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Dmitriy Berenzon Profile picture
@dberenzon
Feb 19, 2020 • 14 tweets • 5 min read • Read on X
1/ ETH Denver gets better every year. Here's a summary of my takeaways and project highlights.

Key themes this year:
- Leverage & derivatives
- BTC on ETH
- Bonding curves
- Public goods funding
- Security
2/ 1x.ag - Leveraged positions on ERC20 tokens

Uses Compound, Aave, MakerDAO, and bZx as lending providers, Aave flash loans for leverage, 1split.eth as the on-chain dex aggregator, and ChainLink oracles for price verification.

#moneylegos
3/ UpSideDai - 20x leveraged DAI

Leveraged contract for difference that creates UpDai and DownDai tokens, each 100% collateralized, representing long and short positions on Dai.

Uses Maker & Uniswap for ETH/DAI price and Uniswap pools for liquidity.

upsidedai.com
4/ ohmyDefi - Options on ERC20 tokens

Create and sell puts or calls on any [ERC20] asset, strike, and maturity.

Positions are created by locking the strike asset and minting an options token (1:1) for a given long/short pair.

ohmydefi.netlify.com
5/ MakerDAO BTC vault - BTC-backed DAI loans

Uses zBTC, a bitcoin-backed ERC20 token, as collateral to mint DAI.

Users send BTC to a wallet that's under the custody of RenVM, RenVM mints zBTC ERC20 that's redeemable 1:1.

makerdao-btc-vault.herokuapp.com
6/ Bitcoin Earn - Earn interest by lending BTC

Send BTC to deposit account, mint tBTC, a bitcoin-backed ERC20 token, and deposit tBTC into a Compound or Uniswap pool.
7/ ShopiFi - DeFi E-commerce plugin

Users can deposit funds into a DeFi protocol via a credit card or Apple/Google Pay.

Merchants can choose to divert a portion of sales into interesting bearing protocols like Compound, Chai, and PoolTogether.

general-shills.webflow.io
8/ Outfront - address monitoring/protection

Monitors mempool for unauthorized transfers from wallets and sends a competing transaction at a higher gas price to divert funds into a rescue wallet. Uses a signed EIP712 permission token to execute recovery.

github.com/justinschuldt/…
9/ Safenet - SIM swap prevention

Hashed phone information can be queried from a public blockchain to signal SIM changes or suspicious activity.

Built using Arbitrum rollups from @OffchainLabs

github.com/BUIDLHub/simpr…
10/ Bound - Invest in artists

Patreon built on an out-of-the-box tokenized bonding curve. Fans purchase an artist's token and gain access to exclusive content. Artists take a fee on every token purchase/sale.

devfolio.co/submissions/bo…
11/ Coz - Social network DAO for solving problems

Users post ideas to crowdsource solutions and donate directly to the best solutions. Anyone can earn rewards for contributing to solutions.

Donated DAI gets locked in DSR and interest goes to nonprofit.

coz-ca394c.webflow.io
12/ Flowerpot - Free and open source GitHub Sponsors

Links ETH wallets to GitHub Orgs for an easier and more open way to sustain projects and maintainers.

flowerpot.network
13/ MetaCredits - Donate gas for meta transactions

A benefactor can deploy a MetaCredit DappFunder smart contract for a dapp, deposits funds in the contract, and grants the developer permission to use funds to pay for his and his user’s gas fees.

github.com/rapid-eth/ethd…
14/ There were many more excellent projects. Here's a full list of submissions:

Open track: alchemy-xdai.daostack.io/dao/0xe248a76a…

Impact track: alchemy-xdai.daostack.io/dao/0xe248a76a…

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More from @dberenzon

Dmitriy Berenzon Profile picture
Feb 2, 2023
1/ Most people think about a (blockchain) bridge as a monolithic piece of software or a set of smart contracts, but @arjunbhuptani elegantly breaks down the concept into a modular framework.

Here's what happens under the hood when you relay a message across chains:
2/ Transport: You take data from a source chain and post it to a destination chain.

This can happen using any relayer network.

This can also happen using native rollup bridges (i.e. the sequencer).

This part of the stack is highly commoditized since it's easy to implement.
3/ Message verification: Answers the question of "How do I know that some message that went across chains is correct?"

This is the main job of a bridge and how we classify them today (e.g. validator sets, light clients).

SNARKing chain consensus is probably the end game.
Read 5 tweets
Dmitriy Berenzon Profile picture
Oct 4, 2022
1/ Application-specific blockchains ("AppChains") are back with a vengeance.

I've written a piece on AppChains and their:
- History
- Pros & cons
- Future market structure
- Design space
- Current solutions

medium.com/1kxnetwork/app…

+ a thread to accompany it 👇
2/ What's an AppChain?

Simply put, an AppChain is a blockchain that dedicates its blockspace to a specific application.

Importantly, they *do not* only refer to monolithic L1s because "layers" are mostly just trust-minimized blockchains w/ two-way trust-minimized bridges. Image
3/ AppChains as a concept have been in the making since 2016 but have evolved and accelerated since 2020. Image
Read 11 tweets
Dmitriy Berenzon Profile picture
Jun 14, 2022
1/ Market timing is arguably the most important factor that determines the success of a company.

Here are three mental models for determining whether it is the right time for what you're building:
- Prior failures
- Ingredients for success
- Awareness & acuteness of pain
2/ Prior failures:
- Who else has tried something similar to what you're building and failed?
- Why did they fail (e.g. competition? no demand? bad UX)?
- Have those reasons been solved by the market (e.g. better tech)?
- Can you solve any of those reasons (e.g. better GTM/team)?
3/ Ingredients for success:
- What needs to come together for your project to be successful (e.g. platform scalability, end-user distribution)?
- Are most of these ingredients achievable in the next 1-2 years?
- Can you accelerate the timelines for any of these ingredients?
Read 5 tweets
Dmitriy Berenzon Profile picture
Sep 8, 2021
1/ Fun fact: there are around 100 public blockchains and *over 40* bridge projects today (!)

I've written a piece explaining why bridges are important, how they are designed, who is building them, and what the future landscape might look like.

medium.com/1kxnetwork/blo…
2/ Interoperability unlocks innovation.

Bridges enable:
- Greater productivity and utility for existing cryptoassets
- Greater product capabilities for existing protocols
- New features and use cases for users and developers
3/ There are usually 4 components to these systems:

- Monitoring state on the source chain
- Relaying information to the destination chain
- Reaching consensus on which information to relay
- Cryptographically signing the information sent
Read 10 tweets
Dmitriy Berenzon Profile picture
May 27, 2021
1/ #DeFi enables software economics for financial services.

This is something that traditional banks and FinTechs cannot achieve because they continue to be built on antiquated rails.
2/ What does "software economics" mean?

Building software is a mostly fixed-cost effort but provisioning additional copies are ~free.

In other words, there is ~$0 marginal cost per additional user.

This enables software companies to have unprecedented scale & profitability.
3/ Banks & FinTechs don't have this luxury because they are burdened with paperwork, manual processes, compliance overhead, etc.

These are non-issues for DeFi protocols b/c the financial services are smart contracts living forever in a permissionless financial cloud.
Read 9 tweets
Dmitriy Berenzon Profile picture
Oct 1, 2020
1/ The last four months have seen *dozens* of protocols launch liquidity mining programs.

I've written a piece explaining what liquidity mining is, what has worked well, and what could be improved:

medium.com/bollinger-inve…
2/ Liquidity mining (LM) is a network participation strategy in which a user provides capital to a protocol in return for that protocol's native token.
3/ LM programs come in 3 flavors:

- Growth marketing: <20% of tokens distributed to incentivize specific actions
- Programmatic decentralization: 20-80% of tokens gradually distributed to the community
- Fair launches: >80% of tokens quickly distributed via specific actions
Read 7 tweets

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