Crypto housekeeping 2022 (fungible part)

It is easy to amplify the popular events and trends. It is much less so to follow up and report on the ones that are slowly fading (but not necessarily dying).

Let’s go straight to the point. Other than Bitcoin and arguably Ethereum, you can not keep anything long term without doing some housekeeping from times to times. Many if not most of them are being upgraded and swapped over time, or worse. Some requires claims to be made prior to specific deadlines. Let’s tackle just a few of these changes in 2022*.

Ren protocol

After the collapse of FTX and Alameda Research, Ren’s development team was left without a runway beyond 2022. This lead the developers to accelerate the rollout of Ren 2.0 which aims to become fully independent and community owned. Essentially Ren 1.0 will be sunset very soon.

• Backstory and context here.
• Action item: holders of Ren assets such as $renBTC, $renDOGE, $renZEC etc. should bridge back their assets to the respective native chains ASAP. More details here.
• Action item for operators: withdraw rewards from the darknodes asap. When the migration to 2.0 occurs, previous rewards will likely become obsolete “the development team cannot guarantee that remaining funds can be carried over”.
• Latest proposal seeks to establish a new method of funding for Ren 2.0.

Secret network

Vulnerabilities have been discovered as described here and here. Essentially privacy was not all so private up to this point.

On the other hand, upgrades are coming fast with the next release scheduled for December 13th and Secret 2.0 still on the horizon.

Whether that puts up or down your confidence in the technology, here is a gentle reminder to rebalance accordingly.

• Possibility: swap some $SCRT for $ATOM or vice-versa and add it to a superfluid staking pool (LP tokens can be further staked on the corresponding chain creating additional incentives) on Osmosis.
• Follow the Secret Summit on their Youtube channel, December 15th.

MtGox claims

For those being part of the MtGox claiming process, there is an important deadline coming up to select the repayment method as specified in their latest email:

“the deadline to select a repayment method and to register payee information in accordance with the Rehabilitation Plan (“Selection and Registration”) is January 10, 2023"

• Visit the MtGox claims portal here and specify your repayment method.
• If needed visit the Telegram group and Reddit community to understand your options further.

Safe (former Gnosis Safe)

If you ever used Gnosis Safe before September 28 2022, make sure to claim your SAFE tokens before December 27th. Unclaimed tokens will return to the newly formed DAO treasury.

Also be aware that “$SAFE will be non-transferable at the outset and the governing community can decide if and when it becomes transferable in the future”.

• Find all the details here.
• Check your Safe on the web.

RAMP to LEVER

While there does not seem to be any deadline, one might as well go ahead and swap their old RAMP to the new LEVER token.

“As part of the rebranding of RAMP to LEVER, token holders can swap 1 RAMP token for 35 LEVER tokens.”

• Swap the old to the new here and follow their guide as needed.

FDT to BOND to Arbitrum

As FiatDAO was acquired by BarnBridge, a swap is coming up at the rate of 750 FDT redeemable for 1 BOND. Fiat II will be a BarnBridge protocol governed by BOND. Meanwhile BarnBridgeDAO is migrating to Arbitrum.

• Context on Fiat I vs. Fiat II here.
• Keep an eye on the $FDT 100 weeks locked airdrop and future proposals.
• Bridge your $BOND using the official Arbitrum bridge.

The Ethereum Merge?

Enough was said there pretty much everywhere in crypto world and on my timeline too. Suffice it to say, it was the most sensational event of 20222 in my opinion. It was executed successfully and now we can just admire the “justified” deflationary shift (occurring with network usage only). Second order effects should come into play at proper time.

• Check the $ETH burn and other supply stats live on ultrasound.money.
• Current staking APR is about 4.6% on Lido and 5.1% on Stakewise.

Random FYIs

• Cheqd Network (CHEQ) is introducing a burn percentage for identity related transactions via its latest tokenomics proposal.
• The community of Tornado Cash issued a post-censorship guide to help interacting with the protocol again.
• Qredo burns 40M tokens to mint validators NFTs. This move is a first step in a revamped economic approach: read about the Qredo Validator NFT model and deflationary shift here.
• Aptos has been the hype for a time this year but as always one should read about its tokenomics first.
• Qubic is my personal (re)discovery of 2022 and bet on the future. You won’t read anywhere else about it but here on my timeline.
• Zcash upgrade in May of 2022 included important technical upgrades and finally made Zcash monetory system independent of the initial Ceremony (“trusted setup”). More details here.
• Chainlink Staking v0.1 went live on December 8 and was filled on the same day. See below for what v0.1 enables and what is coming next. Read more about the initial Chainlink Staking roadmap here.

src: Chainlink Staking roadmap here (Chainlink Blog)

*This is far from being an exhaustive list. No financial advice.