Gambling? No. I’m simply contributing to RLB’s buyback and burn.

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

Here’s what we have for you:

• Rollbit new tokenomics

• Aevo pre-launch token futures

• Mux integrates GMX V2

• This is SPARTAAA

• Practicing good op-sec

Gm Raiders,

It’s been a relatively hectic week. Coinbase’s L2 has officially launched, and so far, nearly $150M in tokens has been bridged over. As part of the launch, Coinbase is running an onchain summer initiative. Various projects have launched on Base, including DeFi blue chips such as Uniswap, but also smaller projects such as Aerodrome.

In other news, there have been a few hacks ongoing, including SteadeFi for $1.14M and Cypher protocol for $1M. Similarly, Goldfinch had a $5M loan default that represents 4% of their deposits. Remember to be careful onchain. Never deposit too much into one protocol, as even the safest ones still have vulnerabilities (see Curve).

Mantle, an exciting L2 established by BitDAO has introduced a new governing body for treasury management. Being one of the largest treasuries in crypto today, they have $4.2B in assets, mostly in their native token MNT, to spend. Much of that could be used as incentives or to grow the ecosystem, and as of today, the ecosystem still only has $40M. It could be worth bridging there and playing around. It often pays off to be one of the earlier users of a new ecosystem.

-RektRadar

We haven’t talked about this one for a while, but it sure has been the talk of the town. Rollbit, one of the most watched crypto casino’s out there, recently released its new tokenomics.

As part of the new tokenomics, 10% of casino revenue, 20% of sportsbook revenue, and 30% of 1,000x futures revenue will be used to buyback and burn for the RLB token.

The RLB token currently has ~$9.3M worth of liquidity in a Uniswap pool, so if the current buyback rate of $250K/day sustains for even a short amount of time, RLB will get sent hard. I don’t know about you, but $250K burn a day in a $9.3M pool seems absolutely insane to me, and it’s hard to see the token going anything but parabolic, even though it already trades at a ~$500M FDV.

In helping us do the math, crypto_condom has calculated that even at its current growth rate, and assuming a constant $225K burn a day at the current price of $0.17, that would result in 15% of the FDV being burned annually. Of course, it doesn’t just mean that 6 years later the entire token supply will be burned, because as the token supply is burned, the price will likely appreciate.

The short story is, even in the most conservative scenario, the buyback and burn mechanism should result in a crazy amount of buy pressure in a fairly limited liquidity pool, which means that the token should appreciate quickly.

If you’re scared of buying something that has already reached $500M FDV, which is a very fair thing to do, you could potentially look at smaller gambling projects such as $DMT and $WINR as a strong beta play.

It’s Monday, you wake up, you see a new token has launched on Base. You think it’s going to rip up, so you approve the DEX it’s trading on. You realise you don’t have any ETH on base, so you approve a random bridge on Arbitrum.

It’s Tuesday before you go to sleep, you see this new lucrative lockdrop opportunity. You approve all your USDC to be spent on this protocol and deposit most of it.

It’s Wednesday after you’ve had lunch. You hear about this new airdrop you should be farming and so you approve unlimited tokens and farm the hell out of the airdrop.

Before you know it, you’ve approved three different DEXs, seven random protocols, two bridges, and some random NFT project. You 100% do not remember what you have approved, and perhaps six months later, one of these random contracts you approved gets exploited and you lose all your money in your wallet.

That’s why you should practice good op-sec, also known as operational security.

So what should you do?

You should use revoke.cash, that easily allows you to revoke your token approvals. Go to the website, connect your wallet, and one by one to go all the chains you have interacted with before.

If you see a contract you will likely never interact with again, revoke it. If you see a token you won’t use again, revoke it. If you see that you have approved unlimited spending for anything, revoke it. If you see something that you don’t recognise, definitely revoke it.

Hopefully, you get the point by now. Revoke.cash is a great tool that helps you practice good op-sec, and make sure you aren’t exposing your wallet to unnecessary risks. The alternative to this is periodically sweeping your wallet and transferring all your tokens to a new wallet to start afresh. That may be easier for you depending on how many positions you have or how many contracts you have approved before.