Tweet

Amrit Kummer

5 Oct, 14 tweets, 4 min read

@ValkyrieFunds

The US instrument that I have been hinting at has just been announced. Extremely excited! It's a $ZIL-backed Trust by @ValkyrieFunds in the US.

Welcome Valkyrie to the growing $ZL ecosystem!

👉 valkyrieinvest.com/trusts/zilliqa…

A short 🧵 on Valkyrie and the $ZIL Trust. 👇

1/ Why Valkyrie? Simply put, because Valkyrie is BIG. For those who do not know, it is an asset management firm in the US. It is also most likely the first entity to file a BTC-futures ETF with the SEC.

👉
coindesk.com/business/2021/…

@Nasdaq

2/ Valkyrie x @Nasdaq: As a BTC-futures ETF product is quite certainly to be approved before a physically-backed BTC ETF, Valkyrie's BTC-Futures ETF could in fact be the first to get approved by the SEC. It also has Nasdaq's backing, i.e., when approved, it'll be traded on Nasdaq

3/ It’s great to have our friends at Valkyrie set up this $ZIL Trust. The $ZIL Trust opens up new avenues for investors particularly (traditional) institutional or other (non)crypto investors in the US to get exposure to $ZIL.

4/ This “new-age” Trust offering for US-based investors is extremely interesting if you compare it with some of the existing crypto Trusts. More on this later in the thread.

5/ For those who are new to crypto Trusts, these are investment structures that allow accredited and institutional investors to invest in crypto assets as if they were traditional shares.

6/ Investors buy shares of a Trust which owns a certain underlying crypto asset, $ZIL in our case. Since the Trust holds $ZIL, by owning a share of the Trust, investors are indirectly owning a portion of the Trust’s $ZIL AUM.

7/ There are several benefits of investing in crypto via Trusts for institutions and other investors. For example, no hassle to get a CEX account, no need to worry about the custody of the assets or liquidity when trading a significant size, seamless tax reporting, among others.

8/ The $ZIL Trust offering by Valkyrie is quite unique compared to other Trusts. Call it a Trust with a Twist. Twist being that it is structured to not only give investors exposure to the underlying asset but also makes their assets “sweat” and generate passive yield via staking.

9/ By bringing staking returns to the Trust investors, Valkyrie has effectively brought DeFi to traditional investments in shares. This unique offering by Valkyrie is quite “new age” IMO. Valkyrie will also be a staking operator (co-managed with Zilliqa).

10/ I believe that it will create a narrative and a trend leading to market dynamics that will force other Trust operators to follow the footsteps of Valkyrie and become creative in what they offer to the investors beyond just a share in the Trust.

11/ In other words, assets managed by crypto Trusts need to start churning yield while they are idle, in the same way they do in the DeFi world.

@ValkyrieFunds

12/ Valkyrie Trusts have attracted all sorts of investors in the past ranging from traditional institutional investors, to SME owners, to dentists, car dealers and others. Crypto is for all, $ZIL is for all!

Welcome @ValkyrieFunds to the $ZIL ecosystem!

coindesk.com/business/2021/…

@zilliqacapital

Disclosure: @zilliqacapital, where I am a co-CIO along with @onejouroulautre is an investor in Valkyrie. Thank you Michael for bringing Valkyrie to the $ZIL ecosystem!

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More from @maqstik

Amrit Kummer

@maqstik

22 Aug

NFT and social token thesis for the $ZIL ecosystem: Celebrities and influencers carry as much value as any goods, product or services. In the blockchain world, it has started to give rise to the rebirth of NFTs which has naturally extended to social and fan tokens.

We are witnessing the early signs of a decentralised creator economy which enables influencers, artists and in fact anyone to monetise themselves. Their ‘virtual’ value becoming tradable on a “humanised stock market” that enables trading of ownership or belonging to a community.

Creators in this economy get adequately recognised and rewarded for their skills, authenticity, ability to engage a large fan base and general know-how by having a direct access to their fans. Fans on the other hand can extract value for their contribution to creators' success.

Read 16 tweets

Amrit Kummer

@maqstik

19 Apr

@zilliqa

At @zilliqa, we eat roadmaps for breakfast.
h/t @uddomains

Project completed in the last 4-5 quarters on the usability side.

1️⃣ Simulated testing environment.
2️⃣ Full-fledged web IDE to develop Scilla contracts.
3️⃣ Dev-friendly explorer that can be run locally.

Thread 👇

4️⃣ One-stop GUI to launch all the dev tools.
5️⃣ Testing library to make it easy to write unit tests.
6️⃣ Truffle-like framework for Scilla projects.
7️⃣ Learning portal for Scilla.
8️⃣ Revamped dev portal.
9️⃣ Ledger Nano X support and improved Nano S app.
🔟 ZILPay

Thread 👇

Projects that we took on core platform and dapp development side:

1️⃣ Scilla VM (WIP)
2️⃣ PolyNet Integration (WIP)
3️⃣ Staking contract and UI
4️⃣ Seed node decentralization
5️⃣ HGX
6️⃣ Research on Smart Contract Sharding
7️⃣ Improved consensus protocol for lower latency

Read 5 tweets

Amrit Kummer

@maqstik

21 Jan

Voting on the first $ZIL governance proposal has just ended. The proposal has passed with a resounding YES, which means that the community has now agreed on the rules for future decision making.

Time to analyze, introspect and see how to make this better next time. A thread 👇

1/ 348 different wallets voted. It may appear to be low given that 25,304 were holding $gZIL before the voting started. But, if you compare with other projects, it is in fact quite high. The last voting on YAM had 4 participants, 177 on YFI, 91 on SUSHI, 30 on UNI and 8 on SNX.

2/ Since 1 $gZIL = 1 vote, the total number of $gZIL used for voting was around 26,694, while the total number of $gZIL captured in the snapshot was 130,481. This translates to around 21% $gZIL being used for voting. The largest voter had 2,479 while the smallest had 0.002 $gZIL.

Read 11 tweets

Amrit Kummer

@maqstik

14 Jan

Some good discussions on the governance process: forum.zilliqa.com/t/zip-12-stand…. Thought it's worth sharing a summary of what people have been discussing:

1/ Several community members have argued that the voting period on the governance portal should be extended to 7 days 👉 Accepted.

@Zillacracy

2/ Someone asked to have a Telegram ZIP Alert bot to notify people when there is an ongoing vote. 👉 Maybe @Zillacracy could add this feature in their staking bot t.me/ZillacracyNoti…? The bot currently notifies delegators when the staking rewards are available for claim.

3/ Is there a minimum amount of time before people can decide to make changes to something that has already been approved, or is it a permanent thing? 👉 Maybe a cool-off period of a few months could be set in the future to make sure that the current flexibility is not abused?

Read 7 tweets

Amrit Kummer

@maqstik

13 Jan

Zilliqa governance proposal attempts to strike a balance between permissionlessness and spam mitigation.

1/ Allows one to start a conversation on a change that one firmly believes in by describing the idea as a ZIP and getting the initial buy-in from the community on the forum.

2/ However, it mitigates spams by requiring enough buy-in from the community in the form of informal "FOR" votes on the forum. At least 25% of votes must be "FOR", thereby signalling sufficient interest to take it to the next step. No $gZIL requirement also helps at this stage.

3/ At the next step of formal voting on the governance portal via Snapshot, it is required that the proposer must have at least 30 $gZIL to put the proposal to vote to prevent spam. But, in case the OP doesn't have enough $gZIL, anyone could do so on the OP's behalf.

Read 4 tweets

Amrit Kummer

@maqstik

12 Jan

A summary of the $ZIL governance process via $gZIL:

[Step 1] Proposing a topic: This has to be done on forum.zilliqa.com using the template provided.

Next steps in the thread 👇

[Step 2] Discussions and informal signalling: This happens on the forum as well. You can discuss a proposal with other community members and suggest changes and finally signal your opinion, i.e., whether you are in principle FOR or AGAINST the proposal.

The signalling is only informal and not final. No $gZIL is required at this point.

Step 2 Requirements:

1/ Each proposal must be given at least 3 days for others to signal their opinion.

Read 9 tweets

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