@TheiaResearch Felipe Montealegre (IFS)

Felipe Montealegre (IFS) posts on X about token, onchain, solana, investment the most. They currently have [------] followers and [---] posts still getting attention that total [-------] engagements in the last [--] hours.

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Mentions: [--] #

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Social Influence

Social category influence finance cryptocurrencies stocks technology brands exchanges countries currencies social networks travel destinations us election

Social topic influence token, onchain, solana, investment, ethereum, money, finance, protocol, metaplex, capital markets

Top accounts mentioned or mentioned by @metadaoproject @metaproph3t @metaplex @tradernoah @mikeippolito @bangitbot @ethenalabs @gmxio @teamunibot @lyrafinance @blockworksres @tokenterminal @delphidigital @blknoiz06 @eulerfinance @loganjastremski @dollardecay @gainsnetworkio @joncharb @0xmert

Top assets mentioned Solana (SOL) Ethereum (ETH) Metaplex (MPLX) USDC (USDC) Bitcoin (BTC) Celestia (TIA) Ethena (ENA) Raydium (RAY) Houdini Swap (LOCK) Aave (AAVE) Euler (EUL) Kamino (KMNO)

Top Social Posts

Top posts by engagements in the last [--] hours

"BTC miners have specific hardware that isn't useful for almost anything else which means even the ASICs (largest asset) move with the price of BTC Miners = long integral of BTC price over the next [--] years + short energy index"
X Link 2023-01-12T19:03Z [----] followers, [---] engagements

"1) GMX is a fundamental value token. You can build an investment case around GMX that would look familiar to anyone at a private equity or hedge fund We are excited to partner with @samuelmandrew from Crypto Clarity on building that investment case https://samuelandrew.substack.com/p/gmx-an-example-of-fundamental-value https://samuelandrew.substack.com/p/gmx-an-example-of-fundamental-value"
X Link 2023-05-15T12:35Z [----] followers, [----] engagements

"1) @pendle_fi is bringing bond stripping to the Internet Financial System. The process involves splitting yield-bearing tokens into their principal and yield components We analyze Pendle's business model and valuation in our latest research piece"
X Link 2023-06-01T14:31Z [----] followers, [---] engagements

"All in one place ✓dYdX: 2bps maker and 5bps taker ✓GMX v2: 5bps open + funding fee + borrow ✓Kwenta: 2bps maker + 6-10bps taker + borrow ✓GNS: 8bps open + 8bps close + borrow ✓GMX v1: 10bps open + 10bps close + borrow ✓LVL: 10bps open + 10bps close + borrow"
X Link 2023-07-12T19:11Z [----] followers, [--] engagements

"@GMX_IO @DeFiMann @0xAtomist 2nd Bonus If you are relatively new to GMX you can read the piece @samuelmandrew and I wrote about it back in May. It will walk you through the basic mechanism and thesis"
X Link 2023-07-12T20:39Z [----] followers, [--] engagements

"We are excited to announce an investment in @TeamUnibot Unibot allows you to trade on Uniswap through a Telegram bot regular trades private RPC node trades (to avoid MEV) and limit orders The team is quickly building out integrations with additional DeFi protocols"
X Link 2023-07-20T01:29Z [----] followers, 39K engagements

"1) Most DeFi upgrades are replacements. Think of Uniswap or Synthetix the idea was to transition all TVL and volume from v1 to v2 GMX is a bit different. We expect GMX v1 and GMX v2 to coexist. GMX v2 will add a slippage fee that does not exist in v1 Uniswap Migration"
X Link 2023-07-13T13:12Z [----] followers, 20.8K engagements

"3 Ribbon Earn is another structured product where you stake ETH and invest your return in exotic options This strategy does well when ETH stays within a +/- 10% band but it has underperformed stETH YTD TVL is flat at 5k ETH ($10M)"
X Link 2023-07-13T14:22Z [----] followers, [--] engagements

"4 So Ribbon has a declining flagship vault product and a stagnant replacement vault product Revenue is approx. $600k per year Why is RBN's Market Cap $200M ($150M Circulating) And why is it up so much over the past month"
X Link 2023-07-13T14:22Z [----] followers, [--] engagements

"1) Happy to see @osmowallet on Forbes Osmo is a Central American mobile payments platform built on Bitcoin's Lightning Network Central America is both the best and the hardest place to build LN payments I believe @piero_coen can pull it off"
X Link 2023-07-18T17:42Z [----] followers, [---] engagements

"2) All of our analysis revolves around productive asset value or intrinsic value Intrinsic value is the discounted value of the cash that can be taken out of a business during its remaining life 😱 🫠 Intrinsic value comes from revenue to token holders"
X Link 2023-07-30T06:00Z [----] followers, [---] engagements

"3) Of course the Internet Financial System will have reserve assets (like every major financial system) and these assets will have large market caps BTC ETH and USDC are the current contenders But don't underwrite your favorite small cap token becoming a reserve asset"
X Link 2023-07-30T06:00Z [----] followers, [---] engagements

"Exciting news coming out of @lyrafinance (12) Lyra's team pioneered the option's AMM (34) We believe they can build an efficient hybrid orderbook-AMM Bringing the options market into DeFi at scale (5) And the new tokenomics look great"
X Link 2023-08-03T14:09Z [----] followers, [----] engagements

"Great weekend to think through @GMX_IO v2 fees (12) We continue to believe GMX v1 and v2 will coexist as they target different parts of the market (3) v1 is for large consensus BTC and ETH buys (48) v2 is focused on long-tail assets balance OI and contrarian trades"
X Link 2023-08-07T17:54Z [----] followers, [--] engagements

"6) The result is that GMX v2 fees are dramatically lower (i.e [--] - 80% cheaper) for contrarian trades or trades against a balanced pool but more expensive for consensus trades against an unbalanced pool (even 2x more expensive) See cells 14-20 below https://www.kaggle.com/code/felipeirl/gmx-v2-fees https://www.kaggle.com/code/felipeirl/gmx-v2-fees"
X Link 2023-08-07T17:54Z [----] followers, [---] engagements

"How is @GMX_IO v2 doing [--]. Open Interest is balanced That's good because the entire protocol fee structure was designed around balanced OI Credit to @0xrelied and @SniperMonke01"
X Link 2023-08-08T12:24Z [----] followers, 20.4K engagements

"Have you been following the @GainsNetwork_io upgrades The team has not stopped shipping over the past few months ✓ Lookbacks and guaranteed order execution (v6.4) ✓ Upgrade to fee design in May (v6.3.2) ✓ NFT bot and oracle optimization (v6.3.1) GNS is playing to win"
X Link 2023-08-08T14:59Z [----] followers, [----] engagements

"8) NFT Bot Optimization (cont'd) Upgrade splits rewards between all liquidators in the same block (no need to be first in block) And calcs rewards off the next liquidation (so bots can't only trigger large liquidations) GNS team optimizing every detail"
X Link 2023-08-08T14:59Z [----] followers, [---] engagements

"Not Financial Advice. Theia has a longstanding position in GNS. We will happily share a python implementation of GNS fees if a few people ask"
X Link 2023-08-08T14:59Z [----] followers, [---] engagements

"1) Have you been following the decentralized stablecoin market @ethena_labs is building USDe a stablecoin backed by a long stETH position and a short ETH position (executed on a CEX) We believe this is a robust design for a scalable stablecoin"
X Link 2023-08-16T12:24Z [----] followers, [----] engagements

"6) Ethena's Internet Bond product will return stETH yield + funding rate - Ethena take rate stETH yield is predictable because ETH futures are long-biased funding rate for ETH shorts tends to be positive stETH = [--] - 6% Funding rate = [--] - 7% Internet Bond = [--] - 11%"
X Link 2023-08-16T12:24Z [----] followers, [---] engagements

"7) Ethena take rate will go to an insurance fund To protect from an environment where funding rate is both negative and larger than stETH yields If this happens for long enough to deplete the insurance fund the stablecoin will depeg slowly (1-2% pa) https://twitter.com/leptokurtic_/status/1682781070121652224s=20 https://twitter.com/leptokurtic_/status/1682781070121652224s=20"
X Link 2023-08-16T12:24Z [----] followers, [---] engagements

"Not Financial Advice. I highly recommend Ethena's podcast with @blockworksres to learn more. Those guys are sharp. https://www.youtube.com/watchv=BTli_gqGeps https://www.youtube.com/watchv=BTli_gqGeps"
X Link 2023-08-16T12:24Z [----] followers, [---] engagements

"1) Unibot X launched today We have had enough time to see stable fundamentals on the initial TG bot product Time for a model update🍿"
X Link 2023-08-16T14:20Z [----] followers, 62.3K engagements

"2) Unibot fundamentals ✓ Between [----] and [----] daily active users ✓ $16M in sustainable earnings (excl. tax fees) ✓ 12.5x P/E on a growing product These are terrific numbers for Unibot's TG bot. We expect them to grow with Unibot X"
X Link 2023-08-16T14:20Z [----] followers, [---] engagements

"3) Unibot hit [----] users yesterday [----] returning users [---] new users Unibot has consistently hit over [----] returning users ❗ More users than GMX + Kwenta + Gains. We have PMF 🤝 Still a small portion of total DEX users. There is room to grow TY @tokenterminal"
X Link 2023-08-16T14:20Z [----] followers, [----] engagements

"4) Unibot has demonstrated a consistent ability to generate revenue on both active days and more muted days The 15-day avg. revenue pattern has been consistently up And Unibot is now generating $16M of annualized bot revenue This does not include a penny of tax revenue"
X Link 2023-08-16T14:20Z [----] followers, [----] engagements

"5) At $200M market cap Unibot is trading at 12.5x earnings The market leader in an exciting category with 100%+ growth Is trading like a low-growth low-quality TradFi company ✓Software: 100x ✓Tobacco: 14x Unibot: 12.5x ✓Trucking: 12x OG Thesis:"
X Link 2023-08-16T14:21Z [----] followers, [----] engagements

"We need a crypto co-working space in NYC. Everybody working from home and planning meet ups"
X Link 2023-08-18T10:31Z [----] followers, [----] engagements

"Solana's recent protocol upgrades There is a good @Delphi_Digital report to get up to speed for anyone who has been watching from the sidelines Covers 12) Firedancer 34) Tinydancer 567) Jito & MEV 8910) Isolated fee markets"
X Link 2023-08-21T17:02Z [----] followers, [----] engagements

"8) In EVM different operations have different gas costs And gas costs fluctuate depending on market forces Pepe means prices go up for everyone on Ethereum In SVM tx fees are fixed regardless of CU (compute units) consumed This isn't the best way to allocate block space"
X Link 2023-08-21T17:02Z [----] followers, [--] engagements

"9) SVM can process txs in parallel Txs specify which part of state they are changing And txs in diff. parts of state are processed by diff. parts of the validator Introducing ✓Isolated Fee Markets so txs in one part of state don't impact txs elsewhere ✓Dynamic fees like EVM"
X Link 2023-08-21T17:02Z [----] followers, [--] engagements

"2) If DAO members do have joint and several liability Are you a partner for holding a governance token Are you a partner for holding a token and participating in governance We already have some precedent from Sarcuni vs. bZx Dao and CFTC vs. Ooki Dao"
X Link 2023-08-30T14:48Z [----] followers, [--] engagements

"3) The more important question is whether DAOs are unincorporated partnerships Under US law corporations can enjoy strong limited liability guarantees Can a simple legal wrapper give DAO members the same limited liability guarantees"
X Link 2023-08-30T14:48Z [----] followers, [---] engagements

"1) Class action against Uniswap dismissed This is even better than Grayscale for the future of the space Key point: Misuse of software doesn't create liability for devs"
X Link 2023-08-30T15:03Z [----] followers, [--] engagements

"3) More quotes Plaintiffs sue the creators of the Protocol instead of the individual who committed the wrong. This they simply cannot do at least under current law This case is like an effort to hold the developer of self-driving cars liable for use of the car to rob a bank"
X Link 2023-08-30T15:10Z [----] followers, [---] engagements

"1) @jon_charb has cornered the infra primer market Another good one for anyone that feels like they are on the outside looking in during "Future of MEV" discussions ✓Why MEV matters ✓History and Merge ✓MEV-Boost ✓Proposer-Builder Separation"
X Link 2023-08-31T14:56Z [----] followers, [---] engagements

"2) MEV is what you can charge for controlling the order of transactions If we make a high price impact buy a bot (i.e. searcher) will pay to buy one tx before us and sell one tx after Another searcher will pay to get the next tx spot and arb Uniswap with Binance"
X Link 2023-08-31T14:56Z [----] followers, [--] engagements

"4) It also matters because MEV opportunities can lead to tx spamming In the absence of an auction mechanism (pre-@jito_labs) MEV bots on Solana would send 100s of txs to get included after a liquidation or large DEX trade More txs meant higher odds of getting the liquidation"
X Link 2023-08-31T14:56Z [----] followers, [--] engagements

"5) You can solve this with proposer builder separation (PBS) 1Searchers are MEV bots that structure txs 2Builder is LargeCo that creates most profitable blocks [--] Proposers are stakers that just pick blocks and propose them to Ethereum network"
X Link 2023-08-31T14:56Z [----] followers, [--] engagements

"6) This setup puts proposers (i.e. Ethereum stakers) in the pole position Searchers bribe builders to get included in blocks Builders bribe proposers to have blocks sent to the network This means most MEV revenue goes back to Ethereum stakers MEV 🤝 Ethereum Security budget"
X Link 2023-08-31T14:56Z [----] followers, [--] engagements

"7) PBS is on the Ethereum roadmap Right now we are working with MEV-Boost It's like PBS but run by Flashbots And everyone needs to put a little trust in Flashbots Relay that manages the process Okay for now"
X Link 2023-08-31T14:56Z [----] followers, [--] engagements

"1) Congratulations to @aerodromefi and @wagmiAlexander on an incredible launch ✓ $170M TVL in one day ✓ Aerodrome is the largest DEX on @BuildOnBase We tried to buy in size OTC but veAERO holders are loyal holders 😭🫠"
X Link 2023-08-31T16:38Z [----] followers, [----] engagements

"2) A quick pre-read ✓ DCG pays back $1.1B over [--] years ✓ Principle forgiveness on DCG's missed $630M May Payments ✓ DCG pays a Forbearance fee of 0.375% ✓ Nominal fee to avoid Chapter [--] BK"
X Link 2023-09-02T16:13Z [----] followers, [--] engagements

"3) Problems with the deal * No penalty rate of interest * No DCG equity kicker for creditors * Tiny forbearance fee + fee to avoid Chapter 11"
X Link 2023-09-02T16:13Z [----] followers, [--] engagements

"4) This deal appears to be significantly worse than the deal proposed in February. That deal included ✓ Share in ups from DCG IPO before [----] (convertible preferred equity) ✓ Path to equity in DCG ✓ Participation in 3AC recoveries ✓ GBTC exposures"
X Link 2023-09-02T16:13Z [----] followers, [---] engagements

"5) See below if you want to go deep on the convertible equity preferred structure offered in February This deal restructured the $1.1B promissory note to a $575M Convertible Security with a 10% PIK The new note offered upside at BTC $35k+"
X Link 2023-09-02T16:13Z [----] followers, [---] engagements

"Great analysis by Messari on upcoming FTX hearings and impact on flows"
X Link 2023-09-11T15:25Z [----] followers, [---] engagements

"@Castle__Cap covers it well ✔Grant 75M ARB to projects that are building on @arbitrum ✔Keep network effects alive during a slow bear market ✔Give teams some breathing room to continue building L2 activity is reflexive. ARBs value comes from teams and user activity"
X Link 2023-09-11T17:30Z [----] followers, [--] engagements

"Excited to join @ramahluwalia tomorrow at 11am EST To debrief on Permissionless II Incredible conference A+ attendance Takeaways on Solana rollup decentralization Base and state of the market"
X Link 2023-09-15T01:16Z [----] followers, [---] engagements

"Wholesome video for anyone looking for a bit of inspiration In the spirit of @ErikVoorhees and his Why are we here speech"
X Link 2023-09-17T16:05Z [----] followers, [---] engagements

"@Castle__Cap @GMX_IO @vertex_protocol @GainsNetwork_io @HMXorg @vela_exchange @goodentrylabs @muxprotocol @perenniallabs @UniDexFinance @ApolloX_Finance This looks great A few of these would be better benchmarks on volume (like GNS pretty capital efficient so its able to do $30B in volume on $50M TVL)"
X Link 2023-09-28T20:46Z [----] followers, [---] engagements

"A few thoughts on the @GainsNetwork_io grant application We believe they deserve the full 7M ARB Grant from the @arbitrum DAO https://forum.arbitrum.foundation/t/gains-network-draft-stip-round-1/17422/29 https://forum.arbitrum.foundation/t/gains-network-draft-stip-round-1/17422/29"
X Link 2023-09-29T11:43Z [----] followers, 11.1K engagements

"We do not invest in protocols that have both token and equity Incentives matter This industry is complicated enough without misaligned incentives between VC and token It's better if everyone is in the same boat 🫠"
X Link 2023-10-17T19:24Z [----] followers, [----] engagements

"1) I am honored to partner with Jason Hall and John McNiff on Methodic Capital We decided on the name Methodic to signal the highest standard of fiduciary responsibility risk management and attention to detail And that's what we will deliver"
X Link 2023-10-19T14:59Z [----] followers, [----] engagements

"2) @methodiccapital will provide institutional quality passive exposure Our first product is the Methodic CoinDesk ETH Staking Fund A passive ETH Staking fund based on CESR a composite ether staking rate by @coinfund_io and @CoinDesk It's all about the basis points"
X Link 2023-10-19T14:59Z [----] followers, [---] engagements

"3) You can read about CESR below We believe CESR can serve as the foundation of an entire asset class ETFs will be based on CESR A forward curve will emerge where people trade futures and options based on ETH staking rate projections"
X Link 2023-10-19T14:59Z [----] followers, [---] engagements

"Small Cap Digest: Clipper Clipper (SAIL) recently updated its tokenomics to return value to token holders Revenue goes to buybacks Buybacks are distributed to staked tokens Clipper is an interesting and misunderstood small cap project. Let's dig in. https://twitter.com/Clipper_DEX/status/1714658060004626553 https://x.com/Clipper_DEX/status/1714658060004626553 🚨 SAIL token holders can now stake their SAIL for veSAIL. veSAIL holders earn a return on their tokens. There are no initial lock-up periods. The longer you hold veSAIL the more rewards you accrue. Read more from AdmiralDAO:"
X Link 2023-10-26T14:05Z [----] followers, [----] engagements

"5) This is a well known strategy in statistical arbitrage Dynamic Rebalancing Portfolio (DRP) It works because you buy low and sell high If ETH goes down in price you are underweight ETH relative to target and buy more If ETH goes up in price you are overexposed and sell"
X Link 2023-10-26T14:05Z [----] followers, [---] engagements

"6) Rebalancing generates a yield when prices are volatile The more volatility the more opportunities to buy low and sell high Why doesn't every index fund rebalance this way Transaction costs In fact many funds rebalance quarterly or annually because tx costs are expensive"
X Link 2023-10-26T14:05Z [----] followers, [---] engagements

"13) (Upside Case) At $10M of volume per day Clipper's fees should be around $3.65M per year Giving us a fair value above $50M FDV (15x+ from existing market cap) It's all about TVL. Good luck @Clipper_DEX"
X Link 2023-10-26T14:05Z [----] followers, [--] engagements

"(Bonus) Dynamic rebalancing explains one of the hardest concepts about AMMs If ETH: USDC goes from [----] to [----] Then back to [----] Arbitrageurs made a lot of money But there is no Impermanent Loss Where did the money come from Follow for more"
X Link 2023-10-26T14:05Z [----] followers, [---] engagements

"1) Arbitrum's STIP proposal funded [--] teams with 50M But [--] teams that passed the vote will not receive funding due to an accident of the governance process We believe it is better and cheaper to fund [--] teams with $75M than [--] teams with $50M https://x.com/TheiaResearch/status/1717763198831513972 Arbitrum governance is thriving Proposals are thoughtful and constructive Delegates are focused and involved Good industrial policy could 2x or 3x ARB valuation The risk I see is too little spending Supporting teams (and enticing new ones) is well worth [--] or 40bps of dilution"
X Link 2023-10-31T07:28Z [----] followers, 14.1K engagements

"You can see more about our thinking below"
X Link 2023-11-07T15:56Z [----] followers, [---] engagements

"Not Financial Advice. We are highly aligned with the ecosystem We have investments in Arbitrum GMX GNS GMD and Trader Joe"
X Link 2023-11-07T16:17Z [----] followers, [---] engagements

"We can be a difficult client. We frequently find ourselves working at the edge of the Internet Financial System and need our providers to operate at the highest level. We recently found @FordefiHQ and recommend it to every liquid fund we know"
X Link 2023-11-15T16:47Z [----] followers, [---] engagements

"This says economics is most based major at Yale Ill take this as a win And this is post COVID Back in my day"
X Link 2023-12-02T00:48Z [----] followers, [--] engagements

"1) We had a terrific experience discussing our underwriting engine with @0xBoxer at the @DuneAnalytics convention in Lisbon Building Theia around code-first analysis and continuous data has been challenging and worthwhile"
X Link 2023-12-05T15:45Z [----] followers, [----] engagements

"2) Dune creates a culture and mission around continuous data and analysis. We are inspired by Dune's idea that the revolution will not be reported quarterly We are confident that underwriting models will move to a continuous data paradigm in this decade"
X Link 2023-12-05T15:45Z [----] followers, [--] engagements

"3) We initially built our entire data operation within Theia And completed our underwriting engine last year Then Dune became much better So we rebuilt our operation to benefit from Dune's hard work That's life in the modular tropics"
X Link 2023-12-05T15:45Z [----] followers, [--] engagements

"This is a surprisingly good Intents 101 piece for anyone who has been nodding along and is now too afraid to ask You can read the PDF in [--] minutes 1) Intents Thesis 2) Solvers 3) Basic Anoma SUAVE Essential 4) Basic COW UniswapX 1inch"
X Link 2023-12-07T00:52Z [----] followers, [---] engagements

"I have been thinking about this all week easy to underestimate the importance given how small our market is relative to TradFi ETF as TradFi Wrapped Bitcoin"
X Link 2023-12-11T17:47Z [----] followers, [---] engagements

".@claim was one of our earliest investments at Theia Sam and Tap are intelligent creative and relentless backing them as entrepreneurs is one of the easiest choices we will ever make Congrats on the Seed Round led by @sequoia https://x.com/samobletz/status/1737488285327352241s=20 Excited to share what weve been building Claim is announcing our $4M seed round led by @sequoia along with our prior $2M pre-seed led by @SusaVentures and @BoxGroup together with @6thManVentures @kevinhartz @warriors Reflexive Capital The Kraft Group @TheiaResearch"
X Link 2023-12-20T18:52Z [----] followers, [----] engagements

"Theia is excited to announce our investment in @metaplex ✔ Metaplex built the NFT token standard on Solana ✔ 99.9% of NFTs on Solana are minted through Metaplex ✔ Metaplex is earning $30M of run-rate cash flows Shout out to @kzlee51 for leading diligence on this one"
X Link 2023-12-24T11:00Z [----] followers, 13.5K engagements

"Metaplex Thesis: [--] Dominant Market Position [--] Strong Free Cash Flow Generation [--] Huge Upside to NFT Market Growth [--] Cost Advantage over Ethereum NFT Minting [--] Compressed NFT Upside [--] Strong Ecosystem of Applications [--] Best-in-class team"
X Link 2023-12-24T11:00Z [----] followers, [---] engagements

"1 Dominant Market Position Metaplex owns the standard for NFTs on Solana one of the biggest moats in software investing and has achieved a large network effect advantage over new entrants 130M mints and 15M+ collectors"
X Link 2023-12-24T11:00Z [----] followers, [---] engagements

"2 Strong Free Cash Flow Generation TTM Token Metadata: Mints: 10.9M Earnings: 109000+ SOL or $12M USD* *assuming fee switch had been on all year TTM cNFTs (launched in March): Mints: 93M No fee yet How many apps do you know that earned revenue of [------] SOL in 2023"
X Link 2023-12-24T11:00Z [----] followers, [---] engagements

"3 Huge Upside to NFT Market Growth Recent mint figures in line with [----] and imply a dramatic increase to cash flows L30D Token Metadata: Mints: 2.3M Earnings: 23000+ SOL or $2.5M USD Annualized to $30M Current earnings of $30M should scale linearly with SOL price"
X Link 2023-12-24T11:00Z [----] followers, [---] engagements

"5 Compressed NFTs Upside Reduce costs 1000x by storing data off-chain and only keeping a Merkle Root onchain You can mint 1B NFTs with Bubblegum (cNFT program) for 43.5K Opens the door for many new applications (see below) One of these will lead to a new $10M+ business line"
X Link 2023-12-24T11:00Z [----] followers, [---] engagements

"6 Strong Ecosystem of Applications ✔ Rainfi uses Metaplex NFTs to record P2P loans and represent collateral ✔ Helium uses compressed NFTs to represent ownership in entities that are compensated for producing hotspots ✔ Solciv represents in-game assets as compressed NFTs etc"
X Link 2023-12-24T11:00Z [----] followers, [---] engagements

"@0xMert_ without downloading any new pics what's your energy going into 2024"
X Link 2023-12-27T22:55Z [----] followers, [---] engagements

"6) Unibot is trading at 11.5x FD price-to-earnings This multiple only considers fees from ongoing operations We believe there is upside to earnings from Unibot's launch on Solana And the protocol is trading significantly cheaper than most projects in this market"
X Link 2023-12-28T16:35Z [--] followers, [---] engagements

"7) Not Financial Advice Theia has a long-standing position in Unibot TY to @whale_hunter_ and @tokenterminal for data @blknoiz06 for finding Unibot And @0xMert_ @heliuslabs @jito_labs @JupiterExchange @birdeye_so @Reethmos for allowing Unibot to move so quickly"
X Link 2023-12-28T16:35Z [----] followers, [---] engagements

"2 years ago I moved from a promising job as a private equity VP To working on the Internet Financial System with all of you I believe this line from Dostoevsky's Notes from the Underground explains what I felt then and continue to believe today ''' You see gentlemen reason is an excellent thing theres no disputing that but reason is nothing but reason and satisfies only the rational side of mans nature while will is a manifestation of the whole life that is of the whole human life including reason and all the impulses. Here I for instance quite naturally want to live in order to satisfy all"
X Link 2023-12-28T18:59Z [--] followers, [---] engagements

"1) @metaplex is the leading digital asset protocol on Solana ✔ Metaplex built the NFT token standards used on Solana ✔ On-chain programs for creating selling and using digital assets ✔ 99.9% of NFTs on Solana are minted through Metaplex ✔ 130M mints and 15M+ collectors"
X Link 2024-01-02T11:00Z [----] followers, [----] engagements

"2) Deep Ecosystem Integration + Compatibility Metaplex built the standard for NFTs on Solana and has achieved deep integration across the ecosystem Apps like Phantom Solflare Backpack Magic Eden Tensor and Exchange Art use Metaplex's Token Metadata to verify and create NFTs"
X Link 2024-01-02T11:00Z [----] followers, [---] engagements

"3) Trusted by Creators and Developers Think of aerospace input parts. Are you going to risk an airplane to save a little bit on input parts The same applies to an NFT collection. Metaplex has been used to facilitate $1bn+ in primary GMV"
X Link 2024-01-02T11:00Z [--] followers, [---] engagements

"4) Metaplex continues to innovate cementing its market position ✔ Token Metadata Program ✔ Bubblegum Compressed NFTs ✔ Candy Machine Minting + distribution ✔ Programmable NFTs Royalty enforcement ✔ Inscriptions Fully onchain ✔ Engravings Immutable digital assets"
X Link 2024-01-02T11:00Z [----] followers, [---] engagements

"5) Cost Advantage over Ethereum NFT Minting On Metaplex you can mint an NFT for [-----] SOL + [-----] in rent to Solana (200 SOL for a [-----] NFT collection paid collectively by minters) On Ethereum minting a [-----] NFT collection costs upwards of [----] SOL That's 20x on cost"
X Link 2024-01-02T11:00Z [----] followers, [---] engagements

"6) Upside from compressed NFTs (Bubblegum) Reduce costs 1000x by storing data off-chain and only keeping a Merkle Root onchain You can mint 1B NFTs with Bubblegum for $43K Opens the door for many new applications (see below) One of these will lead to a new $10M+ business line"
X Link 2024-01-02T11:00Z [----] followers, [---] engagements

"7) Strong Ecosystem of Applications ✔ Rainfi uses Metaplex NFTs to record P2P loans and represent collateral ✔ Helium uses compressed NFTs to represent ownership in entities that are compensated for producing hotspots ✔ Solciv represents in-game assets as compressed NFTs etc"
X Link 2024-01-02T11:00Z [----] followers, [---] engagements

"Application to the Bald Poets Society (Part I) If you can keep your head when all about you Are losing theirs and blaming it on you If you can trust yourself when all men doubt you But make allowance for their doubting too; If you can wait and not be tired by waiting Or being lied about dont deal in lies Or being hated dont give way to hating And yet dont look too good nor talk too wise: If you can dreamand not make dreams your master; If you can thinkand not make thoughts your aim; If you can meet with Triumph and Disaster And treat those two impostors just the same; If you can bear to hear"
X Link 2024-01-03T14:15Z [--] followers, [---] engagements

"Seven Conclusions from the @Delphi_Digital Year Ahead for Infrastructure Report 🧵 This is one of the best reports put together by our industry each year. I would recommend reading the entire report. A few snippets below"
X Link 2024-01-05T13:11Z [----] followers, 17K engagements

"1 Disappointing L2 Progress L2s are still mostly on Stage [--] Centralized sequencers allowing L2 to (potentially) censor transactions Multisig bridges governing billions of USDC value Cannot withdraw from most L2s in case of proposer failure S.O. to Arbitrum for S1 🤝"
X Link 2024-01-05T13:11Z [----] followers, [---] engagements

"2 L2s: Creating Alliances & Preparing for War ✔ Strong incentive for rollups to accrue value to L2 tokens ✔ Can do this by creating silos (e.g. Arbitrum Orbit Optimism Superchain) ✔ Silos will interoperate within but not between Arbitrum & Optimism are far ahead (for now)"
X Link 2024-01-05T13:11Z [----] followers, [---] engagements

"3 Expect More L2s with "ETH Bridge + Alternate DA" We will see many chains using Ethereum for settlement but choosing a separate DA layer. Ethereum will always be more expensive than alternate DA layers even with EIP4844 and Danksharding Will rollups be congested Is DA the real bottleneck to scaling blockchains What is enabled by new DA layers that claim 10-100x throughput @_weidai and I aim to present a preliminary exploration to these questions in our rollup x DA model: A thread 🧵 https://t.co/JVZkfILWfa Will rollups be congested Is DA the real bottleneck to scaling blockchains What is"
X Link 2024-01-05T13:11Z [----] followers, [---] engagements

"3 (Continued) It is worth checking out the model put together by @0xtaetaehoho because the differences in throughput are surprising Many rollups already using Alternate DA ✔ Eclipse: Celestia ✔ Mantle: EigenDA ✔ Manta: Celestia ✔ Dymension: Celestia (on Cosmos) etc"
X Link 2024-01-05T13:11Z [----] followers, [---] engagements

"4 Modular Economics There are three sources of fees: ✔ Execution fees (incl. MEV) are paid to the rollup (e.g. Arbitrum) ✔ Settlement fees for posting state root and validity proof are paid to L1 (i.e. Ethereum) ✔ DA fees are paid to the DA Layer (e.g. Celestia)"
X Link 2024-01-05T13:11Z [----] followers, [---] engagements

"Periodic reminder that Bitcoin ETF is WBTC for TradFi"
X Link 2024-01-08T18:49Z [----] followers, [---] engagements

"2) There are a couple of projects earning $2M+ in earnings but the list isn't really that long once you remove incentives and token inflation And there aren't that many tokens on this list trading at a $20M FD market cap TY to @tokenterminal for data"
X Link 2024-01-09T11:00Z [----] followers, [----] engagements

"The Bald Poet's Society is a group of people committed to building a culture of literature poetry philosophy and beauty within the Internet Financial System. If you want to be a member all you need to do is post something beautiful. Application to the Bald Poets Society (Part I) If you can keep your head when all about you Are losing theirs and blaming it on you If you can trust yourself when all men doubt you But make allowance for their doubting too; If you can wait and not be tired by waiting Or Application to the Bald Poets Society (Part I) If you can keep your head when all about you Are"
X Link 2024-01-11T11:00Z [--] followers, [---] engagements

"We are excited to announce an investment into @lyrafinance Thesis: Options are coming to the Internet Financial System and Lyra is going to lead the way Prediction: Lyra V2 will be able to take 10% market share from Deribit over the next [--] years"
X Link 2024-01-22T11:00Z [----] followers, 19.5K engagements

"The core risks we focused on: [--] Competition from Deribit and Aevo [--] Options vs. Perps"
X Link 2024-01-22T11:00Z [----] followers, [---] engagements

"Lyra v2 is an onchain options engine comprised of ✔ Lyra Chain: A custom rollup on the OP stack with Celestia Underneath ✔ Lyra Protocol: Margining and risk engine ✔ Lyra Matcher: Open source matching engine We can confirm product UX is CEX-level Its time to share our vision for Lyra V2. ❇ A self-custodial modular performant stack for on-chain derivatives trading. https://t.co/zs0l94Nnxk Its time to share our vision for Lyra V2. ❇ A self-custodial modular performant stack for on-chain derivatives trading. https://t.co/zs0l94Nnxk"
X Link 2024-01-22T11:00Z [----] followers, [---] engagements

"2 Poised for Onchain Adoption We were critical of the attempt to compete with Deribit through Option AMMs An open market of traders will always be able to out trade open source code updating state every [--] seconds Leading to toxic flow and wide spreads 2) Early DeFi options protocols all attempted an AMM approach (Ribbon Lyra Dopex Premia Hegic) These protocols are built by brilliant teams. You can read the Lyra white paper to see the type of IQ going into this https://t.co/vNtzlCTxFm 2) Early DeFi options protocols all attempted an AMM approach (Ribbon Lyra Dopex Premia Hegic) These protocols"
X Link 2024-01-22T11:00Z [----] followers, [---] engagements

"Improvements in infrastructure have allowed onchain players like Lyra and dYdX to build orderbooks that look and feel like CEXs Lyra is a custom rollup on the OP stack using Celestia for DA Building this wasn't possible [--] months ago"
X Link 2024-01-22T11:00Z [----] followers, [---] engagements

"There are three real contenders for this market ✔Lyra ✔Deribit (Status Quo CEX) ✔Aevo (Comparable product to Lyra) Building a custom rollup orderbook exchange takes many months We don't expect multiple "forks" to compete"
X Link 2024-01-22T11:00Z [----] followers, [---] engagements

"4 Exceptional Team Committed to Options Lyra's team is truly exceptional They have Trading + Quant backgrounds from some of the best options trading firms in the world They are focused on options first And launching this product at exactly the right time"
X Link 2024-01-22T11:00Z [----] followers, [---] engagements

"Starting: Friedrich Nietzsche Carl Jung Charlie Munger Joel Greenblatt Elon Musk Bench: Nassim Taleb Philip Tetlock who is your intellectual starting five mine: Nassim Taleb Charles Bukowski Peter Thiel Richard Feynman Jeff Bezos coming off the bench: ben franklin seneca who is your intellectual starting five mine: Nassim Taleb Charles Bukowski Peter Thiel Richard Feynman Jeff Bezos coming off the bench: ben franklin seneca"
X Link 2024-01-28T04:33Z [--] followers, [---] engagements

"This is the exact right answer from @TeamUnibot Unibot holders receive ✔ 80% of Unisol supply ✔ 50% of recurring revenue from Solana trades Sola traders receive ✔ 20% of Unisol airdrop A little bit of dilution for a good reason //ANNOUNCEMENT We'd like to clear the confusion around the path forward. The revenue sharing for protocol revenue generated by @UnibotOnSolana is split 50/50 between two pools described as follows. Pool #1: simply being a holder of $UNIBOT on Ethereum no strings attached. https://t.co/vqEVVhG1FI //ANNOUNCEMENT We'd like to clear the confusion around the path forward."
X Link 2024-01-28T21:38Z [----] followers, 80.1K engagements

"Unibot team is hard working thoughtful and honest They have consistently done the right thing for holders consumers and community A little bit of dilution for customer acquisition is fine Let's keep this hockey stick going This is the exact right answer from @TeamUnibot Unibot holders receive ✔ 80% of Unisol supply ✔ 50% of recurring revenue from Solana trades Sola traders receive ✔ 20% of Unisol airdrop A little bit of dilution for a good reason https://t.co/cBRi59eOIp This is the exact right answer from @TeamUnibot Unibot holders receive ✔ 80% of Unisol supply ✔ 50% of recurring revenue"
X Link 2024-01-28T22:12Z [----] followers, [----] engagements

"1) The most interesting explanation of AMM math that I have ever seen Is hidden in the whitepaper of a protocol with $0.6M in TVL: Yield Protocol @danrobinson's work on Yield Space explains all invariants as solutions to Calculus A problems https://yield.is/YieldSpace.pdf https://yield.is/YieldSpace.pdf"
X Link 2024-02-01T18:30Z [----] followers, [---] engagements

"I see this a lot in DeFi People saying X and Y wont work based on experience from 2020-2022 The efficient frontier has shifted You will need to think through each category from first principles This will be the first cycle where we have affordable abundant and quality blockspace. The market structure has changed if you don't update your priors you'll be [--] steps behind. This will be the first cycle where we have affordable abundant and quality blockspace. The market structure has changed if you don't update your priors you'll be [--] steps behind"
X Link 2024-02-04T19:57Z [----] followers, [---] engagements

"@QwQiao Like people who held UNI tokens instead of equity in Uniswap Labs"
X Link 2024-02-07T20:42Z [----] followers, [---] engagements

"This is the best analysis I have seen on Uniswap profitability using markouts Whoever wrote this made the methodology piece interesting @ambient_finance"
X Link 2024-02-09T14:20Z [----] followers, [---] engagements

"Unibot generated $20M of volume and earned $180K of cash flow to token yesterday. They have earned $860K of cash flow to token holders over the past [--] days. @TeamUnibot continues to build additional products We expect the UI market to grow to cover 40% of DeFi volumes over time Unibot 🦾 $30M of cash flows per year back to @TeamUnibot token holders (excluding token tax) vs. $65M FDV (Almost) All coming from meme tokens on Solana https://t.co/dAUSaBCV1X Unibot 🦾 $30M of cash flows per year back to @TeamUnibot token holders (excluding token tax) vs. $65M FDV (Almost) All coming from meme"
X Link 2024-03-07T15:59Z [----] followers, [----] engagements

"Consensus: The Internet Financial System has perps and doesnt need onchain options Reality: The next [--] months will see the buildout of a large onchain options market And several billion USDC of market cap for those that build it Options in crypto have been shackled by low liquidity limited products and most crucially limited imagination. @lyrafinance is changing all of that its simple mathematics https://t.co/0g1Wb0OPCP Options in crypto have been shackled by low liquidity limited products and most crucially limited imagination. @lyrafinance is changing all of that its simple mathematics"
X Link 2024-03-17T14:59Z [----] followers, [----] engagements

"Unstoppable 🚂 There is more cash flow in Bot Trade Dominance by Day Than in all of L2Beat There is a reason why Trojan climbed to the top so fast. This isn't our first rodeo and we're going to build Trojan to become the go-to destination for anything related to on-chain trading. We will transform this market segment in a much larger way than people are anticipating. https://t.co/K6zEgcZRs5 There is a reason why Trojan climbed to the top so fast. This isn't our first rodeo and we're going to build Trojan to become the go-to destination for anything related to on-chain trading. We will"
X Link 2024-04-04T13:16Z [----] followers, [---] engagements

"The S&P500 is down YTD It's up 6% in local and down 9% in gold Stock markets alway go up in local during fiscal crises Argentinian stocks were up 2000%+ in local currency during the five years prior to Milei's election"
X Link 2024-04-18T18:19Z [----] followers, [---] engagements

"This is treated as controversial but should be completely obvious if you think about economics from first principles. What do you think would happen if we doubled output and kept money supply flat 1970-2020: 2% productivity growth 4% inflation 6% money supply growth In a growing economy baseline price inflation is generally negative due to increases in tech/productivity. Positive inflation that occurs in that environment is built on a negative baseline. For example 2% realized inflation is more like 5% inflation built on a -3% baseline. In a growing economy baseline price inflation is"
X Link 2024-04-21T21:27Z [----] followers, [---] engagements

"A few takeaways from @Delphi_Digital's The Rise of Ethena 🧵 This is by far the best research on @ethena_labs on the market and it is one of the best research reports I have ever seen in the industry. It is a balanced take of the potential risk and economics around Ethena"
X Link 2024-04-24T13:58Z [----] followers, [----] engagements

"1 Basics Ethena holds a spot position in stETH and a short perps position in ETH on a CEX This is called a basis trade and doesn't carry ETH price risk (bc you are long and short) It earns the staking rate on spot (3%+) and a funding rate on the short (usually positive)"
X Link 2024-04-24T13:58Z [----] followers, [---] engagements

"1 Basics (2) Ethena issues USDe on top of this position. You can think of this like a tokenized basis yield as you can stake USDe to earn the basis trade yield High yields (20%+) on the basis trade have allowed USDe to grow to 2.4B in only a few months"
X Link 2024-04-24T13:58Z [----] followers, [---] engagements

"2 Scalability Basis yield comes from being on the contrarian side of a trade and balancing the market risk for an exchange There is a natural ceiling on USDe where the basis trade ceases to be attractive enough to bring in capital Ethena thinks it can handle 30% of OI"
X Link 2024-04-24T13:58Z [----] followers, [---] engagements

"2 Scalability (2) Ethena has already reached 20% of OI And we have seen basis rates come down But there are still two ways to keep scaling: (i) Add the BTC basis trade (ii) BTC and ETH go up in value Delphi report shows a credible path to 7.2B USDe"
X Link 2024-04-24T13:59Z [----] followers, [---] engagements

"2 Scalability (4) . And now any JPM banker can hold spot BTC and short BTC futures for an almost risk-free yield 5% In theory the basis trade should be risk-free rate + a small premium for custody risk and for your troubles You can see this play out in the data post ETF"
X Link 2024-04-24T13:59Z [----] followers, [---] engagements

"2 Scalability (5) I would guess we are within 50% of the natural limit on USDe at current ETH price (say 3.5B and scale by ETH price) And long-term USDe yields are closer to 10% That's [---] * 10% = 350M of revenue for stakers and ENA token holders A triumph of cash flow"
X Link 2024-04-24T13:59Z [----] followers, [---] engagements

"3 Risk It appears Ethena's team has considered every risk * Ethena doesn't custody assets with CEXs * Every major CEX on the cap table to ensure max liquidity and proper operational support * Collateral attestations by CEXs for transparency"
X Link 2024-04-24T13:59Z [----] followers, [---] engagements

"3 Risk (2) * You can unwind USDe without a death spiral. There would be a market dislocation as Ethena sold stETH and ETH into the market. The worst case would be sharp declines in ETH and maybe an stETH depeg with cascading liquidations for you but not for Ethena"
X Link 2024-04-24T13:59Z [----] followers, [---] engagements

"3 Risk (3) * What if funding rate goes negative Ethena has a 37M reserve fund that can cover losses for [--] months at -5% yields You probably want to beef up the reserve fund a bit to prepare for the once in a lifetime events that happen every few years"
X Link 2024-04-24T13:59Z [----] followers, [---] engagements

"3 Risk (4) . ENA is currently trading at 14B FDV. The team could sell 3% of ENA and put 420M in the reserve fund. I can almost guarantee this will be a good idea in hindsight"
X Link 2024-04-24T13:59Z [----] followers, [---] engagements

"4 A few quick thoughts You should consider redoing your model if you recently underwrote a model using 10%+ interest rates. I understand there was a brief period of time when we were entering a bull market and USDe was still a small part of OI but that period is over"
X Link 2024-04-24T13:59Z [----] followers, [---] engagements

"4 A few quick thoughts (2) If USDe is capped at near 3.5B then it won't be able to achieve stablecoin network effects. You see DAI (5.2B) integrated into application because it was previously a decentralized stablecoin and launched before USDC took off"
X Link 2024-04-24T13:59Z [----] followers, [---] engagements

"You should read the entire @Delphi_Digital report It goes much deeper than this thread on the mechanics market opportunity risks and second order consequences of USDe Really A+ research and a standard for the industry Had a chance to read this over the weekend. Best @ethena_labs overview Ive seen which not only dives into why were bullish on $ENA but properly goes through the risks the model has as well. This is a must read. https://t.co/KINoA0liKf Had a chance to read this over the weekend. Best @ethena_labs overview Ive seen which not only dives into why were bullish on $ENA but properly"
X Link 2024-04-24T13:59Z [----] followers, [---] engagements

"You should also consider following this account We have a pretty good PFP write protocol research and occasionally post about books Here is a post on Ethena from last August https://x.com/TheiaResearch/status/1691788028354662813 1) Have you been following the decentralized stablecoin market @ethena_labs is building USDe a stablecoin backed by a long stETH position and a short ETH position (executed on a CEX) We believe this is a robust design for a scalable stablecoin https://t.co/o9InruYEtz https://x.com/TheiaResearch/status/1691788028354662813 1) Have you been following the decentralized"
X Link 2024-04-24T13:59Z [----] followers, [---] engagements

"@engineers_feed Atmospheric oxygen levels so we can live through the return of prehistoric insects and arthropods"
X Link 2024-04-28T18:20Z [----] followers, [----] engagements

"Pre-read: Galois Fields by @ChristofPaar I especially recommend this lecture if you majored in a medium quantitative field like economics This math is actually not that difficult You just need to hear it a few times from a couple of different angles https://www.youtube.com/watchv=x1v2tX4_dkQ BInius: highly efficient proofs over binary fields https://t.co/lHAGXbgI9r https://t.co/3Xx4zIAm1b https://www.youtube.com/watchv=x1v2tX4_dkQ BInius: highly efficient proofs over binary fields https://t.co/lHAGXbgI9r https://t.co/3Xx4zIAm1b"
X Link 2024-04-29T14:45Z [----] followers, [---] engagements

"2) Two different properties of Zero Knowledge The "Zero Knowledge" property is for privacy and doesn't matter for scalability rollups or bridging The succinct property is what allows you to compress a large amount of cryptographic data into a short proof that is quick to verify"
X Link 2024-05-02T10:53Z [----] followers, [---] engagements

"3) Could ZK allow L2s to settle on multiple base layers Super interesting discussion about how an L2s could settle proofs on multiple L1s (e.g. Optimism settles on Bitcoin Ethereum and Celestia) as long as an opcode can validate ZK proofs Seems like an underexplored idea"
X Link 2024-05-02T10:54Z [----] followers, [---] engagements

"When everybody is talking about market volatility but you hardcoded your @costcodogsol holdings at [----] Why I am still long @costcodogsol 🧵 🌭Deep value opportunity given divergence between intrinsic value (1.50) and market price (0.02) 🌭 Unique real world asset play among Solana blue chip memes 🌭 Upcoming catalyst with 4th of July festivities Why I am still long @costcodogsol 🧵 🌭Deep value opportunity given divergence between intrinsic value (1.50) and market price (0.02) 🌭 Unique real world asset play among Solana blue chip memes 🌭 Upcoming catalyst with 4th of July festivities"
X Link 2024-05-04T11:55Z [----] followers, [----] engagements

"A bit late on this one but @LynAldenContact published a wonderful piece on the 60-40 portfolio why it has worked so well in the US over the past [--] years and why we shouldn't expect it to work well over the next ten years. https://www.lynalden.com/april-2024-newsletter/ https://www.lynalden.com/april-2024-newsletter/"
X Link 2024-05-06T13:22Z [----] followers, [---] engagements

"1) 60-40 portfolio works great when you have a structural trend of declining interest rates * Both stocks and bonds benefit from falling rates * Bonds protect you during recessions (stocks fall due to weak earnings and bonds rise as Fed lowers rates to fight weak earnings)"
X Link 2024-05-06T13:22Z [----] followers, [--] engagements

"2) 60-40 portfolios perform poorly during periods of high inflation (1910s 1940s 1970s and 2000s) You want exposure to commodities gold and energy during periods of high inflation (not included in 60-40). Stocks are hit as inflation leads to weaker margins and higher rates"
X Link 2024-05-06T13:22Z [----] followers, [--] engagements

"3) Bonds struggle during periods of high inflation because (i) inflation by itself leads to higher nominal rates and (ii) the Fed will attempt to raise real rates to fight inflation. Bond yields have not kept up with GDP growth during periods of high inflation (yellow below)"
X Link 2024-05-06T13:22Z [----] followers, [--] engagements

"A few takeaways from @Delphi_Digital's outstanding primer on Modular Lending 🧵 Prediction: Over 40% of lending will happen on Modular Lending platforms by the end of [----]. Modular lending opens up meaningful design space for long-tail assets and structured products. The Next Phase of DeFi Money Markets DeFis lending sector has been sluggish attributed to complex multi-asset lending pools & gov-driven project decisions. Our latest report explores the potential of modular lending products - unraveling features designs & implications 🧵 https://t.co/il48fbtiPS The Next Phase of DeFi Money"
X Link 2024-05-07T10:00Z [----] followers, 19.1K engagements

"1) Monolithic Lending has severely constrained the design space for lending and structured products within DeFi @PaulFrambot makes the point in the Morpho Blue paper @aave and @compoundfinance are not lending protocols but onchain funds. They take in capital and manage risk"
X Link 2024-05-07T10:00Z [----] followers, [---] engagements

"3) Modular Lending 🤝 Long-tail Assets Modular Lending protocols allow market actors to create lending pools with parameters like loan asset collateral asset oracle & liquidation LTVs @eulerfinance EVK Credit Vaults @MorphoLabs Morpho Blue"
X Link 2024-05-07T10:01Z [----] followers, [---] engagements

"4) Market actors can create pools that lend long-tail assets or even permit them as collateral You are treated as an adult who can decide whether the pool is reasonable or too risky to lend to. This is called externalizing risk management"
X Link 2024-05-07T10:01Z [----] followers, [---] engagements

"5) What if you don't want to underwrite credit risk There is a layer of risk managers who will take in capital underwrite risk and lend to earn the best risk-adjusted returns they can find in the market. Pretty innovative right Wrong. That's how lending has always worked"
X Link 2024-05-07T10:01Z [----] followers, [---] engagements

"9) [--] (advanced) Leveraged AMM market making by accepting LP tokens as collateral and allowing MMs to loop [--] (advanced) Permissionless CDPs on @eulerfinance vaults. You can create any asset with an oracle. We could keep going modular lending unlocks a lot of design space"
X Link 2024-05-07T10:01Z [----] followers, [---] engagements

"10) You should really read the @Delphi_Digital report. It provides thoughtful and nuanced takes on the key differences between Euler Morpho and the monolithic lenders. The Delphi team has been absolutely cooking lately. They have been shipping nonstop A+ research"
X Link 2024-05-07T10:01Z [----] followers, [---] engagements

"Would you agree with the following language @aave and @compoundfinance are protocols that act like onchain funds by taking in and deploying capital according to active underwriting and risk management. The long-tail asset constraint is based on where risk management happens (i.e. inside or outside the protocol). The protocol vs. non-protocol axis doesn't really matter as much"
X Link 2024-05-07T13:12Z [----] followers, [---] engagements

"We are excited to announce an investment in @vertex_protocol Shout out @TraderNoah who led sourcing and diligence and built the most beautiful underwriting notebook you have ever seen. https://www.fleet.so/share/92dcd953-0480-419f-9c22-f0b292315c4f https://www.fleet.so/share/92dcd953-0480-419f-9c22-f0b292315c4f"
X Link 2024-05-10T10:03Z [----] followers, 27.2K engagements

"Investment Highlights [--] Lowest On-Chain Trade Execution Costs [--] Competitive With CEX Trading Experience [--] Vertex Edge Strategy [--] A+ Founder Quality [--] Superior On-Chain UX [--] Attractive Tokenomic Model [--] Good Entry Valuation"
X Link 2024-05-10T10:03Z [----] followers, [---] engagements

"1 Lowest On-Chain Trade Execution Costs Vertex charges a blended 1.5bps for trade execution relative to 2bps on DYDX and 5bps on AMM models Vertex has a flat fee structure with 2bps for taking and 0bps vs. 2bps on dYdX for lower volume flow"
X Link 2024-05-10T10:03Z [----] followers, [---] engagements

"3 Vertex Edge Strategy Edge is Vertex's off-chain order matching system. Any frontend can integrate Edge and access liquidity from anywhere on Edge. This is the solution to liquidity fragmentation among perpetuals exchanges on different chains and L2s"
X Link 2024-05-10T10:04Z [----] followers, [---] engagements

"4 Dream team with a deep appreciation of the challenges of scaling a perpetual platform @DariusTabai has over [--] years as a professional derivatives trader @sjpark_21 worked at Goldman Sachs as a PM for [--] years @AlwinPeng was the youngest engineer at Jump Trading"
X Link 2024-05-10T10:04Z [----] followers, [---] engagements

"1 Restaking Basics Conversation begins with a good explanation of restaking * You stake your ETH to secure Ethereum's POS network and are slashed if you misbehave * You can also restake your ETH to secure other POS networks with arbitrary rules"
X Link 2024-05-13T10:40Z [----] followers, [--] engagements

"1 Restaking Basics (Cont'd) User ➡ LRT ➡ Operator ➡ AVS * User sends ETH and gets LRT tokens * LRT sends ETH and signs a contract * Operator stakes ETH and gets cash flow and tokens from AVS * Operator sends cash flow and tokens to LRT * Users LRT tokens go up in value"
X Link 2024-05-13T10:40Z [----] followers, [--] engagements

"4 Should a new project launch its own PoS token or borrow ETH / BTC / SOL security through restaking The right answer is to borrow security and validators from ETH / BTC / SOL but the market puts a premium on PoS tokens so there is an incentive to keep launching them"
X Link 2024-05-13T10:41Z [----] followers, [--] engagements

"not to pull on any tails But where would PoS tokens like Chainlink and Rune be valued if they were not used for security (which would I believe be the better structure for the underlying product) and the tokens instead became governance and cash flow tokens 🤔"
X Link 2024-05-13T10:41Z [----] followers, [--] engagements

"6 LST vs. LRT The back half of the interview has a fascinating discussion on LSTs versus LRTs It begins with @MylesOneil providing a S-tier overview of the LST market that explains how LSTs compete with each other and how they are attempting to take share from ETH itself"
X Link 2024-05-13T10:42Z [----] followers, [--] engagements

"6 LST vs. LRT (cont'd) .And continues by explaining that LRTs are really restaked index tokens LRTs are more like mutual funds with different managers and potential strategies on collateral lockup terms expectations around return thresholds and risk tolerance etc"
X Link 2024-05-13T10:42Z [----] followers, [--] engagements

"We should also axe the term DeFi. Who thought DeFi was a good idea We are building the Internet Financial System to challenge the legacy financial system. All activity can be divided into onchain financial activity and offchain financial activity. https://x.com/smyyguy/status/1790401605344378999 Lets kill FUD while were at it https://x.com/smyyguy/status/1790401605344378999 Lets kill FUD while were at it"
X Link 2024-05-14T17:10Z [----] followers, [----] engagements

"@MikeIppolito_ Imagine how much of an advantage you would have if you built a video game and open sourced the code"
X Link 2024-05-20T14:55Z [----] followers, [---] engagements

"1 Watch @Tim_Roughgarden explain LVR LVR happens because AMMs run rebalancing strategies Consider an ETH-USDC pool If ETH goes up the LP pool sells If ETH goes back down the LP pool buys This process of buying low and selling high is a type of volatility harvesting"
X Link 2024-05-21T10:30Z [----] followers, [--] engagements

"2 The problem is that returns from volatility harvesting don't go to Uniswap LPs They go to arbitrage bots that buy ETH at stale prices from Uniswap and sell it on Binance This is often called toxic flow or adverse selection @a16zcrypto explains https://rb.gy/7yiaxc https://rb.gy/7yiaxc"
X Link 2024-05-21T10:30Z [----] followers, [--] engagements

"3 Most CEX-DEX arbitrage actually goes to validators Arbitrageurs find CEX-DEX opportunities and pass along most of the earnings to validators by nature of the MEV supply chain design Watch @MaxResnick1 say 70-90% of CEX-DEX profits go to validators https://www.youtube.com/watchv=oqFHEkT-LLc&t=451s https://www.youtube.com/watchv=oqFHEkT-LLc&t=451s"
X Link 2024-05-21T10:30Z [----] followers, [--] engagements

"4 So LVR is value transfer from AMM LPs to arbitrageurs and validators The figures can be material see below for a 2.5% LVR tax on the ETH/USDT 5bps Uniswap pool Caveat: This is probably the highest LVR pool on Uniswap. LVR is much lower on long-tail assets. This is the best analysis I have seen on Uniswap profitability using markouts Whoever wrote this made the methodology piece interesting @ambient_finance https://t.co/XorOpFWnM2 This is the best analysis I have seen on Uniswap profitability using markouts Whoever wrote this made the methodology piece interesting @ambient_finance"
X Link 2024-05-21T10:30Z [----] followers, [---] engagements

"5 So what do Citadel's Sharpe is Uniswap's Opportunity LVR means LP returns are lower than they should be (and negative in some cases) If we don't have LPs we don't have AMMs and it's over for onchain Response: We redesign AMM so arbitrageurs send CEX-DEX profits back to LPs"
X Link 2024-05-21T10:30Z [----] followers, [--] engagements

"9 @CoWSwap's CoW-AMM solves LVR through an auction mechanism 🐮 collects intents from traders and puts them into a batch auction that is then bid by a number of solvers who are competing to return the most possible value to traders and LPs This is live and working well"
X Link 2024-05-21T10:30Z [----] followers, [--] engagements

"11. LP profitability is much better with shorter block times but it is not good enough We are far from competing with offchain efficiency and we need to if we want the Internet Financial System to become a reality We need better AMM design for DEX / CEX Spot % to grow above 70%"
X Link 2024-05-21T10:31Z [----] followers, [--] engagements

"12. @magicdhz also makes the brilliant observation that AMMs are passive investment strategies managed by algorithms Arbitrageurs are currently feasting on this investment strategy We can do much better through thoughtful design and it should increase the amount of LP capital"
X Link 2024-05-21T10:31Z [----] followers, [---] engagements

"Please read the full report I didn't even cover 30% of the content and this is the most import least understood topic in the onchain economy This report is a Hemingway level masterpiece @blockworksres is cooking with some of the best (and most likable) minds in the industry 1/ Loss versus rebalancing (LVR) is arguably the biggest (application layer) problem for DeFi on Ethereum. Traditional AMMs are inefficient and for the next generation of AMMs the alpha of AMM design is LVR. https://t.co/W1UtP0wGYE 1/ Loss versus rebalancing (LVR) is arguably the biggest (application layer) problem for"
X Link 2024-05-21T10:31Z [----] followers, [---] engagements

"We didn't win because we have numbers. We won because we have Internet Power. Internet Power is a good mental model to better understand the world over the next few decades. Paul was able to win an asymmetric game against the Imperium by understanding an invisible source of power It was sea power and air power on Caladan. Here its desert power. The Fremen are the key On Earth the balances are decided by Internet Power. Cryptography is the key. https://t.co/wvGmWMl6tA Paul was able to win an asymmetric game against the Imperium by understanding an invisible source of power It was sea power and"
X Link 2024-05-24T14:13Z [----] followers, [---] engagements

"http://x.com/i/article/1813330015842340864 http://x.com/i/article/1813330015842340864"
X Link 2024-07-17T14:15Z [----] followers, 23.8K engagements

"http://x.com/i/article/1813621036555948032 http://x.com/i/article/1813621036555948032"
X Link 2024-07-19T12:35Z [----] followers, 48.7K engagements

"Is this @metaplex flexing cash flows You love to see it. Projects with real revenue https://t.co/d1Wzi2hDX4 Projects with real revenue https://t.co/d1Wzi2hDX4"
X Link 2024-07-19T19:02Z [----] followers, [---] engagements

"I appreciate @UMAprotocol putting together an estimate of Oracle Extractable Value ("OEV") along with backup This should be standard procedure. If you are launching a new product build a Dune dashboard to measure the market opportunity. It's good underwriting for your team"
X Link 2024-07-22T16:06Z [----] followers, [---] engagements

"OEV looks like a 30M opportunity for Aave (+40% revenue) OEV will need to be shared between Aave Chainlink Uma and the MEV supply chain but it is still a sizable amount of revenue It's material relative to lending market valuations (less material relative to oracle valuations)"
X Link 2024-07-22T16:06Z [----] followers, [---] engagements

".@TusharJain_ is right about MEV determining intrinsic value for L1s and L2s and I think we all know it deep down. The entire industry is working to trend fees and data availability costs towards [--]. We just don't want to imagine the consequences of Tushar's theorem"
X Link 2024-07-22T17:07Z [----] followers, [----] engagements

"I understand the argument that certain L1s can be valued as emerging market currencies when they are the main collateral pair and trading pair. This is true and means you need to track integration within the local financial system. BTC threatens to take share as crypto improves"
X Link 2024-07-22T17:23Z [----] followers, [---] engagements

"Links: 1) 2) We had to run them again because the Flashbots run was a little stale but full credit to the Flashbots team. https://dune.com/queries/3935018/6617093 https://dune.com/queries/3935025/6617155 https://dune.com/queries/3935018/6617093 https://dune.com/queries/3935025/6617155"
X Link 2024-07-23T11:00Z [----] followers, [---] engagements

"Teaser conclusions Longtail is approx. 40% Uniswap Website 15% 1inch 10% Cowswap 5% Uniswap Router 5% Maestro 5% Banana Gun ETH:BTC is approx. 30% Uniswap 25% 1inch and 15% Cowswap Lots of good data to work through"
X Link 2024-07-23T11:00Z [----] followers, [---] engagements

"Beautiful sankey by @sui414 on the solver auction market. It's the entire market in one diagram. 1) Starts with Cowswap 1inch Fusion and UniswapX 2) Labels and sizes every solver 3) Labels and sizes every liquidity source"
X Link 2024-07-23T13:50Z [----] followers, [----] engagements

"You can use the same tool to look at the RFQ market (including RFQ orders from 1inch 0x and Hashflow)"
X Link 2024-07-23T13:50Z [----] followers, [---] engagements

"@WestieCapital Dont knock $5 You can slap a P/E multiple on that puppy for $120 of sum of the parts value"
X Link 2024-07-23T20:39Z [----] followers, [----] engagements

"We need an IMDb for crypto podcasts. The variance in quality even between different episodes of the same podcast is astronomical"
X Link 2024-07-29T12:30Z [----] followers, [----] engagements

"http://x.com/i/article/1813626867804721152 http://x.com/i/article/1813626867804721152"
X Link 2024-07-29T12:43Z [----] followers, 62.2K engagements

"@MikeIppolito_ Economic Limits of Consensus"
X Link 2024-08-08T12:59Z [----] followers, [---] engagements

"@tarunchitra Would you mind providing one (or two) examples of proper and improper use"
X Link 2024-08-09T15:50Z [----] followers, [---] engagements

"@0xDeFiDevin @lyrafinance"
X Link 2024-08-17T02:00Z [----] followers, [---] engagements

"Every time I spend a day on Solana protocol and roadmap https://report.helius.dev/ There are cathedrals everywhere for those with the eyes to see https://t.co/79SQWpjvBA https://report.helius.dev/ There are cathedrals everywhere for those with the eyes to see https://t.co/79SQWpjvBA"
X Link 2024-08-19T16:20Z [----] followers, [---] engagements

"You will all be using this by the end of next year https://x.com/nickjthoma/status/1825623464063152483 Excited to open up @ovrlook_xyz to a wider audience. If you're interested in ditching the spreadsheets and getting a full view of your portfolio in real-time please reach out https://x.com/nickjthoma/status/1825623464063152483 Excited to open up @ovrlook_xyz to a wider audience. If you're interested in ditching the spreadsheets and getting a full view of your portfolio in real-time please reach out"
X Link 2024-08-19T21:23Z [----] followers, [----] engagements

"You can own a mathematician by showing that his hard earned theorem is just a special case of your more general theorem. Euler completely bodied Fermat this way in [----]. Can confirm it was devastating. @eulerfinance is about to do this onchain by showing that all monolithic lending platforms are specific instances of Euler V2. A few takeaways from @Delphi_Digital's outstanding primer on Modular Lending 🧵 Prediction: Over 40% of lending will happen on Modular Lending platforms by the end of [----]. Modular lending opens up meaningful design space for long-tail assets and structured products. A"
X Link 2024-08-20T10:37Z [----] followers, [----] engagements

"We are not a serious industry until this problem is solved. If there is an equity entity that accrues revenue ahead of the token then the token is not worth much. Any news that reveals this type of conflict should send token price down 90%. Markets should enforce good behavior. we'd love to send revenue to tokenholders (who we are dumping on) if it weren't for that terrible gensler guy really a shame we have to keep it in the labs entity https://t.co/MrE25PvyVq we'd love to send revenue to tokenholders (who we are dumping on) if it weren't for that terrible gensler guy really a shame we have"
X Link 2024-08-23T14:13Z [----] followers, [----] engagements

"There is nothing new under the sun. We are mirroring Silicon Valley after [----]. Fundamentals paradigm is pulling us in like a supermassive black hole. @LoganJastremski Youtube: Spotify: https://tinyurl.com/3x9fcsb6 https://tinyurl.com/2wkrchdj So riddle me fcking this DA is going to [--] Execution is going to [--] MEV is going to [--] Then where tf we getting economic sustainability from https://tinyurl.com/3x9fcsb6 https://tinyurl.com/2wkrchdj So riddle me fcking this DA is going to [--] Execution is going to [--] MEV is going to [--] Then where tf we getting economic sustainability from"
X Link 2024-08-24T15:58Z [----] followers, [----] engagements

"💯. Everybody is underestimating onchain finance because they conflate the quality of the assets we have onchain with the quality of the financial infrastructure. If we brought stocks bonds and real estate onchain through a Circle custody model (possible today with regulation) then onchain would already be the better financial system for 50% of the world. What we want is a value based DeFi sector. The difference between finance (positive sum) and a casino (zero/negative sum) is whether there is underlying value in the traded assets. What we want is a value based DeFi sector. The difference"
X Link 2024-08-29T13:06Z [----] followers, [----] engagements

"@metaproph3t They could allow transfers and have a blacklist function just like USDC"
X Link 2024-08-29T14:29Z [----] followers, [---] engagements

"We should not value ETH and SOL based on cash flow unless we want them to go to zero. You can't build a reasonable valuation for ETH and SOL based on fees or MEV as both will trend asymptotically towards zero. We should abandon the idea that L1s can justify anything remotely close to existing valuations based on a cash flow measure. The two equilibria that work are $0.00 and emerging market reserve asset valuations unconstrained by cash flows. It's completely reasonable to portray ETH and SOL as emerging market reserve assets because they are the most liquid pairs most saleable collateral and"
X Link 2024-08-30T13:15Z [----] followers, 30.2K engagements

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