The DeFi market is still severely undervalued.

The total market cap of all DeFi tokens (even including Chainlink) is $25.7 billion.

XRP + LTC + ADA = $31 billion. (1/3)
Also consider this.

Several automated market makers (AMMs) are nearing the volume of popular centralized exchanges.

Uniswap: $623 million / day
SushiSwap: $335 million / day [CoinGecko]

When AMMs go on layer twos, expect growth to rapidly accelerate. (2/3)
Decentralized futures exchanges on Ethereum are also seeing fast growth.

Perpetual Protocol, for instance, is processing $50 million PER DAY.

A thread about Perpetual Protocol is coming tomorrow. (3/3)

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More from @iamjosephyoung

7 Jan
Absolutely massive.

Korean media reporting Nexon, a multi-billion dollar gaming conglomerate, is preparing to acquire Bithumb, South Korea's biggest crypto exchange.

Valuation? below ~$460M.

This is big for Bitcoin and the local crypto industry if the deal goes through. (1/3)
Bithumb is the biggest South Korean crypto exchange by volume but has had major issues in the past.

Nexon's acquisition would improve the image around the most dominant crypto trading platform in the local market. (2/3)
Nexon founder Kim Seong-ju will work with Vidente, a major stakeholder in Bithumb, to buy out the company and take control of the firm.

Report says Nexon plans to take 65% of Bithumb. (3/3)
Read 4 tweets
7 Jan
A thread!

One of the richest Ethereum addresses is @0x_b1. They have ~99.9% of $300M+ deployed in various DeFi protocols.

My friend @n2ckchong did an analysis of the farms they are involved in.

Let's take a look at which coins they are particularly interested in.

👇 (1/8)
Besides 0xB1’s obvious positions in blue-chips, they’re an advocate for $YFL and have been accumulating a big position.

Their investment in the ecosystem is split between a few sources:

Staked/LPd YFL holdings ($4m+)
LINKSWAP LPs ($20m+)

(2/8) Image
In aggregate they own over 10% of the supply, have never sold a single token, and added to their position as recently as 3-4 days ago.

$YFL is currently their 4th largest liquidity position on LINKSWAP following CRV, ETH, USDT, and USDC.

(3/8) Image
Read 8 tweets
28 Dec 20
A thread!

I believe South Korea might be the first to see real *MASSIVE* mainstream consumer adoption of crypto.

There are many things people don't know about crypto in South Korea, and I will be working on more threads about crypto in Asia in the future.

👇 (1/10)
First, let's look at pure retail consumer adoption.

South Korea has tens of thousands of convenience stores nationwide.

Like Taiwan and Japan, convenience stores are absolutely massive in Korea.

Users can pay crypto at 13,500 CU convenience stores in South Korea.

How is this gigantic convenience chain accepting crypto?

The firm/blockchain in the middle of this is Terra.

Terra is a payments firm co-founded by e-commerce giant Tmon creator Shin Hyunseung.

Terra has a blockchain and payments app Chai, which major retailers accept.

Read 10 tweets

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