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28 Dec, 5 tweets, 2 min read
Nearly all the recent growth in total value locked in DeFi since the summer has come from BTC, stablecoins, and other ERC-20s.

What does this mean for ETH?

1/
Pet rock 1.0 (BTC) looks like it’s about to reach parity with pet rock 2.0 (ETH) in total value locked in DeFi 👀
Lol gave ETH bulls hopium earlier today, now giving them hard questions.

I’m actually not too concerned about the above charts, but I can’t pretend it’s not a risk.

We’ve been talking about this for a while.

messari.io/article/defi-i…
Should probably point out that not all BTC on Ethereum is necessarily being used in DeFi.

It’s like the equivalent of counting all USDT as TVL in DeFi.

Still considering most of the BTC on Ethereum came after CRV and UNI launches not crazy to assume most of it is productive

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More from @RyanWatkins_

Ryan Watkins Profile picture
28 Dec
Excited to share our 2020 #Bitcoin review.

2020 will be remembered as the year the long fabled institutions finally arrived and #Bitcoin became a bonafide macroeconomic asset.

Below are the top highlights of each month for Bitcoin’s historic year.

1/ Image
Bitcoin is now at all-time highs capping off an extremely successful year.

But it was by no means stable ride up.

2020 was a historically volatile year.

@YoungCryptoPM and I provided a detailed overview of every month of 2020 in all its glory.

messari.io/article/bitcoi…
Jan.

3 days into the new year the US assassinated Iran’s top general Soleimani.

BTC surprisingly reacted to the events behaving like a safe haven as the risk of war increased.

The events provided the first hints of BTC potentially having graduated to a legitimate macro asset. Image
Read 23 tweets
Ryan Watkins Profile picture
22 Dec
On the surface index protocols appear to just be vehicles for passive exposure to cryptoassets.

However under the hood they're much more powerful than that.

Through meta-governance index protocols may be an attractive DeFi aggregation play through voting power accumulation.

1/
It all starts with the premise that index protocols are fundamentally community governed pools of assets that can be used to provide investors:

1. Passive asset exposure
2. Yield from vault strategies
3. Governance delegation through meta-governance

Index protocols are the latest attempt at DeFi aggregation - a topic we’ve explored multiple times.

The reason why is simple - Web2 aggregators have accrued trillions of $$$ in value by occupying powerful positions in value chains throughout the economy.

messari.io/article/value-…
Read 6 tweets
Ryan Watkins Profile picture
19 Dec
There’s a growing dichotomy between tokens championed by venture funds vs tokens championed by hedge funds.

VC tokens:
- larger insider allocations
- more core team driven
- methodical iteration

HF tokens:
- little to no VC backing
- more community driven
- rapid iteration
I don’t think one class is necessarily better than the other.

But one of the most important features of DeFi is the democratization of financial opportunities.
And the clearest benefit of projects HFs like right now (YFI, SUSHI, AAVE, SNX, etc) is that their communities got in on the ground floor and feel empowered.

When tokens are only available to the public after 10x - 100x it’s just not that same.
Read 5 tweets
Ryan Watkins Profile picture
10 Dec
There’s been a ton of development in the Yearn ecosystem recently to the point where it’s worth asking again:

What the hell is Yearn?

@jotto and I did a deep dive into the theory of Yearn to breakdown what Yearn is and where it’s going.

1/
It all starts with the theory of the protocol.

Protocols are coordination mechanisms that define rules and provide incentives for market participants to facilitate economic activity at a global scale.

messari.io/article/the-th…
The second building block to understand Yearn is to understand a key premise of DeFi:

DeFi provides individuals unprecedented access to financial opportunities traditionally reserved for HNW individuals and regulated financial institutions.
Read 20 tweets
Ryan Watkins Profile picture
7 Dec
On Thursday I posted a proposal to the PowerPool community to create a Yearn Ecosystem Token Index (YETI).

One common question about the proposal was about CVP’s presence in the index.

TL;DR: CVP is an integral part of each PowerPool Index.

1/
CVP is included in each PowerPool index for two reasons.

The first is to enable index holders to participate in PowerPool governance.

Each index holder's voting power will be a function of their share of CVP locked in the index.

messari.io/article/unders…
Index token holders will be able to vote on all proposals and collect rewards using this CVP locked in the index.

For example each PIPT (PowerPool’s first index) holder's voting power will be a function of their share of the 12.5% of CVP in the PowerIndex pool.
Read 13 tweets
Ryan Watkins Profile picture
3 Dec
Proposal for Yearn Ecosystem Token Index (YETI) - a PowerPool index consisting of YFI, SUSHI, CREAM, AKRO, COVER, K3PR, CVP, PICKLE

YETI will create a simple vehicle to invest in Yearn’s ecosystem, while also coordinating governance among its protocols through meta-governance.
The index will serve two purposes.

For investors it would create a passive vehicle for broad exposure to the Yearn ecosystem - like an index on the Yearn conglomerate of protocols.
For Yearn it would be a way of formalizing its recent mergers, aligning the treasuries and governance systems of the protocols in its ecosystem.
Read 6 tweets

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