Nitro Chronicles: April Recap
ALP launch, Composition
April was a busy month for the Nitro Cartel team that was filled with exciting events and developments across multiple areas. From the highly-anticipated ALP Beta Launch to exciting partnerships with leading applications, this month was a rollercoaster ride. We are well on our way to building a premier liquidity layer for the Arbitrum ecosystem.
ALP Testnet
In early April, the Cartel kicked off the month by releasing the highly anticipated ALP Sepolia Testnet. The Testnet consisted of 3 phases.
- Wrap ETH into wETH and mint ALP
- Mint ALP with Arbitrum blue chips
- Redeem ALP into Arbitrum blue chips
Thanks to the valuable feedback from our testers, including Passport Holders and the GoodFellas on Discord, the test was successful and we were able to quickly make improvements to the product.
What is ALP
For those new to the Cartel, ALP is an index product launched on our first protocol ‘Arbitrove’ which creates exciting index use-cases on Arbitrum:
- GMX: An on-chain perpetual and spot exchange that offers zero price impact trades, low swap fees, and a seamless user experience using the novel multi-asset GLP pool.
- Trader Joe: the inventor of Liquidity Book, the most capital-efficient and versatile AMM in DeFi, empowering Liquidity Providers with customization and facilitating zero-slippage swaps.
- Jones DAO: Offers advanced DeFi strategy vaults based on Dopex and GMX to users on both Arbitrum and Ethereum.
- Camelot: The go-to native DEX on the Arbitrum Ecosystem with strong partnerships throughout its ecosystem.
- Radiant Capital: An omnichain money market built on top of LayerZero Labs and Stargate Finance.
- Gains Network: An on-chain perpetual exchange that allows users to trade both crypto derivatives and synthetic forex via their gDAI technology.
- Treasure (MAGIC): The biggest NFT ecosystem on Arbitrum.
ALP is a unique yield bearing Index that pays out real-yield and provides exposure to the Arbitrum Ecosystem and liquidity layer with a single click. We are constantly evaluating index parameters and will refine our index products over time.
ALP Beta Mainnet
On April 19th, the ALP Beta was successfully launched on Mainnet with wETH as the first live asset that users could deposit. wETH liquidity was launched first to kick-start the required liquidity for the platform.
Two weeks later, we opened deposits for other assets with percentage targets.
Note: Allocations with the term “Strategy” indicate an active strategy within the index that drives real-yield to users.
- ETH 5%
- GMX 30%
- JONES Strategy 15%
- MAGIC Strategy 15%
- GNS 12.5%
- RDNT Strategy 10%
- GRAIL Strategy 7.5%
- JOE Strategy 5%
After some fine tuning based on valuable community feedback, we have changed the current targets to:
- ETH 5%
- GMX 25%
- GMX Strategy 5%
- GNS 12.5%
- JONES Strategy 10%
- MAGIC Strategy 10%
- RDNT Strategy 10%
- GRAIL Strategy 7.5%
- JOE Strategy 5%
- DPX Strategy 5%
- rDPX Strategy 5%
New assets can be added to ALP via the Arbitrove Governance process which uses the TROVE Governance token.
Arbitrum Governance Proposal
Nitro Cartel, as a delegate of ARB tokens, is committed to reviewing each governance proposal carefully and voting based on the decisions of Passport Holders. This past month saw multiple highly-engaged proposals via the ArbitrumDAO.
- AIP-1.05: A proposal from a Community member to return funds to DAO. Nitro Cartel has voted ‘For’.
- AIP-1.1 and 1.2: Two Proposals from the Foundation about Transparency and DAO Governance. Nitro Cartel has voted ‘For’.
Want to delegate your ARB to Nitro Cartel?
Join us on Tally:
https://www.tally.xyz/profile/0xce42ed44b2e648aad37ffff6b0fd0dc809e73f87
What’s next for the Cartel?
We’re exploring new and exciting use cases for ALP as we work on scaling liquidity. If you’re part of a team that’s looking for an ideal Arbitrum liquidity partner, get in touch.
Join our Passport Member channel for bi-weekly alpha updates on all aspects of the cartel. Monthly reports will continue to be available publicly for everyone to access. Keep a close eye on announcements related to upcoming ALP leverage tools. You won’t want to miss that one.
