Aerodrome & Velodrome got AERO & VELO token price feed by Chainlink
✈Slipstream to launch on Aerodrome on 22/04. Expect as on Velodrome, huge yields on every pair
🏈A new onchain Sport_fi protocol will launch on Base. Welcome to BetBase
👁🗨BubbleMaps has now integrated Base. Check this out
👀ORA, onchain AI oracle, completed the 1st Initial Model Offering (IMO) with 150 ETH raised in 5min, tokenizing AI models like Language Modeling onchain
🟡 Mode yield Accelerator
by Nataliii
We don't miss the opportunity to keep you up to date with all the important news about Mode.
And we have something to tell you! On April 9th, the Mode team announced the launch of Mode yield Accelerator. If you’re builder, read this. If you’re user, check out Mode announcement and see who will be onboarded into this event, this might lead to great success.
What is it?
It is a two-month program designed to accelerate the growth of native projects within the Mode ecosystem.
And it's not just an Accelerator, it has its own characteristics. As we can see on official webcite, unlike other accelerators, participation is FREE, you don’t need pay your tokens for it.
The event is so great that it was mentioned on the Binance:
So, about everything in order.
DEADLINE
The first priority is the deadline - have time to submit your application before April 21 Midnight UTC. We will post a link to the application at the end of this article.
💥If you’re a builder, first of all, we draw your attention to the application deadline, because there are very few days left. Don't miss your last chance. Otherwise dm us, we will see how to help you.💥
Mode Yield Accelerator will run until the end of June 2024. To be eligible for the program, projects must be able to deploy to Mode mainnet in that time. However, they welcome projects who can deploy sooner in April or May.
WHO IS ELIGIBLE?
You are eligible if:
Your project is related to Yield or DeFi Primitives
Your project will be launched on Mode network
It's important that your project hasn't launched yet! If you have already launched it, then you are not eligible to participate.
So you can demonstrate ideation, prototype, testnet or nearing mainnet launch. Preferred stage of the applicants is from working prototype to nearing mainnet launch.
Your project brings unique utility to Mode.
WHY YIELD?
The DeFi sector has gone through an enormous spike in the recent twelve months. Subsequently, cutting-edge DeFi applications like LRT and exclusive DeFi primitives such as Ethena have also surged. Apart from that, the other projects such as Velodrome and Pendle have also jumped to a great extent. Mode’s initial accelerator project takes into account the different verticals within the world of decentralized finance.
Selection Criteria:
The evaluation committee will prioritize applications based on:
Novelty of the application: Encourage innovative new projects that contribute unique value to the Mode ecosystem.
Mainnet Readiness: Prioritize projects close to a successful mainnet launch on the Mode network.
Mode Compatibility: Emphasize projects built specifically for the Mode network, not deployed on other chains.
Incentive Design: Reward thoughtful and sustainable tokenomics models for the project’s long-term growth.
Categories
There are 6 categories in which you can participate and win your prize:
DeFi: Yield Aggregators, Leveraged Yield Strategies, Rehypothecation / CDPs, Derivatives etc.
Restaking: Crosschain restaking asset utilization, leverage products, restaking indices, L2-focused AVSs, L3 LRT native yield bridges, Superchain first LRT protocols
CultureFi: SocialFi, MemeFi, generative music and art etc.
AI: AI networks with utility for data sharing, labeling, model building, and data verification etc.
Infrastructure: Account Abstraction SDK, on-chain oracle, intent-based interfacing, liquidity optimization, governance platform, API, staking infrastructure, private key management etc.
Surprise Mode team!
In this category, you can present something of your own that is not listed in the previous five categories, but undoubtedly brings something new to Mode.
The team announced in advance that they would prefer something new that had not been seen before. So you have a chance to show your imagination.
Who are the mentors?
Mentors participating in the accelerator are from EigenLayer, Optimism, EtherFi, Renzo, Circle, Velodrome, Olympus, Pyth and many more. Only chads!
These are such giants in the field of Yield that you can only dream of developing your project under their mentorship.
What will the Accelerator participants receive?
$10million in funding from Mode Angel Network
$100K USDC prize money for the April cohort, split over 6 categories (that were described above).
Mode DevDrop 1 – 5% of the Total Token Supply, distributed monthly to projects based on various successful onchain metrics – Total Value Locked (TVL), TX fee generated, volume, users and other multipliers such as Superchain alignment or Mode Native projects.
Exposure to Mode's ecosystem partners and all-star mentors who can assist your venture in taking off
Direct line of communication with the Mode core team through a dedicated venture manager
Bootstrap thousands of users and millions in TVL through Mode DevDrop and Mode Airdrop
Co-marketing/brand exposure initiatives
Sequencer fee sharing
Credits from technology partners (Goldsky, Pyth, thirdweb)
Subsidized smart contract audits (via Optimism)
Application form here!
And the Team announced that they prefer if you upload your pitch deck or a demo video, no longer than 90 seconds.
Good luck!
🦄Meme of Week
🔵Ready to Farm on Mode? Welcome to Airpuff
By Thomas
Dear readers,
As the $MODE airdrop draws near, many participants are striving to maximize their allocation.
If you're among them, you're in the right place because the protocol we're about to introduce is precisely focused on point farming.
Discover AirPuff, a new protocol based on Mode.
What is AirPuff ?
AirPuff has recently emerged in the DeFi landscape.
Launched last month, this protocol enables maximizing point farming through leveraged strategies on LRTs.
(If you're familiar with Gearbox, you won't be out of your depth).
As of today, AirPuff has accumulated nearly $30 million in TVL, with $1.35 million on Mode Network.
The protocol architecture is divided into three distinct products: "Buff," "Lend," and "Air-Con". These products are inherently linked and allow for the creation of multiple strategies.
Buff
Let's start with the most popular product among farmers: “Buff”.
It allows taking leveraged positions on the largest LRTs in the market to maximize point farming.
From the "Buff" menu, you can choose the LRT you want to farm on and set up your leverage.
Once the transaction is initiated, the strategy implements a classic loop:
Deposit ETH
Borrow ETH
Deposit into Restaking protocol for onchain restaking & mint LRT
Deposit LRT
Etc., etc. (until reaching the desired leverage)
🚧Warning: Withdrawal of your position will only be possible when withdrawal from Eigen Layer will be live (expected towards end of April).
This type of movement increases your holdings of LRT and thus drastically boosts your point generation.
For instance, suppose you want to establish a leveraged position on $ezETH from Mode.
With a leverage of X7, your Eigen Layer & Renzo point farming is boosted to X5.95 and your Mode point farming to X11.9!!
This allows accumulating a significant number of points with reduced capital.
But there is a catch, as you might expect.
Borrowing ETH is not free; on the contrary, borrowers currently pay lenders 70% annual interest.
This is quite significant and reflects people's enthusiasm for this type of strategy.
Note: Setting up a leveraged position also exposes you to the risk of liquidation.
And this risk should not be taken lightly, especially in a context where a significant number of users are leveraged on the same assets.
We advise you to keep a liquidation threshold of at least 10% of your price to protect yourself from a potential depeg.
Lend
If you've been following along, you know that borrowers pay a hefty price to set up their leveraged positions.
As you might expect, this yield is paid directly to AirPuff lenders.
From the "Lend" tab, you can lend your cryptos to borrowers to generate yield.
By doing this, you avoid the risk of liquidation and generate a significant APR through a simple operation.
As a bonus, lenders also receive 10% of the points generated by borrowers, providing an additional incentive to provide liquidity.
Note: Since your assets are lent to borrowers, it's likely that they may be unavailable if all the assets in a pool are borrowed.
In this case, it will be necessary to wait for a borrower to repay their loan or for someone to deposit new assets into the pool.
Air-Con
Air-Con is the new product of AirPuff, introducing the concept of an airdrop container.
Unlike traditional AirPuff products, funds deposited in Air-Con containers are not utilized and therefore do not generate yield.
However, rewards points linked to deposited assets accumulate, as well as AirPuff points, which we will discuss a bit later.
So, the purpose of Air-Con containers is to serve as risk-free vaults for farming points with peace of mind.
Let's take the example of the ezETH vault on Mode: by depositing ezETH into this container, you do not earn yield, but you continue to accumulate:
EigenLayer points (X1)
Renzo points (X1)
Mode points (X2)
AirPuff points (X5)
Alpha: You can also directly deposit your "PT" tokens from Pendle into Air-Con containers to earn additional AirPuff points.
You'll retain the yield of your PT token while also accumulating a significant number of AirPuff points.
Token & points AirPuff
The protocol already has its own token, $APUFF.
Following a public sale on Fjord Foundry, raising 9m$, the token is currently tradable on uniswap, it has a "ve" version that can be obtained by staking the asset for a specified period.
This locked version offers numerous advantages. It allows, among other things:
Unlocking additional $APUFF rewards on the platform's main products.
Directing $APUFF incentives to various vaults within the protocol.
Receiving 5% of all points collected from farmers in Buff pools.
Note: Staking is not yet live.
And to stimulate the platform's growth, the team has also implemented an AirPuff points system.
This system consists of two seasons and will distribute 7% of the total APUFF supply.
As of today, we are in season 1 (ending on April 30th): to earn points, simply deposit funds into the existing products on the platform.
To maximize your farming, you can join a team: the larger the team you join, the more significant the bonus points you earn.
Feel free to use these codes to join our team:
TV8C5W / XXM9EP / 18578N / NEMI30 / 488AO5 / UYBCC4 / GRDZCD / MEBGQT / I0FZA8 / EGH2WL / ZK0Y86 (1 code = 1 user - FCFS)
That's all for this AirPuff presentation! We've covered the essentials, but know that the project's roadmap is extensive. And remember that you can earn MODE points by depositing/using the protocol.
The team plans to integrate an AI model for its airdrop strategies. So, a piece of advice: stay tuned…
✒ 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.
None for this week, sorry guys. We are catching up on making the notes for you which will be available in 2 weeks.
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.