Fundamental Analysis on Halloweenies: The Weaponized NFTs
Disclaimer: This is not investment advice, just sharing some research on what could be one of the next big trends in crypto. If you find this article useful, feel free to follow me on Twitter @AkadoSang and use my reflink to signup at FTX: ftx.com/#a=1311776
Edit: Added “But ser, what if no one cares about my weenis?” part.
Note: Also assumes you’ll be able to rent it and split liquidity on JPEG’d. This is imo what makes sense to me so far but has not been confirmed anywhere. It is confirmed you will be able to rent it, we just don’t know where/how yet.
Weenies
“During a gold rush, sell shovels”. What if we could apply the same concept to Yield Farming? In such a competitive environment and with inflation constantly on the rise, every single digit percentage counts to outperform the market.
DeFi doesn’t stop growing. Yield Farming gets more competitive by the day (especially when prices drop). With SSOV v3 almost dropping and the Halloweenie Boost activation, thought it was time to cover one of the most underestimated NFT in the space.
This article will cover the Dopex Halloween NFT aka Halloweenie and how it could be the Yield Farming edge everyone will soon be looking for. While the name might not say much, I am of the opinion it’s so far, the most useful NFT with the most room for growth due to its utility.
In short, this NFT allows the holder’s farming capabilities to be boosted within Dopex. Not only that but a “Special Access” feature (possible Boostex (@Boostex1) private Discord?)
How does it weenis?
While still not confirmed, we can be relatively confident of how it’ll work. According to current Dopex documentation (which could still be updated), “the Halloween NFT holder’s farm reward allocation across all SSOVs they have deposits in.”
This means users receive an APY boost on their SSOV deposits. SSOV settlement is with the base asset, which means:
if you deposit ETH on the ETH SSOV, you get paid in ETH
if you deposit METIS on the METIS SSOV, you get paid in METIS
Dopex has 50 DAOs lined up so you’ll be able to get a boost on a huge variety of assets.
Let’s not forget SSOV v3 is also about to be deployed: “Previously only a single expiry date (monthly) was available in a vault. Now a vault can be bootstrapped with additional expiry timeframes. So daily, weekly, monthly, quarterly and even annual expiries are now possible with a vault.” Which turns your boost much more valuable because you have the flexibility to be farming one asset in a day and a different one in the other, according to your needs and risk management.
Why would someone weenies a Halloweenie?
This collection has a limited supply of 66 NFTs and only 14 are listed. From those 14, only 10 are listed below 200 ETH. There are 50 DAOs signed up for SSOVs which have an interest in boosting their rewards when farming with treasury assets. DAOJones already acquired 2 Halloweenies. PlutusDAO is also highly likely to acquire them. Some have already been collected by whales and big supporters of Dopex.
Along with the 10 members above, there’s already 60 potential holders out of 66 NFTs. Now let’s not forget Curve and CVX whales, as well as funds invested in DeFi that have plenty of capital to farm. Off the top of my head, some that immediately come to mind:
Alameda
Delphi
3AC
Multicoin
Framework Ventures
Polychain
Arca
Paradigm
Spartan Group
Defiance
Does that mean they will acquire one? No. However it shows how many potential interested parties we have vs the limited number of NFTs. In this increasingly harder farming environment, every edge counts.
We could also ask the opposite question: “Why wouldn’t they acquire a Halloweenie?”. After all, it literally pays for itself. Right now some are listed from 32.5 to 100 ETH ($100,000 to $300,000 at the time of writing)
That brings us to the next question:
How weenies is a Halloweenie worth?
This is one of the most interesting parts. Halloweenies get more valuable, the bigger the farming portfolio.
Large players like the ones mentioned above farm with multiple millions worth of tokens. 10 million? 50 million? 100 million? Justin Sun, for example, has farmed BDP with 1.6 billion. Now let’s assume the boost depends on the asset being farmed and can go from 0 to 10%. Run the numbers anon.
How much could large players yield In a year? What about 2, 3? Now compare it with the current price floor of $100,000. How much would 1 Halloween be worth if an entity can cover its cost in a year? In a quarterly epoch? Or weekly epoch?
During a bear market, most people resort to farming. APYs drop significantly. Every % counts. Does this mean a Halloweenie could be a hedge against a bear market as theoretically they should be more sought after?
Weenies that can farm like whales
Not only does it pay for itself, you’ll soon be able to lend it via JPEG’d. What does this mean? It means you can literally farm as a large whale without even being one. Rent it by a percentage of their rewards.
If DAOs, whales and other large players can farm 7,8,9 figures in extra rewards, how much could you do if you split the rewards with them? As long as the renting cost is lower than the extra rewards, any rational players would want to borrow a Halloweenie.
Larger players are usually more conservative. DAOs move slowly. If you want to, you have time to acquire one before most.
But ser, what if no one cares about my weenis?
Don’t worry. JPEG’d allows you to make the most out of it. Let’s assume no one wants to buy your weenies or split farming rewards with you.
With JPEG’d you can leverage your NFTs and borrow PUSd. Now if the weenie is of the utmost importance to whale farmers given it scales with their networth, how much PUSd could you get from it? You can get stables out of it without having to sell it or leaving your control.
“But ser I don’t want to take the risk of losing my precious weenie”. Worry not fren, JPEG’d will be working on Liquidation Free Vaults, where you can still earn a return on your weenie with NO risk of liquidation. Less risk, less reward, however that’s the price you pay to be sure you won’t be liquidated and lose you weenie to one of the +50 DAOs or hundreds of whale farmers out there.
Halloweenies as Weaponized Weenies
The goal is to outperform and DAOs have been at “war”, acquiring different tokens to increase their governance power and take the reigns over DeFi. As an example, we can see how they’ve been competing in Curve Wars by acquiring CVX.
Once a CVX SSOV is deployed, they can gain competitive edge by acquiring a Halloweenie as they would accumulate it faster. Curve Wars are just an example, as DAOs will compete to acquire other assets in the future as new “wars” arise.
Speculation
Here i’ll drop a few extra questions we could speculate on since no information has been confirmed:
Is one Halloweenie per SSOV needed? If so, larger players could be interested in acquiring more than 1 to farm multiple SSOVs.
Do multiple Halloweenies stack up boosts? If 1 Halloweenie gives X% extra boost, how much would 2 give? 1.2*X%? What about 3?
What about the Lockpicking ability? Whitelists? Free alpha? Access to new vaults first?
What if DAOs/individuals acquire more than one simply for others not to get access to the boost?
What if DAOs/individuals acquire Halloweenies not to farm on SSOVs but simply to rent it to others as not to worry about what assets to hold and simply get paid?
tldr;
Scarce: low supply, not many listed for sale.
Flexible: SSOV v3 epochs go from daily to quarterly allowing to farm for very specific time periods
Pays for itself: literally, at current selling prices
Key in DAO wars: competitive advantage over opponents allowing to accumulate tokens faster.
For smaller players too: Can rent it to whales and split rewards
Usecases: Can farm on SSOV or rent it on JPEG’d if not caring about holding assets
Weenies
Halloweenie References and Twitter threads:
https://blog.dopex.io/articles/introduction-series/dopex-community-NFTs






