More from @asiahodl

Mira Christanto

@asiahodl

1 Apr

The problem with $ETH is that the more users there are, the slower and more expensive it gets. ETH's continued dominance as the de-facto smart contract layer depends on its ability to scale.

Let me ELI5 the scaling solutions & projects. 1/

@ethereum

@ethereum Power users: Even if you don't know about ZK-Rollups, Sharding, or Plasma, the future of the most active blockchain depends on it.
@VitalikButerin has been thinking about it for 7 years
2/

Scaling is a priority for ETH. Miners have been cashing in, seeing a 50% increase in revenues compared to the highs of 2017.

For users, ETH can be prohibitively expensive. This has been terrific for competitors like #BSC, $SOL and $DOT
3/

Read 11 tweets

Mira Christanto

@asiahodl

4 Mar

@binance

$BNB was up +750% in the 1st 50 days of the year. High gas prices and $100 million funding from @binance has propelled #BinanceSmartChain's TVL to be 25% of Ethereum.

What is Binance Smart Chain ? Why has it made sense for users and what are the key projects?
1/

#BSC isn't trying to cure cancer or be the most innovative, decentralized blockchain. They're focused on low-cost yield farming with high APYs.

This is especially useful as gas prices has skyrocketed on ETH:
2/

@cz_binance

@cz_binance doesn't hide that it's a centralized blockchain. Run on $BNB, here's how #BSC follows Ethereum:
+ It's EVM-compatible so projects are easily ported over
+ Same look & feel of the blockchain explorer
+ Biggest app is a fork of Uniswap
3/

messari.io/article/explor…

Read 9 tweets

Mira Christanto

@asiahodl

1 Mar

@coinbase

What's interesting with @coinbase ?
1. They may issue a "loyalty rewards" token
2. 95% trading revenues are from retail clients, which pay 30x vs institutional
3. Pre-IPO value at 7% of crypto market cap
4. Debt: No fiat $271m in crypto

(cont'd)
👇🏻👇🏻1️⃣
messari.io/article/coinba…

@coinbase

5. Tokens sold are "revenues". That means @coinbase VC sales might be revenues
6. Strong user growth but low active users
7. @brian_armstrong's grants vest only after+750% stock price appreciation. Fully vests if stocks go up by 16x

Now let's look at valuations 👇🏻
2️⃣

3️⃣ Pre-IPO valuations are at $98 bn. That's closest to "Price / Sales to Growth" comparables.

Coinbase is priced well above publicly traded crypto platforms and stock exchanges.
messari.io/article/coinba…

Read 6 tweets

Mira Christanto

@asiahodl

25 Feb

@Polkadot

1/ In a world of multiple blockchains, we need bridges & the ability to scale. We also need to end hardforks so the community sticks together.

How does @Polkadot work and what does it mean for $DOT?

Let me ELI5.

messari.io/article/polkad…

2/ What is Polkadot trying to do?

Since blockchains don't communicate, Polkadot wants to be a multi-chain platform that also allows for scalability. Like a Layer0 solution connecting all the blockchains and applications.

One blockchain to rule them all.

3/ How's it going to achieve this? Like a sea urchin, Polkadot has a "Relay Chain" as the beating heart. The spikes are "Parachains", which take different characteristics and are specialized by use case. Like a computer dedicated to run 1 task.

(see diagram for examples)

Read 11 tweets

Mira Christanto

@asiahodl

22 Feb

1/ DeFi exploits are slowing but the $ size has been increasing. $ALPHA lost $38m last week - what does that imply ? Does losing -$285 million matter?

We dive into the impact of exploits on Price & TVL 👇🏻👇🏻

2/ We list all the exploits vs TVL and price below.

Since the DeFi summer, protocols’ expected loss to hacks or failures = 0.1%. The Exploit Amount / TVL is much higher = 9%.

However, protocols are punished, losing -40% (average) of TVL in 24 hours.

messari.io/article/how-de…

@chainlink

3/ The most likely attack vector is a combination of an oracle attack with a flash loan. @chainlink has become the de-facto choice for projects looking to outsource oracles.

$LINK has been a beneficiary though also saw a node operator spam attack in Aug-2020

Read 6 tweets