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Emin Gün Sirer🔺 Profile picture
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Jun 23 • 6 tweets • 2 min read
You can bridge over your BTC to Avalanche to take advantage of instant transfers, swaps and, very soon, borrowing against your BTC holdings.
You can get some good yields for BTC if you bridge it over to #Avalanche and use it too provide liquidity.

Bridged BTC on #Avalanche is called BTC.b The (.b) suffix indicates where the asset originated. There are also other assets on Avalanche that were bridged over from Ethereum with the (.e) suffix, as well as native assets (e.g. USDC and USDT).
Many people have only hodled their BTC and have been left out of the DeFi revolution. Using Core Wallet, anyone can now use valuable BTC as collateral in DeFi, earning yields for providing liquidity.
I'll do a longer explainer thread for bitcoin newcomers to DeFi in the next few weeks, as I'm in DC meeting with legislators this week. Until then, those of you who are excited about the idea should feel free to play around with the Core wallet.
Do keep in mind that the wallet is new and in beta, so it's prudent to stick to small amounts for now.

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More from @el33th4xor

Emin Gün Sirer🔺 Profile picture
Jun 19
What on earth is this.
A thread for those who didn't follow: someone used Solana DeFi to borrow against their Solana holdings. The problem is that they might be liquidated, which can drive down the price of SOL to 0 through cascade liquidations.
The folks involved tried to get in touch with the whale to get them to restructure their own loan. There are people who believe they know who the whale is. Not clear how the discussions went, but the whale did not manage to change the terms of the loan.
Read 6 tweets
Emin Gün Sirer🔺 Profile picture
May 26
Alright, listen up. Y'all have never seen a blockchain that actually scales, so get ready for some counterintuitive discoveries. We’re in a new paradigm of blockchain value capture, and things get interesting.

A thread 👇
First of all, a chain that scales is going to have lower fees. Remember how you complained when it cost $500 to do a swap on Ethereum? When a transfer on Avalanche went from $0.05 to $3.50?

Now it's going to go back down to $0.05. That's what we all want!
Low fees do not mean that usage or chain value is dropping. Exactly the same economic activities are taking place, and yet we are paying much less for them, exactly as desired and intended.
Read 22 tweets
Emin Gün Sirer🔺 Profile picture
May 25
There's an exciting proposal in front of the ApeCoin DAO to build an Avalanche Subnet for the Apes. It will not only improve the experience for the Ape Community today, but unblock mass adoption.

Here's why I think this would be an excellent decision.
theblockcrypto.com/post/148591/av…
It became abundantly clear last month that the ApeCoin Community is a tour de force, both in its passion for its applications as well as ability to overwhelm a network.

This popularity should be celebrated, rather than criticized for affecting fees for other apps.
The only path I see for ApeCoin to ensure it will be accessible to the mass market is by building its own dedicated infrastructure that is isolated from other application traffic.
Read 12 tweets
Emin Gün Sirer🔺 Profile picture
May 20
At times like the present, when people are nervous, be careful of people who spread misinformation. They want to make a quick profit by separating you from your coins.

Some quick observations.
The number of AVAX coins held by LFG is too small to matter.

The maximum number of AVAX that can ever be minted is 720m. This has never changed.

Read 12 tweets
Emin Gün Sirer🔺 Profile picture
May 10
Even fully-collateralized fiat stablecoins have depegged. Even some of the weak algo stablecoins have recovered.

Some thoughts. 🧵👇
I have always said that algo stables are subject to destabilizing bank runs. The only mechanism that can defend against this is a strong, active team that performs open market operations.
My thoughts and takeaways today:

1. We need a decentralized stablecoin. Fiat-backed stables are subject to legal seizure and capture. A decentralized economy needs a decentralized stablecoin whose backing store cannot be frozen or confiscated.
Read 16 tweets
Emin Gün Sirer🔺 Profile picture
Apr 22
Ultrahypersubersubnets.
That's the kind of drek you're going to hear from the losers copying Avalanche.
We've had so many copycats. They all fizzle out.

Who remembers Perlin? Who remembers how they wrote that the original avalanche paper was wrong and that they had improved on it?
Read 6 tweets

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