Jupiter Billion $ Airdrop in January

📢 Sponsor | 💡 Telegram | 📰 Past Editions

Happy Humpday 🐪. It’s the first issue of 2024 and already we’re greeted by an exciting price action. The market was dumped and leverages were flushed. Funding rate decreased from 100% annually to ~10% range. So far, this is super healthy.

In Today's Email:

• What Matters: JUP $B airdrop 🤑 

• Case Study: TRB manipulation 📉 

• Governance & Features: DYM genesis airdrop 💰️ 

For faster daily news and recap, follow our telegram.

TOGETHER WITH

Toku

Embrace the future of decentralized work with Toku, your go-to solution for managing a global team in the ever-evolving world of crypto companies. 

Navigating the complexities of compensating an exceptional team spread across the globe can be a daunting task, especially with the intricacies of token payouts and diverse tax laws. 

Toku is here to make that journey seamless and compliant.

• Toku offers unparalleled employment and contractor management solutions across 100+ jurisdictions ensuring your global team enjoys best-in-class worker benefits and localized employment contracts. 

• As your trusted Global Employer of Record (EOR), Toku is dedicated to simplifying the onboarding of world-class talent, while meticulously managing legal and compliance intricacies. 

• Whether it’s token compensation, tax compliance, or visa and immigration support, Toku has it all covered.

Leading crypto organizations like Protocol Labs, Filecoin Foundation, Gitcoin, Maker, Gnosis, and Safe are trusting Toku for their employment solutions.

Partner with Toku and transform the way you hire and compensate your global team!

WHAT MATTERS

Jupiter's JUP Token Airdrop in January

State of play: @weremeow, the founder of Jupiter, announced yesterday that $JUP will be launched in the 4th week of January this year. The Jupiter team will work on 3 key areas that will lead to the launch:

Over-communicate Jupiter

• To avoid issues, Jupiter prioritizes over-communication, especially before launch.

• Jupiter Team will share details about Jupiter's three main aspects: (1) Full stack ecosystem at http://jup.ag; (2) JUP as a symbol for DeFi 2.0; (3) The community-driven J.U.P.

• A Jupiter White Paper, detailing all these aspects, will be released a week before the token launch.

Prep For JUP Launch

• Collaborating with top partners to enhance infra and closely monitoring Solana Labs' v.1.17 for performance improvements.

• Setting up a single-sided DLMM pool to provide initial liquidity and facilitate price discovery.

• Developing a site for users to access comprehensive information and view real-time network and pool updates.

• Minting 10B JUP tokens, distributed between team and community wallets, with a focus on transparent allocation and management.

• Collaborating with DeFi players to establish additional markets for JUP, integrated into the launch site for user accessibility.

“No Cats Left Behind”

• Reviewing each submission for acceptance and potential additional JUP airdrops based on contribution levels.

• Setting up a site for delayed claims while investigating cases of fraudulent activities involving wallet sales and claim prevention.

• Currently, there are no specific plans for new participants, future initiatives for new members are still being considered.

Why it matters: This airdrop will inject more capital into the Solana DeFi ecosystem.

For builders and investors: @0xGumshoe is sharing several scenarios/strategies for the airdrop recipient that might be useful for you:

• Degen SPL Mode: selling part of your airdrop, keeping some in JUP, investing in Beta projects (Orca, Lifinity, Raydium), allocating a bit to select meme coins, and buying more at market open.

• Degen JUP Mode: hold your airdrop, buy more at the open price, and hold long-term, with an option to sell if prices mimic the JTO pattern.

• Average Risk: sell 30-50% at open if above $1.5, at $2+ sell all but 10-20% for long-term, DCA below $0.75, and hold for in-between prices.

• Risk the Derisk: sell 90-100% of your stack at TGE, keep the proceeds in USDC, and buy back if the price drops over 25% from your sell point.

• Derisk SOL: sell mostly into SOL, a small portion into USDC, and use remaining stables to buy SOL/JUP on dips.

CASE STUDY

Tellor Accused Of $TRB Market Manipulation

State of play: Tellor's team is accused of market manipulation as their TRB token spiked 172% and then lost all gains within an hour on December 31.

• TradingView data reveals TRB's price jumped from $231 to $630 in just eight hours on Dec. 31.

• TRB's price plunged from $611 to $195 in under an hour after a brief consolidation.

• According to Spot On Chain, among the 2.5M TRB in circulation, about 1.7M is on exchanges, and a group of 20 whales holds 660K.

• Lookonchain noted that the Tellor team moved 4,211 TRB ($2.4M) to Coinbase at the pump's peak, suggesting possible involvement in the pump-and-dump scheme.

• Lookonchain also reports $68M in TRB liquidations during the volatility.

Synthetix v2 faced ~$2M in debt from the TRB market volatility, impacting its stakers.

Omer Goldberg of Chaos Labs noted that Synthetix's TRB pool issue might have been avoided if its OI limit was set in fiat instead of in TRB.

Perpv2 uses the TRB incident to point out the problems across perp DEXs:

• Perp DEXs offer high leverage with Open Interest (OI) caps to manage risk, but low liquidity assets are vulnerable to manipulation. Inadequate OI caps allow traders to take excessively large positions.

• Coordinated buying can artificially inflate prices, leading to a crash when manipulators sell. This resulted in significant losses for Synthetix stakers (LPers).

• Risk parameters must adapt to market conditions and asset riskiness.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

INSIGHTS

Maker Crypto-Backed Loans Revenue

Credit to Sébastien Derivaux for the original tweet.

Sébastien Derivaux, the founder of Steakhouse Financial, reported that MakerDAO’s primary revenue generator is shifting back to crypto-backed loans. Previously, RWA-based revenue dominated during the bear market.

• Maker earned $116.7M (48.38%) of its $241M total annualized revenue from its crypto-backed loans.

• While Maker earned $110M (45.61%) of its $241M total annualized revenue from “public credit.”

• Private credit and stablecoins generated ~$12M and $2.7M respectively.

FEATURES & GOVERNANCE UPDATE

Dymension’s Genesis Rolldrop

Dymension, a modular blockchain designed to secure and interconnect rollups using the Inter-Blockchain Communication (IBC) standard, announced the airdrop of 70M (7% of total supply) of its native token $DYM.

• Over 1M addresses have the opportunity to participate in the airdrop.

• Eligible participants can claim until 21 January 2024, 12:00 UTC.

• $DYM total supply is 1B.

@0xRupall predicts that with a $1B market cap and 10%-15% supply unlocked, DYM will be valued at around $7-$10.

Why it matters: We’re seeing more and more airdrops coming out in 2024 that will further catalyze the hot ball of money flowing into other assets and ecosystems.

Other notable feature updates:

• zkFair launches Fair Mode.

• Merkle Trade launches V2.

• Aave Governance V3 goes live.

• Lido wstETH goes live on Mantle L2.

• Infinex launches on the Base mainnet.

• Oku Trade launches Uniswap V3 on Scroll L2.

• Domomite launches Vote-Enabled ARB (vARB).

• Gains Network launches the $7M+ gTrade Arbitrum Incentives Program.

QUICK BITES

• Etherscan acquires Solscan.

• Radiant Capital exploited for $4.5M.

• SBF won't face a second criminal trial.

• Klaytn onboards gold RWA DeFi platform.

• CleanSpark to launch an in-house trading desk.

• Jupiter targets JUP airdrop by the end of January.

• Michael Saylor to sell $216M worth of MSTR shares.

• Vitalik shares the updated 2024 roadmap for Ethereum.

• CBOE said spot BTC ETF will pave the way for Pension Fund.

• EBA to deepen probe of links between banks and crypto entities.

• Jane Street emerges as the broker of choice for bitcoin-ETF issuers.

NOTEWORTHY READS & MEME

• David Phelps’ read on cosmic timing.

• 0xSmac’s read on the 2024 macro market.

• Kyle Downey’s read on upside crypto risk management in 2024.

If you enjoy reading this issue, please consider subscribing. It takes 1 minute of your time but it would mean the world to us 🙇

Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.