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

1 Apr
It's been a fun few years running the @DegenSpartan account, but I'm officially retiring it.

Some hints I've dropped along the way...
1/ I created the DS handle as a satirical alter-ego of my main account...hence a "degen" version of Spartan, as in Spartan Capital.

I thought it was a dead giveaway but no one caught it, so I ran with it...
2/ Over time I started tweeting about projects like Synthetix, often within minutes of posting on my main and on @DegenSpartan.

Some people started to notice...
Read 7 tweets
30 Mar
Everything seems to be converging towards DAOs.

Last cycle, governance barely advanced beyond intellectual masturbation. This time round it's a dire necessity given the value locked in DeFi alone!

Some names I'm reading up on...
$ANT @AragonProject - the OG. Token is too rich relative to main use case around courts imho though

$EGT @ElasticDAO - like that it ties token value directly to treasury creatively, but min minting size likely prices out a lot of people now
$GEN @daostack - token has an actual use case around proposal vetting. However liquidity is virtually non-existent

$HAUS @nowdaoit - concept of UberHaus is compelling and likely increasingly important when DAOS proliferate. Token on xDAI, not much liquidity
Read 5 tweets
28 Feb
Beautiful summary of why NFTs are important.

As some may know I'm a bit of a skeptic still

Here are some of my current thoughts.

Hope to get educated!
1/ First, "NFTs" are a broad term.

Today it's used to tokenize "real world" assets, insurance, debt, but also digital collectibles like art and cryptokitties.

My reference of the term "NFT" pertains to the latter this in thread.
2/ I've bought, traded + gifted NFTs since 18.

As a creator, I see the benefit of frictionless digital ownership.

It's a new identity layer that can be applied to much more than just digitally native products.

My main skepticisms relate to investing in individual NFTs.
Read 14 tweets
18 Feb
Great thread on DeFi lending protocols.

I'm *very* long $AAVE $COMP and $ALPHA, but $COMP really stands out to me here.

Some observations👇
1/ @compoundfinance is the only lending protocol discussed without immediate plans for token fee capture, which leaves room for a value unlock event.

$COMP is underpricing its annualized interest by a factor of 10x relative to $AAVE!
2/ Sure, @compoundfinance is the only protocol with liquidity mining, so volumes are incentivized.

But...

Even if we assume 90% of the volumes will go poof without LM (aggressive assumption), it is still cheaper than its main competitor on a per dollar volume basis.
Read 7 tweets
9 Feb
🚀 Excited to announce @TheSpartanGroup's $50M DeFi venture fund!

We are looking to work with relentless founders in DeFi with global ambitions keen on tapping into the Asia market.

Some history for those interested...👇

finance.yahoo.com/news/50m-ventu…
1/ @theBlockcrunch was one of the first podcasts to cover DeFi in 2018.

As an outsider, I was lucky to hear first hand-hand from pioneers like @RuneKek @felix2feng @AntonioMJuliano @brendan_dharma @ricburton on what "DeFi" was.

I think back then it was called Open Finance? 😂
2/ Later in 2018, I was connected with @SpartanBlack_1 when he was just setting up @TheSpartanGroup's first fund, and it marked my full time transition to crypto.

#BTC opened my eyes to trustless value transfer.

It made sense to us that trustless markets were next.
Read 10 tweets
28 Jan
🚨 @RayDalio finally releases the Daily Observation on Bitcoin.

Here's your about what the largest hedge fund in the world thinks about $BTC.
1/ First - what you came here for, the investment view.

RD likens Bitcoin to a long-duration option - the type where you wouldn't mind losing ~80% of your principal. Scenario analysis suggests 160% is conservative upside pending a few things.

That's a good start!
2/ Is Bridgwater invested?

Nope, but there is a alt-cash fund being worked on that offers alternative storeholds of wealth as part of BW's "cash is trash" outlook.

Bitcoin will be considered.
Read 17 tweets

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