Fantom Gas Soars, Solidex Yields, & OSMO Outperforms

MAR 03, 2022 • 5 Min Read

Joo Kian + 2 others

DISCLOSURE: DELPHI VENTURES HAS INVESTED IN BTC, ETH, LUNA. MEMBERS OF OUR TEAM HOLD FTM, OSMO, LDO, AND ARE PARTICIPATING IN MENTIONED FARMS. THESE STATEMENTS ARE INTENDED TO DISCLOSE ANY CONFLICT OF INTEREST AND SHOULD NOT BE MISCONSTRUED AS A RECOMMENDATION TO PURCHASE ANY TOKEN. THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND YOU SHOULD NOT MAKE DECISIONS BASED SOLELY ON IT. THIS IS NOT INVESTMENT ADVICE.

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Chart of The Day: Fantom Gas Getting A Little Expensive

  • Gas prices on Fantom spiked to new highs as Solidly and Solidex launched last week. Yield farmers were rushing into Fantom to take advantage of the high yields. This led to higher demand in blockspace and more competitive gas prices.
  • The sum of daily transaction fees paid soared to over 500k FTM, or around $780K at the time.
  • Even as the initial hype cools, it’s clear average gas prices and daily transaction fees paid are still relatively higher than in periods prior to Solidly and Solidex launching.
  • Interestingly, veDAO and 0xDAO, which were initially launched to compete with each other, have partnered up. They will now serve as complements to each other, with 0xDAO building a Solidex competitor, and veDAO will be dedicating themselves to compounding Solidly voting power and helping build value for token holders. Let the $SOLID wars begin.

Airdrops, GameFi Staking & Yield Wars on Fantom

[Excerpt from our Mar. 1 Yield Insights]

  • Solidex is a protocol to optimize yield, voting power, and liquidity provisioning on Solidly. Solidex is to Solid, what Convex is to Curve. Liquidity providers can deposit their LP tokens into Solidex to earn boosted SOLID rewards without having to lock SOLID themselves. SOLID lockers earn a portion of the protocol revenue in exchange for providing a boost to LPs. Although Solidex builds upon existing DeFi concepts, their codebase is built from scratch specifically to integrate with SOLID. Learn more about it here.
  • Yield Calculations are provided here. To access, Solidex, you’ll need to configure your MetaMask to run Fantom Opera using this guide.
  • Bridge: You can deposit and withdraw assets onto Fantom Opera using Synapse or Multichain. Warning, FTM is sometimes illiquid on Multichain.
  • Emissions: 1 SOLIDsex is minted for every veSOLID locked in the protocol, meaning SEX emissions follow the uncapped emission of SOLID. LPs are compensated with SEX rewards at a rate of 4.2069:1, meaning that for every 4.2069 SOLID earned by the LPs, they receive 1 SEX token.
  • For more on Solidly, Delphi members can read the full Yield Insights here.

Osmosis: Diffusion Across the Cosmos Ecosystem

[Excerpt from our Delphi Pro report]

  • Despite the latest market drawdown, OSMO has outperformed other major peers over the last few months by a substantial margin. OSMO saw a modest pullback between November and mid-December alongside the broader market but has since bounced back much stronger than major peers (and most crypto assets for that matter) over the last couple of months.
  • The impressive traction that Osmosis achieved within the Cosmos ecosystem is backed by strong fundamentals. One of the most anticipated features of Osmosis since launch has been interchain/superfluid staking, a concept unique to the Osmosis DEX.
  • Liquidity is the foundation upon which all else is built. Every prominent ecosystem has at least one DEX, and the current leader for Cosmos’ is the app-chain Osmosis. In this post, we evaluate the past performance of Osmosis and what makes it a flagship chain within Cosmos.
  • Historically, staking/delegating tokens to secure a blockchain network and LP’ing in a liquidity pool have been mutually exclusive activities. For the first time, interchain/superfluid staking allows users to do both at the same time. Here is how this works:
  1. Assets are deposited in preferred liquidity pools
  2. Received LP tokens are “interchain/superfluid staked” in Osmosis
  3. LP tokens accrue value from both fees generated in AMM pools and staking.

  • In the above example: A) User has 12 LUNA and 70 OSMO, they put 2 LUNA and 10 OSMO in single side staking, then provide liquidity with 10 luna and 60 OSMO. B) Interfluid staking: The 10 luna and 60 OSMO in the liquidity pool are considered “staked” in their respective single asset staking pools while still being used to provide liquidity. So user earns staking rewards as if they had 12 luna and 70 OSMO staked. C) A swap is made where the pool now consists of 15 luna and 40 OSMO. Now the user has 17 luna and 50 OSMO in each of their respective single-sided staking pools.
  • The liquidity pool composition (and thus, the LP token composition as well) still changes with every swap. Therefore, the quantity of OSMO and Luna in their respective staking pools needs to be frequently re-calculated to allow for accurate distribution of staking rewards. This is illustrated in figure C in the above diagram where the number of tokens changes from 12 LUNA and 70 OSMO to 17 LUNA and 50 OSMO. This change in the number of LUNA is communicated to the Terra Hub via IBC – therefore becoming interchain staking. Keep in mind the LUNA in this example stays custodied on Osmosis. Osmosis is simply sending a message to Terra Hub to inform them of this change.
  • For more, Delphi Pro members can read the full report here.
Notable Tweets

Ukraine Announces Airdrop to Donors

Lido Brings Liquid Staking to Polygon

Consensys Shareholders Demand Audit

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Joo Kian + 2 others