💣 Prisma growing at the speed of light?

A weekly recap of the largest crypto events and narratives, with an extra dose of insight.

Here’s what we have for you:

• SBF is guilty

• Prisma flies to $300M TVL

• Elixir and decentralised market making

• PYTH and JUP airdrops

• Synapse X

Good fucking morning.

Emotional closure. That’s what we’re getting today. FTX co-founder, SBF, was found guilty of all charges in his fraud trial. That’s seven charges, and in total the charges carry a maximum sentence of 110 years in prison. Here’s to hoping he stays there and rots until we leave this planet behind. Finally, after so long, it feels like crypto as a whole can collectively move on from the past, into a new tomorrow.

Prisma is making big moves, with the governance token now live on Ethereum mainnet. The token currently trades at a$1.2B FDV, with a $5M market cap, so there’s a pretty big disconnect there to be fair. However, the protocol has quickly garnered $300M in TVL, no small feat considering that’s more or less the TVL of individual blockchains such as Optimism and Solana.

Lastly, Galaxy has been sending a lot, and I mean a lot, of SOL to various CEXs. For example, in these two transactions, they sent 22M of SOL to Binance and Coinbase. They’ve also recently unstaked $160M worth of SOL, which they haven’t decided what to do with yet. If you want some additional research on SOL held by the FTX estate, here ya go. 

-RektRadar

Decentralised market making

I’m sure you’re familiar with market makers, or at least automated market makers (AMMs). AMMs allow you to supply liquidity in a token pair, and then that liquidity is traded against through a pricing curve.

Market making on a limit order book is orders of magnitude harder. You have to continuously place orders and cancel stale orders in order not to get rekt. However, there’s a protocol out there that’s trying to build a decentralised market making service, available to all. The name? Elixir.

One of the best examples of how well Elixir is working is its fusion pools with Vertex. The fusion pools allow users to supply liquidity, depositing tokens just like how they would normally do so for an AMM, and from there, the protocol will help utilize that liquidity and market make on an order book. Pretty neat right.

The launch of fusion pools quickly resulted in the $3M cap being hit in less than an hour, so it is clear that the demand is there. As more perp protocols or limit order book protocols launch, it’s entirely possible that Elixir integrates with more of them to act as core market making infrastructure. 

Pyth’s retrospective airdrop

• Pyth is an oracle that powers more than 300 dApps on 27 blockchains. It’s one of the larger oracles out there after Chainlink, and we all know how large the oracle market is and how important of a role it plays.

• On November 1st, Pyth announced a retrospective airdrop, with 6% of the token supply going to DeFi participants who have used Pyth powered protocols, various community members, and dApps that use Pyth data.

Jupiter announces $JUP

• What’s better than one round of an airdrop? Four rounds of an airdrop that will distribute 40% of the token supply. That’s exactly what Jupiter Exchange, the largest swap and liquidity aggregator on Solana, will be doing with the $JUP token.

• In addition to a huge token announcement, they are also working on GMX style perps and sUSD, a leveraged SOL staking stablecoin.

Synapse continues growing

• Early in the week, Synapse announced Synapse X. This new product allows Synapse to route transactions through the most efficient routes, integrating with Curve, Velodrome, Uniswap, and GMX.
  

• Bridges aren’t an easy business to run, especially when you are competing with a potential LayerZero airdrop. Expect more bridges to integrate with more sources of liquidity, or perhaps even expand to other verticals.

1. Aragon is proposing so dissolve the DAO treasury, allowing ANT holders to redeem a treasury worth 86,343 ETH.

2. Farm the Jupiter exchange airdrop, criteria not determined yet.

3. Buy into RLB trend as Arca apes a little

4. Buy UNIBOT after the token gets depressed due to its recent hack

5. Take a look at friend.tech keys if you believe the bottom is temporary

Arbitrum STIP rewards beginning to be streamed out. Could be ARB farming season

No CEX has listed $RLB yet. What do you think happens during a bull market?

No one really understands Celestia. No degen cares about the modular thesis. Go short it on Aevo.

A new yield optimiser that looks pretty cool

Render network goes live on Solana

The Solana airdrop target list

The November token watchlist

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