kain.eth Profile picture
8 Aug, 12 tweets, 3 min read
I’ve been thinking a lot lately about the intersection of DeFi, NFTs, art and gaming lately. Putting my current thoughts into a thread…
The first thing I want to highlight is the difference between attention and impact. Many things that garner high attention are not impactful, think the latest marvel movie. While many things that are high impact get minimal attention, think novel mathematical proofs.
As excited as we have all been about DeFi the reality is that it falls into the category of finance, which is typically high impact but low attention. The one offsetting factor being that speculative manias are often high attention. As are market implosions.
Art and other forms of cultural expression are often high attention but low impact, typically their impact only grows with time, assuming they survive. A lot of important art was ridiculed or ignored by its contemporary audiences.
This is why I think NFTs and Gaming will get orders of magnitude more attention than DeFi over the next decade. Despite the fact that DeFi will transform and impact society to a much larger degree. The addressable attention market for games and entertainment is huge.
BUT here’s the kicker! High attention innovations can have a symbiotic relationship with high impact ones. See the internet and porn.
NFTs and crypto gaming will dwarf DeFi in terms of attention, but they both utilise the same underlying technology, so the massive attention that accrues will acts as a protective layer for both DeFi and NFTs as tens of millions of consumers demand access to Ethereum.
In a way it feels weird to me to be building in DeFi, I’ve been a musician my whole life and was in a band that played a over a hundred shows along the east coast when I lived in Boston. I’ve written a novel. Art is probably the most important thing in the world to me.
I was also a gamer for a long time, I am old enough to have had an Atari when I was ~4 (not sure what my dad was thinking) I was obsessed with river raid 🤷‍♂️. I’ve been into mmorpgs and dungeon hack games and RTS. Games are amazing.
The intersection of gaming and NFTs will be mind blowing. That combined with a Cambrian explosion of art in the form of NFTs will provide cover fire for the critical work of reinventing finance that DeFi has undertaken, in order to deliver more fair and open global markets.
This is ultimately why @illuviumio scares me. I don’t like to lose, but it’s hard to see how it doesn’t dwarf @synthetix_io in attention. Which is super annoying to me because I’m extremely competitive.
But that attention will drive demand for the underlying technologies like Ethereum and eth based scaling solutions. Which ultimately is a good thing for the entire industry.

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More from @kaiynne

22 Jun
One month later, checking in. Balance of probabilities definitely shifting towards bear market, but I don’t think we have confirmation yet.
In late May we were in -40% now -50%+, the further we go the more unusual this would be in historical terms as a bull market correction. But this is already historically a weird bull market.
A few points that really stand out and may have head faked the OG’s. I will mainly focus on BTC here. The biggest imo is the ATH->ATH ratio.
’11 ->’13 ratio ~30x
’13 -> ’17 ratio ~20x
’17 -> ’21 ratio ~3x 🤯
Read 13 tweets
28 Apr
Something I’m a little concerned about given the recent interactions I’ve had with the BSC and SOL communities is that they seem to be genuinely gaining organic traction. Much more so than say EOS or Tron last cycle. I have some thoughts about this…
Firstly Solana is pretty clearly an upgrade on the previous generation of ETH killers. Primarily because they have managed to hide the scaling trade-offs much more effectively.
The likelihood of EOS devolving into plutocracy was called out by many people including Vitalik pretty early on, but obviously the reality was even worse than most people including myself expected. And it was fairly easy to point out where they had forsaken decentralisation.
Read 13 tweets
1 Feb
Now that sXAG (silver) markets are live I want to provide some context on the situation for those who have not been living in the Synthetix discord for the last few years.
Firstly, sXAG is a Synthetic ERC-20 (lives on Ethereum) silver token that tracks the price of silver via this @chainlink oracle: data.chain.link/xag-usd.
This allows anyone in DeFi to get price exposure to silver without needing a traditional brokerage account or paying crazy spreads on bullion. Synthetix also supports sXAU (gold) and sOIL (Brent Crude Oil) as well as a number of forex currencies like GBP and AUD.
Read 20 tweets
19 Jan
It appears that “you are just a VC project” might become this cycle’s “no token, no ICO” both of these statements are just counterproductive virtue signalling imo. The no token mantra alone probably set us all back 18 months due to overcorrecting for ICO scams.
I said many times through 2018 and 2019 you actually want scams and other fuckery, not having them is a sign of underinvestment, which is far worse than the alternative.
The market can solve these problems and it clearly has already to a large extent, deal structures are now much clearer and incentive aligned than they were in 2017. Does that mean we won’t see vaporware raise tons of money this cycle? Of course not! But again that’s a good sign.
Read 13 tweets
12 Jan
I just published Synthetix 2021. Which is nothing more than a veiled attempt to cling to a sense of power in this ever more decentralized world. blog.synthetix.io/synthetix-2021/
I will do a quick run through of the highlights for those that don’t want to wade through a 2500 word post. Most critically, as I jokingly alluded to above, this is all just my opinion I have no power to enforce any of these changes, they must go through community governance.
Scaling is coming, the launch of Optimistic Ethereum will enable Synthetix to deliver on its promise of taking on both CeFi and TradFi.
Read 12 tweets
11 Jan
For those who were trading in 2017 or earlier bull markets this may be obvious, but these kinds of corrections are typically driven by overleveraged longs, not whales dumping on you. That hasn’t started yet. Let me break down why it happens and why it is worse on the weekends.
I should probably have data to back this up, but I haven’t kept up to date with the latest trading data so much of this is based on intuition and experience trading through 2016-2018. If you have data that invalidates this please provide it, happy to be wrong here!
Firstly in an early bull market you have some OG holders taking profit around previous ATH, they have “learned their lesson” and are trying to not get rekt like last time. Once they finish taking some profits or hedging they are riding this up to multiples of previous ATH.
Read 14 tweets

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