.@renprotocol just launched on mainnet.

It’s one of the most underrated projects in DeFi

REN allows BTC, BCH and ZEC to be used trustlessly on Ethereum.

And unlike other trustless BTC token projects, Ren works today.

A thread : Image
1/ Ren started life as Republic Protocol, a project focused on private, cross-chain trading for BTC and ETH/ERC20 tokens.

Dark pool trading is common in financial markets, and Republic focused on bringing it to crypto, along with cross-chain order capability.
2/ As they developed Republic, the team realized that the private, cross-chain order technology could be expanded to smart contract interactions, making #RenVM much more versatile.

Republic was rebranded to Ren Protocol in 2019 to reflect this change.
3/ Ren has a network of “Darknodes” running the Ren Virtual Machine(RenVM), using a BFT(Tendermint) consensus algorithm.

RenVM uses Secure MultiParty Computation so Darknodes can perform messaging and computation without knowing the contents of the transactions.
4/ How does RenVM allow cross-chain interactions?

RenVM is a 3rd party between users and blockchains. It holds keys to each chain it interacts with ( #BTC, #ETH, #BCH and #ZEC).

As a distributed BFT network, it is a relatively decentralized and trustless custodian
5/ You can send BTC to RenVM to mint RenBTC, an ERC20 Token that can interact with #Ethereum smart contracts.

This renBTC can then be transferred back to real #BTC anytime by burning it.

This all happens automatically on a BFT Network. You’re not trusting any single party.
6/ Cool App: RenBridge

Deposit BTC, BCH, or ZEC and and mint an #ERC20 token representation.

At any time, you can withdraw those token back to real BTC, BCH, or ZEC.

This all happens in an automated and trustless manner.

bridge.renproject.io
7/ WBTC.cafe is another cool Dapp running on REN.

Here you can turn WBTC into real BTC, or turn BTC into WBTC, trustlessly.

Pretty neat!
8/ If you want to trade RenBTC against WBTC, you can do so at curve.fi
9/ Ren is a super cool, cross-chain protocol that works today.

Its biggest challenge/opportunity is integration partners.

If @MakerDAO, @AaveAave or @Compound supports it, or if someone builds a cross-chain Uniswap, it could transform DeFi.

Will it happen? We’ll see!
As this thread is blowing up a bit, a disclaimer:

This is my perspective of the functionality of REN Protocol as a user.

It is not an endorsement of REN token, which I have not looked at or analyzed.

DYOR.

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More from @safetyth1rd

Feb 17
if you view life as having positive and zero sum games

there's lots of good public education and discussion about the positive sum games

but very little, or otherwise outright wrong info/discussion about the zero sum games
just play the positive games right?

you can't. The most important games in life are zero sum.
how do you play zero sum games successfully

that's what everyone wants to know

but you can start by avoiding or distrusting public communication on them, finding quality private sources of info/discussion on them, and gradually learning to think for yourself on those topics
Read 4 tweets
Feb 16
if youre trying to lose weight, or maintain a healthy weight, i highly highly recommend intermittent fasting

-easy to do and fit into most lifestyles
-hard not to lose weight on it
-has other benefits like better blood sugar modulation etc.
im on it right now, outside my eating window and literally have no appetite .

tried some beer which tasted great 2 hours ago - the same tastes bad now outside of my eating window
i do 16-8 IF, which for me means i eat between noon and 8pm.

the first two days are hard but then your body adjusts and you literealy have no appetite outside that window - if you try to taste food it does not taste good.

(inside the window food tastes amazing)
Read 4 tweets
Feb 16
im not a bond trader so take with a grain of salt

but i do feel like perpetual yield markets may be transformative similar to perp swaps
bonds are difficult to trade, perp yields make it easy

market will def be smaller than perp swaps obviously but for the market it addresses(yield) it shoudl be transformative.
probably needs to be able to trade degen yields to be attractive though (either from gov tokens or degen lending platforms)

not just single digit blue chip money market yields
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Feb 16
lmao
source cuz this tweet deserves more likes
in a related tangent, it's kind of funny that theres often case where there's an obvious trend emerging but then its very hard to meaningfully bet on it as a sector
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Feb 14
uni v3 has been great for traders, but at the expense of destroying one of the most important aspects of defi:

Lazy LPing
with v2 you just deposit into a pool (ETH/USD, ETH/WBTC etc.) and you're done

minimal IL, no management. often LM rewards on top
With V3 you have to be the equivalent of a pro market maker to maintain a healthy, profitable position:
-define price ranges
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-manage risk in the process or get destroyed by IL (IL is multiplied by concentrated liquidity)
Read 11 tweets
Jul 12, 2021
I'm not a day trader, but I do some swing trades to manage my portfolio

To read the tape, Market Profile is one of the more useful tools I've used

While I was learning MP, @SpacemanBTC reached out to me and let me try his indicator.

Here's a quick intro and review:
1/ Market Profile is just another way to look at the market

It's similar to Volume Profile, but you see time spent at a level, rather than the volume traded at it.

Wouldn't volume be more accurate?

The problem is in crypto, volume is fragmented.

Time is universal.
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the idea is that for a given period of time, there is a 'fair value" for an asset, and price should arrange itself around it similar to a normal distribution

imbalances should get corrected over time.
Read 5 tweets

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