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Maple Leaf Capital Profile picture
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5 Apr, 6 tweets, 2 min read
Personally I'm against this proposal. The additional 60 $RULER is added to the emission schedule alongside allowing the $RULER team + advisors (myself included) to stake $RULER for xRULER -- basically to help non-team xRuler stakers still get their emission.
Personally I don't see the need for additional 20 bps emission / month that adds to team's allocation given such additional emission doesn't really accrue value to the protocol (vs. LP liquidity or lending). Happy to debate here:

forum.rulerprotocol.com/t/question-aro…
I do know Sifu as our strategic advisor who owns ~$1.5 mm USD worth of $RULER (who adds a ton of value!) would love to stake his tokens into xRuler. Perhaps we can have that occur eventually when the protocol actually generates fees. Inflation is precious today.
Upon further discussion, in effect, this is an introduction of SBV in the effect of ~20 bps per month (~240 bps per annum) for the time-being as xRuler does not net accrue cash fees and for the sake of non-dilution to existing non-team stakers.
The additional inflation would go to the team -- which now can both get paid a bit + also borrow against it at a cheap rate -- which ultimately I think it's a reasonable compensation for the time-being.
I do echo the point where eventually (not the case today) the team should also be staking mostly in xRuler.

It is a rolling payment to mostly the team & is continuously pending decisions. Given the feedback so far I think it's appropriate and will be flipping my vote to "agree"

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More from @MapleLeafCap

Maple Leaf Capital Profile picture
3 Mar
0 – In the past, I have expressed my anticipation on elegant solutions re: non-callable lending – and expect many teams to throw their hats into the ring. @RulerProtocol is what I believe to the 1st valid attempt to take a crack at it (if you know others, dm me! @nftfi maybe?)
1 – The scope of the problem re: “why do we need non-callable lending” is clear – many assets don’t have continuous prices (i.e. trade by appointment, OTC, etc) and can’t really have oracles. Even for less liquid ERC20s, the quality of oracle starts becoming questionable.
2- With current price-centric liquidation model (i.e. loan is called by smart-contract lender when price of collateral dips below X), lend / borrow for long-tail, non-continuous price assets simply doesn’t work (also part of reason why lending protocols pick collateral carefully)
Read 25 tweets
Maple Leaf Capital Profile picture
23 Feb
0 – Alpha police would lynch me, but for stables farms, there’s $FLOAT’s ~1.5% whitelisted daily, the boosted 20-50% APY in CRV / Dodo, the stonk:UST pool of ~200% via $MIR, the ~100% SD Curve eurs in $SDT, one can also degen $Cover no-claim for 50-100%. Here’s a more degen one…
1 – A $TRU competitor had entered – I haven’t heard from Coinflex for a while but they just came out with notes.finance as its #DeFi attempt. ~10k% APY on unsecured lending to prop desks on a mere $25-30 mm $FLEX FDV to start (funded via $FLEX inflation).
2 – The 2 products they have are actually rather neat – one is a yield-generating USD (flexUSD) where the interest comes from basis trade on corn (perp funding fee / long spot short futures), which is paid out onchain via rebase every 8 hours.
Read 13 tweets
Maple Leaf Capital Profile picture
14 Feb
0 - The coverage on the DODOnomics is over-due. So here it is. The TVL is low (and intentionally so optimized for volume going through platform). As the marathon continues into multi-platform (BSC, DOT, etc) and multi-vertical, I continue to have high hopes for the $DODO team.
1 – Staking DODO into vDODO = membership right (would imagine a secondary market would develop) similar to xSushi and BNB – earns fees + inflation, gets fee discounts, gets IDO allocations (could happen to xSushi / Miso too?), and votes.
2 – Here’s some additional neat token-economics - one is mint / stake via shared link gets referral rewards on inflation. Second is exiting vDODO into liquid DODO carries a 5-15% fee – and the more people stake vDoDo, the lower the exit fee…
Read 11 tweets
Maple Leaf Capital Profile picture
9 Feb
1- I may have spoken about this before, but I think it’s rather likely existing #DeFi protocols would vertically and horizontally expand into financial conglomerates. What’s 1 module of financial primitives would expand to a full suite of services
2- …for the main reason being (a) you spent the CAC for customer & TVL, might as well monetize, (b) devs need new things to put minds on + take on more cool projects, (c) token-holders demand more, and (d) meaningful synergy across primitives.
3 – for #DeFi on ETH. The barrier of entry is starting to form – there’s L2 to think about, there’s “should I be on DOT / have my own chain”, but there’s also “is my team stacked enough to compete against XYZ while XYZ broadens the scope.”
Read 9 tweets
Maple Leaf Capital Profile picture
28 Jan
Good work by @Lucas; here's my latest visual. Think Sushi is >2x undervalued vs. $UNI. $UNI and $AAVE seem to be catching inst. bids, $UNI also trades like pot'l v3 release w/ inside info. FWIW I expect gap to close w/ catalyst w/ $SUSHI on Bentobox, Mirin, & other good stuff 👀
Sushi's fully diluted mkt cap could use work -- it's 250 mm vs. what I pulled. so more like 1.8 Bn USD. This puts UNI's diluted 4-5x more than Sushi. The point still stands. One could argue $UNI should have a premium given being #1, pending catalyst, and broadest reach today
Next pts of differentiation around (a) more pairs onboarding + being the go-to for best degen bets, (b) linking closer to exchanges, (c) L2 adoption when makes-sense, (d) broadening liquidity product set when makes-sense, and (e) cross-chain + CeDeFi stuff when necessary.
Read 5 tweets
Maple Leaf Capital Profile picture
13 Jan
(0) I’m a little #drunj, so here’s a belated 2021-2025 prediction. It becomes much easier to predict 5-10 years out vs. the next year so apologies for the cop-out. I think the outcome would be bifurcated.
(1) Libra equivalent / ETH 2.0 + L2 / Polkadot set off the flywheel of infrastructure prompting application improvements and vice versa, whereby ecosystems and stacks compete for capital and talent. I personally bias towards open, permissionless blockchains.
(2) 1st iteration killer app / use-case emerges utilizing the valuenet and we go through a 1999-type mania. I don’t know what it is, but it’d have to utilize L1+ #DeFi and does something impossible today. It’d be painfully obvious for anyone active in the ecosystem today.
Read 11 tweets

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