The 🌞Optimist: Superchain News #36
The Superchain Knowledge Hub
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————————————— KEY TAKEAWAYS ——————————
➡➡➡Governance timeline
🔥Hottest news
Your bi-weekly breakdown of the most spicy🌶 news about the Superchain
🌞 Onchain Summer
Base has launched the 2nd edition of Onchain Summer with 600 $ETH total pool prize, and this initiative is supported by Optimism offering an extra 600k OP tokens, to builders, creators, brands & artists. Everyone can participate, here is everything you need to know.
➡➡➡🦄Meme of the week
⚫ Fraxtal: Ecosystem presentation
Fraxtal has now acquired 65m$ TVL. While the ecosystem is currently governed by Frax & Curve, don’t underestimate the opportunities there. And it may see a huge growth catalyst, do you know which one?
➡➡➡✒ Post of the week
🟠Podcast: Project interview (Updates & Roadmap)
Let’s get Hai: Stablecoin
GasHawk: Pay less Transaction Fees
GOVERNANCE TIMELINE
Next voting period starts on June 13th until June 20th. Don’t miss out! https://vote.optimism.io/
Then, Season 6 begins on June 27th and runs through December 11th.
Grant applications open on July 18th and run every 3 weeks through December.
Spotlight: Mode
Following a triumphant Season 1, which saw a staggering $600+ million in Total Value Locked (TVL) and rewarded users with an insane 550,000,000 $MODE tokens, MODE is back with even more excitement and rewards in Season 2.
Get ready for top-tier protocols like Ethena, Balancer, and Velodrome joining the party. With staking V2, new DEFI protocols & Games, there are several ways to get your earnings potential higher than ever.
So why wait? Join the action-packed Season 2 of MODE now and unlock endless earning possibilities by clicking here.
🔥Hottest news
🔴 Fault proofs is now live on OP Mainnet and the OP Stack, enabling stage 1 decentralization
🔵 Coinbase has launched its smart wallet component, allowing any user to set up a non-custodial wallet in less than 10 seconds, with the integration of PassKey, replacing the SEED phrase
🔴 Revenue of Optimism has reached 7.3k $ETH over the past 12 months (27m$ approx at current ETH price), with around 900 $ETH earning on average the last 4 Months
👨🏽🤝👨🏻Friend Tech has decided to leave Base to create its onw Layer 3 chain, with $FRIEND as gas token, powered by Conduit (Rollup As A Service provider)
♐ Connext is now becoming EverClear, setting up a stack for Chain Abstraction
🐇 Rabby season 2 program has started
💻 Conduit has created a website to check real-time performance metrics for rollups: https://rollup.wtf/
💲 Paxos announced the launch of Lift Dollard ($USDL), a stablecoin backed by high quality liquid US government securities and cash equivalent reserve assets
🏔 Mountain Protocol, issuer of $USDM stablecoin, has raised 8m$ in a Series A funding led by Multicoin Capital → Expect it soon on OP Mainnet
🔮 VanEck fund management, has revealed their prediction on $ETH price by 2030 with a Bullish case of 154k$
🦋 Morpho, a lending protocol with 3b$ TVL on Ethereum Mainnet, is going to launch soon on 🔵Base
🚴♀️✈ Mellow protocol is building an Automated Liquidity Management on top of Velodrome & Aerodrome for Concentrated Liquidity Pool
🌞 Onchain Summer
by Nataliii
Onchain Summer has returned to us! It has been with us again for the second year in a row, and this time allocating up to 600 $ETH for this summer.
The beginning of Onchain Summer 2024 has been announced by Coinbase, 🔵Base and 🔴Optimism.
This time the emphasis is on the fact that Onchain Summer is for EVERYONE👊. You can be an artist, a musician, a builder, anyone!
Onchain summer began with the billboard image, but now Coinbase have opened up the Onchain Summer brand to anyone to remix. Mint this commemorative NFT and access the original files to make your own creations. 100% of proceeds from the mint go directly to the original creators: Clément Cases, designer of the font Britney, and Bendito Mockup, creators of the Billboard mockup.
Mint the Onchain Summer NFT to access the files.
The main goal of Onchain Summer - Bringing the next billion people onchain!
We have already seen a similar goal for Optimism before, now the goal is bigger.
There are 3 main parts of Onchain Summer from Coinbase and Base:
Building something new for Onchain Summer. You can share your project with Base, Coinbase and the entire onchain community by submitting it to the Onchain Registry here.
Buildathon and Grants. We will talk about this in more detail later in this article.
Onchain Summer merch. If you’re interested in selling your own existing merch in the store or you’d like to design something new, go here.
You can find details here and here on Warpcast https://warpcast.com/base/0x2df13756
Optimism adds an extra 600k OP tokens
🔴Optimism also announced on X that it will allocate 600,000 OP for Onchain Summer incentives.
Starting from June 3, creators and builders can showcase their on-chain works on Superchain and receive rewards, covering networks including Base, Frax Finance, Metal L2, Mode, Zora, Redstone Chain, Cyber, and OP Mainnet.
I will tell you about the main events in which you can already take part and hope to receive awards.
Onchain Summer on Rounds & Warpcast
If you are registered in Warpcast, you should definitely look into the channel /onchainsummer
First up: Onchain Summer Rounds - 60,000 OP is allocated to creators and builders across eligible Superchain networks during Onchain Summer, from June 3 to August 30 on Rounds.
Each week, cast what you are building in /onchainsummer on Warpcast.
Results by community voting will be available at the end of each round, on http://rounds.wtf , Farcaster and X.
Post things you have built on the Superchain in this channel. Please include a brief description of what you built, why you built it, and which chain you built it on. This is an open round that will accept submissions from all parts of the onchain world from art, to communities, to apps and educational tools!
*And please use #superchain in your post to qualify for the rounds
What awaits us there?
5000 ОР weekly rewards
Commemorative NFT
To celebrate Onchain Summer on the Superchain, you can mint a commemorative NFT on Zora:
Onchain Summer Buildathon
How do you participate to the Base Campaign? Just here:
The prize pool: 200 $ETH (~8M$)
Step-by-step guide:
Register here
Stake 0.002 ETH (you’ll get a full refund upon submitting a buildathon project)
Mint your NFT “Let’s get Jesse bald!” (I remind you that Jesse is the Founder of Base, who promised to shave his head when the TVL of the Base network reaches > $10 billions 😂)
After that you can be a participant of Buildathon!
And don’t forget to claim your special role for Onchain Summer Buildathlon in Base Guild.
And to tell you a secret, I think that this particular activity can be one of the multipliers for airdrop if Base decides to launch its token.
If you want to see the review of the first week of Onchain Summer, then click on the link:
What about the remaining 540,000 OP tokens from Optimism & the 400 $ETH from Base ?
Stay tuned on our newsletter as we’ll continue informing you all along the summer period about this Onchain Summer campaign ;)
🦄Meme of Week
⚫ Fraxtal: Ecosystem presentation
By Thomas
Dear readers,
Although Fraxtal was launched several months ago, this solution still remains under the radar. As of today, the L2 only accounts for 65m$ in TVL according to L2 Beat.
Yet, the ecosystem is full of hidden gems💎 ! Major projects are established on the network, and there are numerous yield opportunities.
This is why we wanted to share all of this with you. Discover the best opportunities on Fraxtal in this article.
Generating yield through the Curve ecosystem
Frax, being very close to the Curve ecosystem, naturally attracted Llama's favorite projects to Fraxtal.
If you're a farmer, you won't feel out of place as Curve and Convex are available on this L2.
An interesting fact: Frax has implemented incentives to develop liquidity on Fraxtal (in $FXS). Therefore, you will find very significant yields on most of the available pools.
wfrxETH/sfrxETH : 15% APR
FRAX/sUSDe : 45% APR
FRAX/wfrxETH/FXS : 56% APR
Did you know that it is possible to farm Frax + Ethena while generating over 30% yield? More information in the upcoming newsletters...
If you don't have $veCRV, you can directly deposit your Curve LP tokens on Convex to benefit from an increased yield.
In just a few minutes, you can generate over 25% yield on stablecoins and 15% on $ETH.
And if you want to further optimize your yield, you can deposit your Convex LP tokens into a Beefy vault!
This will allow you to auto-compound your farming rewards. You won't have to do anything except watch your crypto grow.
Since Fraxtal is an L2, you can move freely without incurring significant transaction fees.
Executing more strategies through Fraxlend
Borrowing services are crucial in today's networks.They allow farmers to create complex strategies for efficient farming.
On Fraxtal, you can use Fraxlend.
Developed by Frax Finance, Fraxlend allows you to lend and borrow assets. It is very useful for executing complex farming strategies.
Unlike Aave, markets on Fraxlend are isolated, meaning each collateral is associated with a specific borrowable asset, which is interesting for risk management.
What's intriguing about this process is that you can generate substantial yield by lending on a utilized market.
For example, in the $sfrxETH market: Given that 78.5% of the $FRAX in this market is borrowed, lending FRAX yields 30% APY.
Convenient if you don't want to provide liquidity on Curve.
Note: If you have the opportunity, it would likely be relevant to establish a borrowing position on a market dependent on a price feed provided by the Redstone oracle.
Why? Because it's probable that the project will conduct a similar airdrop to what Pyth Network did (rewarding users who have interacted with projects where the oracle is based)...The markets sfrxETH, FXS, and sFRAX use the Redstone oracle.
Farming FXTL via FraxFloat
We haven't reiterated it, but by performing actions on Fraxtal, you also farm the chain's airdrop.
Named "FLOX," this program rewards active Fraxtal users through the distribution of tokens called $FXTL.
These non-transferable tokens (similar to points) will be convertible to FXS 12 months after the mainnet launch (in February 2025).
Although we've already explained in detail how the airdrop works in newsletter #28-1, here's what you need to do to generate maximum FXTL:
Spend as much gas as possible
Hold assets on the chain
Interact with popular contracts
If you're farming your cryptos on Curve, Convex etc.., you're generating FXTL in addition to your farming rewards!
It's an interesting incentive because it's 100% passive. But if you want to accumulate more FXTL actively, you can also look into Flox.lol.
It's a kind of faucet where you pay transaction fees to get $flox.lol tokens.
These tokens have no utility but allow spending gas via the Dapp's smart contract.
It's a fun mechanism to generate FXTL by obtaining a memecoin : the more $flox.lol you mint, the more gas you spend, and the more FXTL you generate.
Note: This tool is not intended to be a professional tool: the contract has not been audited, and the team is anonymous. Use at your own risk!
That wraps up our overview of Fraxtal!
We've introduced the most important protocols, but be aware that others are coming soon, such as Balancer, Gravita and a proposal to deploy Velodrome, in partnership with Frax Finance team, is also under discussion here:
Is it worthwhile to start farming Fraxtal before the masses arrive? Probably. In any case, the yield opportunities are there!
✒ Post of the week
🟠Podcast:
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.