...with limitless scalability. As it is not a chain and does not permanently store data it is free from the restrictions of 'preservation of state'... With Muon, any web3 application can make use of external data..."
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“Muon creates bridges between all blockchains. Think of Muon-bridges as a cross-chain data application - and not just limited to tokens. Any type of data can be bridged cross-chain with Muon.”
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Now… if you think all of the above sounds very exciting and bullish, you’re not the only one 😊
The $DEUS token has gone on an absolute tear recently… more than 10x’ing since the beginning of February…
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I wish I could say that I bought it before that, but sadly I had yet learned all of the above (is fascinating that I can do defi 24/7 and literally still miss stuff like this – testifies to just how much building is going on in the space).
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So, I am currently just stacking $DEUS via lp’ing $DEI…. But I will likely start dca’ing into it as well (and if it corrects a ton like lots of tokens that see spikes are lately I’ll buy a decent position of it)….
30/x
Now… not all is rainbows and unicorns... as Deus also just got exploited for 3M as well…
Here’s @DeusDao’s tweet linking to the post-mortem:
It wasn’t any of the above stuff I described that was exploited, but rather a brand new, limited feature they had introduced, allowing one to borrow against $DEI/ $USDC Solidex lp tokens.
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As you can see in the post-mortem, @lafachief immediately pledged to reimburse all 3M in losses.
That + the very in-depth and purposeful breakdown of what happened and resulting proactive mitigation steps, all result in what I would call (cont.)...
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...a ‘bullish exploit’. Particularly since it didn't involve any of the primary ecosystem infrastructure.
So… obviously… lots to talk about re: $DEUS, $DEI, and connected ecosystem…
As I mentioned at the start of the thread, this appears to be one of the most interesting and ambitious projects in all of crypto right now… and the ongoing demand for stablecoins (cont.)...
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...(and stablecoin yields) combined with the vast addressable market of synthetics really suggests the sky could be the limit for these guys.
They’re also considering/implementing a bunch of tokenomics stuff that I didn’t go over, but which I'll link to at end of thread.
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In conclusion... I will be continuing to stack $DEUS and rooting for them to succeed as 2022 continues 😊
Below please find a bunch of very important links re: the above:
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Thread: Why The $DEUS/ $DEI Ecosystem Is One The Most Exciting And Ambitious Projects In Defi
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Its very possible you haven’t heard of it… but some major gigabrains are quietly building something quite astounding on Fantom… 1/x
This is what I’ll refer to as the $DEUS/ $DEI Ecosystem, though that designation doesn’t do it justice.
Think of it more like $TERRA/ $LUNA + synthetics + oracles, all on a supraphysiological dose of defi testosterone.
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I will be honest that a lot of the math and tech behind it is beyond me… and its very possible this thread + #FrenchChart might have some mistakes in it... but I wanted to do a very in-depth thread describing it all as best as I could.
3/x
@dsynths@DeusDao@lafachief - have been geeking out on your protocol(s) all weekend and insanely impressed... I have a couple questions I haven't been able to figure out though...
One) What restrictions are there on the size of a synthetic trade that can be taken? (cont.)
And what determines them?
Two) Where does the money come from to pay profitable synthetic traders? And what prevents some extremely profitable trader from 'bankrupting' the protocol? (cont.)
I'm very familiar with Mirror/Float/Gains Network so trying to understand how DSynths is same/different vs them...
Again my apologies for hitting you up directly but I couldn't figure it out from docs and am really interested in utilizing + investing in protocol :) (cont.)
Thread: Thoughts On Delta-Neutral/Leveraged Yield Farming
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Alright sers, so lately I've been focused on delta neutral strategies, and also playing around with leveraged yield farming (the two overlap obviously).
Its a tricky topic though so wanted to do thread..
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As a quick synopsis, delta neutral strategies are where you earn APR on a token or LP position without gaining/losing money when the token goes up or down.
Many like this strategy when of bearish sentiment since it removes price exposure.
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An example of a successful delta neutral strategy would be depositing 10k of $USDC, borrowing 5k of $JOE at -10% apr, then staking it on the TraderJoe website for 50% apr, earning you 20% on the underlying $USDC deposit. [(50% - 10%)/2]
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Thread: Navigating The Coming Economic Craziness As A Crypto Degen
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Alright my fellow apes, frogs, and fighter-mages...
Time for a thread on this craziness...
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While I am primarily a degenerate ape, I have also been geeking out on macro to an insane degree for years now, and thus I wanted to bring your attention to some important variables to consider, AND discuss what we as degen yf'ers should do as a result of them.
2/x
First of all, as we all know, the US gov is freaking out about inflation and pushing Powell/the Fed to "do something".
And I must admit he seems pretty focused on "doing" it. His recent Senate Q&A is a must-watch:
I spent the last 24 hours figuring out how to get going on Solidly and Solidex, and wanted to do a thread outlining exactly how to do so!
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In the process, I've seen many posts on Twitter of people wanting to LP on one or both sites, but not understanding exactly how they work, or running into stumbling blocks in the process.
I too ran into some stumbling blocks, but was able to finally get it all going :)
2/x
This was in many ways bc of the extremely helpful tweets of @Cryptoyieldinfo and @kamikaz_ETH, so big thanks to them!
So yeah, here's what you do to get started yield farming (liquidity provisioning) on Solidly and/or Solidex...