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Yan Liberman Profile picture
@YanLiberman
Sep 14, 2020 • 4 tweets • 2 min read • Read on X
$NXM Total Cover has increased by over $150m ($85m to $237m) in the past 24h, shifting the MCR calc to be a function of Cover. It's the equivalent of a gearing factor of 4.84, which you can read more about in the attached thread.
The MCR calc currently done off-chain, but there will soon be a shift to a flat factor that's decided by governance. This is great for @NexusMutual because this cover driven MCR will expand the capacity of previously full contracts. A lot of this is driven by farming for $SAFE.
Users can farm $SAFE with $WNXM, 98/2 $DAI $SAFE BPT, and insurance NFT's. It's had a few interesting knock-on effects.

-Cover has been purchased on all types of contracts as people look to farm with purchased cover.
-72% of WNXM (~1.8m tokens) now in the farming contract
-The 98/2 pool has created a lot of demand for DAI (currently at $1.05) evidenced by the near 150m DAI now in balancer. There was only 17m as of 9/12.

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More from @YanLiberman

Yan Liberman Profile picture
Nov 4, 2021
1/ Ronin, the L2 that @AxieInfinity's ecosystem is built on, is launching the $RON token.

smol 🧵
2/ Ronin currently boasts over $7B in TVL, meaning it holds more assets than all other L2’s combined. It’s also going to be the hub for the game’s rapidly growing 2+ million DAU’s.
l2beat.com
3/ Like most L2’s, the token will be used to secure the network via staking/delegating and receive a yield for doing so. Unlike most L2’s, Ronin will have its own Dex named Katana. Rather than the Dex having its own token, all value from trading fees will actually accrue to $RON
Read 6 tweets
Yan Liberman Profile picture
Mar 16, 2021
0/ Highly recommend giving this post by @JonathanErlichL a read to understand all things @anchor_protocol. Thread below focusing on the impact on @terra_money.

Disclosure: Delphi Ventures is an investor in $Luna and $ANC

delphidigital.io/reports/anchor…
1/ Anchor connects two users, UST holders and Luna holders. UST is deposited to earn a guaranteed fixed yield. Luna gets deposited in staked form (bLuna), and is used as collateral to borrow the UST. The PoS yield from the staked Luna is used to fund the yield for UST deposits.
2/ Launch of Anchor should lead to a lot of positive reflexivity for Luna.
Read 11 tweets
Yan Liberman Profile picture
Dec 2, 2020
0/ @powerpoolcvp just launched the Powerpool index, a smart Index consisting of 7 prominent governance tokens ($AAVE $YFI $UNI $SNX $WNXM $COMP $MKR) and the protocol’s native token $CVP

1/ Smart Index = tokens can be used in governance while remaining in the pool. Fees for participating in governance, along with fees traders rebalancing the index, are passed on to PIPT token holders.
2/ One of the purposes of $CVP is to govern current indices. You can vote to change the weights of constituents or remove them completely.

CVP is also used to create new indices, with full flexibility on their design.

Read 11 tweets
Yan Liberman Profile picture
Nov 12, 2020
0/ Our team @Delphi_Digital put out a note earlier this week updating all our clients on the current state of @Nexus_Mutual and why our long term thesis for $NXM is stronger than ever.

A preview thread below, but full post can be read here:
delphidigital.io/reports/nexus-…
1/ The Capital Pool has experienced an outflow of almost 30k ETH since October 1st. It was initially fueled by the defi decline and then exacerbated by the programmatically increasing MCR.
2/ Since MCR (measured in ETH) was growing by 1% per day, it was increasing by a gradually larger amount while capital pool inflows were slowing down, eventually turning negative. This created downward pressure on price & disincentivized growth of the capital pool until 130% MCR
Read 26 tweets
Yan Liberman Profile picture
Sep 1, 2020
0/ This is the first in a series of follow-on posts to our July $NXM report. You can find the full post here, but I also included a video summarizing the gearing factor along with a thread that goes a bit further into the post.

@Delphi_Digital holds NXM
delphidigital.io/reports/how-nx…
1/ Projects will often use their supply side to incentivize an environment where demand side can grow. Nexus is dealing with the opposite. It has immediate product market fit, evidenced by growth in coverage and how quickly excess capacity for cover is usually purchased.
2/ Even with all the recent growth in cover, the target market is still largely unaddressed.
Read 25 tweets
Yan Liberman Profile picture
May 16, 2020
0/ Our team @Delphi_Digital put out a State of #Bitcoin 2020 report earlier this week to commemorate the halving.

There was a bit of analysis we had to leave out to get it out on time. After looking in further, the takeaways were too bullish not to share. Let's dive in:
1/ Below is a visual breakout of % of supply held by wallet size. Early distribution is a bit chaotic bc of low price & high issuance. Things start to normalize around 2013, with the growth of supply in smaller wallets continuing until today (bottom of chart)
2/ Tabular view of prev chart. % held in wallets w/ less than 10 $BTC has grown from 6.1% in Jan ‘15 to 14.3% today. Supply held by small holders is actually understated bc so much is held on exchanges. Other notable trend was growth in supply held in wallets sized 1k to 10k $BTC
Read 17 tweets

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