Kimchi premium has started to nosedive. From above 23% to about 14% in just about five hours. Worth watching this closely
Holy fuck this is seriously collapsing in real time. Did someone figure out a way to arb the fuck out of this? @SBF_Alameda
AND we are below 10%... This has dropped from 17% premium to now around 9% in the last 10 minutes. Someone is making 10s of millions as we speak
Looks like it might have been related to this as we are seeing some retrace already

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More from @lawmaster

6 Apr
Coinbase just dropped the Q1 earnings and outlook. As expected higher revenue than in the entire 2020.

Q1 summary:

• ~$1.8 billion revenue
• Adjusted EBITDA of ~$1.1B
• Net income of $730-800M
• 56M verified users (+13M)
• 6.1M monthly transacting users (+3.3M)
Growth over last quarter

• Revenue —> 207.6%
• Net income —> 312.9%
• Traded volume —> 272.0%
Assets on Platform are ~$223B and $122B of that is coming directly from institutions.

Coinbase expects meaningful growth this year driven by increased institutional interest but admits that its insti revenue is inherently unpredictable
Read 8 tweets
6 Apr
Coinbase is dropping their Q1 financials today. The revenue figure alone will blow people away. Based on my model, Coinbase will generate $1.45B in revenue Q1; about $1.13B coming just from transaction revenue. That's 13% more than the revenue of the entire 2020.
We can get pretty close to the actual numbers IMO because we have the perfect data for volumes and previous ratios. My assumption is that the ratio between tx revenue and volume drops from 0.55% to 0.35% because more volume will be market makers and therefore lower fees
If it doesn't drop as aggressively as I think, the revenue number would actually be even higher. This is what I'm expecting though and it's gonna make a lot of people take the direct listing more seriously.
Read 5 tweets
4 Apr
Interesting situation going on with ForceDAO. Liquidity has been withdrawn, price is down 90%+ and there are indications that it could have been a white hat "hack"
Looks like funds were all returned. What a rollercoaster…
I would highly advise not to trying to trade this though. There is a lot of unknowns still. It looks like there were two exploiters and the one who returned FORCE didn’t drain the UNI pool. Not sure if they are associated…
Read 4 tweets
4 Apr
Some of you asked how I evaluate non-ETH chains.

1. Great browser wallet
2. Top notch block explorer
3. Native stablecoins
4. Robust infrastructure provider and API
5. Strong developers and incentives
6. Data analytics suite
7. User funnel and cheap onboarding
By looking at these parameters, nothing comes close to Ethereum and likely won't for quite some time.

EVM-compatible chains obviously have an advantage since porting infra and developers is easier.
If you do want to diversify exposure beyond ETH though, I'd suggest focusing on these parameters. The better they are fulfilled, generally the better the chance of success will be. Take a very non-tribal approach and focus on where the wind is blowing, not where it's at now
Read 4 tweets
12 Mar
CZ is right now doing an AMA on Clubhouse and there were like 10 random people already asking questions and not a single one about the CFTC.
Someone just asked. CZ: “The reporting already said there is no misconduct by Binance. As a business, we must maintain no comment policy on regulatory issues. In general, we maintain very collaborative relationships with regulators around the world and have an active dialog”
“Some journalists want to get some clicks and sell some ads. Max Baucus also just joined us so we are actively trying to work on these regulatory relationships”
Read 6 tweets
10 Mar
1/ Stablecoin have seen incredible growth in the last year - $54B issued and $380B monthly on-chain volume.

We are finally releasing the 130+ page monster today. It’s the most comprehensive report on stablecoins released, you can read it fro free here:…
2/ Some summary growth stats since jan 2020:

• Supply = $5.9B → $54.2B
• Monthly Tx volume = $23.5B → $384B
• Addresses holdings >$100 = 284k → 1.85M
• Daily active addresses = 53k → 307k
• Daily transactions = 98k → 594k

Not many products with bigger growth.
3/ Main reasons for the growth:

• Miners repaying Tether debt against Bitcoin

• Popularity of Tether-collateralized derivatives exploded

• DeFi and the yield farming craze

• Bitcoin losing its lead as a base currency in spot

• Increased demand for Bitcoin from insti
Read 14 tweets

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