The Humble Farmer's Digest 12/6

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

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Dec 06, 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

Lumerin

For those who aren’t familiar, Lumerin is a P2P marketplace for buying and selling hash power. In other words, Lumerin allows miners to hedge their costs, and users to purchase hash power without owning mining equipment. While BTC is the focus, Lumerin can support nearly any Proof of Work network. This marketplace is currently located on Arbitrum, and has already started to pick up traction.

The Lumerin team has ties to the Bitcoin mining industry (the co-founder is the CEO of a BTC mining company), and should theoretically have the ability to onboard miners from all around the globe. The team is also aiming to create various hash power derivatives and other DeFi-related functionalities, which should help speed up adoption. Overall, Lumerin could be an interesting bet going forward as they’ll likely lead the way for the intersection between BTC and RWAs.

Manifold Finance

We’ve talked about Manifold in the past, but here is a refresher for those who aren’t completely up-to-date.

For those who aren’t familiar with Manifold, they’re an MEV infrastructure-based project that saw a lot of attention a few months ago on the back of potential integrations with projects such as Sushiswap. After the initial rally earlier this year, things have died down due to the Sushiswap integration falling apart and a general lack of direction for the project.
A few months ago, Manifold announced mevETH; their own omnichain LST boosted by their MEV RPC after acquiring crETH from Cream. The crETH acquisition alone will migrate 25,000 ETH to mevETH on Day 1, and they’ve teased restaking sometime in the future.
The launch date for mevETH was initially planned for late September, but was pushed back due to potential security issues. In any case, we should see Manifold’s LST released within the next week or so, which could benefit the FOLD token if they’re successful in providing higher yields than competitors due to their MEV strategies. Keep in mind that the price has already reacted to the announcement of mevETH, but this could be worth monitoring over the next few days/weeks.

Quick update here:

mevETH is finally live, and the Manifold team has made some big announcements regarding the future of the protocol and FOLD. The team will be building out an Optimistic-based rollup for an MEV auction system for various LSTs, where revenue/sequencer fees will be distributed to FOLD stakers. On top of this, a new token for the mevETH protocol will be created, of which 20% will be airdropped to FOLD holders. Assuming ETH/BTC can outperform in the coming weeks, LSTs with big catalysts (like FOLD) could stand to benefit.

Farms of the Week

Upcoming Projects

Itos Fi (The Token Derivatives Engine of Defi)
zkAutomate (The first No-code Automation platform for traders & developers. Create Trading Bots, Perp Automation & Smart Contract Automation)
Opal (Omnipool protocol to mutualize strategic single assets liquidity, such as stablecoins and liquid staking derivatives, and deploy it efficiently on veDEXs pools)
Perpie (Perpie - Lightning-speed perps trading Telegram bot, powered by ERC4337)
Merchant Moe (Seamless Trading | Discretized Liquidity | Real Yield)
Degen Arena (Stake Base ETH in 1v1 duels to the death, with fully onchain escrow)
Dark Frontier (Fully onchain, zero-knowledge space conquest MMORTS Dark Forest-inspired game, powered by Argus)