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Andrew Kang Profile picture
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8 Nov, 4 tweets, 1 min read
Nice graph showing $CRV ponzinomics taking hold

Daily emissions stay the same, but amount of $CRV locked/day increasing as the boost wars continue Image
Since October 21st, % of daily emissions locked have been >50%
source: dao.curve.fi/dailylocks
what if... Image

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More from @Rewkang

Andrew Kang Profile picture
8 Nov
All $AAVE shorts are underwater and paying funding to stay short

#aSqueeze Image
Aave shorts haven't been rinsed yet

May see $100 Aave within the next few days

This is literally a supply side liquidity crisis

$90+ wick today? Image
Read 4 tweets
Andrew Kang Profile picture
5 Nov
300 YFI short opened on chain

Zues Capital liquidate his ass
Liquidation price a bit above $10k

wBTC bounty >~$3M
Orderbooks thinned out

~$700k on the books between here and $10k
Read 8 tweets
Andrew Kang Profile picture
26 Oct
Seems like everyone is on one side of the short $CRV ship. OI unwind might be painful

@CurveFinance
@CreamdotFinance $CRV liquidity perpetually being drained
Wick to $0.50, but funding still -0.75% and OI hasn't reset yet

Probably still need to unwind on the way up
Read 5 tweets
Andrew Kang Profile picture
17 Oct
1/ $CRV is by far the most extreme juxtaposition of being both an amazing investment with huge addressable markets and not being investable at the same time
2/ In less than 6 months, it dominated the stablecoin swap market

And it will play a central role in the two strongest emerging themes in DeFi:

1. Cross-chain interoperability
2. Synthetic Assets
3/ Both of these themes already have demonstrated strong traction & PMF out of the gate but are still only in the early stages

Cross Chain Interop - @WrappedBTC @renprotocol @thorchain_org @CreamdotFinance @ptokens_io etc

Synthetic Assets - @MakerDAO @synthetix_io @arcxgame etc
Read 7 tweets
Andrew Kang Profile picture
15 Oct
AMMs aren't broken

Professional MM's don't need them, but they are great for the rest of us and improve liquidity for the space as whole

Good thing that blockchain data is public so we can see what's really going on

Low latency, high throughput orderbook based hybrid DEXs have actually existed for years now e.g. dydx, IDEX, etc.

They consistently are lower than 10% market share

Image
I would refute the the idea that AMMs had very little usage before yield farming summer.

Uniswap had already started to surpass volumes of some well known CEXs and had been experiencing hockey stick growth pre-yield farming Image
Read 10 tweets
Andrew Kang Profile picture
10 Oct
1/ Liquidity Mining rewards are currently wasteful and suboptimal

We can be smarter about defining reward amounts

I present a simple framework for determining DEX LM rewards
2/ First Step - Identify how much liquidity you need

Use Uniswap wBTC/ETH Pool as an example

Benchmarking to the most liquid CEXs, Uniswap is already on average 3x more liquid on a +/- 2% Depth basis
3/ Parsing through onchain transactions, we see a dozen or so 6 figure transactions per day.

Around 1 transaction/day that is >$500,000 & <$1,000,000. Don't often see larger in a single transaction.

Some traders maybe splitting transactions for better execution
Read 15 tweets

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