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Andrew Køng Profile picture
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6 Jan, 6 tweets, 2 min read
1/ Liquidity Mining Guidance by @MechanismCap - A Thread

- History
- Incentive Alignment
- Design Considerations
- Liquidity Targeting
2/ History & Fundamentals

3/ Power of Incentives

4/ Effeciency & Cost Considerations

5/ Liquidity Targeting I

6/ Liquidity Targeting II - cowritten with @benjaminsimon97 for @FTX_Official Digest

blog.ftx.com/monthly-digest…

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More from @Rewkang

Andrew Køng Profile picture
4 Jan
1/ There's an interesting dichotomy that has emerged between the #BTC price targets of traditional institutions and the battle-hardened crypto natives

The former targetting $400k-$1m+ have become the moonboys, while the latter is much more conservative targetting $50k-$120k
2/ Previously, I'd align myself closer to the latter group

But the ostentatiousness of the moon targets should not be ignored. It tells me that these massive capital allocators are fully bought in and committed

They've aligned their personal accounts, funds, and social capital
3/ Guggenheim, Scaramucci, Saylor, etc.

They will shill their hearts out with 1000x the impact that any of us can hope to have or thought possible
Read 4 tweets
Andrew Køng Profile picture
30 Dec 20
Virtue signaling and FUDDing algorithmic stablecoins without evidence is pretty lame

At the end of the day, no one knows for sure whether a workable model can be found or not

Crypto is all about experimentation and innovation - Let’s keep it that way
The fact that we can battle test these models with billions of $ summoned on this timeline rather than limited simulations is fucking awesome

Economic studies have always been limited by being retrospective, small scale or slow

Crypto allows us to experiment 100x better
This isn’t kindergarten. Anyone that has ever heard of crypto knows that it’s a high risk field

Maybe stick with something like legacy finance if you can’t accept it.
Read 4 tweets
Andrew Køng Profile picture
6 Dec 20
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 Køng Profile picture
5 Dec 20
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 Køng Profile picture
4 Dec 20
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
Read 6 tweets
Andrew Køng Profile picture
30 Nov 20
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

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