Editorial notes (vol. 18) – Tokenless projects you have to try out
A new week has arrived – and with it, new additions to our Explore Screen. In this week's edition, we’ll focus on the various projects that have not “yet” released their token and have made a great impression on our team.
There have been many instances in Web3 where early adopters and users were retroactively compensated for their support by receiving an airdrop once the projects launched their tokens – most famously Uniswap.
Trying out new projects and interacting with them is one of the best ways to stay at the forefront of what is happening in Web3. Even if some of them never launch their own token, you’ll still benefit greatly just by using the fantastic products they have built.
Tokenless Projects You Have to Try Out
There are quite a few projects that haven’t released their own native token and aren’t relying on it to incentivize the utilization of their products. Some of them you absolutely have to try out and interact with, and we tried to list them here.
Let’s dive right in!
Access a new DeFi primitive – uncollateralized loans to DAOs and businesses with Atlendis.
Atlendis enables businesses to open borrowing pools to take out revolving lines of credit with predetermined maturities. End-users can lend assets into those pools and get a higher interest rate than in other DeFi lending protocols to match the higher risk lenders take when participating in undercollateralized loans. It currently offers four pools on Polygon that accept USDC and agEUR deposits.
Trade multi-collateral perpetual futures on Avalanche with Hubble Exchange.
Hubble Exchange has just recently launched a native perpetual futures exchange on Avalanche. The exchange lets traders collateralize multiple tokens to trade perpetual futures contracts, giving traders the ability to maintain exposure to digital assets while using them as collateral to trade perpetuals. Currently, Hubble supports the trading of AVAX perpetual futures and AVAX, USDC, and Hubble Virtual USD (hUSD) as collateral. BTC, ETH, and other Avalanche-native assets will be available in the future.
Opyn allows you to gain perpetual exposure to Squeeth (ETH²) and automated Squeeth strategies.
Squeeth is a new financial derivative built by Opyn, which makes options perpetual and is a great hedge for ETH LPs and ETH/USD options. On their platform you can long Squeeth — a leveraged position with unlimited ETH² upside, protected downside, and no liquidations or short Squeeth — short ETH² position, collateralized with ETH where you earn a funding rate, paid by long Squeeth holders.
You can also partake in their “crab” automated strategy, which performs exceptionally during the sideways market.
Grow your crypto with customizable yield enabled by Vovo Finance.
Vovo Finance is a structured products protocol that offers a variety of products with varying risk profiles. It offers:
Principal Protected Products: Stand a chance to earn large profits without the risk of losing the principal. It is built by integrating Curve with GMX perpetual swap exchanges on Arbitrum. Users simply deposit USDC into the vault, which in turn deposits the tokens into Curve farming pools. The generated returns are then used to open leveraged positions on GMX to boost the yield.
Yield Enhancement Products: Earn high returns by taking the risk of your choice. It works similarly to Principal Protected Products, but instead of depositing USDC users need to deposit GLP which are then staked to generate rewards.
Polynomial automates financial derivative strategies to create products that deliver passive yield on sUSD and sETH.
Polynomial is an options strategy platform on Optimism. Polynomial uses user funds to engage in automated on-chain option strategies netting users juicy, but not entirely risk-free, yields. You can participate in two vaults by depositing sUSD or sETH depending on whether you’d like to be a part of the put selling or call selling strategy.
On August 10th they launched their Earn Vaults V2 which has brought a few exciting features especially improved capital efficiency of the vaults themselves. From now on you can enjoy near-instant deposits and withdrawals and get the corresponding ERC-20 tokens representing your share of the vault – these tokens can be integrated into the rest of DeFi.
Boost, hedge, and trade yield with Timeless Finance.
Timeless is a yield market protocol that lets you boost, hedge, and trade yield. It splits user deposits into two types of yield tokens: Perpetual Yield Token (PYT), whose holders receive the yield generated by the user deposits, and Negative Yield Token (NYT), whose market price moves in the opposite direction as PYT.
Timeless enables the following use cases:
Yield boosting: Boost the yield you earn from any supported farm by 1-2x.
Yield hedging: Decrease the volatility of the yield you earn.
Yield speculation: Speculate on whether yield rates are going up or down.
Fractional Art – buy, sell, and mint fractions of NFTs.
Fractional enables collective ownership of NFTs, by allowing you to buy, sell, and mint fractions of NFTs. Through Fractional, it becomes easy to buy and own a percentage of an NFT. This allows users who have been previously priced out of certain NFTs or artists (such as Beeple) to be able to buy a piece of their work. Alongside this, fractionalizing an NFT allows the original creator or owner to generate some liquidity from their asset without selling the entire piece.
Trade at the best possible prices with SlingShot, which aggregates liquidity across top DEXs.
Slingshot aggregates many liquidity protocols and provides users with the best option available depending on the trading pair they are looking for. On top of the best trading options, Slingshot will also give traders any positive slippage that may occur during the trade.
Generate diversified, organic yield with structured products, enabled by Thetanuts Finance.
Thetanuts offers structured products that help users gain sustainable yield through options strategies on multiple chains such as Ethereum, Polygon, Avalanche, Fantom, and others.
It is built for users to maximize risk-adjusted yield generation in all market conditions with a well-designed and intuitive user experience. As such, they offer two primary sets of structured products – Basic, which offers various call and put selling strategies, and Stronghold, which aggregates multiple Thetanuts Basic vaults.