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Zach Rynes | CLG Profile picture
@ChainLinkGod
Aug 7, 2021 • 7 tweets • 3 min read • Read on X
Scrolly
Next up at #SmartCon is Mathew Roszak of @VesperFi
DeFi is here to stay, Cambrian explosion of innovation

$77B market, in a year add a zero to that

Vesper has over a billion in TVL
Vesper focuses on UI/UX, auditing, documentation, and known team

Vesper pool, governance platform
Biggest barrier to DeFi is accessibility

Need a long term vision

Need to deal with high fees, will decrease over time
Opportunity to create dashboard to DeFi in one interface

Permissioned pools getting developed

Need to incentivize community

Multi-chain approach
Work with #Chainlink to prove an accurate view of TVL on Vesper

Working with cryptos since 2015, don't want to work in a vaccum

Minimizing high fees, multi-chain

Ethereum is grand central station, has everything you need but given volume, fees are high
Road to global DeFi adoption

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More from @ChainLinkGod

Zach Rynes | CLG Profile picture
Aug 11
There exists two different categories of crypto assets which accrue value in different ways

The first are the "payment currency" assets and the second are "protocol equity" assets

What's the difference and what does this mean for you?

👇🧵 Image
With "payment currency" assets, you have cryptocurrencies in the most literal sense of the word

Crypto meant to be used like a currency

Being a new form of decentralized money that serve as an alternative to traditional government-backed fiat currencies
What we have seen in practice is that nobody really wants to use cryptocurrencies as a form of payment (medium of exchange)

This is mainly due to volatility

Nobody wants to spend an asset that could go up in value in the future

And nobody wants to receive payment in an asset that goes down in value
Read 19 tweets
Zach Rynes | CLG Profile picture
Aug 7
JUST IN: @chainlink has officially launched the Chainlink Reserve 👀

This economic upgrade creates a strategic LINK reserve funded by onchain & offchain revenue

Institutional adoption → protocol revenue → LINK purchases → Reserve

Here's what this means for $LINK 🧵👇 Image
TL;DR

The Chainlink Reserve is an onchain strategic reserve of $LINK, designed to support the long-term growth & sustainability of the Chainlink Network

The Reserve is being built up by converting offchain and onchain revenue into LINK using DEX infra (initially @Uniswap)
This upgrade was made possible via expanding Chainlink's Payment Abstraction to support additional services and offchain payments

This enables users to pay for Chainlink in their preferred form of payment (e.g., fiat and crypto), which is programmatically converted to LINK Image
Read 21 tweets
Zach Rynes | CLG Profile picture
Jun 7, 2024
The reason why @Coinbase Commerce doesn’t support self-custody $BTC baselayer payments is simple

UXTO chains like Bitcoin lack the programmability necessary to meet the requirements of most merchants

1) Merchants don’t want to be exposed to crypto price volatility risk

Ethereum and EVM chains solve this by being able to programmatically covert whatever crypto token is used as payment into a stablecoin like $USDC, when can then be optionally redeemed for $USD and sent to the merchant’s bank account

UXTO-based chains like $BTC lack the native programmability to convert their native asset into stablecoins onchain, so a custodial solution is required

2) Merchants don’t want to deal with manual burden of resolving incorrect payments (eg: underpayment)

Ethereum and EVM chains solve this by being to programmatically reject payment with incorrect payment amounts

This is literally a single line of code in a smart contract (require payment amount == invoice amount, otherwise revert)

UXTO-based chains like $BTC lack the native programmability to revert payments based on amount, so a custodial solution is required

—

Net result is that Coinbase made a calculated decision that the overhead/friction/cost of supporting baselayer $BTC payments was simply not worth it

Payment processing for self-custodial wallets is challenging, it’s not nearly as a simple as just giving a customer an address to pay into, they will fuck it up, it needs to be idiot-proofed

Can lightning fix this for $BTC? Possibility, but there’s a great deal of friction today in terms of managing inbound/outbound liquidity and channel rebalancing

Lightning also means you can support one additional asset, $BTC, while integrating with EVM chains means you can accept hundreds to thousands of crypto-assets (including stablecoins and $WBTC) and get paid directly into your bank account programmatically if you desire

That said, I hope Lightning improves enough to make it a realistic option for merchants to leverage
Additional context/commentary from the Coinbase Commerce team themselves about UXTO payment support:
@udiWertheimer had a great thread documenting the pain that @TaprootWizards went through with accepting $BTC baselayer payments:
Read 6 tweets
Zach Rynes | CLG Profile picture
Jan 1, 2024
Happy new year frens, welcome to 2024 🙌

Obligatory thread of some of my unfiltered thoughts and predictions regarding the major crypto trends this year

🧵 Image
• Bitcoin as a Dominant Asset Class

The catalysts for $BTC are clear; a dozen or so spot ETFs a week from approval, halving in April, multiple interest rate cuts, and fiat money printer brrrrr

Initial ETF inflows won’t be as massive as expected but will ramp up over the yearImage
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$BTC spot ETF Issuers will battle over management fees (sub 40bps fees), advertising will be strong (Super Bowl ads), and a lawsuit with the SEC over allowing in-kind issuance/redemption vs just cash

$ETH ETF will be next and then no ETFs for other tokens this year (2025 tho…)


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Read 18 tweets
Zach Rynes | CLG Profile picture
Dec 18, 2023
A liquid restaking token that is backed by liquid staking tokens deposited in a restaking protocol which rehypothecates staked ETH

This is getting pretty deep, can we add another layer of liquidity and risk here? I don’t think we have enough
Note that there’s four+ layers of risk

1. Risk of staking ETH
2. Risk of liquid staking ETH
3. Risk of restaking ETH
4. Risk of liquid restaking ETH

You’re not only exposed to slashing and smart contract bug risk at each tier, but risks that only appear when composing protocols
Hell, why not take this further

Deposit your liquid restaking token into an AMM DEX, get an LP token back in return, and then deposit that LP token into a money market as collateral so you can borrow even more ETH to liquid restake

Adds 3 more layers of risk to the process
Read 5 tweets
Zach Rynes | CLG Profile picture
Nov 25, 2023
"Chainlink is just an oracle"

What started as a single ETH/USD Price Feed has since expanded into a fully-featured platform of services

There are now 1,000+ #Chainlink oracle networks that span external data, offchain compute, and cross-chain interoperability

A thread 🧵 Image
Oracles connect blockchains to external systems, enabling them to execute based on inputs/outputs from the real world

Before chainlink, oracles were highly centralized and insecure, with frequent oracle attacks resulting in exploits and loss of funds

garbage in -> garbage out Image
Chainlink solved this problem through the creation of decentralized oracle networks (DONs), backed by strong cryptoeconomic incentives and high quality node operators

Chainlink isn't a monolithic network, but rather a platform for creating oracle networks
blog.chain.link/how-chainlink-…

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Read 24 tweets

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