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Andrew Kang Profile picture
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4 Dec, 6 tweets, 2 min read
There are people out there longing a $60-100 stablecoin lmao Image
Insane volatility

$60 -> $90 = 50% gain in a few hours
The funny thing is that the stablecoin was trading under fair value every time it hit $60
H/T @rleshner

This tweet wasn't supposed to tell you to buy the stablecoin up to $100 wtf Image
@ConvexMonster @TheCryptoDog how reliable are wedges on stablecoins Image

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More from @Rewkang

Andrew Kang Profile picture
6 Dec
1/ Algorithmic stablecoins seem primed to explode this coming year similar to how oracles ( $LINK, $BAND, etc) had a great past year
2/ Stablecoins have achieved product-market fit at a mind-blowing scale - with demand for stables pushing total supply into the tens of billions and still exponentially expanding

They're used as SOVs (Eurodollar 2.0) and MoEs in & outside crypto

3/ The issue with current stablecoins is that they are not truly censorship-resistant. They can be shut down & represent a weak link in our DeFi ecosystems.

What's desperately needed are truly decentralized stablecoins. These can make DeFi applications truly unstoppable
Read 11 tweets
Andrew Kang Profile picture
5 Dec
1/ Genericized Impermanent Loss Insurance - A new proposed financial primitive for bootstrapping AMM markets
2/ Last year, @synthetix_io pioneered liquidity mining - the model of incentivizing liquidity in markets via paying rewards to LPs in @UniswapProtocol and @CurveFinance

Rewards are streamed through the "mintr contract" which has become a mainstay of liquidity mining programs
3/ Liquidity mining allowed new projects to disintermediate centralized exchanges and market makers and bootstrap their own liquidity - saving significant time & resources for projects with many other positive externalities
Read 11 tweets
Andrew Kang Profile picture
30 Nov
Pretty cool to see a project that originally raised $130M (and never launched) ended up being launched by anon devs with 0 funding with a few months of dev work

Goes to show how excessive some of these fundraises in crypto actually were
That being said, I think it's well accepted that the Basis model doesn't actually work in a real world setting

Cool experiment and I think algorithmic stablecoins will be a pretty hot category this year, but imo there are better ones out there
Also, these capped farm launches are pretty dumb. The intent is to improve distribution, but funds that have inhouse developer resources just end up eating all the cake

So this again the rich just get more of the coins
Read 4 tweets
Andrew Kang Profile picture
24 Nov
1/ Empty Set Dollar ($ESD) [@emptysetsquad]

The first such asset to simultaneously serve as a Store of Value (SOV), stablecoin and a speculative asset

An incredibly asymmetric and reflexive opportunity
2/ Stablecoins were the first crypto products that achieved product-market fit at scale after Bitcoin

Stablecoin growth is currently parabolic (USDT alone approaching $20B) and will be the first crypto sector to achieve mass adoption
3/ So we're all bullish on stablecoins, but traditionally it's been very difficult to gain exposure to their growth

- Tether (USDT) and Circle (USDC) are private companies whose shares trade extremely thinly OTC
- $MKR is a poor proxy of DAI growth (DAI up, MKR sideways)
Read 18 tweets
Andrew Kang Profile picture
15 Nov
Most current token distribution models are deeply broken

Simply rewarding "Proof of Capital" doesn't distribute tokens to the right people and hurts token holders

Just because it worked out OK for @iearnfinance doesn't mean it will work for others
You want tokens distributed to long term network participants and active community members

One approach that gets at this that I like a lot is by combining "Proof of Education" and gamification
@Covalent_HQ does this with their dungeons and dragons data competition

Read 5 tweets
Andrew Kang Profile picture
15 Nov
.@thorchain_org is essentially a giga pool2, with every crypto asset in existence

Pool yields sustaining 20-50%+ since September and TVL breaking $50M with only BEP-2 integration live
Follow @Bitcoin_Sage for great analysis on Thorchain yields

H/T @DefiLlama for chart
Read 4 tweets

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