Defi Farm #13 - July 16th Weekly Update

Hi everyone,

It seems like, at least momentarily, the crypto "contagion" from 3AC, Celsius, Voyager, etc has passed. Let's dive in 🤿Over the past 7 days:SPY: +1.9%BTC: -2.8% ETH: +8.1%

Major L1's:

SOL: +3.5%AVAX: +4.9%Near: -1.3%Algo: +6.8%FTM: -5.5%

The outperformance of ETH has been interesting and shouldn't go unnoticed.Today I'll go over:- Random but cool news from this past week- Cool projects and protocols I came across this week- A new defi farming strategy of the week

I won't have a longer thought piece today. It's been a slow-er week.

Interesting news and things from this week

• WAGMI United is a professional web3 soccer team. You can mint an NFT (~0.35E) that gives special governance notes. No ownership comes with the NFT. Milk Road had a good summary here.

• Alluvial is working with Benqi to make an institution-grade liquid staking solution for AVAX. Liquid staking tech isn't the sexiest thing, but I think is something incredibly important that people often forget.

• Protagonist raised a new $100million crypto fund.

• Stepn (solana NFT fitness app) announced that they made $122.5 million in profits in Q2 '22. It will be interesting to see if they're able to find sustainable game economics.

• Earndrop launched, enter your wallet ID and see if there are any airdrops you've received that you haven't claimed yet.

• Friktion Labs launched a new UI that helps users track their portfolios. The update is truly one of the best UI's I've seen across defi. I'm hoping more and more protocols follow this trend.

• Great thread on current crypto legislation

Interesting protocols/projects I found this week

Coinvise (link) - I've known about Coinvise for a while but they've built a ton over the past few months so I figured they would be worth mentioning. With Coinvise you can create personal or community tokens, create airdrops, quests, gated memberships, vest tokens, etc. A pretty awesome no-code web3 community/creator tool.

The Modern Billboard (link) - allows you to buy digital "real estate". You're able to essentially buy ad space on websites, and you own that space. You can advertise your own product, rent the space out, or sell it to a bidder.

Parcl (link) - Real estate synthetic assets on Solana. Launching in ~2 weeks. I think this idea of synthetic assets is interesting for traditionally illiquid asset classes. It will be fun to watch more of these kinds of assets come on chain.

Interesting Farm of the week

I've been in GMX Earn for the past 3+ months and still think it's one of the best risk/reward farms out there. I'm farming on AVAX but they are also on Arbitrum.I'm not going to go into the details of what GMX is or how it works. (You can learn more by reading their docs.)How to farm on GMX?1. Buy GLP (this is a basket token) which is made up of about 57% stablecoins, and 43% BTC/ETH/AVAX. (These %'s change, but remain roughly between 50/50 and 60/40.2. When you buy GLP and stake, you start earning rewards paid out in AVAX and GMX (or ETH and GMX if on Arbitrum). It currently pays out a base rate of 21.5%.

3. You can lock your GMX rewards to escrowed GMX rewards which will start earning you a higher yield (I'm currently earning ~31% with my esGMX).This is a great farm if you want some exposure to BTC/ETH/AVAX but you want to mute the volatility (thanks to the stablecoins) and still earn awesome yield.

New Podcast Episode

This week I recorded an episode with the Underdog Protocol team. We chatted all about bringing personal networks and connections on chain.

That's all I have for this week! Stay safe out there and as always, stay yielding!- Andy