The Humble Farmer's Digest 10/17

Your weekly dose of Crypto, DeFi, and more...

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Oct 17, 2023

Hello Humble Farmers, thanks for reading!

This substack aims to share everything we’re paying attention to, including new launches, good farms, tokens, and much more. If any of that sounds interesting to you, please subscribe!

What We’re Watching

Airdrops to Farm

We’ve talked about this in the past, but with so little going on within crypto, it makes sense to sit back and farm airdrops while we wait for volatility to return. But what airdrops are worth farming? Well, a relatively simple way to evaluate lucrative airdrops is by analyzing potential token valuations compared to the current amount of capital farming the airdrop. For example, Eigenlayer will likely launch at a multi-billion dollar valuation, but there is already $213M in TVL which will dilute your returns. Given X% of the token supply going toward depositors, you can put together rough models to identify the best places to park your capital.

Here are a few tokenless projects we think are worth farming…

Azuro (Sports Betting and Casino Infrastructure, provide liquidity and bet to earn Azuro points)
Gammaswap (Oracle-free volatility trading engine where LPs can earn a higher yield)
Valio (Social Trading and Farming Hub, create and deposit in vaults to earn loot boxes)
Hyperliquid (Orderbook perceptual exchange built on the Hyperliquid L1)
Jito (Solana Liquid Staking Protocol Boosted by MEV Rewards, hold and use jSOL to earn points)
Ambient (Next generation DEX on Ethereum mainnet, coming to Monad, Canto, and Berachain)

It’s also probably worth spending time on the bigger projects (zkSync, Layer Zero, Starknet, etc…), as they’ll potentially be some of the most lucrative airdrops to date. Even though there is a large amount of Sybil activity, it is still worth creating organic traffic on these protocols.

Bitcoin Beta Plays

With the fake announcement of the spot BTC ETF being approved, we saw just how strong the future bid for Bitcoin will be. This combined with the relative lack of volatility in alts may lead BTC dominance to rise over the next few weeks to months, which could make it a good idea to identify BTC beta plays.

Here are a few that could be worth looking into…

Stacks (Bringing smart contract capabilities to Bitcoin in the form of a Layer 2)
Badger (Bitcoin-oriented DeFi protocol, currently building their own Liquity fork with stETH and BTC)
Rootstock (Smart-contract compatible sidechain build on Bitcoin)
Sovryn (DeFi protocol for lending and borrowing built on Rootstock)
Threshold Network (A decentralized threshold cryptography network, building a synthetic BTC wrapper for Ethereum)

Farms of the Week

Upcoming Projects

StableUnit (The Ultimate Stablecoin. Earn from diversified revenue streams, directly in your wallet.)
Superposition (The first Arbitrum DeFi Layer-3 focused on steering order flow.)
Ostium Labs (The first Real World Asset perpetual DEX. Trade commodities, forex, crypto & other long-tail assets.)
Flooring Protocol (Tokenizing NFTs through µTokens.)
Rio Network (The liquid restaking network.)
Initia (A network for 0-to-1 omnichain rollups.)
JuicyPerp (Gamified NFT-fi protocol Coming to Arbitrum)