Nukem Loans — January Update (#2)

Published in

Nukem Loans

5 min readJan 21, 2024

Lot of new things happening since our last update…

By now, 2023 is forgotten, Bitcoin ETFs are approved, and every new day gets us closer to the 4th Bitcoin halving. Amidst this bullish historical move into traditional markets, financial crypto degeneratives are still hyping up ‘utility-less’ meme tokens as if there’s no tomorrow.

BONK (left), WIF (middle), FLOKI (right) market cap charts (3m)

We can highlight three meme projects with highly active trading communities and interesting charts:

$BONK - After experiencing incredible growth dynamics during December ‘23, this token is currently undergoing a standard downward cascade. Market makers are liquidating both short and long leveraged players. Trading volumes consistently exceed $500 million per day, particularly during significant price movements.
$WIF - A newcomer in the meme market, $WIF has quickly garnered a great community and embraced a vibrant meme culture, achieving a $500 million market capitalization in just a month. Trading volume fluctuates between $30 million and $100 million.
$FLOKI - This old-timer in the dog’s world (where one year equals ~8 human years) is resiliently defending its $250 million market cap. Trading volumes range from an average of $20 million to as high as $250 million during highly volatile periods.

With a few exceptions, like FLOKI, almost all meme tokens have a commonality: they lack tangible token utility that could positively impact their prices. Following a characteristic blow-off top, it typically takes only a matter of weeks or months before we witness a complete shift in both trading volume and value to another shiny gem.

Opting for Nukem Loans as a partner could provide holders with several advantages:

Nukem Loans can list their tokens and establish lending markets in both directions — using USDT, ETH or BNB as collateral and memes as debt, and vice versa.
Holders would then have the option to deposit their memes as lending liquidity, earning daily interest on otherwise idle tokens.
Traders could utilize the loans as a stop-loss mechanism, depositing memes and withdrawing USDT as a debt. In the event of liquidation, the trader remains in possession of the USDT, providing them with the ability to deploy these funds to purchase said meme token again — potentially at an ever cheaper price - be the bottom you want to see in the world.
More aggressive traders might opt for leveraged loans to maximize their exposure to meme assets by depositing USDT and borrowing memes with up to 10x leverage.
The potential outcomes include: more volume for the meme asset, a reduction in circulating supply as tokens are parked in lending vaults, growth in interest rates for meme asset deposits, increased buying demand, potential liquidity takeover from other meme projects (be the first, be the most aggressive and get the best APY for your token to attract liquidity lenders from other projects)

Updates for January 2024.

Lock-Up Of Tokens Issued for Marketing

In late December, our community successfully initiated its inaugural governance proposal. The community reached a consensus to permanently lock 105 million $sNUKEM tokens that were initially issued for canceled marketing deals, leading to a 0.118% deflationary impact.

Zellic Audit Completed

A leading audit firm for smart contracts has successfully audited our smart contracts! During their assessment of the Nukem Loans contracts, Zellic identified nine issues, all of which were promptly addressed by our team!

Airdrop Announcement for Liquidity Lenders

Airdrop details were announced in the last medium article:

Deposit and Prepare for the Airdrop: The first step to claiming your share of the Nukem sky is simple — deposit your liquidity in any lending vault. Visit Nukem Loans Beta to get started on this exciting journey.
10x Token Bomb: Brace yourself for a jackpot by depositing assets into NUKEMUSDT and USDTNUKEM vaults, making you eligible for 10x the airdrop amount. This isn’t just an airdrop; it’s a nuclear windfall.
Bywassies NFT Bonus: Holders of Bywassies NFTs, your degeneracy is about to pay off with an additional 1.5x bonus eligibility. Yes, you have done the math correctly — that is a 15x larger airdrop than non-Wassie, non-Nukem depositors.

Beta Platform Released for both ETH and BNB networks

Arguably the most significant event of the year thus far - our developer team has launched an updated UI for our lending platform. Taking inspiration from Uniswap’s intuitive design, our decentralized application (dApp) incorporates staking, lending, borrowing, leverage, and liquidation.

Lending Markets deployed on ETH and BNB

Multiple markets were deployed on the BNB and ETH networks last week. We are conducting multiple partnership negotiations and are expecting more listings and liquidity deposits.

Stress-Test Successfully Performed on NUKEM markets

Don’t let the first sentence of the DeFiKash thread discourage you. NUKEM’s price has already surged by more than 80% since the 13th of January. For additional information on this stress test, check out this THREAD.

Key Performance Indicators

While the price and market cap are temporarily down due to the pre-sale unlock and stress test on NUKEM markets, the Total Value Locked (TVL) has increased by more than $3 million. The number of transactions is on the rise, and the number of wallets has also seen growth.

What is coming next?

Partnership negotiations with multiple projects
Enhancement of the KPI/analytics platform to display our of traction and revenue flow
Applied for Twitter Verified Orgs status (gold checkmark)
Actively addressing and polishing minor bugs on the UI
Wallet integrations (marketing reach)
DeFi Llama and Coin Gecko listing
New chain integrations

Finally, it’s worth mentioning that there are suspicions that Nukem may have been involved in leaking a tweet related to Bitcoin ETF.