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A weekly recap of the largest crypto events and narratives, with an extra dose of insight.

Here’s what we have for you:

  • Binance woes

  • OP token sales

  • Arbitrum galxe initiative

  • GammaSwap + Notional V3 go live

  • DWF Labs, plz stop, or just copy trade them

Earlier in the week, we got some rumours that users were unable to withdraw funds from Binance. I saw a few posts, but looking onchain, it seems like nothing malicious is going on. However, with the recent spate of departures from Binance and the recent news headline where Binance.US auditors could not verify that the exchange was not fully collateralised at all times, I’m a little bit concerned, to say the least.

The Balancer frontend was exploited as a hacker made off with $240K. This came on the heels of the previous exploit that left Balancer vulnerable as it urged liquidity providers to withdraw their liquidity. Huobi’s wallet also encountered some issues as private keys were leaked while a vulnerability for ZKasino was also announced.

Telegram announced that they have integrated a self-custodial crypto wallet to all users, excluding the US. Telegram has 800M users so this is even bigger than the Grab Circle wallet partnership that we recently discussed. Oh, and before I forget, Telegram’s blockchain network does have a token, $TON.

Optimism has sold 116M tokens from the treasury to seven different investors, with the tokens subject to a two year lockup. I’m not really sure why the DAO did not have a say in the sale, even if it was for treasury management purposes. In other news, dydx’s mainnet is set to go live soon, with their bug bounty program going live and an announced integration with Squid Router and Axelar.


Arbitrum Season

Lately, it feels like Arbitrum has been slightly losing the rollup game compared to Optimism. With Optimism’s Superchain, shared sequencer announcements, and OP stack rollup after rollup using Conduit, a rollup as a service provider for the OP stack, there has been no exciting news about Arbitrum.

But that changes, with post.tech. Post.tech is Arbitrum’s version of friend.tech, but it’s better, bolder, and has more number go up tech. Just like friend.tech, they have a points program, where you earn points for holding shares, buying/selling shares, and referring users. Importantly, you earn a percentage of trading fees from the keys that you hold. The protocol has already amassed more than 32,000 unique wallet addresses, showing no signs of slowing down.

Felt like you were late to friend.tech? You are still early to post.tech. Don’t miss out on the action, and be sure to use our referral code “riddlerdefi_post”.

The Arbitrum Odyssey, an initial initiative when Arbitrum first launched to get users to interact with the general ecosystem, is relaunching. As part of the new campaign, there will be a seven week campaign with Galxe where users will have to interact with 13 ecosystem projects such as GMX, Treausre DAO, Premia, Handle Finance, and more. Users will have the opportunity to collect custom badges along their journey. Do take note that there will be no airdrop or reward of any kind for this event.

In other news, the Arbitrum DAO has recently passed a governance vote to distribute up to 50M in ARB as part of a short-term incentive program. The goals of the incentives are to support network growth, experiment with incentive grants, find new models for grants, and more. Expect to see a flurry of protocols apply for this grant in the coming week.

GammaSwap Goes Live

  • GammaSwap, a protocol that allows liquidity providers to short LP tokens and thus hedge out impermanent loss, goes live on Arbitrum.

  • Perp traders can use the protocol to speculate on volatility, LPs can use it to hedge LP positions, and with this launch, the team is planning to expand the number of integrations and build GammaSwap V2.

Notional V3 Beta Is A Go

  • Notional Finance, a fixed rate lending protocol with more than $700M volume to date, is launching its V3 on Arbitrum next Monday.

  • The protocol offers fixed and variable rate lending along with levered yield strategies. For example, Notional V3 will offer the first ever leveraged FRAXBP Convex vault on Arbitrum.

Optimism To Distribute Unclaimed Funds From Its First Airdrop

  • When Optimism first executed its airdrop more than one year ago, over a quarter of eligible addresses did not claim their tokens.

  • Optimism has decided to directly distribute the airdrop to eligible addresses, so definitely check your wallet for any potential airdrop you might have missed!

  1. Zynga, creator of all those Facebook games you used to play, has a new game and an NFT collection. They know a thing or two about games and even the nostalgia factor is probably enough to pump this a little.

  2. GRAIL, GMX, MUX, RDNT, PLS, JONES are all probably going to apply for Arbitrum’s new short-term incentive program. Watch the tokens for a pump.

  3. Optimism’s Round 3 RetroPGF is live. If you are a creator, builder, artist, or educator, maybe you can give it a shot.

  4. MetisDAO is kickstarting a $5M DeFi incentives program. There probably aren’t a lot of users there so could be little competition.

  5. Overtime, a betting market, has went live on Base. If you like sports betting, take a punt here.

DWF Can’t Keep Getting Away With It

Truth be told, I probably shouldn’t be giving DWF free publicity. But here I am, DWF Labs continues its shenanigans in the market-making realm, with $SPELL now up over 65% since the local bottom two weeks ago.

However unethical this may seem, DWF has perfected the playbook of buying tokens at a discount, pumping the corresponding perps on a centralised exchange, and then slowly accumulating a larger spot position. As this happens with outsized funding rates, traders come in to short the rally, adding further fuel to the fire. Meanwhile, DWF is probably unloading the perps onto unsuspecting traders and then dumping everything eventually.

The playbook has been the same again and again, so if you recognise the signs in the open market of increasing open interest on perps, a forum post from DWF Labs, and a rallying price, you probably know what’s going to happen.

It’s gotten to a point that respected market-maker, Wintermute, has hurled allegations towards DWF that instead of providing liquidity, they are simply manipulating markets. DWF’s response is, “We are not involved in any manipulation. When people see some sign that this asset might be profitable, they’re going to rush into it, and the liquidity in the market isn’t as good as it was a year ago, and it’s easily driven by people, by the market itself.” Truth be told, there’s a very fine line between market-making and market manipulation.

If you are in the market for some actual tools, here is an absolute heater of a list of tools if you are trading keys on friend.tech, courtesy of Gong Jiao Wei on Telegram.

Tools / Dapps

https://friendmex.com/ (Trading UI)
http://frentech.octav.fi/ (Portfolio Tracker / Trade)
https://www.friendtech.pro/ (Portfolio Analytics)
https://friend-finder-app-mu.vercel.app/active (Active New Acc Finder)
https://www.friendtech.pro/spvce_ (Dashboard)
https://friendtech.info/ (Dashboard)
https://platform.spotonchain.ai/friendex (KOL platform)

Dune/Flipside/Parsec Dashboards


METIS incentive program goes live

OP Airdrop #3

Canto migrates to an ETH L2, keep an eye on $CANTO

Velodrome slipstream, the DEX improves it’s core mechanics. Could make $VELO an interesting play

Tether purchased $420M in GPUs to lease to AI startups. Maybe the AI narrative might make a comeback.

The ultimate memecoin trading guide from CoinGuru

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