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Calvin Chu Profile picture
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17 May, 4 tweets, 2 min read
Emerging with a theory that Defi is becoming a lot more antifragile than cefi markets:

1. because more LPs in defi are directionally long rather than efficient delta neutral arbers, you have a lot more people who don't "fade" orders.
2. AMMs are slower to adjust pricing compared to MMs who do this type of adjusting regardless, because dexes like @Uniswap @SushiSwap @PancakeSwap made it so much easier for users to provide liquidity to made this directionality happen
3. With onchain liquidity so strong and permissionless, coupled with lower leverage ratios in defi (due to complexity of leveraged products in defi world for now), any wreckage is lessened by thicker AMM liquidity.
4. Ceteris paribus, defi still has the most tangible product market fit of anything in crypto - with the most users interacting with usable products. If you have to decide to sell something on a day like this, you're less likely to sell something you can use.

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More from @calchulus

Calvin Chu Profile picture
12 Apr
This is a great question, and a pretty good bet. But the difference between cefi and tradfi is still a huge step - cefi is where a lot of people opened their eyes to defi, so it's like the gateway drug into crypto for the masses.
I think it's super valuable to start from a place with over a million daily active users to try a defi product. At least some percent of that userbase should stick.
Defi gets to build organically from ground 0.
Cefi needs to defend its territory from an already massive lead
Read 5 tweets
Calvin Chu Profile picture
16 Mar
0/n After almost 3 years, it is with great pride, respect, and love to announce that February was my last month @binance. It's been a whirlwind of a ride, so what better way to share the memories, nostalgia, and future alpha I learned all in one tweet thread
1/n I want to thank my @BinanceResearch team for being the best group of friends & researchers I could've ever dreamed of working alongside. To my boss, who found my resume on a recyclebin pile when HR had rejected me b/c i was a fresh grad, and took a bet on me, <3 <3 <3
2/n I got an opportunity to build at Binance Research all because I applied to 6 different roles, but was the only person that put a github.com/calchulus link at the top of my resume: lesson learned - find your strengths and showcase them
Read 35 tweets
Calvin Chu Profile picture
15 Mar
this is incredibly powerful - it means that if we create a parallel economy in defi, we can do so and power our own spending, in a controlled manner, rather than outrageous borrowing done by sovereign states like the US.
Disclaimer: hold no Alchemix, but @scupytrooples is up to something very interesting and lots of finance folks who understand the time value of money think this is very interesting.
It is also interesting to think though, whether it makes more sense if this is done on the individual level, or at the system level. I liken this to using up all the rebates your credit card gives you to spend
Read 13 tweets
Calvin Chu Profile picture
7 Mar
ok time for some thought leaders to stop looking into one front end on a centralised data source trying to read data on a chain that is still struggling to build more infrastructure to read info.

THE MOST IMPORTANT THING IS THAT UNIQUE ADDRESSES != Unique users!
2/n Firstly, you guys in the eth world may know that a certain function on Eth mainnet was proposed to cease to exist in a future hardfork - which would render @1inchExchange's CHI Gas token and other gas tokens useless.
3/n Users started reporting the deployment of CHI gas token mid February on BSC. For those of you who are not familiar, CHI gas token uses the "self-destruct" function after using up the "stored gas", which is purchased at a low gas gwei price and deployed when high
Read 17 tweets
Calvin Chu Profile picture
28 Feb
I had several interesting conversations today due to the the tweets, so I thought i'd do a tweet thread summarizing first my background, why this situation matters, and the good things that came out of this, because above all, I seek to learn, not just in crypto, but in the world
1/n I've had some people message me to praise me for speaking up, and some ask me why I was being so loud. I hope that the next bits will share a bit more as to why I think it's important to share, educate, and learn together.
2/n I was born and raised in Chicago to two immigrant parents. My dad was born in Taiwan because his father was a physicist for the Kuomingtang (KMT), which was forced to flee mainland china after the Communist Party came into power in 1949.
Read 10 tweets
Calvin Chu Profile picture
28 Feb
You guys are fucking ignorant if you guys think that posting a smart contract is going to shut down a chain.

1. etherscan/bscscan is a centralised platform - this window into the contract can be censored, just like the USDT, USDC, or other stablecoin code is removed.
2. The amount of xenophobia in this space is absolutely horrid, and you should be fucking ashamed of yourselves for proclaiming an open ecosystem of money and value, yet your actions show you haven't been able to advance past the idea that builders have no language barrier
3. If you want to or support these types of tactics to try to tear down other people's shit, go ahead, block me, unfollow me, I don't wanna see what products you build b/c you're clearly wasting more time shitting on other people's stuff than building your own.
Read 12 tweets

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