next update is in the oven 🍞
coming soon:
- deeper army play (keeping your forces will actually cost you $BREAD)
- new ways to spend your $BREAD
- something rare to chase and show off
bread economy's about to get a lot deeper.
100% of traders on @centaur_io are long $USELESS.
And they are getting paid. @nobrainflip up 121%, @Crypto_Scient up 103%, @hyde6000 up 61%, @theunipcs up 57%. All still holding, even after taking partials on the way up.
@nobrainflip booked partial profits at $0.0648, up 74.7% from entry. @Crypto_Scient took some off at $0.0564, up 39.9%. @hyde6000 trimmed at $0.0777, locking in 52.9% on the partial. All three kept the rest running and the trade kept going.
$USELESS is up 46% in the last 24 hours. @theunipcs has been screaming about this from the $25m lows called it crazy undervalued, holds over 3% of spot supply, and hadn't taken a cent of profit at the time. High conviction that it makes new ATHs and eventually hits billions. The chart is starting to agree.
Sometimes the most obvious trade is the one everyone calls useless.
300 million in ZK incentives is coming—and I’m ready.
Most people will chase stable pairs or deposit into lending protocols, but they're not maximising their capital.
Here’s how I plan to make the most of the ZKsync Ignite campaign:
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The details
@ZKsyncIgnite offers 300 million in ZK tokens (across 9 months) to DeFi users.
It’s somewhat similar to Arbitrum’s STIP where they gave ARB tokens to protocols for distribution to their users.
This led to crazy yields just by depositing funds into protocols, where we earned ARB tokens on top of the base yield.
Here’s an example from @GammaStrategies:
I expect the same to happen for ZKsync ignite, where we earn ZK tokens by depositing into these protocols:
DEXes
• SyncSwap
• Koi Finance
• zkSwap Finance
• Uniswap
• Maverick
• PancakeSwap
• Woofie
• Izumi
Perp DEXes
• RFX
• Holdstation
• Vest Exchange
Lending
• Venus
• ZeroLend
• Aave
• Reactor Fusion
Similar to @jumperapp’s SuperFest, ZKsync uses @merkl_xyz to distribute the incentives.
Based on the protocols included in this program, here are my quick thoughts on how I plan to deploy my capital:
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1. Avoid lending protocols
Lending requires ‘less skill’ than LP-ing, so I expect the yields I get from lending to be low.
Whales with large capital will abuse this and dump all of their liquidity there since there’s lower risk.
I would monitor and see if looping is worth it, but I believe that whales would UPDATE.
Though I’ve already deposited my ZK into @VenusProtocol once ZK lending was enabled.
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2. Look for sustainably high yields
Some yields are high at the start because the TVL is low.
But once TVL increases, the yields could decrease significantly.
At the start of the campaign, most positions should have high yields.
I may rotate my liquidity to another position if the yield is high despite a high TVL.
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3. Focus on non-stable pairs
Most TVL would go to stable pairs like USDT-USDC or wstETH-ETH.
It’s the safer option for most since we incur a lesser impermanent loss.
Many would deposit in these pools which dilutes the yield.
So I’m aiming for pools that are non-stable pairs which have lower competition and (potentially) higher yields.
The one I’m going for is WBTC/ETH since both are blue-chip tokens and I’m fine with holding either.
Though it could be worth putting some funds in the ETH/ZK pool if it has a higher yield.
I would not want to deposit my funds into a highly volatile pool as I'll incur more impermanent losses.
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4. Try to use tokenless options
Wherever possible, I would prioritise interacting with a tokenless protocol, even if it gives a lower yield.
@syncswap is the main one I’m targeting.
With its TGE coming soon, it’s possible that depositing funds during the Ignite program could be a multiplier.
I’m keeping an eye on @RFX_exchange too as they’re something similar to Vessel on Scroll.
I’ve already received a generous 1,000 ZK for a 0.15 ETH deposit and I plan to leave my funds there throughout the campaign.
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5. Keep a lookout for campaigns
It may be possible that these projects may launch campaigns, something similar to Galxe's STIP program.
I earned some decent ARB rewards by completing them.
So I plan to complete any campaigns launched during this period.
Even though I don't get any rewards, I'm still building out this:
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6. Focus on my wallet's on-chain footprint
I want to push as many transactions as I can, while also interacting with more unique smart contracts on ZKsync.
It'll be a bonus if I'm able to push more Paymaster transactions.
The sentiment towards ZKsync is still overwhelmingly negative, so the criteria for future ZK drops could be easier to hit.
If they ever do another airdrop.
Either way, I'm still pushing transactions on ZKsync, which could qualify me for future airdrops from other projects.
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I'll update again once the Ignite program goes live, but this is my main strategy:
❍ Add liquidity into WBTC/ETH or ETH/ZK on Syncswap
❍ Leave my liquidity on @RFX_exchange in the WBTC/ETH pool
❍ Complete any campaigns that come out
❍ Look for other positions with decent yields despite high TVL and deposit there
The yields are secondary, and my primary focus is building out my footprint on ZKsync.
Thanks for reading!
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