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Early farm the First & Most legit & VC backed ERC404 project

• metastreetxyz

• It only just launched ~4hours ago

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TLDR

Meta Street just launched their ASCEND program

u can earn their points by

1. Onchain Activity ( lending out $wsteth & more )

2. Social Activity

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https://ascend.metastreet.xyz/i/2lamb

Introducing “ParaSpace” = Blur + @opensea + @BendDAO

No token yet but read on to see what can u do!

📍In this thread

1️⃣ What is ParaSpace

2️⃣ Core features of ParaSpace

3️⃣ Recent Traction with Data 12/27🧵

4️⃣ Team, Concern & Fud 17/27🧵

5️⃣ Summary, Speculation 19/27🧵

6️⃣ Actionable 26/27🧵

TLDR

Paraspace is NFT lending + marketplace with high onchain traction recently.

1️⃣What is ParaSpace

ParaSpace is decentralized lending protocol for NFTs and ERC20 specialise in NFTfi with NFT marketplace built in.

Imagine it as a swissknife of NFTfi, packed itself with a mix of tools of NFTs. Let’s look into it from its core features

2️⃣Core features of ParaSpace

🔹NFT as collateral for lending

🔹NFT credit

🔹Buy Now Pay Later feature

🔹Apecoin Staking

🔹NFT as collateral for lending

ParaSpace is a Peer-2-pool model design, takes in 9 different types blue chip nft such as BAYC, MAYC.

They also introduce new small features for better user experience such as

• Cross margin

• Supplied NFT to claim airdrop

• Mulit asset borrowing (stETH, aETH, cETH)

In their gitbook they mention uniswap v3 position as collateral coming soon which can be interesting

🔹NFT credit

If you have a collateralized NFT position within ParaSpace, u will essentially have the same amount of “credit” of how much you can borrow from ur NFT.

It is basically a simple way/more user friendly way for u to take a loan against ur current NFT to buy/trade NFTs.

It might be risky, but user friendly & promotes more trading volume on their marketplace

🔹Buy Now Pay Later feature

Basically helpping u Buy the NFT and setup the loan directly so the entry barrier is lower to trade NFTs.

🔹Apecoin Staking

Without going into the details of Apecoin staking features.

High level speaking its mechanism where u can pair BAYC nft with $APE coin for high staking reward.

Paraspace basically allowed users to pair up for higher apy and provide leverage as well.

3️⃣Recent Traction with Data

TLDR

🔹Relatively high TVL at 90m

( reference, @blur_io is 140m, @BendDAO 230m )

🔹Growing market share in nftmarket space, in volume & user

Right now 91.93m TVL +20m borrowed

From 28-11-2022 it’s NFT lending went from 0% to around 2x% of the market (Green color)

With 42m cumulative borrow amount

With 39.2% of new unique users going to Paraspace

4️⃣Team, Concern & Fud

Team & Concern

@yuboruan

@0xJ_C

@WalidOfNow

@jenndefer

@DRodriguezFX

@0xjon_eth

Team looks solid from what i see

but while i was doing research one of the reputable twitter kols i follow @billtheinvestor has raised some concerns.

TLDR

• Founder’s education background does not match

• Allegedly no investment from those top tier investors

Will be great to get some reply from the team if possible @ParaSpace_NFT

5️⃣Summary, Speculation & Actionable

Rating

• 🤔Utility, Hard Market Demand

• ❓Valuation (no token yet)

• ✅Speculation

• 🤔Investors profile (primary tbc, retail no token yet)

• ✅Metrics to monitor

If take out concern’s Bill raised. I actually quite like ParaSpace

🤔Utility, Hard Market Demand

Onchain data shows demand for it, however not sure how much is organic or trying to get the potential airdrop.

There are a lot of small features/ innovation shows team’s effort in improving the NFTfi user experience

✅Speculation

🔹Hot NFTfi narrative

🔹Top NFTfi project by TVL

🔹Narrative of next blur/opensea + benddao !?

i can hear the degen screaming APEEEEEEEE INNNNN already

🤔Investors profile

No token, no retail holders yet.

About the fud on twitter will try to reach out to the team to find out more.

🐑Summary

Tbh i quite like the product,althought i don’t hold any valuable nfts coz im cheap n missed out.

I can tell the product team design n fine tune a lot of details to make it user friendly with product market fit.

Such as the ape staking, nft credit so user can buy NFTs without selling their NFTs, BNPL etc these aren’t just hopium road map items.

One of the key concern i have is mainly on bill’s fud + their marketing seems to be targeting asia market too much, most media exposure seems to be chinese kols.

6️⃣ Actionable

No token yet so mainly to speculate on airdrop

U can interact with the protocol by

🔹Deposit ur blue chip NFTs (im cheap i don’t have any)

🔹Deposit Tokens for lending

🔹Buy & Sale NFTs on their marketplace

Airdrop speculation hunting aren’t really my thing, but i will keep an eye on their token launch or NFTs when they launch it

Thanks for reading guys, if u find it useful. forward it to friends and like it!

New Sponsor! @Tribe3Official

First Gamified NFT Futures DEX

Thank you tribe3 for sponsoring me! I will be sharing their updates in the future!

I will always state my sponsors and provide unbias threads for u guys.

Couldn’t have got my sponsors without my dear readers!

Please go like the post and comment!

They are pretty interesting project and building a gamified NFT Futures with mainnet coming soon!

i have also wrote about them before!

2lambroz.eth’s Substack

#15 Tribe3 thread ( sorry, forgot to add this this earlier

Read more

3 years ago · 2lambroz.eth

Thanks guys!

In the thread

1. TLDR What is @treasure_dao & @magicswap_ V2

2. Why is magicswap special?

3. $magic’s role in magicswap

4. Summary

TLDR

Treasure dao is a decentralized gaming ecosystem, $magic is the native token of treasure.

MagicSwap is the NFT marketplace design for gamefi with game developers & gamefi players in mind.

Why is magicswap special?

NFT marketplace is very competitive, being inche gives u an edge and the team have shown it thought from Game designer & gamers point of view.

Gamefi specific NFT marketplace = good inche with big TAM?

Here’s some of the features and you will understand, why i think the team has the ability to build a niche NFT marketplace

✨Universal token compatibility (ERC-20/721/1155s)

✨Game-Native UX (magicswap can be built into games via NPC shops with UX immersed in the game world)

✨Automated Royalties

(DAO has the ability to set minimum default guaranteeing income for projects)

✨Automated Economic Balancing

(TLDR, allow dynamic pricing based on additional factors. Allowing game designers to have more room to price the NFTs for a better experience)

✨Oracle ( for game )

Includes a decentralise TWAP oracle based on uni-V3, Values in AMM pools do not need to represent “price.” Developers can use relative values of items within pools as a way to balance any kind of game mechanism, like drop rates, character strength etc

✨Optional NFT LP reward

NFT - NFT Pools, (allowing more room for game designers to work with game economy)

✨Location based marketplace

OMG yes, like in traditional game, game developers can now design location base marketplace for better game story & economy

✨Character-Bound, Not Soulbound NFTs

$Magic’s role in MagicSwap

$Magic will be the governance and fee token for using MagicSwap.

• 0.5% fee for trades

• 2.5% royalties on NFTs

• 0-20% for project creator

  

NFT marketplace is a highly competitive space. Being able to find it’s niche and product market fit is very important. From the latest substack, I can tell the team

@jpatten__ truly understands what a game developer needs to make a good game.

I think magicswap as gamefi specific marketplace is a good move for $magic. However magicswap success will heavily depend on the projects on treasure dao. Either way I will be keeping my eyes on the treasure dao ecosystem and magicswap for any new opportunities.

Thanks for reading!

Treasure down full article here!

The Compass by Treasure

MagicSwap: the First AMM with Universal Token Compatibility

Treasure is pleased to announce MagicSwap v2, the first AMM in crypto to support pools for ERC-20s and NFTs through a single router. MagicSwap enables trading of all items within a game economy (fungible and non-fungible) rather than requiring users to use Uniswap and NFT marketplaces separately. At launch, the protocol will support ERC-20s, ERC-721s, a…

Read more

3 years ago · 14 likes · 1 comment · John Patten and Peita

#20 Spice Finance

Want to lend money to NFTs for the High APY

• without the stress of management

• NO need to take the whole loan & risk alone?

Spice Finance New NFT lending strategy vault gotcha

In this thread

1. TLDR

2. How does it work

3. Why is it useful?

4. Opportunity and challenges

5. Summary

TLDR

Spice finance provides vaults for users to deposit ETH/DAI to different NFT lending strategies.

This allows users to have exposure to peer2peer nft loans without having to commit to the full loan amount & stress about the management.

How does it work

To give a brief overview of NFT lending space there are typically 2 type of loans

• Peer 2 Peer ( @nftfi @Arcade_xyz @the_x2y2 )

• Peer 2 Pool ( @BendDAO , @dropsnft )

Peer2peer

Peer2peer loans have loan amount, loan duration, interest rate. The lender will need to take the full loan size.

Peer 2 pool

has a pool of ETH/DAI and Borrowers will deposit NFT and borrow ETH/DAI based on the pool utilisation rate.

Vault Architecture

Spice finance will have different vaults for users to deposit. Users can choose vaults depending on their risk appetite.

Each Vault has 2parts within them. Base Vaults &lending pools. Base vault is the “NFT Peer2Peer” strategy. It will automatically bid for loans within the set parameters. The idle/reverse of the ETH/DAI within the vault are deposit into other Peer2pool protocol with the best apy.

Why is it useful?

Key points

• easier to use, less management

• gas optimisation (most nftfi protocol are on eth)

• low entry to nftfi and diversified risk

E.g.

Lending ETH/DAI to NFTs are can have surprisingly high apy return in my previous post although the numbers are old now. Lending to BAYC was at 53% APR monthly average on NFTfi with only 5% loan default ratio ( old data + likely due to $ape staking)

but the point is if i were to take on that loan on nftfi (peer2peer) i would have to supply approx 25+ ETH to 1 BAYC holder, with spice finance i can have similar apy exposure without having taking the whole loan & diverse into different BAYC loan if there were vaults available.

Summary

Spice finance is solving a real problem in NFTfi. I actually wanted to lend money to BAYC and a few other collections on the list from previous NFTfi data tweet.

But i stopped because of i did not want to commit to the full loan and also having the potential to take on the BAYC alone if the nft does drop drastically. It might have a different case if i can just take part of the loan.

Automation & lower entry allows more users try & potential enter the ecosystem. This might be a bit farfetch but will it be the starting point of making NFT more liquid potentially raising the value of NFTs?

I love to see more data on different nft loans and breakdown of vault performance as the vault goes live. Lending is a form of realyield, will spice finance be the first NFTfi real yieldoooor?

P.S i fucking love a meme team, spice team is pretty dope look at the CEO profile @allnattycalves on discord lmao. I love it haha

Thanks for reading!

It has only been around 22 days since i started this, 850 followers on twitter and 38 email subs.

i am learning how to write better content, it’s not the best yet but i hope you found it useful so far. Thank you for being on this journey with me ! see you around anon!

#15 @Tribe3Official

Gamified #NFT Perpetual DEX Perpetual + NFT + Community

In this thread

1. TLDR What is Tribe 3

2. How does it work?

3. Similar product yet different approach

4. Summary

TLDR

Tribe3 is a perpetual dex that allows users to leverage trade #NFTs up to 5x with a social trading aspect included in their DEX.

How does the protocol work?

Tribe3 has two price -Futures (vAMM Price) -Spot (Oracle Price) Just like my previous post on nftperp, they both use vAMM model.

Traders can go long or short on “future” price, their profit will be based on their exit “future” price.

The spot price (Oracle Price) will be the NFT floor price on the market ( though the team didn’t seem to have specified how they get the price feed.

Tribe3 uses the same vAMM concept as @perpprotocol but with adjustment in x*y=k.

Can read more about it in my previous tweet on @nftperp

It’s funding rate is based on

Similar product yet different approach

Tribe 3 took a different approach in perpetual NFT dex. It focused on a lot on social aspect it has “Battle”, “Avatar” & “Leaderboard” on its page.

On “battle”, its coming soon page, it gives me vibes of those mini trading game u have in CEX like the binance battle.

For avatar, there are these achievements base rewards (maybe nft)

Summary

Tribe 3 gave me a “ah-ha” moment. NFTs are about community, meme and culture, with those mini social aspect in tribe3. You can build all the defi money legos on top of nfts like option, buy now pay later, hedging etc etc, but the team from tribe3 took a different approach, just embracing NFT’s core, community and social. Although its gitbook is not very technical and detailed, vAMM model has proven to be challenging in picking up trading volume, but will NFTs and social aspect be the right fit?

Social trading, gamify trading are nothing new, but mixing it with NFT trading suddenly becomes a breath of fresh air. Trade more to get “cross over bayc nft”? Top 10 nft traders 2023 Collectable. Sounds like something i’d fomo to.

Whether is it going to work or a good investment its too early to say but I like the approach the team are taking so far. I guess thats why people from @TheSpartanGroup , @ivcryptofund @ivcryptofund invested.

It will be interesting to see protocols like nftperp with similar design yet more focus on the technical & math like showing correlation of “future” & “spot” on their dune dashboard in comparison to tribe3’s approach.

I do look forward when their mainnet launch and compare the trading volume then.

#13

@Wasabi_protocol

The Decentralized #NFT Options Protocol In this thread

1. TLDR

2. What is Wasabi protocol

3. How does it work

4. What does it enable

5. What are the challenges

6. Summary

TLDR It is a #NFT #option protocol with a to be confirm "collateral pool" model, seem like..

How does it work

So it basically works as a normal option.

Buy Option

1. Put (i think going down)

2. Call (i think going up)

Sell option

1. Put (i think it will going up or remain unchanged *to earn premium*)

2. Call (i think it will go down or remain unchanged *to earn premium*)

Wasabi’s gitbook currently doesn’t state how is the “collateral pool works”. They stated it might be sell/LP. I’d imagine it might be using actual NFT as collateral or over collateral amount of ETH.

So wen/how would you use this protocol?

E.g. if i am bullish on moonbird. Which current floor price is 7.3 and i think it would be above 9.2(break even point) I can buy the option with “premium”0.29 and earn any profit above 9.2 E.g if it goes up to 15 you will earn 15-9.2=5.8

E.g if I am bearish on moonbird, floor price is 7.3 and i think it will drop below 6.36 (break even point) i can buy the option with 0.64eth premium and earn any profit if it drop below 6.36.

Writer/sell..? Unknown follow me to keep up to date. (how to earn if the price remain unchanged)

What does can wasabi enable

• Lower cost in hedging

• Lower to leverage on price speculation

• potential earn yield on your nft (depending on pool model)

What are the challenges

Like all on chain options, I’d imagine there will be difficulty in matching maker (LP or NFT provider, option contract writer). If it were to use NFT as settle will there be enough liquidity?

Also how are the option priced? How do you set the premium?

Thanks for reading

Summary

Options for #NFT will be interesting to use,I look forward to how the pool is structured and the price of the option. It will be interesting to see how the team merge option, which is typically not a option friendly market with NFTs which is a very retail heavy market.

Thank you again for reading, if you made it till here u are a true fren. I am currently looking for some group/community to join to chat about crypto even more n meetin frens. lmk or dm me if you have any good ones!

In this thread

1. TLDR

2. Traction so far

3. How the protocol works

4. vAMM & funding rate

5. Summary

TLDR

@nftperp lets you perpetual long or short @BoredApeYC@AzukiOfficial, Milady, MAYC and @cryptopunksnfts up to 10x.

Traction so far

Thanks for @0x_aster Dune dashboard, you can see all key stats, 24k #ETH in volume and over 10k trades

dune board link

How the protocol works

NFTperp has two price

“Index price” can reference it as true floor price of the #NFT

“Spot price” can reference it as the virtual perpetual price based on market demand & supply

Traders can go long or short on perpetual price, their profit will be based on their exit perpetual price.

Index price is an aggregated price feed from on/off chain.

The index price & spot price are kept correlated via funding rate.

vAMM

vAMM allows nftperp to have a model that is trader vs trader. It does not require a liquidity pool. It uses the same x*y=k constant product formula as uniswap.

The benefits of it allow nftperp to have a smooth trading experience without the need of liquidity.

But ser how does index price keep correlated with spot price?

- funding rate NFTperp balances out long/short ratio keep the two price correlated via their dynamic funding rate.

TLDR, If there is a lot more “Long” then people who are holding long positions have to pay the short position the funding rate %. The difference of Perp & index price are also taken into account

Summary

Nftperp uses a similar model as @perpprotocol. This enable a new way for NFT degens to speculate the price. Although vAMM is not perfect such as to its slippage in size and its small risk of short term depeg in index & spot price.

This is an interesting protocol that allows users to short for hedging their NFTs in bear market, leverage speculate price without buying the whole NFT. It will be interesting to see what other features they are building on this protocol.

Further readings on vAMMs, Orcales, funding rates

https://qmeasuregrey.medium.com/on-vamms-unnecessity-for-a-liquidity-pool-6662751f3acb

https://nftperp.notion.site/NFT-Price-Oracle-bbd35a9af5c34361ab4b0c692e736596

https://nftperp.notion.site/Technical-Stuff-8e4cb30f08b94aa2a576097a5008df24

In this thread

1. TLDR

2. How the protocol works in detail

3. First Vault

4. insrt finance’s #NFTs

5. Summary

6. Tease you how I would play it in the next tweet so you will follow me

TLDR

How it works

1) NFT vaults content 1 or a collection of NFTs.

2) Users can buy a fractionated piece of the Vault.

3) The NFT is then put into work in different #NFTfi strategies depending on the vault.

Why you use it You can own a piece of a NFT without buying the whole thing + insrt finance helping you manage the #DeFi money you can earn some yield.

How the protocol works in detail

1. Insrt finance launch a ShardVault, 1 or collection of NFTs with What strategy they plan to do on top of the NFT

2. User can deposit ETH into the vault until it reaches the required funding amount

3. Once reached, insrt protocol buys the NFT and “split” it into shard NFTs that represent % ownership of the vault

4. The NFT is put into DeFI strategies

5. User can claim yield periodically

6. User can exit via selling the shard NFT or vote to sell the NFT to distribute all profits to shard holders

First Vault - #CryptoPunk 9620 Shard Vault

-100 shards @ 0.7ETH per shard.

-Punk is then deposit to @JPEGd_69

for 25peth loan -$pETH is then deposit to “The Citadel” auto compound $pETH / $ETH to earn JPEG

(Sharing more how i play this next tweet for engagement farm)

Insrt finance NFTs Utility NFTs with 5 tiers

1)Staking rewards Boost

2)Fee reduction

3)Early access to future vaults, reserving spots for future vaults for NFT holds

4)Token #Airdrop, 1-3% of the entire token supply will be airdrop to NFT holder by tier

Summary

Insrt finance is for someone that wants NFT exposure without buying the whole thing while earning some yield on the side.

Team wise although i don’t know @hentaiavenger66 but profile seems to be a crypto native CT figure. Team has been very responsive, @0xElude replied my questions on discord quicker than my gf. Communication with community is always good signs. Partnership with JPED’d is good.

All the documents were clear and easy to read. UI UX was on point

With #NFTfi being one the gud narratives on 2023 i think its worth keeping an eye on. I am interested to see more different strategies coming online, maybe like @BoredApeYC & $ape. Or a vault focusing on nftfi liquidations.

-Which is the best NFT collection to lend money to

-Which collection get liquidated the most

-Most USD borrowed from top NFTs

-The most liquidated week for NFTs

The took a snap shot of top 10 nfts including wrapped @cryptopunksnfts @BoredApeYC #MAYC @OthersideMeta @RTFKT @AzukiOfficial @MeebitsNFTs #moonbird @doodles and NFTfi

compare stats on

@BendDAO @dropsnft @JPEGd_69 @NFTfi @PineProtocol @the_x2y2

Which collection get liquidated the most

@OthersideMeta is the winner...i guess this is because of the big drop in price + out of the whole @BoredApeYC collection, in need of cash they are prob first to go...? i'd sell my house but never my cute/mutant pets

Most USD borrowed from top NFTs

@BoredApeYC being the top of NFT collection there is no surprise that they have the most borrowed funds. interesting how doodles being the smallest in Mcap have 4th most borrowed amount tho.

Just for more info heres the NFT count for borrowing.

The most liquidated week for NFTs

Sad week, i'd imagine this was the week where @BendDAO had that multi liquidation of @BoredApeYC. just guessing tho

Which is the best NFT collection to lend money to

As a eth lender you might not enjoy the art of jepgs. The least thing you want is to aviod end up taking the collateral NFT. Loan Default Ratio by Volume & Count are below along with Current Monthly Avg NFTfi Loan APR

@BoredApeYC is a good collection to lend money to, with 53% apr and 5% default rate. I'd imagine the high APR might be something to do with the ape staking. dyor being aping in.

I like @AzukiOfficial a lot but with 38% loan default ratio by volume and 19% loan default ratio by count. unless you are trying to buy the dip i'd aviod it. thank you

@richardchen39

for dashboard https://dune.com/rchen8/NFTfi His shower thoughts always gud