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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:

  • Spot ETH ETF applications

  • SYN rugged by VC

  • Pre-launch future

  • BANANA presale

  • Zero-day futures by Hxro

It’s been a relatively busy week, once again in the land of exploits and legal court cases. For one, Stake, one of the largest crypto betting platforms, was hacked for roughly $40M on Monday. It seems like some private keys were potentially comprised, however user funds are safe. Either way, the company made $2.6B in revenue in 2022 so I wouldn’t be too worried about their ability to cover this.

Nima Capital, a VC, sold over 9M SYN tokens, which resulted in SYN dropping by 20% in a matter of minutes. This was confirmed by Synapse which said that a liquidity provider had sold their SYN tokens and removed liquidity. Importantly, Nima had previously agreed to provide $40M in bridge liquidity for 12 months, and it’s only been 5 months since that proposal was agreed on, so looks like we’re in for some drama.

Near, which I’m pretty sure we had all written off as a dead blockchain, has recently gotten its time to shine. The blockchain has recently seen an all-time high in transaction count, on the back of a retail shopping platform called Cosmose. The platform uses Near to facilitate payments, eliminating the 3% and more that payment processing companies usually charge.

Lastly, it seems like we get a new ETF development every week. This time, Ark Invest and 21Shares have filed for a spot ETH ETF. This comes on the back of their spot BTC ETF application. The race is certainly on for the SEC to approve or delay these applications, but whoever successfully becomes the dominant spot ETF will surely gain a huge amount of revenue from the management fees of the ETF.


No, the ZRO airdrop of LayerZero has not been confirmed yet. It still remains speculation entirely and no one really knows what is coming. However, on HyperLiquid, one can now long or short the value of the unlaunched token.

Funding rates will depend on the moving average of the perp mark price vs. an index price or an oracle price, given that the token doesn’t exist yet. When ZRO eventually launches, HyperLiquid’s ZRO perps will convert to a normal perp.

This has been a trend lately, where one can long or short a token before launch, and once it launches, the index price immediately settles to the actual token price. One example of this was Aevo’s pre-launch futures for WLD, the Worldcoin token, and the pre-launch future for $BANANA, which is now live.

I suspect that such pre-launch futures where one can speculate on the token price will gain wide adoption in the next bull run, especially for widely anticipated airdrops. Individuals will be able to hedge out any token price upon launch and basically “lock in” an airdrop price, assuming they know the number of tokens they are getting airdropped.

BananaGunBot Presale

  • BananGunBot, one of the most hyped telegram trading bots is having its presale shortly after you receive this newsletter at 5pm UTC today. They have slowly been gaining market share both from an absolute users perspective, but also from a volume dominance perspective.

  • The protocol is planning to raise 800 ETH to ensure the long term success of the protocol, and there will be four rounds of the presale. The maximum allocation one will have is 1 ETH.

Frax Finance teases sFRAX

  • By this point, we all know about MakerDAO and the Enhanced DAI Savings Rate which has quickly resulted in $1.4B in the DAI vault. This has driven a large amount of attention to MakerDAO and greatly increased DAI demand.

  • Now, Frax Finance is proposing something similar. sFRAX will allow users to deposit FRAX stablecoins into a smart contract and earn interest on their holdings.

Hxro launches Zero-Day Futures

  • Hxro, a derivatives protocol, has launched zero-day futures. This allows anyone to speculate on any token with an onchain oracle feed. Yes, that means any alt with an oracle feed can now be longed or shorted by anyone in a permissionless manner.

  • For example, the first zero-day future launched is $BITCOIN. This means anyone can long or short $BITCOIN on leverage. How cool is that.

  1. Lybra V2 mining incentives have started as of September 7.

  2. Like sports betting and watching the NFL? Overtime Markets has just released player props.

  3. ImmutableX posted about a new explosive action basketball game, Infinite Victory. Could be worth trying out.

  4. Rollbit has become the official European betting partner of SSC Napoli. More partnerships = more valuable token?

  5. Buy BANANA pre-launch futures on Aevo

Deciding whether you should take part in the Banana presale? Use data to make that decision.

We can see that since early July, BananaGun has an increasing amount of daily active users. It started off in July with ~500 users but has since reached almost 2,500 daily active users. However, those are absolute numbers, what we’re looking for is the market share that BananGun has.

We can see that since July, BananGun has slowly been increasing its market share in terms of number of users. With a 0% market share at the start of July, BananaGun has quickly reached an astonishing 32.2% market share from a user perspective.

From a volume perspective, we can see that BananaGun’s growth is even more shocking. Since launching in late June 2023, the project has rapidly gained 47.5% in market share in terms of volume. Even more astonishing, on some days, its market share is as high as 60.5%, making it the dominant market leader in the telegram bot trading space.

All user metrics show that BananaGun is a quickly growing project that is poised to take the telegram bot trading sector by storm. Feel better about the presale now?

New options protocol on Base goes live

Farm the new PLEND token on Polylend, a money market built on Polygon’s zkEVM.

New synthetics platform for Startknet, inspired by GMX’s v2 design

A new liquid restaking pool on EigenLayer, Astrid, goes live for beta testers

If you haven’t forgotten about BAYC and it’s metaverse, it seems like there is an exciting game launching. Keep an eye out on the $APE token

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