Nick Profile picture
Apr 30, 2021 9 tweets 2 min read Read on X
Over the past few months, both real-life friends and new Internet friends have asked how they can start getting involved in crypto & DeFi more professionally, even as kids my age.

I don't claim to have it all figured out, though I have some personal tricks & tips.

A quick 🧵
1a) Work on your Twitter!

Twitter is actually *the place* to network in crypto. Aside from the shills and low-effort shitposts, almost every person "in" the space is somewhat active here.

You can easily access founders, investors, innovators, programmers, and more.
1b) Leak alpha or post things that will teach some audience something.

Users will be inclined to follow you, engage with you, and in sm cases, offer you a job.

Take it from Ashwath—or me! Talent is needed in this space: Twitter is where you can find it.
1c) The format I like to use most is threads. For some reason, users in crypto seem to value the thought and effort put into this type of content.

Make sure it's well-formatted and includes visuals where possible. These small things go a long way.
2) Find a group of frens.

I've been blessed enough to have met some awesome people.

Find your tribe. Criticize each other and keep each other on the right track. Don't feel afraid to disagree.
3) Don't feel afraid to reach out to people.

I've noticed that people in DeFi especially are open to talk, especially if you have insights to share.

Founders are open to advice. Investors are looking to learn about new views. And traders are looking for the latest coins.
4) Don't make enemies for no reason - reputation is key.

Too many people in this space stir up controversy for no reason.

If you're looking to break into the space, try and keep things friendly with everyone. Everyone knows everyone in this space.
5) Don't be afraid to ask dumb questions.

No one in this space has it all figured out. There are so many things going on that even those "in the know" don't know all that goes on and are constantly adapting their views.

Ask questions and stay curious. We're always learning.
If anyone is looking to break into the space, please feel free to reach out to me.

I'll try and get to your message when I have some time.

Excited to build the future of France with y'all. WAGMI.

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More from @n2ckchong

Feb 8, 2025
4 years ago, @Uniswap released v3.

In its wake spawned capital efficiency, + volume, many projects following similar concepts, and a broad design space for AMMs.

v4 is another leap forward. Uniswap now becomes a platform for builders - a logical end state for at-scale protocols. A 🧵Image
Uniswap v4 at its core is relatively similar to v3, an AMM that allows creation of arbitrary 2-asset pools with the added complexity of allowing users to have flexibility over liquidity ranges to express better views on how coins will trade.

Flexible liquidity ranges allows for increased utilization per $ provided in-range, increasing fees for LPs and subsequently depth for users.

v4 has significant gas improvements over v3 due to a singleton contract structure, where all pools exist with a single contract vs. having a contract-per-pool as with v3.

What this allows is for reduced cost of the creation of pools (creating v3 pools during periods of gas cost volatility can be upwards of $500) and reduced gas for multi-hop trades.Image
OK, so that’s cool. Kinda. But where does v4 get really exciting?

Hooks.

Hooks are plugins that developers can build to add in arbitrary logic and actions into a swap’s lifecycle or with the pools themselves.

These hooks can be entirely arbitrary, so basically anything can be built on top of the base exchange and pool logic.
Read 17 tweets
Nov 29, 2024
USDe supply has hit an ATH, passing $4 billion. sUSDe rewards now sit at ~29%, dramatically outpacing T-Bill benchmarks.

All this is exciting, but what’s next for @Ethena_Labs?

What catalysts will continue to drive increased USDe adoption, and what’s important for 2025? Image
First off quick disclaimer: not investment advice, any mentions are not projections or constitute things that 100% will happen. You guys know me I don’t shill tickers, but I do get bullish on projects underlying fundamentals and Ethena obviously is one of them.

I am a contributor to the protocol and have exposure to ENA. I have no idea where ENA is headed price wise. These are all my views and not the official view of other contributors or entities related to Ethena.

Mentions of USDe and sUSDe will be made interchangeably, but the two are totally separate concepts. USDe is a synthetic dollar with no rewards, sUSDe provides rewards and is an opt-in.
Macro Trends

The clearest cut catalyst for USDe growth, which isn’t even something we directly influence is decreasing central bank policy interest rates.

Dot plot and Fed fund futures show a clear expectation of dovish monetary policy, with expectations of a reduction to 3.75% by end of 2025. Nothing on the scale of 2020/2021 (RIP ZIRP), sure, but a significant move in interest rates nonetheless.

Every change in the interest rate, however incremental, has immediate downstream effects both on crypto as a whole but also on cap formation for USD-denominated reward opportunities. We've already started to see this recently.

In scenario where rates are headed down and systemic liquidity increases, risk appetite naturally increases.

This benefits Ethena mainly in two ways:

1. More capital should flow into being directionally long crypto assets. This should naturally appear in funding rates on perpetual futures, dramatically increasing the basis through which USDe collateral backing can capture value. We’ve seen this start to play out already, Binance BTC and ETH rates have finally come off baseline after spending most of the summer averaging the baseline or slightly below. sUSDe rewards have followed, moving from the 8~12% it was at through the summer to now ~29% as I write this.

And 2. A decreased rate provided by products like money market funds or short-duration high-quality bonds decreases the hurdle rate that is needed to be provided by longer-tail strategies for capital to flow in. What this means is

A smaller yet still important point is Increased flow and speculation also increases the market size that Ethena can tap into. This is expressed through growth in average open interest in futures contracts that Ethena is allocated to.

BTC open interest, since the start of the year, has increased by 250% in dollar terms and nearly 100% in BTC terms. The similar can be said for other large caps, if not even greater for certain coins.

In short, the market is trending toward likely higher structural funding rates (higher sUSDe reward upside), an increased appetite for non T-Bill reward-bearing products (greater market potential for sUSDe), and an increased collateral pool for Ethena to tap into.

Ethena is the protocol best suited to capture value and attention from interest rate shifts.Image
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Read 10 tweets
Oct 5, 2024
I’m extremely excited to be joining @Ethena_Labs as Head of Strategy!

I’ll be working across the protocol to scale USDe, incubate Ethena-first apps, and to enable Internet Money.

Joining Ethena for me is a continued expression of how bullish I am on DeFi's future 👇 Image
USDe is the fastest growing dollar-denominated asset as one of 2024’s biggest launches. Reliable dollar-denominated assets will only become increasingly relevant, especially as rates off chain trend lower once again.

Dollar-denominated crypto-assets have become one of the only DeFi products will true PMF. USDe is arguably the most unique product in one of DeFi’s biggest verticals.

DeFi more broadly continues to be the best use case of smart contracts. DEX dominance is increasing, and we’re seeing breakthrough applications and sustainable economic value being created on chain.

Ethena, in my view, will continue to play a key role in creating and driving real economic inertia on chain. I’m very excited to learn from and work closely with G and the rest of the Ethena contributors in this effort.Image
I met @leptokurtic_ on a whim 4 years ago, since learning how "locked in" he really is. It's a crazy story, one I'll tell here because why not:

I used to be really active on Twitter, probably a bit too much. I would respond to every DM, look at every tweet, trying to find new DeFi protocols, yields to farm, and coins to trade.

Well… I lied—not every DM. There were a few I’d let sit there to marinate a bit. You know those kind of weird-looking accounts? Selfie PFPs, auto-generated handles, the works? Those I never really responded to.

Upon a whim in late 2020 though, I decided to respond to one of these.

This account’s PFP: some guy with a too-thick tan in Times Square. His username: guy[string of numbers]. And he had like 25 followers—max.

Frankly I didn’t think this was a real person. It probably wasn’t. But he asked a good question about something we were both looking at. So fuck it.

The question I can’t remember for the life of me, but we ended up becoming good internet friends.

We’d share ideas and research through late 2020 and early 2022 pretty actively. A fond memory was deep-diving into seigniorage ‘stables’ together on 2020 Christmas Day. Pour one out for ESD, DSD, Basis Cash.

One of our final conversations before May 2022 was about if he (who—for what it’s worth—I had not met up into this point, lest even seen over video) should leave TradFi for these greener pastures.

I don’t think we ever finished that conversation before, uh, “Deploying more capital, steady lads” day. At that point, I was taking some time off. And unfortunately, G and I fell out of contact.

Ships that pass in the night… I thought I’d never know the answer to the conundrum that he faced. I would find out soon enough.

Flash forward to KBW 2023, an event on the last day before everyone went to Singapore.

I walk in and scan the crowd. There’s a bunch of old friends I normally see at conferences. And there’s one other face I did recognize but was shocked by: that tan guy in Times Square.

Guy? I walk up to him, introduce himself as “that Nick that you used to chat with a lot.” He responds with “Nick? I thought you died or something.”

And blah blah the rest is history.

What I find so funny is the only reason why I’m in this position today is because I recognized his mug from his old Twitter account. (I still can’t believe G is a real person. Absolutely crazy.)

Twitter is an amazing equalizer. It’s where @santiagoroel found me to join ParaFi, and is, in many ways, why I’m joining Ethena today.

I really just wanted to tell this story since it is forever etched in my mind, but if there’s a one thing you take away from it: Using Twitter/X meaningfully is one of the greatest sources of alpha in this space.

^ is honestly something I’m reminding of myself now as I come back to shout algo-friendly drivel into the void for LLMs to later pick up to create ShittyTweetThreadorGPT.Image
Read 4 tweets
May 31, 2022
Really interested to see the @optimismPBC ($OP) token launch play out today. Will be the first major token launch (aside from $LUNA 2) in the recent bearish regime.

Expect it to strong affect how and if projects launch tokens in these market conditions.

Quick thoughts 👇
In a bull market, launching a token quickly can seem obvious.

Equity holders (team and investors) can feel paper rich, (likely) overpriced token can lead to juicy yields to pump TVL, and it's a good box to tick and get out of the way.
When the trend is downward and retail liquidity has evaporated, teams reconsider.

When you can't rely on mere pumpamentals, how does that change initial token supply, unlock schedules, coins allocated to yield farming schemes, the existence of staking schemes ($APE, etc.).
Read 8 tweets
Jan 15, 2022
It is the easiest it’s been for crypto founders to raise. *Everyone* has money for crypto venture.

There are more funds than ever and investors are quick to revert with “wen allo?”

I’m not a founder (yet) but I wanted to share some fundraising tips.

A 🧵
More money than ever is flooding into primary markets.

Crypto fundraising is up multiples YoY. There are dozens of multi-million dollar deals a month. And the creation of new funds, both large and small, continues at a rapid clip.
The overall disposition of investors has changed too: to get in on rounds, many investors are quick to commit and are willing to push up valuations.

But is accepting the fastest and most loose-handed investors really what is best for projects and for founders?

Not really.
Read 21 tweets
Dec 28, 2021
It has been just over 4 years since I began working in crypto and 1 year since joining ParaFi Capital.

It’s been a crazy journey and a great year.

A 🧵of updates, thanks, and learnings.
It's been a whirlwind of a year at @paraficapital. Thought as we reach year-end, I'd reflect and put down some key things I learned after spending 12 months in the trenches.

Disclaimer: Tips may not apply to everyone, they're just my personal learnings.
#1: Continually underwrite investments

A fallacy some fall to is after they do initial DD, they that investment sit for years.

The nature of crypto warrants rapid shifts in team dynamics, technologies/building blocks, and primitives.

Don't get caught out of position.
Read 36 tweets

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