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Emin Gün Sirer Profile picture
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28 Jun, 11 tweets, 5 min read
1/ Back with another #FreeLoveFriday. Yes, yes. I know it’s Monday, but @iomarkr is worthy of breaking the Friday-only rule.

2/ DeFi on @AvalancheAVAX is growing rapidly. New users, assets, and applications are joining the community rapidly to tap into the vibrant $AVAX DeFi ecosystem.

3/ That growth is despite a bridge that has had many issues for users. An upcoming, first-of-its-kind bridge is a lot faster and 5X cheaper, and will open the floodgates for liquidity to flow into Avalanche.
4/ This is where I’ve found Markr to be an invaluable tool for me to understand what’s happening across Avalanche DeFi. For months, it’s been my go-to dashboard for tracking total value locked in applications and daily volumes on an aggregate basis.
5/ With its recent upgrade, users can not only grasp trends in Avalanche DeFi, but also use its DEX aggregator to find the most competitive price for swaps across the many AMMs on Avalanche.
6/ As my colleague @_PatrickSutton shows here, users can see the best venue for their swaps at any trade size and execute directly through the app. That is a major leap forward in the $AVAX user experience.

7/ Clearly, @iomarkr has found a market for this feature. In the first six days of the DEX aggregator feature, they surpassed 5K transactions. I look forward to seeing the next update from the team to see how much it’s grown since.

8/ The upgrade also adds more detailed application information, and a token page to discover $AVAX ecosystem tokens, track their prices, and validate contract data.
9/ Finally, the upgrade partially includes the ability to deposit and withdraw liquidity on @PangolinDEX, and balance tracking for @CanaryDEX. I suspect other applications will be integrated as well, making Markr a portal for everything DeFi on Avalanche.
10/ It is incredibly inspiring to see all of the community development happening on #Avalanche. Markr is a prime example of this innovation, and I’ll be focusing my next #FreeLoveFriday threads exclusively on Avalanche projects.
11/ So @AvalancheAVAX community? Which project should I dive deeper into next?

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More from @el33th4xor

Emin Gün Sirer Profile picture
21 Jun
A useful reminder about the differences between cryptocurrencies, especially PoW vs PoS.
Proof of Work currencies, like Bitcoin and Ethereum, rely on mining for maintaining their ledger. Miners continually use electricity in order to solve cryptopuzzles and add new blocks to the ledgers.
Mining is thus an expensive proposition. Gone are the days when miners used to use stolen electricity. They are industrial operations for the most part now, and have power bills to pay.
Read 10 tweets
Emin Gün Sirer Profile picture
17 Jun
Five years ago today, we started a fateful chapter in the history of cryptocurrencies. A hacker began a $55M heist from The DAO, and the ecosystem forever changed.

With so many new people in crypto since 2016, let’s dive back into the episode and what we learned.
A DAO, or Decentralized Autonomous Organization, is a way of coordinating ownership, decisions, and capital with coded governance, rather than a central authority. These organizations have enormous potential for changing how internet-native businesses function.
The DAO, an implementation of the concept, was engineered to support a decentralized venture capital fund. Users bought DAO governance tokens with $ETH, and would use the tokens to vote on potential investments with the pooled funds.
Read 16 tweets
Emin Gün Sirer Profile picture
4 May
So, the $AVAX community is growing quickly, and there are lots of exciting airdrops. Let’s talk a little bit about airdrop etiquette.
Last week, the @Baguette_avax team began airdropping its native token, $BAG, to validators and delegators securing the Avalanche network. They gave around $750 to each validator and delegator, and it cost only $800 to be eligible.

Yesterday, @AvalaunchApp followed suit, announcing that it will be airdropping 2,000,000 of its token, $XAVA, to the Avalanche staking community.

Read 12 tweets
Emin Gün Sirer Profile picture
3 May
Someone put in a market sell order for 500,000 $AVAX this morning, $16mm worth, all at once. The open question is, was this a "bear raid," where someone opens a leveraged short position and then dumps to profit, or was it a "fat finger"?
Having spent 10 minutes looking around, the math behind a bear raid doesnt' actually work out. Running a trade of shorting on futures and dumping on spot would not have been profitable given $AVAX's liquidity on spot and futures.
So, the evidence points to a "fat finger," where someone put in an extra zero by mistake.
Read 5 tweets
Emin Gün Sirer Profile picture
22 Apr
Two weeks ago, @PangolinDEX became the first Avalanche project to surpass $1B in trading volume. Let’s talk about Pangolin, AMMs, community-driven projects and their pros and cons.
Overall, Pangolin is unique because it offers:

- Fully decentralized, non-custodial trades
- Super cheap fees
- Real-time execution, near-instant finality
- No miners front-running orders
- A 100% community-driven project
Low latency and fair trade execution applies for any AMMs that have launched on Avalanche, of course. These AMMs include @SushiSwap, @officialzerodex, @ComplusNetwork, and @YetiSwap.
Read 14 tweets
Emin Gün Sirer Profile picture
7 Apr
FEI dropped down to $0.136. In the process, it should have taught everyone a few lessons about stablecoin design and, perhaps, crypto investing.

A thread.
FEI/TRIBE was a two-coin algorithmic stablecoin, with a twist. The twist was flawed from the start and it should have been possible to predict that this idea would not work.
In a typical two-coin algorithmic stablecoin, you have one coin, $FEI, trying to maintain the peg, while the other one is used absorb the volatility. We wrote about this structure in our stablecoin taxonomy paper.

arxiv.org/abs/1910.10098
Read 20 tweets

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