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Alex Svanevik 🧭 Profile picture
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12 Feb, 5 tweets, 1 min read
There’s simply no coin like YFI.
It’s the coin of coinnoisseurs.
The Patek Philippe of ERC20s.
The bagholder’s Bottega Veneta.
And it’ll hit $100k before BTC.

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More from @ASvanevik

Alex Svanevik 🧭 Profile picture
18 Oct 19
Been working on a bankless Hong Kong Dollar, built on Ethereum: HKDai.

It's the first time I build a dapp end-to-end, so here's a thread with some thoughts + current status.
What is HKDai?

HKDai is a cryptocurrency which - similarly to the Hong Kong Dollar (HKD) - is soft-pegged to the US Dollar (USD) at a rate of 7.8 HKDai to 1 USD.
While the HKD is pegged by the Hong Kong Monetary Authority (HKMA) intervening in markets at certain price points (sell HKD at HK$7.75; buy HKD at HK$7.85), HKDai is 100% collateralized by Dai.

As you probably know, Dai is pegged to the USD.
Read 19 tweets
Alex Svanevik 🧭 Profile picture
1 Jul 19
You can margin-trade DAI/USDC when the peg strays from $1, in case you're not aware!

Example using @compoundfinance :
1. You have $1,000 $USDC on Coinbase
2. Buy $DAI @ $0.99 (incl. fees) => You now have $1,010.10 DAI
3. Lock your DAI into @compoundfinance

(thread)
4. Receive $68.69 in yearly *supply* interests (current rate)
5. Borrow 50% of your supplied DAI in USDC, i.e. $505.05
6. Pay $63.79 in yearly *borrow* interests (again current rate)
7. Buy more DAI @ $0.99 for your borrowed USDC => You now have $510.15 more DAI
8. Lock your new $510.15 DAI up in @compoundfinance for an additional $34.69 in yearly supply interests
9. You're now net positive on your interests: $39.59/year, or 3.96% on your initial capital
Read 7 tweets

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