Overview:
- MakerDao for Shtcoins= Digital Collateralized Pawnshop for Coins
- DEGENS want more LEVERAGE + COLLATERAL options
- Cheap, Fixed-rate Interest ranging from 5.5% (BTC/ETH/YFI) to 12% (Shtcoins)
Page 2
- Generates fees in UP and Down Markets. DUCK= ANTIFRAGILE BUSINESS MODEL!
- Major Risks= 1) 30% overnight market drop in Large Caps, 50% overnight drop in shitcoins 2) Smart contract bug 3) Oracle risk (reduced risk since switching to Chainlink in April 2021)
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Thesis for 🔼 Cash-Flow :
1) Market and User Growth driven by CHEAP STABLE BORROWS. ( 5.5 % for BTC/ETH/YFI. 8% for BNB/LINK. 10-12% for Shitcoins)
2) Increased # of Yield Farmers as DeFI enters mainstream
3) DEGEN TAX(Liquidations) on DEGENS/NOOBS who overleverage
Page 4:
Duck TVL Growth:
Unlike many other, there is no yield-farm from borrowing or supplying, so TVL is not locust liquidity.
- Feb 5 ~5M
- March 7 ~160M
- April 11 ~ 300M
- May 3 ~ 500M
Dec 1: 50k MC
Jan 1: 150k MC
Feb 10: 7.8MC
Mar 1: 16.4MC
April 1: 111MC
May 3: 130MC
Page 6:
Assorted Alpha:
-YFI Treasury has deposited 10M+ YFI in Duck for opportunistic yield-farming. if YFI thinks its good enough to deposit treasury, my funds are likely SAFU.
- Buy+ burn model . Cashflow postive since day 1.
Page 7:
-~750k USD burned in first 3-5 months of being operational. ~500k in last 2 months.
- At current run-rate, they will burn 10% of circulating float/year
- Team is under 5-year vesting lockup schedule. No looming sell-side liquidity.
Page 8:
- Likely expansion to other chains.
- BSC Duck is operational, but Duck has seeded very little liquidity in the BSC component pool, so the project is not usable ATM in the BSC ecosystem. Inverted logic = massive upside when they figure it out. Demand is clearly there...
Page 9:
- W better marketing + increased awareness, Duck could easily become 1-2B+ TVL project earning 20-40M/year.
*Caveat: BowtiedDuck has invested 7-10% of crypto portfolio in Duck.Unit.Protoccol*
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