GM, this is your Daily Bolt briefing
In this edition we’ve included some notes on Maia DAO, a yield platform built on Metis. As L2s gain more popularity, it pays to pay attention to the projects building in and around these ecosystems, as they may stand to gain…
We’ve also included some notes on Aevo, the popular on-chain derivatives platform opting to create its own infrastructure, as the team has built its own L2 appchain and bridging service.
Also; be sure to check out our Pendle Project Snapshot, which just released today. Learn how the yield platform performed relative to competitors in the month of August. This report is available for anyone to access, with or without an account!
Over and out ⬇
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1/ Maia DAO Ecosystem Weekly AMA Twitter Spaces
Preview: 0x_bugsy hosted 0xLight, and Badgerpawz from Maia DAO to discuss progress, governance updates, and more! Click here to listen to the full episode (42 mins).
Read our Note (5 mins) and save 37 mins.
Maia DAO is a yield powerhouse of Metis with its community rooted in this Ethereum L2.
Metis is an Ethereum Layer 2 Rollup platform that offers simple and fast smart contract deployment within the network.
0xLight says that the Zellic Report draft for Hermes v2 has been completed and all issues have been addressed. They are waiting for the final report. The Code4rena audit is almost complete, with only gas optimizations pending. A significant advancement has been made in gas optimization. The Code4rena audit is expected to start around September 14th-19th, 2023 after which the Zellic retainer will begin in early October 2023. The focus will then shift to infrastructure and UI development.
0x_bugsy mentions that there are active proposals, including MIP-21, which concerns the marketing budget for Revelo Intel and has been approved. Payment is in the process of being finalized. They have high expectations for the research content that will be provided.
0x_bugsy discusses other active proposals, including MIP-23, which is about the marketing budget for Hermes V2 support and has passed with unanimous support. This will expand marketing efforts and improve outreach for the Hermes V2 launch.
0x_bugsy discusses other active proposals, including MIP-23, which is about the marketing budget for Hermes V2 support and has passed with unanimous support. This will expand marketing efforts and improve outreach for the Hermes V2 launch.
0x_bugsy talks about MIP-24, which concerns vote allocation and has been finalized. A discussion period of three days will follow, during which a Commonwealth vote will be available to gauge community opinion on various strategies. A snapshot vote will then finalize the decision.
0xLight discusses the budget, saying that they have approved funds for marketing and auditing. He mentions that the rest of the treasury will be used to farm Hermes V2 and some will remain where it is. He says they plan to pass a proposal to reward the team for their work and a couple of front-end developers.
0xLight talks about potential capital raises, saying that these can be voted on in V2 and will be considered when market conditions are favorable. He says that buybacks are usually not the best approach and mentions the need to pay taxes and living expenses. He highlights that while they'd like to be rewarded in ecosystem tokens, it's not feasible to be paid 100% in them due to these considerations.
0x_bugsy says that the DAO currently holds about half of the supply of $HERMES tokens. 0xLight says that the DAO does have a substantial amount of Hermes.
0xLight says that after the Hermes V2 launch, the tokens will be fungible and can be in the same NFT. He mentions that there are cost-efficient approaches like farming for the DAO to accumulate more since they already have half of the supply. He says that the plan is to lock all the tokens as $veHERMES to give more voting power to everyone who stakes their tokens unless a governance proposal suggests otherwise.
2/ Socket Twitter Spaces - Dive into the Aevo SuperBridge
Preview: lito.eth hosted Ken to discuss Aevo's Layer-2 deposits, SuperBridge features, challenges, and more! Click here to listen to the full episode (35 mins).
Read our Note (6 mins) and save 29 mins.
Socket is an interoperability protocol for secure & efficient data and asset transfers across chains
Aevo is the first derivatives L2, focused on options & perps trading.
Lito.eth asks Ken to introduce Aevo and explain how it evolved from Ribbon Finance, noting that Ribbon was initially known for decentralized options vaults.
Ken explains that Ribbon started as a decentralized options vault with a simple strategy of selling covered calls or puts. They wanted to differentiate themselves from competitors and aim for a broader goal of making DeFi options succeed. They decided to establish their own layer-2 to bring in more volume.
Lito.eth asks about the peak TVL in Ribbon's option vaults during the bull market. Ken says that the record Ribbon TVL was about $300 million.
Lito.eth asks about Aevo's near-term pipeline and about the integration of Aevo and Ribbon brands, specifically how it will look on the product side.
Ken explains that Ribbon vaults will be relaunched under the Aevo brand as "Gen 2 vaults." These new vaults will interact directly with the exchange, placing orders and generating volume.
Lito.eth asks Ken to explain what Aevo is and how it fits into the broader crypto ecosystem.
Ken describes Aevo as a derivatives layer-2 focused on options trading and perpetual futures. They currently offer ETH and BTC options and are also launching perpetual futures markets. Aevo aims to be an innovative on-chain derivatives exchange, experimenting with new products like pre-launch futures.
Lito.eth asks Ken why they chose to build Aevo on its own AppChain instead of existing layer-2 solutions like Arbitrum or Optimism.
Ken explains that they considered multiple routes, including building on existing L2s or creating their own L1. They found the long withdrawal periods on existing L2s unacceptable for a cryptocurrency exchange. Additionally, they wanted to avoid congestion events that can happen on these roll-ups, affecting user experience. Ken says that they aim for a seamless user experience regardless of other crypto events.
Lito.eth talks about the Aevo SuperBridge they've built, enabling deposits from not only Ethereum but also Optimism and Arbitrum with zero slippage. He asks Ken about the reasoning behind this feature.
Ken explains that they want to tap into the TVL that exists on Arbitrum and Optimism. Roll-ups are currently siloed, and they aim to unify these pools of assets to attract a broader set of users.
Our friends at Dynamo Defi publish an extremely useful newsletter called Chain Catalyst which we read weekly.
Dynamo DeFi is a weekly newsletter that covers the latest web3 products, strategies, and trends.
If you are actively operating, trading or working in DeFi, this newsletter is a must!
Sign up for the free newsletter here -
If you read these 2 Notes on Revelo Intel you would have saved: 1 hour and 11 mins!