In this edition, we’re briefing you on Good Entry.
Good Entry is a trading market built with the intention of protecting both traders and LPs. Learn about what sets the project apart, its performance on Arbitrum, and what to expect from their upcoming TGE.
Also, check out the token unlocks for this week in the excerpt from our Daily Intel telegram channel…
Over and out ⬇
Token Unlocks in the Upcoming Week
- dYdX ($DYDX) - Oct 31, 08:30 PM UTC: 1.21% Cir. Supply - $5.22m
- STEPN ($GMT) - Nov 01, 05:30 AM UTC: Total - $111.59m
- Acala ($ACA) - Nov 01, 12:30 PM UTC: 3.31% Cir. Supply - $1.54m
- Nym ($NYM) - Nov 02, 05:30 AM UTC: 0.56% Cir. Supply - $400.63k
- Sui ($SUI) - Nov 03, 05:30 AM UTC: Total - $26.75m
- ImmutableX ($IMX) - Nov 04, 03:30 PM UTC: 1.50% Cir. Supply - $12.16m
- Liquity ($LQTY) - Nov 05, 05:30 AM UTC: 0.70% Cir. Supply - $1.12m
- Galxe ($GAL) - Nov 05, 05:30 AM UTC: Total - $7.03m
- Hashflow ($HFT) - Nov 07, 05:30 AM UTC: 73.92% Cir. Supply - $47.66m
Crypto Market Update:
- Top Gainer (24H) in the top 50 mcap: $XRP increased in price by 8.4%.
- Top Loser (24H) in the top 50 mcap: Render $RNDR is down -6.3%.
- The total crypto market cap has seen a 0.5% increase to stand at $1.25T.
- BTC dominance in the market is currently at 53.8%.
- The median gas price on Ethereum over the past 24 hours has been 27 gwei.
Background on Good Entry
Good Entry is a cutting-edge decentralized liquidity provider (LP) derivatives market designed to offer protection for users engaged in trading or yield-generation activities
Co-Founder Master Bean explains that Good Entry Labs aims to bring positivity into a bad market, focusing mainly on retail day traders.
He says the project aims to serve retail traders who are usually not the focus of many platforms.
Their flagship product is Protected Perpetuals, which allows users to take long or short positions without losing money if the trade goes against them.
Instead, they lose only a small funding rate.
Masterbean recognizes that while there's demand for this product, they are still working to improve it and address technical challenges.
Masterbean explains that they are not fully community-owned but are community-driven.
They never conducted a pre-round funding, which gave them flexibility in their growth approach.
The team believes in transparency, which the community reciprocates by pointing out areas for improvement.
Their main focus was to provide an easy-to-use, low-risk day trading product that avoids complicated option terminology, helping many users make money.
Community Focus
Good Entry has a strong community focus.
One community member has made more videos about their project than their own marketing team.
Another community member simplified the project documentation to offer practical trading examples.
This work is appreciated as it provides valuable real-world examples for traders.
Inspiration was drawn from Arbitrum's commitment to community involvement in governance and the team aspires to achieve something similar with Good Entry Labs.
Good Entry V2
In Good Entry V1, P&L calculations weren't always accurate due to swapping and slippage on Uniswap V3.
In Good Entry V2, the are removing non-functional components and simplifying the trading experience.
Now there's only one choice when you log in and one choice when you short.
Current Trading UI
Assets available to trade or provide liquidity include BTC, ETH, GMX and ARB.
The new V2 offers no upfront premium, no price liquidation risk, and more leverage ranging from 10x to 1000x.
V2 is more collaborative than V1.
The team can work with more teams and direct liquidity into partner AMMs like Camelot.
They embrace the spirit of collaboration and have a multi-layered rewards system for liquidity providers.
Good Entry’s ‘EzVault‘ one-click yield system
Masterbean expects an incredible boost for Arbitrum in January 2024, positioning V2 to launch in January as well in order to benefit from it.
Arbiturm was chosen as the host network because of its strong and sticky DeFi community. The team’s priority is to serve loyal users in the Arbitrum ecosystem, as a community and ecosystem matter the most to the project.
He argued against chasing every new blockchain, saying this doesn't solve underlying problems.
Masterbean believes being successful on one chain is essential before going multi-chain.
Good Entry will distribute 100% of ARB STIP rewards to LPs
$GOOD TGE
They are planning a Token Generation Event (TGE) in November. Community input helps them identify gaps and make adjustments.
The project’s GOOD native token model aims to unify stakeholders for collective building, similar to platforms like Arbitrum. Community involvement and feedback are crucial for their continued development.
Good Entry’s TGE will likely launch on Arbitrum the week of November 27, 2023.
They have opted for a first-come, first-serve public sale with no prior VC rounds to keep the terms straightforward for everyone.
According to Masterbean, bringing in VCs would complicate matters due to differing expectations and the need for vesting.
They aim for a token that is fully unlocked so that it's more palatable for traders.
Once the token is live, the team plans to involve the community in governance, similar to what Arbitrum has done.
Full Tokenomics Allocations
They differentiate between the token and their platform's core product, viewing each as a separate entity.
The team has locked up half of their token allocation, representing 11% of the total, as a governance voting power.
This action is intended to establish trust with the community and ensure decentralized governance.
Their system is currently undergoing stress tests, which have identified areas that need improvement.
The community is actively involved in governance and can suggest ways to improve the platform.
Team calls are conducted on discord where the community can actively engage with them biweekly, contributing to a vibrant experience.
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