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Jason Choi

@mrjasonchoi

May 13, 2021 • 9 tweets • 4 min read • Read on X

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Thoughts on DeFi prices

1/ While the dog coins, fancy launch videos and Tiktok memers are finding new and creative ways to bankrupt retails...

Crypto's MOST used projects have been growing at an exponential pace.

2/ Some of the DeFi protocols now generate more fees in a day than #Bitcoin - an almost trillion dollar asset.

These fees are paid by genuine users - NOT staking rewards paid to maintain empty blocks.

3/ The reason behind this growth: in April 2021, we saw a 100x increase in trading volume on decentralized exchanges, versus just 1 year ago.

Even compared to DeFi summer peaks, April 2021 still saw more than 2x the trading volume (!)

4/ In early 2020, seeing DeFi cross $1B in total value locked seemed unfathomable.

Today, more than $80B worth of assets are put down as collateral in DeFi protocols - that's a 80x growth within 1 year.

5/ Those who invest billions in crypto as their full time job recognize DeFi as the vertical with the largest addressable market.

With all the hype around digital art in Q1 you may have thought most of the private funding went to funding NFTs.

You'd be wrong...

6/ Interesting, despite being the most used and fastest growing vertical in crypto, DeFi token prices have lagged the market, particularly $ETH.

7/ Few potential reasons:

- High gas fees drove incremental demand to other chains (see Pancakeswap trading volume vs. Uniswap v2 below)
- New capital were deployed into meme coins
- $ETH rally sucking up all the liquidity as people sell DeFi for $ETH

8/ With L1 chains reaching ludicrous valuations relative to the economic activity generated on them (e.g. fees), DeFi tokens are beginning to look dirt cheap on a relative basis.

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More from @mrjasonchoi

Jason Choi

@mrjasonchoi

Jul 18

How to Get Rich in Crypto (Without Getting Lucky) - Part II

https://x.com/mrjasonchoi/status/1455888139927515137

3 years ago, I wrote a thread about how people got rich in crypto based on 100s of convos with founders + investors on @theBlockcrunch.

This thread is a follow up providing principles for speculators + builders, based on my new learnings as an investor.

https://x.com/mrjasonchoi/status/1455888139927515137

There are two ways to compound wealth: hold assets that appreciate over time, or swap them for ones that appreciate faster.

Statistically, <1% of people who try the latter succeed over time.

Read 38 tweets

Jason Choi

@mrjasonchoi

Jul 19, 2023

Few thoughts on $MNT and why I'm long

TLDR 🧵

1/ Yesterday, @BitDAO_Official successfully migrated its token to @0xMantle, a new Layer 2.

Mid-curvers saw this as a "sell the news" event but objectively the migration represented a significant event that is now derisked.

2/ I've stood by my view that tech is necessary but not sufficient; distribution is king.

Despite the rebranding of $BIT to $MNT, @0xMantle is effectively @Bybit_Official's attempt at creating their BSC, but one that is more in line with Ethereum's L2-vision.

Read 7 tweets

Jason Choi

@mrjasonchoi

Jul 15, 2023

https://twitter.com/mrjasonchoi/status/1680049739855962113?s=20

After my interview with @ArkhamIntel released today on @theblockcrunch, I dug into some of the claims made on the show.

Here's a short follow-up thread to address one of the comments made.

https://twitter.com/mrjasonchoi/status/1680049739855962113?s=20

https://twitter.com/NFTherder/status/1678774877606776836?s=20

1/ On the episode, I asked @RealMiguelMorel why it took so long for @ArkhamIntel to rectify the issues regarding user's emails being publicized. Specifically, I brought up @NFTherder's claim about being able to tie emails to wallet addresses.

https://twitter.com/NFTherder/status/1678774877606776836?s=20

2/ Miguel cites that the claim has "never been verified", that images may be doctored and that "it is impossible to do so", "on Arkham and elsewhere on the Internet".

Given the responses I've gotten for this statement, I decided to fact check this.

Read 10 tweets

Jason Choi

@mrjasonchoi

May 5, 2023

@theBlockcrunch

After months of work...

Finally dropping our 30-page report on $FIL on @theBlockcrunch, commissioned by @protocollabs!

This is the one read you need to be completely caught up with @Filecoin's past traction and future plans.

A few highlights:

@Filecoin

1/ Over the past 2 years, @Filecoin has quietly exploded in growth since the launch of its FIL+ campaign

Year over year, this represents a 1800% growth in usage - in a time when most charts in crypto went the opposite way.

bit.ly/3LYteO5

2/ Filecoin's dominance against other "storage networks" is almost comical.

No single Web 3 storage network provides *remotely* as much capacity as Filecoin has in the 2.5 years since its launch.

bit.ly/3LYteO5

Read 7 tweets

Jason Choi

@mrjasonchoi

Apr 21, 2023

DVTs is one of the most overlooked narratives for $ETH.

One of the leading projects just raised $12.5M from VCs.

Only one token is tradable today (see below) 👇

1/ Now that the Merge + Shapella are completed, Ethereum's vision as a PoS network is realized.

To recap, there's 4 main ways holders can stake their $ETH today:

@Rocket_Pool

2/ Currently, Staking-as-a-Service, Pooled Staking and CEX's control majority of stake.

While some of these services are more decentralized than others (e.g. @Rocket_Pool vs. @LidoFinance ), client diversity remains a concern.

Read 9 tweets

Jason Choi

@mrjasonchoi

Apr 20, 2023

@theBlockcrunch

How one of the first NFT trading funds makes money 👇

- via @theBlockcrunch

@opensea

1/ Most NFT funds in crypto focus on picks-and-shovels (@opensea), exchanges (@blur_io) and companies (@yugalabs).

@sgsand1 raised a $4.5M fund to ONLY do NFTs

Here are the highlights in a 50-min interview on @theBlockcrunch where I tried to pick his brain

2/ "The most common mistake NFT traders make is trying to seek index exposure"

i.e. diversification into poor quality assets in a correlated sub-asset class is not smart diversification