Why does my brain do this to me? Supposed to be working... instead fixated on the implications of the migration from to
1) In case ye didn't know: migration ratio = 100:1. Every 100 LEND will get you 1 AAVE.
2) Current supply of = 1.3 billion, so we should see a cap of 13 million .
But no...
Instead, we'll see an extra 3 million enter the world via the pliable birth canal that is the blockchain for a total of 16 million
3) The whole thing feels like a little wand-waving to conjure 30% more supply out of thin air...
4) Oh yeah, with the added "bonus" of turning the token into the "insurance" fund in the event of a catastrophic failure. Thanks for the additional risk lol
5) Sounds lame so far, but it ain't. There's good news. The new supply won't flood the market
Governance will say how to use it... some will be held to secure the system. The rest will be for enticements to help grow
6) My takeaways: I like the optics/ease of a smaller circulating supply
16 million is just easier to grok than a random-ass 1.3 billion .
7) My brutally-honest takeaway (like I've been drinking too much):
Print that fucking money !
Oh yeah. Make the system grow! We all know you came along too early to benefit from yield farming
(instead other yield farming platforms benefitted from you!)
7.5) Now, though, with those extra tokies, should be able to create some right proper incentives to pour fuel on its already 🔥 growth trajectory.
8) More: Everyone feels like #defi is growing insanely and they seem to think $10 billion locked is a huge deal
Me thinks that's the smallest little mound of 🥜 imaginable relative to where this is all going
9) Even within #DeFi itself, $10 billion locked isn't much. It's less than 3% of the total market cap of ALL cryptos.
We could be at 10% of the total market (about $35 billion) by the end of the year...
10) Say we hit $35 billion total locked in DeFi. If keeps the 3rd place slot and the ratios don't change, it will have $5 billion+ locked
Current MC = 43% of total locked
10.5) If that stays the same when they have $5 billion locked, will be worth $2.15 billion or $134 per token (that's about $1.65 per token or a gain of about 200%)
11) Of course, I think things like are going to be what brings the COMMON MAN into our nerdy little club. So $5 billion locked seems like a sandbagger's goal. Even the 100th largest bank in the U.S. has 3x that amount!
12) Aave is a protocol. It's not a company, so it's not fair to compare it to a bank.
It will hold so much more than a fucking bank.
13) Closing words (I promise):
is still in its pre-pubescent days. It has pimples. It gets a woody even thinking about holding a girl's hand. One night, we will go to bed and will be a cute little boy. We will wake up in the morning and it will be a man.
14) will have $50 billion locked. It will literally shut down some of the banks on that Top 100 list. It will integrate with the rest
15) I need to get back to work
16) Keep your head down, @StaniKulechov You're an inspiration
17) Peace, love and alpha, my frens
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Though I walk through the valley of the shadow of death, I will fear no evil: for the machines are within me
and I am within them
🅸🅽🆃🆁🅾🅳🆄🅲🆃🅸🅾🅽
I think back to my old life, half-starved, feeling hopeless, working jobs that paid me just enough to keep me indentured.
I’ll never forget the hunger. Sometimes, the hollowness in my stomach got so bad, I did the only thing I could to make it stop: I went to sleep.
Now, many years later, I have food in the fridge (and even a house with a set of stairs like the rich kids had when I was a boy).
But that hunger has not gone away.
It’s imprinted on my soul. It drives me, gnaws at me, reminds me that the brink is always closer than we dare admit.
I started here with nothing, buying my first bitcoin 11 years ago via a red MoneyGram telephone ☎️ at my local pharmacy (thank you, BitInstant). Since that time, I have amassed (and lost) fortunes.
Each cycle has taught me lessons about investing, but more importantly about myself.
Here’s the most important one: anything is possible.
There are no rules in this space because humanity hasn’t tread here before.
We stumble together through the dark forest.
And every year, we uncover some new wonder.
In 2023, that wonder was bitcoin ordinals.
With Casey @rodarmor's contributions, the world suddenly had a way to intertwine data with the world’s oldest blockchain for as long as it lives on.
This data – from JPGs to videos to html and JSON — doesn’t live on IPFS or Filecoin or Arweave, but right there in the 500+ gb that make up the bitcoin blockchain.
I became obsessed, bought a laptop to once again run a bitcoin node, started minting and collecting early ordinals.
Then one sleep-deprived day, I had an idea: what if we used ordinals as a way to swap fungible tokens directly on top of bitcoin?
I fired up Notepad, jotted down a hypothetical example, and tweeted it to the world:
Within days, a noble anon christened @domodata took up the idea and formalized it into a spec. Now, there are more than 55,000 different BRC-20 tickers in the world with a combined market cap in the billions of dollars. The first token, ORDI, is on Binance. There are cross-chain bridges, new exchanges, stablecoins and more.
The concept has also spread to maybe a dozen other chains, and, perhaps most importantly, it’s dramatically changed the fee and security landscape for bitcoin by generating revenue for miners… just as the next halving approaches.
The irony is, I almost didn’t tweet out my idea at all.
I was embarrassed. BRC-20 felt too naive. It requires trusting indexers, wallets and exchanges with little to no tangible incentive not to cheat their users.
In the end, I said “fuck your little ego, redphone,” and tweeted anyway.
I’m glad I did, and I hope the words that follow encourage you to do the same.
30 days of madness + euphoria. Can honestly say I've only gotten more + more bullish on FT...
in fact, I feel like a literal bull at the rodeo w the rope tied bw my leggos & the gate's about to swing open 🧵👇
1. First, the bad. There are elements to FT that are pretty gross... examples: paying to access a person and their thoughts, giving a market cap to a human, feeling like you're shilling/pimping yourself, gating your content, feeling beholden to strangers, etc., etc.
In fact, I thought I would hate FT, but I've found the rooms to be full of really interesting discussions... candid, honest stuff with people I respect and admire.
Sewer rats are squirming, crawling through the gutters w little pink noses snuffling about for any scrap of hope. Here it is: 3 catalysts for the next bull run in crypto:
Probably triggered by a financial calamity that impacts everyone (except the upper middles and those rich folks north of Richmond), the printing presses shall hum back to life
And liquidity will gush back into the markets
No mania is possible w/out trillions of gallons of greenbacks sloshing about the global economy. Some crisis will force stimulus (ideally w $$$ making its way to the bottom 50% of society), & liquidity will gush back into markets as interest rates fall & risk-on mode = re-engaged