The 🔴🔵Optimistic Newsletter #12
The unique DEFI Newsletter on OP Superchain written by Defi Users for Defi Users
First of all, i’d like to express my thanks to you, for your comments, support, likes on this 🔴🔵Optimistic Journey. Big 👏 to my 4 teammates & all the translators as all this work could not have seen the light without them.
And finally, welcome to the 2,549 new subscribers to this newsletter.🚀🚀
Thanks for reading The 🔴🔵Optimistic Newsletter. Subscribe for free to not miss anything on the OP Superchain.
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TOPICS OF THE WEEK
🔴How to become an OP Ambassador
To make it in Crypto, it’s often easier to work & build alongside key projects. Optimism Ambassadors are rewarded through Retro Public Good Funding on a yearly basis. How to become one? Let’s get through the new onboarding process.
🔵Airdrop: New quest on Coinbase Wallet
Discover 2x news quest available on Coinbase Wallet through a step by step tutorials to ease you accessing this Airdrop & Mint your Optimism NFT.
🟣Hottest 🔥 Projects : Launch, Airdrop, Competition, New incentives program
A summary of the hottest narratives on OP & Base: Velodrome V2 + Aerodrome, Metronome, Nested, Alluo, Synthetix/Kwenta/Polynomial, Extra Finance
🟡On-Chain Analysis: Warning on $MINE token - Rugpull 🚨🤬
Minerva is a brand new GMX Fork recently launched on Optimism. At the time of their $MINE token listing on Velodrome, we discovered some strange things on-chain which raised some warnings. We reach out to the team before one of the co-founder rugged-pull. Here is our analysis.
🟢Technical-Analysis: BTC & OP token
Bi-weekly update on the Crypto Market + we added our TA on the OP Token.
🟤Farming Strategy: Deposit & Forget on Alluo
Better than a yield Optimizer, is a Yield Optimizer aggregator. Deposit & Forget.
🟠Podcast: Project interview (Updates & Roadmap)
The last 2 weeks, i was pleased to receive on Live :
Socket
Extra Finance
Podcasts available at the end of the newsletter.
Spotlight project:
Ethos Reserve is an official Sponsor of The🔴🔵Optimistic Newsletter
Ethos Reserve is for me the most simple leverage position available on Optimism. Deposit ETH, wBTC or OP and mint ERN stablecoin with only a fixed fee on your borrowed amount, no more variable interest.
Ethos Reserve is currently setting up new partnerships to increase ERN usage. The most significant one is with Axelar, who will provide bridges solution for ERN. Expect ERN on multi chains soon.
If you wanna try Ethos Reserve, it’s just here: https://ethos.finance/
⚫The Optimistic series Campaign is live - Engage to Earn 30k OP
Questoors, come, engage about #Optimism by completing this series of quests, and earn OP token.
https://www.tideprotocol.xyz/users/spaces/258
Timeline:
Quest #1: 🟢Live - End on 31-July
Quest #2: 🔴Closed - 🔥14 🔴OP earned by every NFT holder! CONGRAT’S! 🪂Rewards distributed
Quest #3: 🔴Closed - 🔥25🔴OP earned by every NFT holder! CONGRAT’S! 🪂Rewards distributed
Quest #4: 🟡Start date: 18-June. End of submission: 02-July. End date: 05-July
Quest #5: 🌽Planned in couple of weeks. Stay tuned.
Quest #6: 🐻You’re not ready for this…
GOVERNANCE TIMELINE
Cycle 13 : Started, application for grant open until 22-June.
Season 4 just started on June 8 for a 15 weeks governance period which will include 3 different cycles (13, 14 & 15).
OP SUPERCHAIN STATUS
🟡Pika Protocol
⚫Worldcoin Worldcoin is building the world’s largest identity and financial network.
Bedrock upgrade: A success
Bedrock upgrade has been successfully completed on June-7. Here is what it brings as added value to the ecosystem:
Cheapest L2 for swapping token. Tx cost down to 0.07$! 😱
Spotlight Project: Overtime
Overtime Markets is an official Sponsor of The🔴🔵Optimistic Newsletter
Are you an ardent sports and crypto enthusiast? Here's a platform you need to check out: Overtime. As your premier web3 sportsbook, Overtime is leveraging blockchain technology to bring transparency, innovation, and security to the sports markets world. Their integration with Chainlink ensures data integrity while offering the sharpest odds in the industry.
Whether you're a seasoned sports trader or a newcomer looking for a fresh experience, Overtime is your go-to platform.
Trade your favorite team here => Overtime Webpage
🔴How to become an OP Ambassador
Becoming an Optimism Ambassador is an exciting opportunity to actively contribute to the Optimism community. The guidelines outlined in the article provided by Optimism offer valuable insights into the requirements and expectations for aspiring ambassadors. In this article, we will present you the brand new process set up by the Optimism team to become an 🔴Optimism Ambassador, and get rewarded for this.
Roles and Progression
There are three different stages of the Ambassador program, starting with the wannabe-ambassador role, progressing to the ambassador-in-training stage, and finally achieving the title of ambassador. Each stage represents a significant milestone in the journey towards becoming an Optimism Ambassador, highlighting the importance of growth, development, and active participation within the community.
Pre-flight Checklist
To be a successful Optimism Ambassador, it is crucial to embrace collaboration, help others grow, and create values-focused content that contributes to the ecosystem’s narrative. Ambassadors are encouraged to support sustainability initiatives, such as retroactive public goods funding. These initiatives promote long-term community growth and the well-being of its members.
Wannabe-Ambassador Stage
The first step towards becoming an Optimism Ambassador is to acquire the wannabe-ambassador role in the #become-an-ambassador Discord channel. This role signifies your interest and commitment to the program. It is important to stay active and engage with the community during this stage, especially on platforms like Reddit, where participation and upvoting contribute to your progression in the program.
Time: Minimum of 8 weeks.
Ambassador-in-Training Stage
Advancing from the wannabe-ambassador stage to ambassador-in-training requires active participation and demonstrating a deep understanding of Optimism’s values and principles.
Reading the pinned messages in the Discord Ambassador Channels and reviewing upvoted Reddit posts in the r/optimismCollective subreddit are essential for gaining knowledge and staying up-to-date with community discussions. Engaging in high-quality activities, answering questions, and providing valuable contributions in these platforms are crucial for progressing further.
Your steps to become an Ambassador-in-Training:
Fill out this form.
Create an original piece of content.
You can check some actual quests here:
Time: Minimum of 8 weeks.
Ambassador Stage
Be active and make collaborations with other wannabe-ambassadors, ambassadors-in-training, ambassadors.
Your steps to become an official Ambassador:
Create an original piece of content with another Ambassador, Ambassadaor-in-training and/or wannabe-Ambassador.
Important note: NO PRICE DISCUSSION, EVER!!
Time: Minimum of 12 weeks spent as an Ambassador-in-Training
How are ambassadors chosen? by voting! Vote occurs on the Discord channel.
The Role of Reddit
The link emphasizes the importance of Reddit as a platform for Optimism Ambassadors. It serves as a hub for content sharing, discussions, and collaboration. Ambassadors are encouraged to cross-post their content from other platforms onto the r/optimismCollective subreddit, allowing for broader visibility and engagement within the community.
Submission guidelines
To maintain the quality and integrity of content within the Optimism community, please adhere to the following submission guidelines:
Relevance: Ensure that your content is relevant to the Optimism community.
Quality: Submit well-written, accurate, and engaging content. Proofread your work for grammar and spelling errors before submitting.
Originality: Submit original content that hasn’t been previously published elsewhere. Plagiarism is strictly prohibited.
Respectful Tone: Maintain a respectful and inclusive tone in your content, avoiding offensive language, hate speech, or discriminatory remarks.
Value-Driven: Align your content with Optimism’s values.
By following these content submission guidelines, you can contribute to a vibrant and inspiring community that fosters optimism and empowers its members.
How to lose the status of an Ambassador?
To be inactive more than 4 weeks.
3 warnings.
Any severe violations.
How to get compensated for your contribution?
If you understand the vibes behind Public Good and what happens during last Retroactive Public Good Funding (RPGF), you can see that all Ambassadors have been rewarded (approx 1,4k OP tokens), for a total of 10m OP tokens distributed during RPGF#2. And if you look at what is planned for #3 & #4, you could expect more juicy rewards.
Conclusion
Becoming an Optimism Ambassador is a rewarding journey that requires dedication, active engagement, and a genuine commitment to spreading optimism. These guidelines serve as a roadmap for aspiring ambassadors, outlining the stages of progression and emphasizing the significance of active participation, collaboration, and high-quality content creation. By following these guidelines, individuals can contribute meaningfully to the Optimism community, inspiring others, and creating a positive impact on a global scale.
So…. be active and stay Optimistic!
🔵Airdrop: New quest on Coinbase Wallet
Hey there folks, welcome to a new episode of the Coinbase Wallet Quests. Today we have 2 quests, where you can earn up to 20$ worth of OP tokens, exploring the Optimism ecosystem with the Coinbase Wallet. Remember, quests MUST be done on mobile. Here we will share with you a step by step tutorial for both steps.
Two news quests are available and they are :
Create your own Optimism NFT for the Attestation Station, we already talked about this subject, if you want to know more click here
Make a deposit on Yearn (OP/DAI/ USDC or WETH vaults)
And our journey starts with the very first quest! ( don’t forget to keep some ETH for the gas fees ;) )
1 - Build your digital avatar
To start this quest, you need to start the quest on the Coinbase Wallet and answer a small quiz about Optimism.
Once you’ve answered the quiz you will be able to customize your own NFT and choose the traits of it. When you finish this process you can mint your NFT!
And now the Optimist NFT is in your wallet and this is one step further for your Web3 reputation! Your reward will be airdropped in your wallet after all the steps are completed.
2 - Deposit and earn yield with Yearn Finance
To start this quest go on your Coinbase wallet and then start the quest. You will be redirected to the Yearn Finance vaults, where you can choose which vault you want to deposit (OP/DAI/ USDC or wETH vaults only!)
For this step I will give you a small tip, use the OP tokens from the ‘’Build your avatar’’ quest, on the OP vault to complete, approve the contract and deposit the amount you want.
You must wait 7 days before withdrawing to complete this quest, the OP tokens will be automatically airdropped in your wallet after the 7 days.
We're reaching the end of our article, and we just had to take a moment to send you a huge THANK YOU for joining us on this adventure. Your support and love means the world to us!
We hope you had fun reading and participating in these quests, stay tuned for more exciting Optimism x Coinbase Wallet quests. We can't wait to share them with you!
🟣Hottest 🔥 Projects : Velodrome V2, Metronome, Nested, Alluo, Synthetix/Kwenta/Polynomial
1. Velodrome V2
Velodrome V2 new features were already discussed in The🔵🔴Optimistic newsletter #4 & is planned to be released on June 22.
Schedule:
The v2 release will be rolled out during one epoch.
If you have any question, please jump on the discord & ask the mod/team members: https://discord.gg/velodrome
New Features / New UI / New Token
Your Dashboard
One new window where you can see all your positions on Velodrome (LP, veNFT, rewards from LP, rewards from Bribes)
Fees:
I know what you’re saying and people already start shouting out loud about it:
As of today, the revenue from Velodrome is split between Bribes & Fees as follows, 100% distributed to veVELO holders.
If you correlate this revenue with the weekly VELO distribution which is about right now 9 millions VELO/week so (810k$/week), we can still see that the net earning is still negative.
What should the project do to get a positive balance? Revenue > VELO distribution.
Increase bribes: Independent of Velodrome wills.
Increase trading fees
So increasing the fees on Volatile pairs from 0.05% to 0.3% on certain pairs might generate tremendous amount of fees in period of high volatility. And it would be unefficient to not capture this in our opinion. So we think this is a great move from the team.
VELO V2 token:
To allow the new functionality, Velodrome V2 will issue a new VELO token, convertible 1-to-1 with V1 token.
Liquid Velo: A new pool will be set up on Velodrome VELO V1 / VELO V2, where users will be able to redeem their V1 for the V2 token, in a irreversible way. This pool will be used by the velodrome router during any swap, example: VELO V1 → ETH will give VELO V1 → VELO V2 & VELO V2 → ETH
locker VELO (veVELO): Same, a specific contract will be set up to convert your old veNFT to the new one, with the same vesting time & underlying token. A specific link is available on the Dashboard & Locks pages.
LP position needs to be unstaked, withdraw, and restaked on V2 pool
More for a smoother transition from V1 to V2: https://beta.velodrome.finance/docs
Aerodrome
But the biggest news from Velodrome team is the partnership announcement with a friendly fork of Velodrome V2 to Base, code name Aerodrome, with 40% of the initial liquidity Airdropped to veVELO lockers.
And why are we so bullish on Base? Facts speak from themselves:
Quote: “The @BuildOnBase testnet has seen more activity than most mainnets, with nearly 2.5M unique addresses transacting in the last 100 days.”
2. Metronome
Metronome, built by the Vesper team, is a multi-collateral/multi-synthetic protocol. & very nice feature called “Smart Farming”, being an automated yield looping engine.
Thanks to Optimism, welcome to cheap fees to leverage ETH ❤.
Defi-Dad agrees with us on this:
3. Nested
Nested received a 250k OP tokens grant & the distribution has been kicked-off with the 1st trading competition:
Click here to access the competition that is currently live until 21-June.
Rewards are in OP tokens, co-incentivized with $NST token (not listed yet). Prize pool distribution:
🥇: 10,000 OP + 5,000 NST
🥈: 6000 OP + 3,000 NST
🥉: 4000 OP + 2,000 NST
4th to the 200th eligible trader: 101.52 OP + 50.76 $NST
4. Alluo
Alluo just launched on Optimism. Alluo is the 1 inch of the yield optimizer. Deposit & Relax while earning the best yields from all the different vaults of Yield Optimizer like Beefy Finance & Yearn FInance.
What’s best? Yearn & Beefy has their OP token incentives going on, so Alluo is currently the most optimized solution in yield farming.
5. Synthetix/Kwenta/Polynomial
🔥12 weeks - 300k OP tokens per week🔥
Synthetix Trading incentives have been stopped due to Bedrock Upgrade, but has now been resumed. You can receive OP tokens based on the trading fees you’re paying to trade on Synthetix perps front end such as Polynomial & Kwenta.
As a reminder, Synthetix plans to Airdrop 300k OP tokens per week during 20 weeks. Kwenta is adding on top of this 30k additional OP tokens & you can also earn $KWENTA tokens if you have some staked Kwenta on the platform. In order to follow the weekly rewards in $:
For Kwenta, check the below dashboard made by Gunboats:
For Polynomial, check the below dashboard made by the project team:
6. Extra Finance:
Extra Finance just announced a new emission plan for their $EXTRA token. A total of 1million $EXTRA token has been allocated towards lenders for the first week, of an incentives campaign that will last one month.
🗓️ Starting Date: Jun 15th 00:00 UTC
💰Emission: 1,000,000 $EXTRA tokens (for the 1st week , USDC lenders only) - This represents 1/1000 ot the total supply.
If you wish to check the $EXTRA tokenomics, please check this article.
🟡On-Chain Analysis: Warning on $MINE token
Minerva just launched its new project, a vanilla fork of GMX, on Optimism, and the project tweeted this, before any announcement about the project launch. Focusing on token instead of the product itself raised some alarms. And as we say, there is no smoke without fire => One of the co-founder rugged-pull on 12-June.
So let’s dig into the token contract, we will show you how you could have found some strange things that should have prevented you to Ape in $Mine token.
1. Token Launch
The team deposited Mine token into Velodrome LP & then few minutes after Airdropped 200k MINE tokens to users of Past project (Sterling). So you end up in having a circulating supply 50% airdropped to previous users, 50% into a LP.
Do you know what happens if all sellers dump their token? You end up by a fall of 50% of the token price:
Then the team bribed their pools with 2k USDC and the token price made a x10 in the next 24hours, not removing the risk specified above that no retail could be aware of since there was no simple-access information about this.
So we reach out to the team to get their feedback of this situation cause we think airdrop users & team might be an exit liquidity on Retails.
2. Team reply
The team informed us that this specific case has been publicly announced on their discord, however based on the above we could easily see that there is no information about the airdrop amount and the seed liquidity.
The team admitted they did not inform new users about this specific airdrop and initial supply, while focusing on their past users to reward them.
I would say even that the tokenomics displayed was made on purpose to not disclose this:
The team just released an article explaining this migration/airdrop setup once complete… we would have preferred to have this beforehand. And after some discussions & advice, this article has been updated to provide a warning about the shallow liquidity of the pool.
“Sterling” talking about seriousness!!
3. Current status
As of today, 2 whales are holding close to how much as their is in the pool.
0xbd2… staked his airdrop onto Minerva Dapp with no vested unlock, while 0x1e6 seems still holds his airdrop.
Trading volume 24h after TGE was still greater than liquidity, which is clearly a warning in terms of Hype.
That was our advice when the article was written on 10-June: “So, we do not do financial advice, but as always, watch-out when apeing in shallow liquidity pool.”
Unfortunately, the newsletter was planned to be released around 16-June, so, myself, Subli, I feel very sorry for all people who have been caught in this rug, and would have liked this article to help you before it was too late.
Hope impacted people will recover, and as always, do your own research.
And if there is an initiative to create a collective to verify token contract, on-chain analysis to prevent rugs like this, count on me!
🟢Technical-Analysis: BTC & OP Token
Note: Couple of weeks ago, you have received a feedback questionnaire about the newsletter. The crypto market review was ranked N°2 worst topic. So we decided to add one Altcoin analysis. Let us know if you like it:
We are currently in the 9th week of correction since BTC topped at $31,000. Bitcoin has reached the long-awaited $25,000 zone and is still trading within the range described in the previous newsletter. However, the altcoins took a big hit this weekend. Let's take a look and try to make a plan.
Bitcoin
We are still within the daily range, which we still consider a bullish flag. The scenario described in the previous newsletter is still valid until proven otherwise, meaning we will reposition ourselves when we break out of the range to the upside. In the meantime, we will remain patient.
CME Gap
We currently have three open CME gaps: $20,000, $26,300, and $35,000. The problem is that we don't know which gap will be closed first. The bets are open.
DXY Index
After a bullish divergence that played out, we are now observing a bearish divergence with the green lines above, as discussed in the previous newsletter. As a reminder, we consider the DXY Index to be inversely correlated with Bitcoin. Therefore, we may see Bitcoin and the crypto market breathe a bit if this DXY divergence plays out.
OP Token Technical Analysis:
We listened to you. The Crypto market needed to be attractive, so we decided to share our analysis on specific Altcoins which we are interested in. This section deals with TA only, and discards completely any Fundamental Analysis.
This week, we will take a look at the $OP/USDT pair chart. In fact, we want to discuss this specific altcoin because we believe we are currently near a buying zone. Are you interested in this altcoin and want to get it at the best price? Do you want to establish or strengthen a medium-term position on the Optimism crypto? We will share with you our point of view. This POV belongs to us only, and does not present any financial advice.
Since it topped at over $3, the $OP token has corrected by nearly 67%. We are approaching a medium-term support zone. In fact, this green trendline has already been touched three times, and we are witnessing a fourth bounce with the previous weekly candle. Additionally, we are above a strong support level according to the Fibonacci retracement.
These data allow us to take a position as long as we are above $1.02, which is above the 0.786 Fibonacci trendline, and enable us to set a stop-loss on our position. We will exit our position if the daily close occurs below $1.02.
Conclusion
There is not much to add compared to the previous crypto market review. We are still in a range described as bullish. It is normal for the market to move slowly without new participants. The time will come when all mainstream media will highlight cryptocurrencies to attract new participants.
We believe that altcoins are reaching interesting correction levels, but only time will tell if we are right. One more time, let the market settle and be patient.
Trading: We will continue to observe price action and try to take advantage of the next bullish wave while avoiding excessive greed and taking profits if BTC returns to $31,000.
Investment: It is preferable to wait for Bitcoin to drop below $25,000 to continue gradual investment (DCA). Altcoins are at attractive valuation levels and some can start to be DCA. But remember, “it can always go lower”.
🟤Farming Strategy: Optimizing your Yield Optimizer with Alluo
Any Optimism community member can see his farming strategy published in this newsletter. You just need to publish your strategy on twitter and send me the link via DM.
As you know, we are an ardent advocate of User Experience and simplification of User Interface. Yield Optimizers such as Beefy Finance or Yearn Finance already simplified a lot our experience in DEFI by automating rewards claim and re-deposit into the initial pool of liquidity. However, each pool is isolated, but if you used regularly DEFI you know how volatile Yield can be.
Alluo is solving this problem. Alluo's platform auto-manages Beefy and Yearn strategies, so you're always in the best pool for the chosen asset with minimum $1M liquidity, a steady $0.99-$1.01 peg and 80%+ safety score. Choose your aggregator and asset, deposit funds, and let the protocol manage from there.
Here are some pretty nice vaults on Beefy. And we love the deposit & forget vibe around Alluo.
Alluo is also available on Mobile phone (iOS & Android).
🟠Podcast:
Note: Couple of weeks ago, you have received a feedback questionnaire about the newsletter. The Podcast section was ranked N°1 worst topic. So we decided to add written notes on each & every podcast, just click the link.
Socket (written notes available)
Extra Finance (written notes available)
Note: The 🔴Optimistic Podcast partnered with Revelo Intel to provide written notes of some of the podcasts. Access granted to Revelo members.
Optimism Twitter accounts:
@OPLabsPBC for protocol development
@OptimismGov for governance
@OptimismGrants for Grant Council uipdates
Optimism Website:
Base Social links
Twitter: @BuildOnBase
Subli_Defi Social accounts:
Discord Handle: Subli#0257
Twitter: Subli_Defi
Lenster: 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.
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Lets Fucking Gooo
wow