The Humble Farmer's Digest 8/16
The infinite range...
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
New Order
For those who aren't familiar with New Order, they were an incubation-focused DAO that accrued value to token holders in the form of airdrops. I say “were an incubator” because the team has recently put out a proposal to make a complete pivot to an upcoming multichain lending market called Synonym Finance.
Why pivot?
For the past year or so, the NEWO token model was…
DAO votes on a proposal to incubate a new protocol.
DAO incubates the protocol for % of the token supply.
Once the incubated token is live, NEWO lockers would receive a pre-determined amount of the DAO’s allocated amount.
The issue was airdrops were not going as planned. Airdrops were lackluster and very infrequent, to the point where those who have been locked for over a year have yet to get any meaningful return on their investment. Teams were hesitant to give out liquid tokens, which lead to airdrops in the form of locked tokens and even less value for lockers. Eventually, the DAO realized this and has been working to pivot to a completely new project Synonym.
So, now that you know the backstory, what is Synonym?
Synonym is a multichain lending/borrowing market (similar to projects like Radiant and Tapioca) that leverages Wormhole and Circle’s CCTP. NEWO holders will be able to swap their tokens 1:1 for SYNO with zero dilution, meaning that the current valuation of NEWO will be the same as SYNO’s initial valuation.
Alongside the pivot, Synonym will control the New Order treasury which consists of roughly $2.5M in USDC, USDT, LUSD, ETH, BTRFLY, and Y2K, as well as their illiquid incubator/accelerator allocations for projects like Wynd, Smilee, Caviar, Synthr, and many others.
Synonym aims to use these treasury assets to help bootstrap the lending market and create partnerships with these other protocols. Sami, a core team member at Redacted, has already stated that they’re looking to make Synonym the primary lending market for pxETH/Dinero. Synonym is also already in talks with Y2K to see if they can work together.
Multichain lending/borrowing is already a very competitive field, but SYNO will be a Radiant/Tapioca competitor trading at a $9M FDV with a large treasury and strong connections. This could be worth paying attention to as we get closer to the proposal date (currently still in the discussion phase).
GameFi
It seems extremely likely that crypto gaming takes off at some point in the future. There have been billions of dollars invested in dozens of games over the past couple of years, and we’re already starting to see this thesis play out with the success of gamified casinos.
A combination of well-designed gameplay and strong ponzinomics will likely be the recipe of success for crypto gaming. The only issue is, nobody is doing this well.
On one side, you have the ponzinomics and cult-like community of Sanko Game Corp and DMT, but they also lack quality games. On the other hand, you have projects like Illuvium, Treeverse, and Aurory that have put a lot of focus on gameplay, but aren’t yet appealing enough to crypto natives.
Unless these crypto games are good enough to compete with the major Web2 titles (which none are at the current stage), they’ll have to appeal to the people that are already interested in crypto. Parallel will be one of the first well-funded and good-looking games that could pick up steam as we get closer to public launch.
To put this potential into perspective, just think of DeFi Kingdoms and Axie Infinity.
Both games were relatively lackluster, yet they managed to reach multi-billion dollar valuations due to a strong community. Imagine what happens when you combine that phenomenon with an actual fun and well made game.
Friend Tech
Friend.Tech has taken over CT over the past couple of days, but here’s a quick TLDR for those who aren’t familiar. Friend.Tech is a social trading platform where users can buy and sell shares of registered users’ Twitter accounts. By purchasing a share, you gain access to that Twitter account’s private chat where they can send messages to share holders.
There’s already been 7500 ETH in volume (roughly $14M) and over 20,000 registered users.
Friend.Tech also has an ongoing confirmed airdrop, and while the exact eligibility is unconfirmed, it could be worth trying to farm this. There is a ton of potential for a social application like this, but keep in mind that this is a form of gambling and there is no “real value” in purchasing shares of someone’s Twitter account.
Another bullish indicator is the amount of interesting stuff being built on top of Friend.Tech already. We aren’t developers, but we’re already seeing various tools/applications being built on top of and integrated with this new social platform.
This is the type of platform that will either end up massively successful, or forgotten within a couple of weeks. The determining factor will most likely be the team’s ability to keep users entertained with new features, as we all know how short CT’s attention span is.
Farms of the Week
Upcoming Projects
PintSwap (OTC Orderbook DEX enabling low-cap trading with size)
Synonym (Multichain lending/borrowing market built on top of Wormhole and Circle)
LogX (Perp DEX aggregator live on Arbitrum and coming to Mantle soon)
What the Funge? (Cross IP NFT auto battler coming to the PRIME/Parallel ecosystem)
Arcton (Public marketplace for startup IPOs leveraging tokenization)
Lends (Zero interest, no liquidation loans against BTC/ETH, powered by Thorchain)
Davos (LSD-Fi CDP protocol leveraging DUSD, an inflation-proof stablecoin)
Rainmaker (DeFi 3.0 Wallet leveraging Account Abstraction)
Good Reads
Kujira Report:
AMM Incentive Programs:
ASXN Weekly Report:
Tools for On-Chain Trading:
The Ultimate Short:
Project Updates
Altitude LBP:
Stader Liquid Restaking:
Unibot Cloud:
Camelot V3 Farms:
Aevo Pre-Launch Token Futures:
Sentiment V1 Sunsetted:
DeBank Chain:
Sei Airdrop:
WAGMI Swap Deep Dive:
R PSM:
Hundred Finance Shut Down:
Spirit Swap Sunsetting:
Friend.Tech Point Airdrop:
gBOT Whitepaper:
Olympus Weekly Highlights:
Start-Up IPO on Camelot:
Camelot Vault on Orange:
IVX Coming Soon:
Caviar Cabal:
Eigenlayer Vault Raise:
GND & gETH:
Star Atlas Closed Access:
WAGMI Swap:
Aurory Whitepaper:
Parallel Starter Deck:
Mori Sale:
Elastic Block Production:
Conclusion
If you enjoyed and want to see more content like this, feel free to check out the Humble Farmer Army premium discord here.
You’ll get access to:
Weekly Premium Content
An Exclusive Community
DeFi Yield Strategies
Degen Farms & New Launches
DeFi Education & Analysis
And Real-Time DeFi Alerts
Humble Farmers Rejoice!
The Alpha Assembly
For those of you that want to be notified of our newsletter, we are proud to present the Alpha Assembly. A central hub for all the newsletters you will ever need:
The Castle Chronicle
A reflection of Castle's opinions (DeFi-focused, news, narratives, on-chain wallet sleuthing, macro & in-depth research).Sending Alpha
News, alpha, and on-the-pulse content.The Metadata
Covering everything NFT related: Collections, tools, NFT-fi, you name it.The Aspiring Degen
High-level on-chain capital movements.Skill Tree
Web3 Gaming insightsHumble Farmer Army
DeFi research and strategies to give you an edge
Join the Telegram channel today!