My playbook now that ZK has airdropped
TL;DR
▫️ Will keep some ZK to show support, but also to farm Season #2
▫️ Shoveling some proceeds into fresh, tokenless zkRollups and Eigenlayer 'Copycats' and adjacent plays
▫️ Continue pressing buttons on what's left in airdrop land (mainly emphasizing on non-linear/semi-linear projects here)
-------------------------------
zkSync (skip this section if not interested)
49.2% left allocated to 'Community' on the pie chart.
19.9% out of that goes to 'Ecosystem Initiatives' - likely injecting ZK incentives into various yield farms (LP), and individual dApp usage: Syncswap, zkSwap, Koi, Maverick, HoldStation, etc.
I'm not a trader, so will mainly just continue LPing on Syncswap, and maybe throw Maverick and Uniswap into the mix. Haven't fully decided yet.
29.3% out of the 49.2% goes to 'Token Assembly' - meaning, Governance Voters will have a say in how to allocate it.
I could therefore see ZK Delegators (usually delegating to someone else is better) getting additional ZK tokens down the line. Think Optimism Airdrop #2 & #3, and Sei #2 (staking, but similar dynamics).
There's also the possibility that proposals will pop up that consider rewarding metrics that have previously been excluded in Airdrop #1: Unique dApp usage, Contracts, Txs, Volume, consistent usage over months.
Far-fetched? Yes, but now the 'tourists' are basically gone with a lot less mercenary capital on the chain left since the token is already trading. The latter makes it A LOT less attractive for farmoors to remain on the chain.
Case in point is Sei #2: nobody farmed it, so everyone that stayed and staked 42 SEI + liquidstaked 42 SEI received 3200 Tokens (still worth over $1180 right now).
Counter-argument is Aptos #2: it still hasn't happened, so could take a long while to play out (opportunity cost).
To summarize Exhibit 1
▫️ My way to play ZK #2 is by simply keep LPing (can do ETH/BTC if you don't want ZK exposure, even if it might get weighted more), mainly on Syncswap. Maverick will also airdrop again, so could be a consideration.
▫️ Will delegate some ZK. Few potential 2-1-in plays in there too, e.g. you can delegate to: Syncswap, Sophon, Tevaera. Feel free to skip this step.
▫️ Going to keep a light tx footprint on the chain too, mainly by bridging into/from zkSync via tokenless bridges, and swapping on Jumper, ZyFi. Using new dApps (barring smart contract risk) => +EV.
-------------------------------
zkRollups
Caveat in advance: most of those are much more linear than not, so it will likely just be a certain APR (20-60%) on your ETH.
zkSync LP was different: it added a ton of points/eligibility, but only up to a certain degree, and was hard-capped at 100K ZK.
You would have to bank on an Eigenlayer scenario occurring for zkRollups where they add a hefty baseline amount of tokens to low LPs.
zkRollup #1 - Scroll
According to L2beat, Scroll has $731M TVL while Linea has $1.21B. It's my #1 LP farm right now because of 2-in-1 plays WHILE LP is not the sole factor (e.g. Gas played a role retroactively), adding a gamification aspect to it.
LP of choice is Ambient. Have also added Pencils for a Scroll, Pencils, StakeStone, and apparently Eigenlayer 4-in-1. Scroll Contributors in the seed.
Tranchess is the somewhat Pendle-equivalent on Scroll, so could degen your STONE there (I did with a small stack).
For the non-LP aspect, I'll continue trying out unique dApps, with most mentioned in this list:
Additional dApps can be discovered on:
zkRollup #2 - Linea
Linea is very simple: all that matters for Surge is LP.
Easy choice for me is Mitosis (uncapped on June 19) - still not sure if it even has started to accrue L-LXP yet.
Second choice is Syncswap (weETH/ETH pair).
People seem to like MoneyMarkets on Linea for capital efficiency; honestly not the biggest fan of them due to smart contract risk (except Aave).
You might be wondering why Base isn't listed here? It's because I believe Base having a token in 2023 was Psyops (and I bought into it too), and won't be happening anytime soon. 2024 earliest, if at all - make sure to roast me if wrong. So all I'm doing for Base is farming it indirectly via things like deBridge and the occasional swap and NFT mint on Zora.
Honorable zkRollup mention: Kroma (Spectrum Event)
-------------------------------
Eigenlayer 'Copycats' / Adjacent
Will just drop names here:
▫️ Symbiotic + Mellow or Symbiotic + EtherFi (there will be more 2-in-1 Symbiotic Legos in the future)
▫️ Karak + Swell
▫️ Swell L2
▫️ Zircuit
Most promising out of those might simply be Symbiotic due to Lido-alignment.
Would also add Elixir as a decent LP farm w/ TGE slated for August (has nothing to do with Eigenlayer).
-------------------------------
Tx-Based / Button Pressing
The 'issue' with all the airdrops mentioned above is that they're linear or semi-linear, so if you haven't accumulated a decent chunk of $ via previous tx-airdrops (Arbitrum, Wormhole, Manta Galxe, Starknet, Drift,Tensor), you'll be in a disadvantage due to sheer size.
Second issue even with non-LP airdrops is that they can still be linear, e.g. LayerZero, deBridge, Orbiter, Owlto, all rewarding you based on the fees you paid to their protocol - size matters once again.
I still farm 'button-pressing' airdrops, but essentially haven't added anything new to the list below as I've already been farming for 1.5 years straight and plan to slow down:
Hyperlane, Tensor, Liquidswap, Econia Labs, Jumper, Socket/Bungee, Zora, obvious favorites, BUT
Hyperlane could go the fee-route too
Tensor mentioned it will be linear
Zora might never have a token
Recent Hyperlane Ecosystem showcase:
Could also add MagicEden; I'm personally not farming it (raised $159.50M).
The point of inflection/saturation in Airdrops was already reached back in January this year, so the best way to approach them is to mark them down to zero before you even start farming, to avoid disappointment afterwards (in my opinion).
There will always be lucrative airdrops, but you need to be exceptionally driven and hungry to discover the niche, lesser-known ones nowadays.
Who knows, maybe I'll even farmer LayerZero Airdrop #2 for the culture. Let's see how the Checker plays out.
defillama.com/chain/Scroll
TL;DR
▫️ Will keep some ZK to show support, but also to farm Season #2
▫️ Shoveling some proceeds into fresh, tokenless zkRollups and Eigenlayer 'Copycats' and adjacent plays
▫️ Continue pressing buttons on what's left in airdrop land (mainly emphasizing on non-linear/semi-linear projects here)
-------------------------------
zkSync (skip this section if not interested)
49.2% left allocated to 'Community' on the pie chart.
19.9% out of that goes to 'Ecosystem Initiatives' - likely injecting ZK incentives into various yield farms (LP), and individual dApp usage: Syncswap, zkSwap, Koi, Maverick, HoldStation, etc.
I'm not a trader, so will mainly just continue LPing on Syncswap, and maybe throw Maverick and Uniswap into the mix. Haven't fully decided yet.
29.3% out of the 49.2% goes to 'Token Assembly' - meaning, Governance Voters will have a say in how to allocate it.
I could therefore see ZK Delegators (usually delegating to someone else is better) getting additional ZK tokens down the line. Think Optimism Airdrop #2 & #3, and Sei #2 (staking, but similar dynamics).
There's also the possibility that proposals will pop up that consider rewarding metrics that have previously been excluded in Airdrop #1: Unique dApp usage, Contracts, Txs, Volume, consistent usage over months.
Far-fetched? Yes, but now the 'tourists' are basically gone with a lot less mercenary capital on the chain left since the token is already trading. The latter makes it A LOT less attractive for farmoors to remain on the chain.
Case in point is Sei #2: nobody farmed it, so everyone that stayed and staked 42 SEI + liquidstaked 42 SEI received 3200 Tokens (still worth over $1180 right now).
Counter-argument is Aptos #2: it still hasn't happened, so could take a long while to play out (opportunity cost).
To summarize Exhibit 1
▫️ My way to play ZK #2 is by simply keep LPing (can do ETH/BTC if you don't want ZK exposure, even if it might get weighted more), mainly on Syncswap. Maverick will also airdrop again, so could be a consideration.
▫️ Will delegate some ZK. Few potential 2-1-in plays in there too, e.g. you can delegate to: Syncswap, Sophon, Tevaera. Feel free to skip this step.
▫️ Going to keep a light tx footprint on the chain too, mainly by bridging into/from zkSync via tokenless bridges, and swapping on Jumper, ZyFi. Using new dApps (barring smart contract risk) => +EV.
-------------------------------
zkRollups
Caveat in advance: most of those are much more linear than not, so it will likely just be a certain APR (20-60%) on your ETH.
zkSync LP was different: it added a ton of points/eligibility, but only up to a certain degree, and was hard-capped at 100K ZK.
You would have to bank on an Eigenlayer scenario occurring for zkRollups where they add a hefty baseline amount of tokens to low LPs.
zkRollup #1 - Scroll
According to L2beat, Scroll has $731M TVL while Linea has $1.21B. It's my #1 LP farm right now because of 2-in-1 plays WHILE LP is not the sole factor (e.g. Gas played a role retroactively), adding a gamification aspect to it.
LP of choice is Ambient. Have also added Pencils for a Scroll, Pencils, StakeStone, and apparently Eigenlayer 4-in-1. Scroll Contributors in the seed.
Tranchess is the somewhat Pendle-equivalent on Scroll, so could degen your STONE there (I did with a small stack).
For the non-LP aspect, I'll continue trying out unique dApps, with most mentioned in this list:
Additional dApps can be discovered on:
zkRollup #2 - Linea
Linea is very simple: all that matters for Surge is LP.
Easy choice for me is Mitosis (uncapped on June 19) - still not sure if it even has started to accrue L-LXP yet.
Second choice is Syncswap (weETH/ETH pair).
People seem to like MoneyMarkets on Linea for capital efficiency; honestly not the biggest fan of them due to smart contract risk (except Aave).
You might be wondering why Base isn't listed here? It's because I believe Base having a token in 2023 was Psyops (and I bought into it too), and won't be happening anytime soon. 2024 earliest, if at all - make sure to roast me if wrong. So all I'm doing for Base is farming it indirectly via things like deBridge and the occasional swap and NFT mint on Zora.
Honorable zkRollup mention: Kroma (Spectrum Event)
-------------------------------
Eigenlayer 'Copycats' / Adjacent
Will just drop names here:
▫️ Symbiotic + Mellow or Symbiotic + EtherFi (there will be more 2-in-1 Symbiotic Legos in the future)
▫️ Karak + Swell
▫️ Swell L2
▫️ Zircuit
Most promising out of those might simply be Symbiotic due to Lido-alignment.
Would also add Elixir as a decent LP farm w/ TGE slated for August (has nothing to do with Eigenlayer).
-------------------------------
Tx-Based / Button Pressing
The 'issue' with all the airdrops mentioned above is that they're linear or semi-linear, so if you haven't accumulated a decent chunk of $ via previous tx-airdrops (Arbitrum, Wormhole, Manta Galxe, Starknet, Drift,Tensor), you'll be in a disadvantage due to sheer size.
Second issue even with non-LP airdrops is that they can still be linear, e.g. LayerZero, deBridge, Orbiter, Owlto, all rewarding you based on the fees you paid to their protocol - size matters once again.
I still farm 'button-pressing' airdrops, but essentially haven't added anything new to the list below as I've already been farming for 1.5 years straight and plan to slow down:
Hyperlane, Tensor, Liquidswap, Econia Labs, Jumper, Socket/Bungee, Zora, obvious favorites, BUT
Hyperlane could go the fee-route too
Tensor mentioned it will be linear
Zora might never have a token
Recent Hyperlane Ecosystem showcase:
Could also add MagicEden; I'm personally not farming it (raised $159.50M).
The point of inflection/saturation in Airdrops was already reached back in January this year, so the best way to approach them is to mark them down to zero before you even start farming, to avoid disappointment afterwards (in my opinion).
There will always be lucrative airdrops, but you need to be exceptionally driven and hungry to discover the niche, lesser-known ones nowadays.
Who knows, maybe I'll even farmer LayerZero Airdrop #2 for the culture. Let's see how the Checker plays out.
https://x.com/CC2Ventures/status/1797840439958962622
defillama.com/chain/Scroll
https://x.com/CC2Ventures/status/1790447955985453461
https://x.com/CC2Ventures/status/1801255084317147497
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