The Ribbit #3

This is the third edition of “The Ribbit”: my bi-weekly newsletter about the Frog Nation and #OccupyDeFi movement. Every two weeks I’ll use this space to update you on the latest happenings with Abracadabra, Popsicle Finance, and Wonderland.

Before we jump in I have a request…

I write the Ribbit for free as a service to the Frog Nation. I also maintain an active Discord server with over 2,000 froggies hoping to answer all kinds of questions about Abracadabra, Popsicle, and Wonderland.

This takes a lot of time and effort in my life, and I’d love to make it a full-time endeavor. I am now accepting tips to help support this work and move towards full-time DeFi work. If you’ve found my work helpful, would you consider sending a tip?

Send to: 0x64A8fE0dEe31008615cE4a9ec2BEDd0434b6385a

Please join us over at the Discord, follow me here on Medium, or on Twitter. Feel free to share or retweet this article as well.

With that, let’s hop on into the latest news!


Magical Internet Money continues to dominate as the cross-chain stablecoin of choice. Over the last two weeks, the team has seen the highest revenue ever, new use cases and cross-chain deployments, cauldron updates, farming changes, and a website update.

GMX recently added $MIM as a base-pairing for long and short positions on the platform. You’ll now be able to trade using $MIM against assets like $ETH, $BTC, and more. $Spell was also listed on Bitfinex.

Trader Joe’s support of $MIM continues to grow: it’s now a part of the default routing for all swaps. This will increase the usage volume of $MIM on Avalanche dramatically. Sushi is following suit and adding $MIM to default routing as well.

Did you know that $MIM is coming to Solana? Watch out for more news but check out this tweet from Daniele.

Oh, and the proposal to change the MIM pool to A2000 passed! This means even better usage for $MIM on Curve.

Want to borrow against your staked $Time at a higher rate? The team has added a new cauldron for $wMEMO that allows you to borrow more $MIM (75% LTV) than before. The old one will remain available for withdrawing funds but will not receive $MIM replenishment.

A new $UST degenbox cauldron is live. This one comes with a new price oracle. See the details here.

The $xJOE degenbox strategy is now live as well. Users can borrow against their deposited $xJOE and still earn yield from it. The degenbox strategy allows the $xJOE to be farmed for even more $Joe and distribute that back to depositors. Learn more here.

Finally, the team deployed new $AVAX/Stablecoin degenbox strategies for users to borrow against. Learn more on how you earn from this here. Earn more with $MIM!

You can now stake your $Spell on Fantom by trading $Spell for $sSpell, or even provide liquidity for the pair. Remember, only staked $Spell benefits from Merlin’s big fat green candle.

Don’t forget the new $AVAX/$SPELL farm on Pangolin which is now also on Impermax for leveraging!

The team launched a new forum for hosting discussions around governance proposals, and received its first submission. Popsicle Finance’s team would like users to consider sharing the fees from a new LP leveraging system. See the forum and proposal here.

Abra is now live on BSC, one of the largest chains by TVL. Right now users can deposit and get $MIM loans against $wBNB and $CAKE! Ready to bridge? Check out Anyswap to do so:

Learn more on the deployment possibilities here.

The weekly update on $Spell emissions is out. The protocol is currently emitting 550,707,097 tokens per week! A breakdown of the changes:

  • ⬇️ 3PoolV2 on #Arbitrum and #FTM: -30%
  • ⬇️ MIM-3Pool on #ETH: -10%
  • ⬇️ SPELL — ETH Abritrum: -30%
  • ⬇️ MIM — ETH Abritrum: -30%
  • ⬇️ ETH — SPELL on ETH: -20%
  • ⬆️ 3PoolV2 on #Avalanche: +30%
  • ️️⬆️ Bribes CRV: +10% coming from MIM-3Pool

See more on emissions here.

The team has updated a couple of spots on the site to make things easier than ever to understand. Especially, they updated the leverage mechanism to be clearer, and added Wallet Connect support. This type of update is huge for usability and keeping $MIM as a top stablecoin!

Popsicle Finance

The Popsicle team has been making some major moves: TVL is up, fees are coming in, a new proposal is out, and new pools have been deployed.

The project reached nearly $100 million in TVL last week according to Defi Llama. That TVL lead to some major profit for $Ice stakers and over $1.7 million in fees earned since launch. Watch out for that Valhalla candle!

Read a full update from the team specifically on Fragola here.

Liquidity optimization proposal for KeeperDAO

The team posted a new proposal to provide liquidity optimization for KeeperDAO. If the proposal passes $2 million in liquidity for $Rook could be added. Read more here.

The team continues to add new pools for optimizing. They recently added some stablecoin pools, and new ones for the following:

  • $SAND / $WETH 1%
  • $ENS / $WETH 0.3%
  • $WBTC / $USDT 0.3%

The new stablecoin pools will have a lower fee (10%) than other pools. This choice was resolved using the brand-new governance site for Popsicle.

Want to join an old pool but waiting for the cap to raise? Check out the replenishment bot.

Wonderland Finance

The Wonderland project is following Alice down into the rabbit hole with a new all-time high for market cap, backing per $Time, a calculator, and rumors galore about treasury deployment.

The Wonderland Twitter hosted an AMA with Daniele about Wonderland and it had a TON OF ALPHA. You can read my synopsis thread on that here. You can also hear more from Lisbon and Daniele’s chat with Avalanche over at this link.

A new market cap high was reached this last week with over $3.19 billion! As well, the backing per $Time is now an incredible $2096 at the time of writing. Oh, and there are over 100k staking $Time right now.

With over $870 million in the Wonderland treasury, there are a number of discussions happening on how to use those funds. A recent AMA with Danielle detailed how these may be used to start something like a decentralized investment firm focused on launching new games, NFTs, tokens, and more. The profit from these endeavors could be returned to $Time stakers.

Prediction: Wonderland will be the Black Rock or Alameda of decentralized finance.

Another possibility? Moving some of those funds into Avalaunch for profit on token launches.

It’s all about the community in the end though.

The team added a new calculator for estimating returns on investment into $Time. You can see that and your potential ROI here. How many lambos do you think you’ll make?

A multisig wallet with doxxed participants is a huge move for a secure protocol. It ensures that no choice is made in isolation and responsible choices are made by all parties involved. The team added Stani Kulechov, the founder of Aave, @0xwangerin of Defiance Capital, and the former Monero team lead Riccardo Spagni this week to the wallet.

Revolutionary Spaces is a writer, educator, avid DeFi user. You can catch him on a number of Discord servers as a community manager or at his Twitter. He’s always looking for more side hustles so feel free to reach out for community management or product management opportunities in DeFi.

Into NFTs?

Are you on Avax and looking for a fun NFT project? Avalanche Party Animals started minting on 11/13/2021 and sold out within the first four hours. The Party Animals are based on the unofficial mascot of Avalanche, Wolfie, and have a unique tokenomics. The team is on Discord here.

Got questions about the Frog Nation?

Join the Frog Nation Discord to organize with other DeFi users, get your questions answered, or start a new project. We’re always glad to help!



I swear to God if you tell me to “Slurp up that dipperino!” one more time…

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Revolutionary Spaces

I swear to God if you tell me to “Slurp up that dipperino!” one more time…