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Jan 27, 2022 13 tweets 6 min read Read on X
1/ RONIN ($RON), the L2 gov token of the $AXS/$SLP ecosystem went live today. $RON is the first and only legit L2 GT in the market rn and its a hard comp bc it can be viewed as NFT platform, DEX, L1/L2, etc. So what's it worth? Smoll Shill 🧵👇Disclosure: Obvi long $RON #DYOR
2/ Thread Overview a) Total ETH Bridge TVL / DAU growth metrics / NFT Volume (Macro) b) Quantitative Analysis (Pool APRs, Comp Set Multiples, FV) / Qualitative Assessment (Micro)
3/ ETH Bridge TVL - $RON @$3.5B Bridge TVL is the #1 L2 and #4 overall behind L1s FTM/Poly/AVAX (this is after an 27% TVL decrease over the past 7d). Shit bro you're so early @l2beatcom doesn't even know $RON is #1 on the leaderboard yet👀🤫 https://dune.xyz/eliasimos/Bridge-Away-(from-Ethereum) Note,
4/ DAUs and NFT Sales: RON boasts > 300K DAUs and has done $4B of NFT Volume making it #2 behind OS https://www.nansen.ai//research/ronin-the-engine-powering-ax
5/ APR & Sensitivity Analysis: Using the current FUD ~$3.5 FTX perp price, RON is trading at .5 MC/TVL Below is the current pool APRs and a sensitivity table using a TVL weighted APR. Even at these depressed prices, the SLP pool is yielding > 450% True RON CS ~94M bc those are the only outstanding farming t
6/ Comp Set: Arb/Opt don’t have a token, so comp set uses L1/L2 TVL and primary DEX volumes/fees for the L1/L2 (assuming fees @.3% and earnings @.05% to normalize): $LRC/LRCAMM, $BOBA/Oolong ($OLO), $METIS/Netswap and MATIC /QUICK (see footnote) Including MATIC in the comp set bc while its considered an L
7/ Comp Set Output: Using the Comp Set avgs $RON (whether or not you include MATIC) would be $12 - $14 which is a 3-4x from current levels.
8/ FV: Even using a 1x MC/TVL multiple (generally considered FV by industry standards) $RON prices at $7-$9 (or 700M / 94M), or >2x from market. Note, $RON had $1B in TVL last week and this is after a 40% TVL drop bc the market got nuked.
9/ Qualitative: Ok we’ve analyzed $RON quantitatively, now let’s compare $RON to these “Comps” so i can drill into your mid-IQ brain that one of these is not like the others.
10/ Boba: The first and non-coincidentally the last time I heard about $BOBA was when @AlamedaTrabucco was liquidating fools trying to arb the - FR when OMG was airdropping it. Based on these dune metrics, I’m not alone (3 new users L-O-Fucking L) https://dune.xyz/0xmax/Boba Not pictured Boba executes a who
11/ LRC: Yeh bro meme coins are cool when it’s #UpOnly or when CT God (read @Hsaka) is tweeting about it, but unfortunately facts are facts and >75% of LRC’s TVL is LRC. I hear you on GME NFT collab but rn this token has 0 utility and the APRs are trash relative to $RON. All of LRC's TVL is LRC ... cool bro
12/ Metis / Netswap: Metis / $NETT is a newer L2/DEX going through a major LM program, so while its the best of a weak bunch its probably too early to judge and I fully expect $NETT to come down as more tokens are emitted. Also 39% of METIS's TVL is METIS
13/ Summary: Hey Anon, Ik Tabasco / Daddy Pow are taking you to the cleaners rn but look at the summary chart below and make the right move.

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More from @HassanBassiri

Jul 13, 2022
1) Ty @syrupsid for the post re: $MPL. In the continued interest of transparency we’d like to challenge/debate some points mentioned in the thread 🧵👇 (longer than usual sorry)
2a)$MPL Overview:3 Stakeholders Lenders,Cover,Pool Delegate(PD)
i)Lenders=SeniorTranche, deposit USDC for lower return but first loss (FL) safety cushion from Cover
ii)Cover=Junior/Equity, deposit MPL-USDC in Bal pool SUPPOSED to be FL protection to Lenders for higher returns
2b)$MPL Overview Cont:
iii) PD=@OrthoTrading manages debt pool by extending credit to unsecured borrowers by assessing credit quality based on fundamental CF analysis (v hard job) Delegates also put up the first portion of the FL to align interests w the Senior Tranche
Read 21 tweets
Jun 7, 2022
1/ Reviewed the @ribbonfinance $RBN convertible bond (CB) offering via @porterfinance_ .
TL/DR - While I am fan of both $RBN and @porterfinance_ @~7% YTM this offering leaves a lot to be desired from a holder's perspective... CBs are complex so this is just high level 👇🧵
2/ CBs have both debt and equity features
Debt: $RBN is raising $3M (3.1 bonds * .967/each), backed by the token (20% LTV) maturing 12/14/22 YTM = 7.1% (exc pot airdrops)
Equity:Conversion Rate ~1.11 RBN so @.3/each RBN has to >3x by YE for the call (.9 strike) to have value Image
3/ Bond is ~5x overcollateralized today but $RBN is 21% issued with another 50% inflation (118M tokens) before maturity. Whether or not a majority of these tokens vest to the DAO Treasury, we in a bear market / there will be sell pressure / $RBN market is thin/illiquid Imagehttps://app.porter.finance/...ImageImage
Read 7 tweets
Mar 18, 2022
Lets talk about this POS @StargateFinance @LayerZero_Labs Token Launch #Rug
TL/DR
1)Auction = Sniped
2)Launched DEX AFTER BC (dumb asf)
3)Crosschain Transfers not functional rugging all non-ETH BCs
4)Offer more supply @.25 while DEX/BCs trading higher fucking bonders👇🧵
1) Auction - 2 bots sniped which is annoying asf but happens often enough that you can get past it ... sad they didn't think of this given team has DeFi farmers who've dealt w this
2) Post-Auction, DEX Launched After BC rather than before as stated in Docs.
Ofc the BCs started wo a hitch trapping every non-ETH BC bc xchain transfers weren't functional
if DEX starts @.50c wtf buys higher on the BC? DEX launching 1st was meant to converge price (up ofc)
Read 6 tweets
Nov 4, 2021
Quick shill🧵on $RON and $SLP 👇
1) RONIN -the L2 of the $AXS ecosystem- is launching a new governance token $RON. RONIN currently holds >$8B in assets which is more than ALL other L2s combined (inc. VC shilled Arbitrum and Optimism). But guess what Anon ... There's MOAR
2) This token will be 100% community owned as its only farmable. So what's $RON worth? L2s = new L1 so IMO it'll be a TVL war for the sidechains. Higher TVL = higher valuation = more memes, gifs and more gfs for your gfs
3)$RON will issue 10% of the supply on day 90 (100M tokens), so assuming a 1x MC/TVL the table below shows APR sensitivity to farming RONIN based on various MCs and Pool Liquidity... Do you like 400% APR anon
Read 4 tweets

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