Blockworks Profile picture
Jul 5 9 tweets 3 min read
The future of the browser 🧵

Right now, Web 3 wallets like MetaMask plug into DeFi applications.

In the future, they’ll plug into every website in the world.
2/ Websites are broken.

Your personal data, credit cards, address, birthday, email, passwords, and more are stored on hundreds of private databases.

This creates a honeypot for hackers.
3/ Soon we'll use a stablecoin like USDC through a Web 3 wallet like MetaMask to make e-commerce purchases.

This is far more efficient and secure than creating new accounts on every website.

NFTs will make it interesting...
4/ Let's use Nike as an example for this.

Instead of creating an account on Nike, you'll just sync with your crypto wallet.

When you buy a new pair of Nikes, Nike will send you the physical shoe AND they’ll drop an NFT of the shoe into your wallet.
5/ And that’s where it gets interesting.

In a metaverse-driven world, we will all have two closets: your physical closet and your digital closet.

You’ll be able to port your Nike NFT into your metaverse game so you can actually wear them.
6/ Another benefit of this is that these NFTs will turn your physical goods into more efficient financial assets.

Right now, if you have $10,000 worth of collectibles, it’s very tough to turn them into productive assets.

You’d have to sell them to make money.
7/ But when you own the NFT of those collectibles, you'll be able to take loans out against those collectibles.

Look at what @OnRallyRd has done turning physical assets into digital assets.
@OnRallyRd 8/ Why will major apparel brands do this?

a) More revenue (5-10% of every secondary sale)

b) Furthers brand culture

c) Verifiable supply of sneakers makes them more valuable

d) Custom events for the brand's NFT holders
@OnRallyRd 9/ Web 3-driven browsers are a win-win-win.

For consumers, it’s more efficient and secure.

For brands, it drives more revenue and brand loyalty.

For crypto, crypto-driven e-commerce will give hundreds of millions of non-crypto users their first NFTs.

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More from @Blockworks_

Jul 6
How ENS is making crypto more accessible 🧵
Crypto addresses are long strings of numbers and letters designed to be read by computers. These long addresses have led to confusion and even loss of funds.
The ENS is a distributed technology based on the Ethereum blockchain that provides an elegant solution to long and confusing crypto addresses: one URL, just like a website name or email, that represents a crypto address.
Read 12 tweets
Jun 7
JUST IN: Long-awaited crypto bill has been released

Highlights 👇
- Defines the terrain between crypto securities and commodities.

- Most cryptos would be considered commodities such as #Bitcoin and Ethereum.

- CFTC would be crypto's watchdog.
- CFTC would have authority over the spot markets in crypto commodities.

- It gives legal clarity on how to handle customer holdings.

- Clarifies the meaning of a crypto broker.
Read 5 tweets
Jun 2
Flashbots are effectively "MEV-as-a-Service".

Anyone can use them to avoid MEV attacks or conduct them.

A 🧵 on how by @blockworksres
1/ At a high level, using a Flashbots bot:

A - Protects you from being frontrun

B - Protects you from paying gas fees on failed transactions

C - Gives your transaction priority over transactions in the mempool
2/ Since Flashbots skip the public mempool and relay your transactions directly to miners, you can't be sandwich attacked.

This also means that you can send covert transactions to miners to conduct MEV attacks on other users, without being a miner yourself.
Read 6 tweets
Jun 1
Vote locked CVX tokens currently generate a 32.7% yield from fee revenue and Votium bribes.

Why is the yield so high and is it sustainable?

🧵 by @blockworksres Image
1. Fee revenue

Since January 2022, the vlCVX annualized yield from fee revenue fluctuated between 1.7% and 5.0%, averaging 3.2%. This compares very favorably to the average S&P 500 Dividend Yield of 1.4%. Image
2. Bribe rewards

Other protocols are willing to "bribe" vlCVX holders for their votes because of the influence the votes carry in Curve governance; one vlCVX token carries Curve the voting rights of roughly 4.7 CRV.
Read 6 tweets
Jun 1
From commercial lending (“lend-it-and-forget-it”) to community lending (“lend-it-and-help-it”)

How @VitalikButerin thinks SBTs (Soulbound Tokens) can unlock DeFi’s world adoption

@VitalikButerin Uncollateralized lending and personal brands are built on persistent, non-transferable relationships.

Today's Web 3 users have become fundamentally dependent on Web 2 tech to represent such relationships.
@VitalikButerin The lack of a native Web 3 identity makes today’s DeFi ecosystem unable to support activities ubiquitous in the real economy, such as undercollateralized lending or simple contracts, like an apartment lease.
Read 15 tweets
May 9
UST's peg has broken.

Below we take look at the impact on Terra and LUNA so far, and LFG's plans to restore the peg.

🧵 by @WestieCapital
1/ On Saturday, May 7th, UST’s peg from $1 was broken, and around 10:00 pm UTC it had reached as low as $0.987. While things began to recover on Sunday May 8th, as the market began to continue to see a large downside on Monday, UST started to flash crash even lower to $0.93.
2/ This in turn has caused LUNA’s supply to increase by over 1.9M in under 48H, and the price to fall over 25%. Due to the reflexivity of the LUNA / UST mechanism, the lower LUNA’s price falls, the higher the risk of UST’s solvency overall. (source:
Read 11 tweets

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