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Vishal Kankani Profile picture
@kankanivishal
Aug 27, 2020 • 9 tweets • 5 min read • Read on X
1/ This is an excellent piece on (Yearn) by @RyanWatkins_ . Anyone who is looking to understand what is going on with YFI and yield farming, should absolutely give it a read.

Source: @MessariCrypto

Thread below 👇
2/ There are multiple protocols providing yield (returns) on the capital that you lend. These yields are varying from one protocol to the next. automates & optimizes lending such that you can earn maximum value on your capital without researching each protocol. #roboadvisor
3/ With the launch of the governance token, assets under management skyrocketed from ~$10mm in mid-July to ~$830mm today.

Source: defipulse.com/yearn.finance Image
4/ market cap in the meantime went from $0 to $400mm+

coingecko.com/en/coins/yearn…
5/ There are 2 main products that Yearn offers:

1) Earn: Lend your digital assets. Earn maximum interest among a pool of lending protocols such as Compound, Aave, et. al.

See how 0.5% withdrawal fee goes to governance token . Image
6/
2) Vaults: Lend your digital assets to yield farming strategists (think hedge fund managers) who deploy advanced strategies leveraging liquidity mining tokens to maximize returns.

More risky. Expect higher returns than Earn.

5% in performance fee trickles down to . Image
7/ As of Aug 21st, was raking in money at an annualized rate of $21mm with ~$400mm in market cap. It would imply a P/E (assuming negligible costs as of today) of ~20. Among the lowest in the cohort of DeFi protocols. Image
8/ Are cashflows sustainable & competitor's arrive (e.g. APY.Finance & Set V2)

Time will tell but Yearn's:
a. Execution is terribly fast
b. Insurance, exchange, etc. products in pipeline
c. A fair launch project with a strong community!

@learn2yearn
@safetyth1rd
Link to article:

messari.io/article/yfi-an…

Source: @MessariCrypto @RyanWatkins_

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More from @kankanivishal

Vishal Kankani Profile picture
Sep 17, 2022
1/ Haven’t done a thread on Bitcoin for like forever. So here it goes.

It is possible to have the following thoughts in your head at the same time (time frame - 20 years)
2/ Bitcoin will continue to be the most dominant SoV asset
3/ Almost all of the commercial and technical innovation will happen outside of Bitcoin
Read 9 tweets
Vishal Kankani Profile picture
Feb 17, 2022
1. Thoughts on why Web3 organizations (DAOs) would become the most prominent way how humans and machines organize.

And why, Web3 while monumentally disruptive, is just the next chapter in the bigger story of the Internet.
2. Businesses are run by communities. Previous forms of organizations had walled-garden communities. People inside the circle had a say on the direction of the business. People outside the circle did not. That was not because insiders were always malicious.
3. Pre-Internet, it was conventional wisdom that it is the job of employees to figure out the product. Consumers just used the product. Employees did some variety of market research or statistical analysis based on some feedback to iterate on the product.
Read 20 tweets
Vishal Kankani Profile picture
Sep 13, 2021
Another long thread on DAOs.

There would be millions of miniDAOs. They would come together to form composable and modularized bigDAOs that would have millions of people working for them.

Thread 👇

1/n
Web3 is the evolution of internet where value flows are native to the network.

2/n
DeFi infrastructure would not only enable faster settlement times but would also enable cheaper transactions.

3/n
Read 25 tweets
Vishal Kankani Profile picture
Sep 8, 2021
I spent some time thinking about @nounsdao - the concept, the possibilities and a bunch of open-ended questions.

This is by far one of the wildest projects I have seen in a while. I mean it in a good way. Imo, the vision is audacious.

A short thread below.

1/n Image
What is @nounsdao?
- NounsDao is an on-chain avatar project with a treasury.
- Treasury receives proceeds by auctioning off avatars.
- NounsDAO then uses this treasury to fund creators/developers to build on top of these avatars.

2/n
What are Nouns?
- Nouns are 32x32 pixelated on-chain avatars. Produced using generative art.
- Every 24 hours, a noun is auctioned. Another noun is automatically generated.
- Each noun has traits that are pseudorandomly distributed i.e. each noun is ~equally rare.

3/n Image
Read 14 tweets
Vishal Kankani Profile picture
Sep 1, 2021
1/ A long thread on why DAOs are the next logical step in our history and would bring incredible prosperity.

Assertion: Crypto innovation cycle culminates in coordination mechanisms that would be orders of magnitude better than the status quo.
2/ According to The Theory of The Firm, one of the reasons why “firms” came into existence was because transaction/coordination costs outweighed the benefits of using free markets.
3/ In a utopian free market world, there would be no transaction costs, and there would be limited need for firms to exist - everyone would be a contractor (hint: gig economy)
Read 15 tweets
Vishal Kankani Profile picture
Jan 15, 2021
IMPORTANT CONCEPT

1/
Please understand that #Bitcoin is a "non-productive" asset i.e. it is not a capital asset.

In the steady state (~decade?), it should be treated as the "cash" component of your portfolio.

Just like you treat(ed) fiat for the last 50 years.
2/ Bitcoin is NOT a get rich quick scheme. It is a get poor slowly scheme.

Previously, gold did that but fell short in the "medium of exchange" use case in the digital world. You cannot transact online with your gold.

#Bitcoin fixes this.

BONUS: In a better way than fiat.
3/ Other digital assets backed by cashflows will be "productive" assets.

In that future, investment objective would be to invest your #Bitcoin into productive digital assets to earn more Bitcoin.

Bitcoin will be risk-off.

Most other digital assets will be risk-on.
Read 10 tweets

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