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michaellwy Profile picture
@michael_lwy
Sep 12, 2022 • 13 tweets • 13 min read • Read on X
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🧵⬇️ Crypto loves #trilemmas. I compiled every trilemma I came across related to #blockchain, #web3, and #finance.
Perhaps by addressing the difficult design choices presented in these "tricky triangles", the next killer use case will eventually emerge
michaellwy.substack.com/p/every-crypto…
1. #Scalability Trilemma by @VitalikButerin Image
2. #Stablecoin Trilemma by @TusharJain_,@KyleSamani, @multicoincap Image
3. Alternative #Stablecoin Trilemma by @LucaProsperi Image
4. Decentralized Social Media #DeSoc Trilemma by @0xPolygon Image
5. On-chain credit Trilemma by Lucas Baker, @jump_ Image
6. Blockchain #Privacy Trilemma by Cais Manai from @obscuronet Image
7. #Interoperability Trilemma by @arjunbhuptani, @ConnextNetwork Image
8. #Bridging Trilemma by @ryanzarick, @LayerZero_Labs Image
9. #GameFi Trilemma by @Stepnofficial Image
10. #CBDC Trilemma by Linda Schilling, Jesús Fernández-Villaverde, @haralduhlig from @BeckerFriedman at @UChicago Image
Please feel free to reply to this thread if I missed out on any other trilemma. Read more about the 10 trilemmas in the link below.
michaellwy.substack.com/p/every-crypto…
@matt_levine @AnthonyLeeZhang @Darrenlautf @ChainLinkGod @DefiLlama @defiprime @ChainFeedsxyz @DeFi_Made_Here @LucaProsperi @tuoniaoqkl @crypto_council @EswarSPrasad @nake13 @porounclemao @BlockBeatsChina @CUBlockchain @Blockworks_ @sawinyh

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More from @michael_lwy

michaellwy Profile picture
Apr 16, 2023
1/ One item highlighted in @VitalikButerin's Ethereum roadmap is Distributed Validator.

What is 𝗗𝗶𝘀𝘁𝗿𝗶𝗯𝘂𝘁𝗲𝗱 𝗩𝗮𝗹𝗶𝗱𝗮𝘁𝗼𝗿 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 (#DVT) and could it be the next big narrative for Ethereum after Shapella Upgrade?

🧵 A thread Image
2/Since Ethereum’s Merge, we have witnessed the Liquid Staking Derivative protocols like @LidoFinance @Rocket_Pool @fraxfinance flourish.

The rapid expansion of the liquid staking, however, has led to concerns about concentration.
3/ For instance, @LidoFinance and @coinbase collectively control 90% of the $ETH liquid staking market (Lido alone claims 75% of the market). Image
Read 13 tweets
michaellwy Profile picture
Feb 17, 2023
1/ With the recent depeg of @Platypusdefi's $USP and FUD around $BUSD, I dived deep into @y2kfinance, a DeFi protocol on @arbitrum. A thread on the protocol mechanism and the $Y2K token 🧵
2/ One of the roles of financial markets is to transfer risk and allocate it efficiently. But there's a gap in the DeFi world when it comes to hedging against stablecoin de-pegging risks.
3/ Y2K Finance is a protocol on #Arbitrum providing avenue for hedging and speculating on pegged asset risks. Users can manage potential deviation of stablecoins, liquid staking derivatives (#LSD), or other wrapped assets from their expected value.
Read 13 tweets
michaellwy Profile picture
Jul 23, 2022
1/15
Last month there was an interesting DAO proposal on @LidoFinance by @_skozin. The crux of the proposal argues for introducing a Dual Governance scheme, in which $stETH holders will also be granted governing power in addition to $LDO holders.
michaellwy.substack.com/p/ambition-mad…
2/15
In my latest blog, I explore how the Dual Governance scheme resembles the structure of a #bicameral legislature (with specific reference to the U.S. Congress) and inherits the spirit of check and balance to address moral hazards.
3/15
Many parallels between #dual #governance and #bicameralism can be observed: both seek to mitigate the principal-agent problem through better alignment of interests and both seek to limit the power of the governing body by introducing elements of checks and balances.
Read 16 tweets

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