Cryptex.finance - $TCAP is a synthetic asset representing the total market cap of the cryptocurrencies. It allows investors exposure across the entire space (all macro, micro, blue chips, layer 1s, layer 2s, etc) as a bet on the growth of the asset class. This one includes an audit from Quantstamp too. It’s not surprising the protocol already has >$20m TVL since launching 3 hours ago as the apes have arrived. Also, early adopters of the protocol, anyone who opens a vault in the first 14 days, will receive a reward bonus too!
The $TCAP token follows the total market cap divided by 10. Each $TCAP token must be minted and backed by staked $ETH or $DAI (250% collateralized), and is tradable on Sushiswap $CTX tokens can be earned by providing liquidity on Sushiswap, and the risk of IL is something to watch for. IL should be less between TCAP/ETH since they are both cryptos.
$TCAP is similar to $DPI because they also include a governance token that can be earned. $DPI’s $INDEX token has become a growing asset and would have been a really smart farm and hold.
The Cryptex team includes some very well known Ethereum names, like Preston van Loon, a key contributor and developer of Prysmatic Labs (Eth 2.0 client). They also met with the mayor of Miami! Apparently, douchey purple sunglasses are required.
Minting $TCAP and providing liquidity seems like a good longer term farm during the bull market. There are quite a few steps involved, meaning lots of transaction fees, so longer is smarter to earn $CTX. There is a vesting period for earned $CTX (30% available immediately, 70% available after 6 months).
Steps are as follows:
1) Create a vault (ETH, WETH, or DAI)
2) Deposit ETH to mint $TCAP
2) Deposit ETH and TCAP in Sushiswap and receive LP tokens
3) Deposit Sushi LP tokens in the Cryptex app to earn $CTX