$MELT Update🧵
In the last week since I posted my first @defrost_finance thread, a lot has happened:
- $MELT has announced new partnerships with @ankr and @elk_finance
- Bullish PA
- Increasing TVL
- H2O closer to peg
1/n
In the last week since I posted my first @defrost_finance thread, a lot has happened:
- $MELT has announced new partnerships with @ankr and @elk_finance
- Bullish PA
- Increasing TVL
- H2O closer to peg
1/n
See below for more detail on of those points above.
I’ve already mentioned details of the partnerships, but I think it’s best to reiterate and expand on them given their potential.
2/n
I’ve already mentioned details of the partnerships, but I think it’s best to reiterate and expand on them given their potential.
2/n
$ELK partnership
Details will be released next week, but regardless it’s great to see $MELT partnering with such a well respected cross chain protocol.
I wouldn’t be surprised if the partnership plays a part in @defrost_finance’s eventual cross-chain expansion.
3/n
Details will be released next week, but regardless it’s great to see $MELT partnering with such a well respected cross chain protocol.
I wouldn’t be surprised if the partnership plays a part in @defrost_finance’s eventual cross-chain expansion.
3/n
The recently announced @ankr partnership will be massive IMO.
The partnership unlocks liquidity in staked assets, the first being @ankr staked $AVAX.
Defrost was created to unlock (or defrost) liquidity in yield bearing assets, so collateralising staked assets makes sense.
4/n
The partnership unlocks liquidity in staked assets, the first being @ankr staked $AVAX.
Defrost was created to unlock (or defrost) liquidity in yield bearing assets, so collateralising staked assets makes sense.
4/n
Other than $BTC, the majority of major chains are already on or moving to proof of stake. So the TAM for collateralising liquid staking tokens will be massive.
5/n
5/n
The @defrost_finance team is ahead of this curve and has already said it plans to implement staked collateral types in addition to $AVAX, such as $ETH and $FTM.
So $MELT is positioned perfectly to benefit from the massive growth in liquid staking.
6/n
So $MELT is positioned perfectly to benefit from the massive growth in liquid staking.
6/n
Price Action and Chart
Since my first call three weeks ago and $MELT thread last week, price peaked at 6x and 3x respectively. It’s currently at c. 4x / 2x which is impressive in a down/choppy market.
7/n
Since my first call three weeks ago and $MELT thread last week, price peaked at 6x and 3x respectively. It’s currently at c. 4x / 2x which is impressive in a down/choppy market.
7/n
What’s more bullish is $MELT has set 4 higher lows after each run up and has printed 3 local higher highs. The higher lows is particularly good to see, given it likely signifies the holder base is increasing in number and increasing their bag sizes (I certainly have).
8/n
8/n
@Defrost_Finance TVL
Like the $MELT price, TVL is also increasing, up more than 50% in a a week from $59 to $90m.
9/n
Like the $MELT price, TVL is also increasing, up more than 50% in a a week from $59 to $90m.
9/n
Increase in $MELT Holders
In the last week, $MELT holders have increased 13%, from 1,296 to 1,470. sMELT holders have increased similarly.
10/n
In the last week, $MELT holders have increased 13%, from 1,296 to 1,470. sMELT holders have increased similarly.
10/n
H2O Peg
The peg is has recovered another 1% in a week, to almost $0.98. I expect it will reach $1 in the coming days as the measures below are implemented.
11/n
The peg is has recovered another 1% in a week, to almost $0.98. I expect it will reach $1 in the coming days as the measures below are implemented.
11/n
https://twitter.com/BillyBobBaghold/status/1487195540592885761
Community
I briefly touched on how welcome, knowledgeable,and engaged the @Defrost_Finance community was in my thread last week.
12/n
I briefly touched on how welcome, knowledgeable,and engaged the @Defrost_Finance community was in my thread last week.
12/n
https://twitter.com/billybobbaghold/status/1487196105695653888
This has been demonstrated yet again by the vibrant discussion of my proposal to reallocate $MELT rewards to pool 2 to increase liquidity. Read my proposal below and join the Discord and forum to take part.
13/n
forum.defrost.finance/t/reallocate-a…
13/n
forum.defrost.finance/t/reallocate-a…
Increased Liquidity and Less Dumping
If the proposal goes to a governance vote and passes, IMO liquidity will become deeper and stable farmers that aren’t boosting will receive fewer $MELT rewards to dump on the market.
Two significant birds with one stone.
14/n
If the proposal goes to a governance vote and passes, IMO liquidity will become deeper and stable farmers that aren’t boosting will receive fewer $MELT rewards to dump on the market.
Two significant birds with one stone.
14/n
@defrost_finance has done all this in a week. Imagine where it will be in a month after their multichain strategy is rolled out and other roadmap items are ticked off.
Bullish af.
15/n
Bullish af.
15/n
https://twitter.com/billybobbaghold/status/1487195584255512576
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