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Jeff Dorman, CFA Profile picture
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30 Nov, 4 tweets, 2 min read
"That's Our Two Satoshis" is out! This week, we take a look at the institutional adoption of digital assets

ar.ca/blog/crypto-ma…
Was it Paul Revere or Satoshi Nakamoto himself who said "The Institutions are Coming! The Institutions are Coming!"

Regardless, they are currently playing stickball in the parking lot while the pros are playing under the lights of Yankee Stadium.

ar.ca/blog/crypto-ma…
The growth in #Bitcoin products like the CME futures and Grayscale's trusts shows that institutions are here already, but these products have limitations, including not being open during volatile trading hours. This manifested itself during Thanksgiving.

ar.ca/blog/crypto-ma…
Investors have to make tough choices right now - operate using traditional tools with limited results, or with new unproven tools and a full playbook.

How damaging is this limitation? Read on

ar.ca/blog/crypto-ma…

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More from @jdorman81

Jeff Dorman, CFA Profile picture
20 Nov
Five random Digital Asset and #Bitcoin thoughts heading into the weekend

👇
1) Actively managed hedge funds and passive indexes built around high allocations to $BTC have a very short shelf-life. Investors now have the knowledge & means to buy $BTC themselves. Very soon, investors will specifically seek out digital asset HF strategies that own $0 in BTC.
2) Decentralized governance is less about ideology or risk transfer, & more about capitalism. Historically, there has been nothing in digital assets worth governing, but now, as #DeFi protocols are generating real revenues, there is something worth fighting over.
Read 6 tweets
Jeff Dorman, CFA Profile picture
17 Nov
Love the "Uniswap liquidity plunges" clickbait.

Facts: 4 Uniswap pools had more liquidity than needed to facilitate trading, & the excess liquidity left once $UNI farming ended. This doesn't affect volumes. TVL is pointless for Uniswap when there is more capital than needed.👇
Uniswap's TVL started going up at the end of August, & has now "crashed" back down to where it was 3 months ago.

But Uniswap's volumes peaked BEFORE TVL even increased, & volumes went down while TVL went up.

Volumes & TVL are not correlated when there is excess capital.
Yes, LPs are critical to Uniswap's success, but go look at CoinFlex if you think incentivizing market makers is the secret to success (hint, it isn't). You need customers too, and Uniswap's customers are much stickier than the LPs.

As long as customers show up, LPs will stay.
Read 5 tweets
Jeff Dorman, CFA Profile picture
30 Oct
A thread on Uniswap $UNI

The rationale for owning $ETH as an investment is that Ethereum is a clear market leader, w/ strong growth/usage, & tangible fee generation even though none of this value accrues to ETH token holders yet.

This is actually the same bull case for $UNI 👇
Uniswap is the clear market leader in DEX trading. Like "ETH vs smart contract protocols", there's not even a close second to $UNI in DEX Trading (courtesy of @DuneAnalytics)
With $ETH, EIP-1559 & ETH 2.0 are constantly in "the future", but the $UNI "Fee Switch" is happening w/ near certainty Feb 16, 2021 (180 days after governance began).

$UNI will then join a small list of tokens like $HXRO $MKR $FTT $BNB that accrue real value from earnings
Read 15 tweets
Jeff Dorman, CFA Profile picture
25 Sep
Attention token holders. Another week of unfulfilled promises & silence from @koeppelmann & @StefanDGeorge. Seems to be a trend.

Meanwhile, @arca continues to get feedback from holders who support our Tender Offer plan.

When will you respond @gnosisPM? Thread 👇
2) @koeppelmann & @gnosisPM still have not released a formal plan for community review on updated tokenomics, or on the Gnosis DAO that they teased. They stated in their discord that this was going to be released on Sept 9th. This is starting to feel like more empty promises. ImageImageImageImage
3) It is increasingly clear that the community is begging for a plan, whether that be a rebuttal to ours or a new token economic structure altogether. We encourage Gnosis to do right by tokenholders and take this responsibility seriously. ImageImageImage
Read 15 tweets
Jeff Dorman, CFA Profile picture
21 Sep
Tons of great content from the @arca team today, crossing a variety of topics including:

1) , and - a great week for digital assets
2) the melding of CeFi & #DeFi
3) Fighting for tokenholder rights
4) Is a security? (answer, no)

Thread 👇 with all 4 pieces
In this week's "That's Our Two Satoshis", we discuss why the offering from @UniswapProtocol was so groundbreaking, & how can be valued as a sum-of-the-parts between "utility" & "security". We also discuss and its price bifurcation.

ar.ca/blog/crypto-ma…
On the Arca Labs side, our team discusses how CeFi and #DeFi converge, using an example with our own ArCoin’s path towards becoming collateral.

arcoin.arcalabs.com/news/thought-l…
Read 5 tweets
Jeff Dorman, CFA Profile picture
18 Sep
To all token holders. @arca submitted a proposal in June that benefits ALL token holders. We presented facts & details. We are now awaiting an actual response by .@gnosisPM & .@koeppelmann.

Thus far, Gnosis has simply provided more unsubstantiated promises.

Thread 👇
For those unfamiliar, the value of & USD in Gnosis' Treasury is worth $70 million, which would give every holder $153/token (currently trading at $58). This means Gnosis is destroying value for its tokenholders.

Gnosis had 3+ months since we first engaged them, yet below is their only response. We demand a formal response to our claims that includes a detailed, forward looking plan.

👇 is NOT a plan. This is a 2018 blog post attempting to justify past actions.

Read 26 tweets

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