Res ®️ Profile picture
Jun 11 7 tweets 3 min read
This Is Huge:

$NEAR becomes the first non-EVM chain with @MetaMask compatibility 🤯

No need to create a NEAR wallet - just use your Metamask and come play with NEAR dapps directly

By @proximityfi & @NEARProtocol

1/7
Some notes:

- The integration is done entirely on the Near side via smart contracts using Ethereum accounts

- The plugin codename is nETH

- This is an early-stage alpha version, so there're still some technicalities

- Contract is already audited

- Unofficial integration

2/7
The team is improving the UX so that you get the most seamless experience

1. Use a one-click setup
2. Be automatically headed to the Rainbow bridge & get your funds bridged to NEAR
3. Enjoy NEAR dapps w/ Metamask

Done. You won't even know what's happening under the hood!

3/7
Here's a teaser of the demo by @mattdlockyer

Check it out to further understand the technology behind it

4/7

If you are even more curious, join NEAR's June Townhall on Sunday (12th) to catch the full demo

You will see how Matt supplies $ETH as collateral in @burrowcash and borrows $USDT directly using Metamask, without even knowing what a NEAR Wallet is

5/7
This is just another milestone for the $NEAR ecosystem

And it shows how teams are working on bringing more people into the eco by creating seamless infrastructure & tooling and by focusing on users' needs

6/7
More info about how it works coming soon.

We will keep sharing info about this development and many others that are about to come!

If you want to keep up with them, go follow

- @proximityfi
- @mattdlockyer
- @resdegen

7/7

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More from @resdegen

Jun 12
1/ And it's starting

$USDD is currently just 92% collateralized by the Reserves (even considering $TRX funds) ⚠️

If you subtract $TRX, it turns out collateralization ratio is currently 73%

Also, the 140M $USDT are not really USDT, but jUSDT 👇 Image
2/ That means that the 140M USDT are deposited into JustLend, a lending / borrowing protocol on the $TRX network

They are earning some yield on that, which is understandable

However, we need to consider now that those $140M are subject to smart contract and exploit risk Image
3/ They are injecting more capital to keep the collateralization level:

- 1,000 $BTC were added on the 6th of June for around $30M

- Yesterday, they announced they bought another $50M worth of $BTC and $TRX (those haven't been deposited into the Reserve yet) ImageImage
Read 10 tweets
Jun 11
$ETH / $BTC is currently at spot where the 2018 bear-market relief rally took place

Notes:

- Bear market rallies can be strong: $ETH +120%
- Can last longer than most think: 1 month only up
- Can trick you into thinking we go back bull mode
- Macro structure is key: just a LH
If smth like that occurs, don't get fooled

$ETH / $BTC might even go lower without much support though, given the stETH situation

It's backed 1:1 to ETH but liquidations may put some sell pressure on ETH. Then misunderstanding & FUD come, which may trigger a bigger sell off
"depeg" as like stETH < ETH as a result of the open secondary market

not as a failure in the system

- I'd only add stETH is the difference in price is significant (>20/25%) AND ETH is down significantly as well

- will add just ETH to play a quick bounce and sell it
Read 7 tweets
Jun 5
1/ This is nuts

@usddio @trondaoreserve & @trondao are deceiving the market with $USDD

They are claiming that $USDD is collateralized at over 200% and this information is technically FALSE

I'm gonna explain why 🧵👇
2/ According to their articles, they claim that collateral ratio is over 200%

Let's check some data at tdr.org/#/

- $USDD supply = 667M
- $TRX burnt = $667M = $USDD supply
- Reserves = $787M
- Collateral ratio = 218%
3/ Collateral ratio is defined as the ratio between the collateral and the issued stablecoin:

Collateral ratio = Reserves / Total_USDD_issuance = 787 / 667 = 118%

Huh? Why does the website show Collat. Ratio = 218% then?
Read 16 tweets
Apr 23
1/ Is $NEAR really exploding? How is @finance_ref & $REF benefiting from that?

Let's dive into some metrics! | A data thread💻🧵

The $NEAR ecosystem is def booming: we just had the biggest influx of money via the Rainbow Bridge
2/ There is literally no money leaving the eco.

That means people want to stay and take advantage of the opportunities
3/ TVL is growing and @finance_ref is leading with a dominance of 47%

There are only 5 protocols! but more are coming soon
Read 21 tweets
Apr 22
1/ Did you know that you can get 400% APR on $NEAR using @BastionProtocol?

This strategy does not have liquidation risk or impermanent loss.

This is mainly thanks to the liquidity-mining program they just introduced after the launch of $BSTN
2/ You have to provide $NEAR to the vault and then borrow against it. Since rewards for supplying are higher than the borrowing cost you can re-supply your borrowed amount.

If you do several loops, you will end up with high returns. Let's do a zoom on the chart above
3/ Of course, there curve tends to a constant value and, therefore, there is an optimal number of loops. For each extra loop, the extra rewards obtained diminish

E.g: 10 loops with LTV = 90% you can get 250% APR
Read 9 tweets
Apr 22
1/ Has anyone noticed about @thenearpay?

It's a direct fiat on-ramp on the $NEAR blockchain and allows you to spend crypto worldwide.
Coincidence that they release this when $USN is coming? 👀

Definitely a good way to increase adoption

Go have a look: nearpay.co
2/ It supports 10+ fiat currencias & 30+ cryptos.

They bring an app and a physical card that allows to:

- Make payments with crypto worldwide
- Get industry events exclusive access
- Get inheritance services
3/ You can order one now by submitting your full name, phone number, mail and .near address. After you make your first purchase / transaction, you will receive an NFT, which I don't think will end up being very valuable but cool thing anyways for the first users
Read 5 tweets

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