Thank you fellow readers to continue reading my research about Defi on the Optimism Superchain.
If you missed the previous newsletter, it’s just one click away from you HERE.
————— This Week Menu —————
🦸♂️ Superchain news
📈 Superchain Stats
🔵So Basic, So Simple, SosoValue
Defi for everyone is a meme. You need a PhD, 3y in the trenches, a group of degen friends, and several nights without sleep to understand it all. But, i just discovered a brand new protocol on Base, with 180m$ TVL. Buy a crypto index in one click, check the performance vs $BTC, stake to earn… A scam or a real project? Let’s discover SosoValue.
🔴 During ETH Denver, Optimism run the Interop event, letting builders to show how interoperability can trully change the game when chains communicate together, check their findings and use cases
😂 Velodrome launched on Unichain and already started to vampire uniswap, and at the same time announced that his deployment on 🟠BOB will be deprecated: Users are invited to withdraw their funds immediately
✈ Gauntlet & Aerodrome will accelerate $EURC onchain with a 50k€ incentives program, only on Base
💿 Soneium has delivered around 427k badges to onchain users, with only 307 wallets receiving OG Badge. New protocols badges are now available. Increase your usage by 31/03. More info here
🌊 Ozean partners with First Digital to advance RWA tokenization and will offer access to $FDUSD stablecoin
🟢 Ancient 8 chain is going to launch very soon the 1st Season of a 200k OP grant program. Check it out
🌴Mass.money is launching tokenized stocks, ETF with $QQQ, $HOOD, COIN on Base, with Dinari & Alpaca as custody partners
👓 Eternity chain gov token has been changed from ERN to EPIC. Check the official migration portal
🎱 After Base, Crypto the game season 3 has launched on Unichain: 716 players, 71,6 ETH pool, 1 winner only!
Superchain Stats - 7D TVL growth Leaderboard
Soneium incentive program has been working very well despite the current market condition. Base & Optimism are not on that list with around -19% TVL decrease.
Last week, when I opened up https://defillama.com/chain/Base, I discovered a brand new protocol I’ve never heard about called SoSoValue Basis, with a surprising 173m$ TVL, making it top #6 protocol on Base by TVL.
So, as you may have never heard about it neither, I have broken down this project for you.
1. Key Metrics
1.1 → TVL = 190m$
The project has been integrated by Defillama since 13-Jan-25 only. And TVL sky rocketed from 9m$ to 190m$ in 24 hours (172m$ on Base)… I don’t remember seeing this, especially with no words being spread by CT.
Each index has its onchain token, named SSI token. Each SSI token represents a carefully curated basket of spot crypto assets, constructed using transparent rules and rigorous methodology to track major crypto sectors. Tokens are available on Uniswap, and liquidity providers are incentivized to provide liquidity.
MAG7.ssi, DEFI.ssi and MEME.ssi share the same details:
The only missing piece i couldn’t find so far is the Proof of Reserve. While COBO & CEFFU are both very well known custodians, I like to have an independant party from the project team itself to provide a statement of Proof Of Reserve. I’ve asked the project, and will keep you updated as soon as I receive a reply.
2.4 Onchain liquidity
The current onchain liquidity on Uniswap is:
MAG7.ssi: 23m$ for 154m$ Market Cap or TVL
DEFI.ssi: 1.6m$ for 15m$ Market Cap or TVL
MEME.ssi: 1.8m$ for 1.7m$ Market Cap or TVL
USSI.ssi: 7.3m$ for 14m$ Market Cap or TVL
3. $SOSO Token & Airdrop campaign
The prototocol governance token is $SOSO [CA: 0x624e2e7fDc8903165F64891672267AB0FCB98831]
SosoValue is incentivizing SSI token holder based on different actions. Users can HOLD / STAKE / Lock Uniswap LP token & earn $SOSO, the protocol governance token:
You can also stake $SOSO to boost your rewards.
Conclusion
Sosovalue is offering a very interesting product. As we have seen in Tradfi, ETFs are very famous, so why not bringing ETF onchain.
The downside of this project is the communication:
Seems to have a number of partnerships with KOLs, CEXes
The website looks much more scammy than Curve Finance or Aerodrome
But, I would assume that Sosovalue is targetting the South East retail community, which then their UI very similar to Rollbit, Bybit or Binance.
But, and i’ll end up with this, there are 2 showstoppers for me:
1- The ponzinomics of this Season 2 campaign: Lock your index.ssi token, stake their $SOSO gov token to earn more yield. If you participate into this, be the 1st to get out.
2- No fucking proof-of-reserve i could find on the web. So be very careful with this, as if there is no proof of reserve, you have no guarantee that your index.ssi token won’t go to zero.
And by checking the tx history, I manage to find that the main purchase was done through Definitive App, on 18/02, so 1 day before the announcement.
Buy at 30$ =>
Current token value at 61$ => x2 in 48h !!! WOWOW insane!!
And this wallet is twapping 35$ almost every 2 minutes (25k$/day) through Definitive to increase his holding, making a similar pattern as the previous 2 buys. What do they know ?
$CLANKER might be something to keep an eye on, especially as AI X project GROK, issued its own token $DRB using CLANKER:
I may plan to make a post on who is buying $DRB on my next newsletter. But if you can’t wait and want to subscribe to their platform, you may want to use a special discount (see below)…
Disclaimer: Nothing in this content is financial advice. I may have some positions on the presented projects, however these articles are written in a non biais way so that you can make you own opinion out of it.
Do your own research before investing, and remember that Crypto is extremely volatile and risky. Be ready to loose everything you invest in.
