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1/ @BalancerLabs inverts the economics of indexed asset management.

Instead of investors paying annual fees to indexed portfolio managers, with Balancer the investors get paid for contributing their asset portfolios to indexed pools.

medium.com/balancer-proto…
2/ But indexed asset management is only half of the story for @BalancerLabs.

Similar to Uniswap, Balancer’s indexed funds serve as liquidity pools for users, suppliers, traders and other market participants to access.
3/ As more investors are drawn to Balancer’s promise to pay people for their assets, these pools will grow, and @placeholdervc expects them to become some of DeFi’s most liquid venues.
4/ Since pools are not restricted to 50/50 weighting, the field of programmability with @BalancerLabs is vast, and already we’re seeing top tier DeFi teams experiment with the protocol as a way to solve as-of-yet unmet needs: medium.com/balancer-proto…
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Chris Burniske
@cburniske
There's been good conversation recently about the amount people *actually pay* to use blockchains, stripping out the inflation subsidy.

At @placeholdervc's annual meeting a few months back, we shared this graph to show #Ethereum's lead versus other smart contract platforms:
2/ Yes the data can be updated (I encourage someone to do it, @alexhevans is busy with other things 🙂), and notable smart contract chains like EOS are missing because their fee model is different (really a cost of capital fee). But the point stands...
3/ #Ethereum is orders of magnitude ahead of any of its competitors in terms of people willing to pay for its utility.

Speculation may buoy "Ethereum Killers" for a while, but for many it will eventually become clear the emperor has no clothes: placeholder.vc/blog/2019/10/2…
Read 5 tweets
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Chris Burniske
@cburniske
It's true that $UMA's price increased upon Uniswap listing, and I agree my earlier phrasing about "giving public participants the same entry point as private investors" could have been more detailed, as it was the *initial* entry point that was the same as the seed valuation.
The mechanism was an attempt to allow the public to set the fair valuation after taking into account the 2 years of work & resources that have been put into building @UMAprotocol since its seeding. It seems to have stabilized around $1.20 per token after > $3M in trading volume.
The other options would have been to cater to centralized exchanges or seek further illiquid and bespoke private market valuations. Tradeoffs are everywhere here, and UMA opted for a novel, low-cost & permissionless price-discovery process.
Read 6 tweets
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Chris Burniske
@cburniske
1/ Never seen a reason to hold $BSV, but @placeholdervc works with a healthy balance of:

-Currently mineable assets ($BTC, $DCR, $ETH, $ZEC etc)
-Non-mineable assets, most of which provide value-flows to service-providers ($ANT, $MKR, $UMA, $ZRX, etc):

placeholder.vc/about
2/ @luke_wenceslas's comment about assets getting "magiced out of thin air" did put a smile on my face.

The way I see it, the *conception* of value of any asset is nothing but a long history of magic-ing things out of thin air.
3/ Value is a social construct. It exists between our minds only, and conceiving of things as yours, and therefore valuable to you, is a concept that came out of thin air (ie, the air between minds) around the Agricultural Revolution.
Read 9 tweets

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