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José Maria Macedo Profile picture
@ZeMariaMacedo
Sep 20, 2021 • 9 tweets • 5 min read • Read on X
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Delphi Labs is expanding 📈

We're looking for a few key people to join our team and help us build out the future of france

You'll be surrounded by world-class talent working on some of the most interesting problems in the space

More below 👇 Image
COO

@lukedelphi and I are entrepreneurs at heart and we like to move fast. We need a detail-oriented operations exec to complement our skill-set, bringing a bit of structure/discipline to our workflows

This is a key role for a Wags like character to take ownership of
Games Economist

We've been intimately involved with the P2E space from the get-go, designing the token econ and leading seed rounds for @AxieInfinity, @YieldGuild, and others. We're now looking to leverage these learnings and build a FT gaming econ team
NFT Strategist

We see NFTs as a new token econ primitive and are interested in using them to develop gamified experiences across incubated projects. We believe the design space is wide open and are looking for a lead to help us define and execute our strategy
Quantitative Analyst

We're building a risk team to provide quantitative input to governance decisions for protocols we incubate. We're looking for an experienced quant to work with big brains @ayana_eltai, @JonathanErlichL, @michal_crypto to help pioneer new models
Entrepreneur in Residence

We're always looking for great founders/leaders interested in starting crypto projects while leveraging Delphi Labs's infrastructure, brand and network. Whether you have an idea or want to tackle one of ours, we'd love to talk
What do we offer?

Delphi Labs is a builder's paradise. You'll be surrounded by top talent across economics, development, product design, risk, legal and more.

You'll also benefit from the broader @Delphi_Digital hive-mind of 60+ top researchers and big brains
More perks

🔶The culture is relaxed and informal (don't say in words what could better be expressed with a meme)
🔶Work remotely and on your own schedule
🔶Competitive salary + direct ownership upside on projects you work on
🔶Meritocracy
If you're interested, please head over to our job board and apply. You can also DM me but I can't guarantee a response

We'll also be paying 5000 $UST for successful referrals so if you know a good fit for any of these roles, send them our way

delphidigital.io/job-board/

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More from @ZeMariaMacedo

José Maria Macedo Profile picture
Jun 25
Narrator: FDV was indeed not a meme

Since this post, I've been speaking to OTC brokers to try and understand secondary market structure for the assets I'm shorting. The findings were pretty revealing so thought I'd share

TLDR: I don't think these will be bullish unlocks
Many of these assets have active sellers but very few have bids even at ~70% below market price (we're talking standard SAFTs with a 1yr cliff + 2/3yr vest )

In terms of volume, my very rough estimate based on speaking to various brokers is that there's been ~$100m in combined SAFT volume. Considering these are assets with cumulatively tens of billions of dollars of unrealised gains unlocking over the next few years, this is basically dust
To be clear, what you'd want to see for "bullish unlocks"to happen is as low an unrealised gains to market cap ratio (UG2MC) as possible, as explained in the linked post

Most tokens are sitting on massive unrealised gains from team (0 cost basis) and early investors (you can calculate this yourself using something like )cryptorank.io
Read 13 tweets
José Maria Macedo Profile picture
Apr 2
$ENA is live! @ethena_labs is one of our highest conviction bets this cycle both @delphi_ventures and personally

I believe:

- sUSDe will offer the highest dollar yield in crypto at scale
- USDe will become the largest stablecoin outside of USDC/USDT in 2024
- Ethena will become the highest revenue generating project in all of crypto

Thread on what Ethena is, why I'm excited, and the risks as I see them
@ethena_labs @Delphi_Ventures This turned out pretty long, so if you want to read it in a cleaner format I published it on my Medium here:

Or if you prefer to listen, my partner @yan_liberman does a great job breaking it down here: medium.com/@zemacedo/ethe…
podcasts.apple.com/us/podcast/eth…
@ethena_labs @Delphi_Ventures @yan_liberman 1/ Stablecoins are still undeniably one of crypto's killer apps

The market has repeatedly shown it wants yield on stables. The issue is generating it in an organic, sustainable way

Ethena is able to provide this yield with the byproduct being a stablecoin
Read 73 tweets
José Maria Macedo Profile picture
Mar 26
I’m back! Took longer than expected, but retreat was followed by a near-death experience while surfing my local break last weekend

Spent the weekend in hospital and the rest of the week recovering at home. Feeling very privileged to be here

Story below for those interested Image
To celebrate being back home, I went surfing at Guincho beach with a friend - a break I've probably surfed over 200x since I was a young kid

It was pretty big and stormy and after the first set wave kept us under for 15+ seconds, my friend wisely decided to get out right away
I tried to do the same, but the wave I caught ended up pushing me out in front of the rocks on the Muchaxo side. Getting out on the rocks on a day like this is pretty much certain death, so there was no way to get out without first getting out from in front of the rocks
Read 17 tweets
José Maria Macedo Profile picture
Feb 11
FDV is not a meme - many of you will learn this the hard way this cycle as unlocks hit the market

However, not all FDVs are created equal. The single most important factor in comparing FDVs is figuring out what % of a token's FDV is unrealised profits for investors/team. The higher the % the worse for you as a tokenholder
Very simple example to illustrate this:

Token A and Token B both trade at $10b FDV. Token A raised $200m at $1b and has a 30% team allocation. Token B raised $5m at $100m and has a 20% team allocation

Token A has $1.8b in unrealised profits from investors + $3b from team. Almost 50% of the FDV is unrealised profits

Token B has $500m in unrealised profits from investors + $2b from team. 25% of the FDV is unrealised profits

Token A is a much "heavier" FDV than Token B and you should proceed with care
One confounding factor is volume of secondary transactions since these reset the cost basis and changes the unrealised gains math

However, it's hard to get good data on this and in any case the volume is pretty small compared to where a lot of these are trading rn
Read 4 tweets
José Maria Macedo Profile picture
Oct 9, 2023
In the past I’ve stayed out of Cosmos politics. But, given where I perceive the ecosystem to be and some of the stuff I found out at Cosmoverse, I feel it important to share some thoughts and spur some discussion amongst the community

Thread 👇
At Cosmoverse, I learned that the Interchain Foundation (ICF) spent $50m in 2022. For reference, this is more than the Ethereum foundation (EF) spent during the same time period

Given the state of Cosmos rn, it seems to me this was an ineffective use of capital
Most of the funding was distributed to a small number of development orgs who each focus on different parts of the stack, building out whatever they think is interesting with no clear, centrally coordinated ecosystem vision or strategy that I can discern
Read 35 tweets
José Maria Macedo Profile picture
Aug 15, 2023
Pumped to see @SeiNetwork come to market

Sei is a highly scalable L1 competing with the likes of Solana, Sui, and Aptos

Unlike its more generalised competitors, Sei seeks to build a chain that's entirely optimised for trading

Quick thread on why I'm excited about this👇
This means speed and throughput (Sei has achieved 250ms finality + 22,000 TPS on testnet), but also things like:

-orderbook matching engine infrastructure + parallelisation
-native validator-secured oracle price feeds
-front-run prevention
Being the winning DeFi L1 requires not just good tech but a thriving ecosystem to both facilitate and fuel speculation

L2 momentum has never been stronger and it's never been harder to bootstrap an alt L1 community. This will be Sei's biggest challenge
Read 11 tweets

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