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Daniel Cheung Profile picture
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21 May, 15 tweets, 5 min read
Here is a compilation of all the major threads I have done in the past on "Principles of Investing" & "Fundamental Analysis of Crypto-currencies".

I like to take concentrated long term bets and only invest in the highest quality names.

Fundamentals > Hype

Compilation below 👇 Image
My initial thoughts / thesis on @THORChain, the number 1 cross-chain DEX:

My initial thoughts / thesis on @cosmos, a highly undervalued L1 project with an exploding ecosystem:

Valuation / fundamental analysis on @iearnfinance, critical infrastructure protocol building the backbone for DeFi:

My initial thoughts on @pendle_fi, a leader in the interest rate derivatives space with a massive TAM:

My initial thoughts on the best non-pegged stable coin protocol @OlympusDAO v1:

My initial thoughts on the @saffronfinance_ and the concept of risk tranches in DeFi:

Investing thread regarding basing investment decisions on valuation alone:

Discussing ETH Fundamentals on 6/9/2021:

Multichain world is inevitable:

Compound Finance launching Compound Chain and Compound Treasury:

A case for Solana as of 8/16/21:

Thoughts on Solana valuation as of 8/18/21:

Thoughts on Pendle SLP & (Pe,P) update:

Thesis on $RUNE deserving to be treated as L1 asset:

• • •

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More from @HighCoinviction

Daniel Cheung Profile picture
20 Aug
I believe the market is currently failing to fundamentally price $RUNE.

@THORChain should be viewed as an asset with L1 like potential, and there exists a massive upward re-rating oppt. should the market realize this.

$RUNE is a 40% position for me.

Here’s why I am excited 🧵
Before we begin, here is one of the best papers published on @THORChain to give you a brief reminder of what they do:

messari.io/article/thorch…
It is obvious at this point that Layer 1s have been attracting a ton of flows recently with most up >150% over the last few weeks.

I am a massive fan of investing in L1 like assets given their favorable asymmetric R/R profiles.

Read 10 tweets
Daniel Cheung Profile picture
18 Aug
$PENDLE just announced some massive changes to the protocol, which I expect to drive material fundamental growth for the protocol over the coming months.

Interest rate derivatives is an untapped market in DeFi and there is continuous innovation happening here.

👇 to learn more.
Here is a quick recap on @pendle_fi in case you forgot.

The recent updates further expand the use cases for @pendle_fi and also introduces a meaningful change to token economics for $PENDLE.

The two updates are:

1) Introduction of yield tokenization for SLP shares

2)(Pe,P) rewards program
Read 11 tweets
Daniel Cheung Profile picture
18 Aug
Have been getting some DMs lately on when I plan to sell my $SOL position so thought I'd do a quick thread so everyone can benefit.

TLDR: I think there is still at least 4x to go from here, which is meaningful.

👇 to learn why
At the highest level, valuation of an asset comes down to two things:

1) Fundamentals, usually addressed via some "Core" KPI such as TVL, $ Txs settled etc...

2) "Willingness To Pay" factor, which is more art than science and is influenced by comps, market cycle & other things
The way you make the most money as a fundamental investor is by getting a multiple expansion on the markets WTP factor.

However, this is much more art than science and is often what determines who is "talented".
Read 15 tweets
Daniel Cheung Profile picture
16 Aug
$SOL will be one of the fastest horses in the next leg of the bull run.

The Solana ecosystem continues to build momentum with development activity booming and TVL soaring past ATHs.

Even at current val. it still offers one of the best R/R in crypto.

$SOL summer is coming🧵
The value proposition of Solana boils down into a simple pitch:

The fastest and cheapest smart contract platform in crypto.

But that alone isn’t interesting enough for Solana to stand out.
The key value proposition vs its major competitors (ETH, DOT, ATOM) is that it does not pursue scalability through sharding.

It instead maintains a single shared state enabling synchronous composability for every application on Solana.
Read 21 tweets
Daniel Cheung Profile picture
12 Jul
COMP will likely vastly outperform ETH & DeFi over the next 6 months given:

1) Compound Treasury - more liquidity, better borrowing rates, more adoption

2) Compound Chain - more chains, more collateral, larger TAM

Institutional adoption is here & COMP is at the center of it 🧵
' @compoundfinance is an ETH-based project that is focused on establishing various money markets on Ethereum.

The protocol aggregates a bunch of assets into a single pool so that suppliers & borrowers can interact directly with the protocol as opposed to with a third party.
This is a superior model for collateralized lending vs. how it is currently done traditionally by banks given:

1) It eliminates the need for matchmaking

2) Terms are set algorithmically, which removes the need for negotiating terms and increases trust

3) Better transparency
Read 18 tweets
Daniel Cheung Profile picture
18 May
$PENDLE is the most undervalued low cap gem in DeFi (~$20mm mkt cap).

Pendle will introduce yield derivatives to the crypto economy as well as a novel AMM specialized for trading time decaying assets.

Behold a brand-new narrative and the next major evolution of DeFi.

1/
Pendle will be the first protocol that will enable the trading of tokenized yields on Ethereum.

For users, Pendle will allow them to tokenize their yields and sell it for upfront cash.

For traders, Pendle will provide the most capital efficient way to speculate on yields.
Pendle enables holders of yield generating assets (e.g. lending deposits) to break out their deposits into an ownership token (OT) and a future-yield token (XYT).

OT represents a claim on the underlying asset.

XYT represents a claim on future yields up to a certain date.
Read 14 tweets

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