Nick Chong Profile picture
26 Jan, 11 tweets, 4 min read
When people ask me how they should learn about DeFi, I tell them to load up an account with some money and starting playing.

The reasons:

1. IMO, there is no better teacher than getting ur hands dirty
2. It pays to be a tester

A thread about the top airdrops of the past yr 👇
@UniswapProtocol (UNI):

- 252,803 addresses entitled to a claim
- Average airdrop amount is 593.3 UNI ($~6,800)
- Median is 400 UNI (~$4,600)
- Biggest claimer got 2,103,516 UNI (Over $20m)
@1inchExchange (1INCH):

- 55,224 addresses entitled to a claim
- Average airdrop amount is 1,629.76 1INCH (~$4,000)
- Median is 627.35 1INCH (~$1,570)
- Biggest claimer got 9,749,686 1INCH (~$25m)
@BadgerDAO (BADGER):

- 32,262 addresses entitled to a claim
- Average airdrop amount is 64.31 BADGER (~$1,157)
- Median is 1.49 1INCH (~$26.85)
- Biggest claimer got 87,150 BADGER ($1.56m)
@BadgerDAO (DIGG):

Average of 0.0704 DIGG, now 0.1038 DIGG after three rebases.

0.1038 DIGG is worth around $7,000.

Biggest claimer got ~4.6 DIGG, now ~6.9 DIGG. Total of ~$500,000.

@CurveFinance (CRV)

- Average airdrop amount is 16,043 CRV ($32,000)
@TornadoCash (TORN)

- Average address will get 66.54 TORN
- Median address will get 21.24 TORN
This doesn't even count the more small-scale airdrops and community participation airdrops ($MEME) that netted some ppl many thousands.

Also, there are some potentially coming down the pipes. There's a Compound governance forum post suggesting early users should get vested COMP.
Point remains: in DeFi, you can get paid through yield and airdrops to play around with the top protocols.

So... what are you waiting for?

h/t @bantg for the CSVs that built this thread.
Seems like the Uniswap tweet of this thread got muted. Here it again:

- 252,803 addresses entitled to a claim
- Average airdrop amount is 593.3 coins ($~6,800)
- Median is 400 coins (~$4,600)
- Biggest claimer got 2,103,516 coins (Over $20m)
Assuming you were an "average" DeFi investor this past year and used only one address, you made nearly $20,000 in airdrops alone.

Not bad.

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More from @n2ckchong

16 Jan
"But have we *earned* it?"

Vitalik famously posed this question in late 2017, when the crypto market cap first reached $500 billion.

We're past $1 trillion now. Let's see what has changed in crypto, especially in Ethereum and DeFi, since then.

A thread. 👇
2017 and 2018 were marked by vaporware.

Projects like Dentacoin, which promised, uhhh, great things but had little to show for it, garnered hundreds of millions in value.

Look where they are now.

Literal billions in market cap reduced to ashes. And that's good.
We've seen the capital allocated to these ghost projects seemingly flood toward quality.

Bitcoin dominance currently sits at 67% after bottoming at 33% in January 2018.

Ethereum dominance is also up from its lows.

Projects with big promises and no execution were flushed out.
Read 10 tweets
14 Jan
This is pretty fascinating. @0x_b1 is attempting to purchase votes on a controversial Compound proposal.

DeFi is totally permissionless, so this is totally within what is "allowed."

For those that want more context on what exactly is going on here, here's a quick thread.

👇 Image
In November, the price of DAI on Coinbase spiked to around $1.30.

As Compound uses Coinbase as a pair for its oracle, users borrowing DAI and with low health ratios (often leveraged COMP farmers) saw their positions go underwater.

In total, 85,220,000 DAI was repaid.
0xb1, in particular, was repaid 17,520,100 DAI.

The 8% liquidation penalty meant that 0xb1 "lost" around $1.4 million from their original deposit.

Prop 32 suggested that those affected by this liquidation event (some argue it was erroneous) should be compensated with COMP. Image
Read 6 tweets
3 Jan
By far, one of the most interesting Ethereum addresses I've seen is @0x_b1.

It's quite an interesting social experiment as well - a $300m whale starting a Twitter account for fun. Check their bio.

Let's break down the address and see what they are doing with their capital. 👇
0xb1 was created in mid-August, amid the food farming craze.

The address is active every day of the week and consistently makes transactions between 12:00 UTC and 6:00 UTC (sleeps between 7-11).

Likely U.S. based individual or team based on this history.

h/t @nansen_ai
0xb1 is a yield farming beast, to say the least.

It's industrial farming at its best - hundreds of transactions, swapping in and out of the latest yield farms on Ethereum.

Fun fact: the address has spent $111,000 in ether on transaction fees since its inception. Ow.
Read 17 tweets
30 Dec 20
Mithril Cash now has over $400 million in total value locked just three hours after its launch.

This includes over $200 million worth of stables and dozens of millions in YFI, CRV, and more.

Let's take a look at the second-order effects of the launch of this Basis Cash fork. 👇
Quick intro: Mithril Cash (MIC) is a Basis Cash fork that can be farmed by depositing stablecoins, some blue chips, MITH, or CREAM.

Reason for the latter two being, Mithril Cash is coming courtesy of @machibigbrother, founder of Mihril and Cream.
Disclaimer: While the contracts are similar to the Basis Cash contracts, Mithril Cash is unaudited.

Ape at your own risk.
Read 7 tweets
24 Dec 20
It appears that 1inch's governance token is right on the horizon.

1inch is the leading Ethereum-based decentralized exchange aggregator. Since its launch, it has done $7.6 billion in volume.

Here's a thread on what we know so far. 👇
First off, some context:

1inch is a decentralized exchange aggregator that routes liquidity through a number of exchanges to find the optimal prices.

This is often useful for larger traders, who may need to spread their buys or sells across exchanges to minimize slippage.
e.g. Here is Three Arrows swapping 4,000,000 USDT for 4,001,307 TUSD via 1inch v2 around four weeks ago.
Read 19 tweets
17 Dec 20
The latest flash loan attack?

An account funded by one ETH from Tornado Cash executed a contract that flash swapped $180m from Uniswap and flash borrowed $51m from dYdX.

USDC and DAI vaults of Warp, the protocol affected, are empty.

$1m in ETH is in an EOA.

h/t @CryptoCatVC
What I immediately find interesting here is that it appears that much of the attacker's bounty went to fees.

There was 3.85m DAI and 3.92m USDC in the Warp contracts.

The attacker (seemingly) left with $1 million in ethereum (1,462 ETH).
Warp Finance is a protocol that is creating a money market for LP tokens.

Aave does have a Uniswap LP money market but thus far, it has yet to gain traction.

With LP yield farming programs, this may be an increasingly important market gap to fill.
Read 14 tweets

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