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@MessariCrypto

Dec 16

@coinbase

1/ Highlights across the greater macro, #Bitcoin, and #Ethereum environments ⬇️

+@coinbase publishes first full-year reporting cycle of its annual Transparency Report
+Consumer price index (CPI) summary released
+Wallstreet bullish on blockchain tech

TLDR and full report👇🧵

@coinbase

2/ @coinbase published the first full-year reporting cycle for its annual Transparency Report.

The report “shares data on the requests for information that Coinbase receives from government and law enforcement agencies around the world.”

3/ The U.S. Bureau of Labor Statistics released its consumer price index (CPI) summary on December 13, coming in 0.2% below economists’ expectations.

The Fed’s position remains restrictive as they continue to combat inflation.

Read 5 tweets

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@MessariCrypto

Dec 16

@ConsenSys

1/ With @ConsenSys announcing the launch of its own zkEVM this week, adding to the current list occupied by @Scroll_ZKP, @0xPolygonHermez, @zksync, and others, the battle within the zkEVM space is becoming reminiscent of the L1 Wars of 21'.

What might influence zkEVM adoption?🧵

2/ While "Eth Killers" gained traction through EVM compatibility and token incentives, zkEVMs must strike a balance between compatibility and performance.

Ethereum optimization creates computational inefficiencies, while performance optimization hurts devs and infra providers.

@arbitrum

3/ Looking at optimistic rollups, @arbitrum and @optimismFND are now consistently growing their share of DeFi’s overall TVL from the leading networks month-over-month.

On a relative basis, the optimistic rollups only trail @BNBCHAIN in terms of 2022 TVL share growth.

Read 6 tweets

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@MessariCrypto

Dec 13

@synthetix_io

1/ Having gone through a number of governance iterations, @synthetix_io's most recent move, V3 Governance Module (V3GM), has shifted the governance structure to council-based governance.

Let's explore the State of Synthetix Governance.🧵

2/ Why the shift to council-based governance?

By depending on fewer people with equal voting power to make decisions, council-based governance seeks to address the shortcomings of its counterparts, which can result in voter apathy and voting power concentration.

@optimismFND

3/ On top of increased decentralization and the minimization of human interference, moving elections on-chain to the Election Module on @optimismFND has brought a number of new voting strategies to @synthetix_io governance.

Read 6 tweets

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@MessariCrypto

Dec 13

1/ Understanding that there are competitive and financial advantages to certain business models, DeFi is beginning to shift out of the models of old.

Let's explore DeFi's competitive dimensions and where DeFi business models are going.🧵

2/ Unique to crypto and its properties, DeFi competes on 10 dimensions:

• Liquidity
• Trust
• Returns
• Fees
• Availability
• User Experience
• Composability
• Capital Efficiency
• Scalability
• Specialization

Liquidity is presently the most important variable.

3/ This battle for liquidity among protocols is displayed in the steady decline of DeFi fees as a percentage of volume.

Open-source code, competitive protocol designs, and the ease of moving LP capital forced swap fees lower.

Read 9 tweets

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@MessariCrypto

Dec 12

@Balancer

1/ @Balancer introduced vote escrow tokenomics, to align tokenholders with protocol success.

Instead, these tokenomics attracted Humpy, the veBAL whale, who has leveraged the veBAL framework for personal gain.

Balancer has since proposed a treaty to de-escalate the situation.🧵

2/ How do veBAL tokenomics work?

veBAL is the governance token of Balancer and is obtained by locking 80BAL/20ETH Balancer Pool Tokens (BPTs).

veBAL holders can direct BAL emissions to LPs or themselves, obtain governance rights, and accrue a portion of protocol revenue.

3/ The lack of safeguards and ability for unaligned actors, like Humpy, to direct emissions to themselves leads to emission siphoning.

Emission siphoning concentrates governance power, unproductively allocates inflation spending, and rewards toxic behavior.

Read 7 tweets

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@MessariCrypto

Dec 9

@AAVEProtocol

1/ As an answer to the reduced capital efficiency present on protocols like @AAVEProtocol and @compoundfinance, @MorphoLabs is building on top of said protocols as a lending pool optimizer.

How does Morpho work?🧵

@MorphoLabs

2/ Any time a user enters or exits a given market, @MorphoLabs relies on its matching engine to match users peer-to-peer.

When matching lenders and borrowers, it does not have to be a direct 1:1 match, as the protocol optimizes the transaction depending on variables presented.

@MorphoLabs

3/ On top of being able to provide market-based rates and a higher level of capital efficiency than its peer-to-pool counterparts, @MorphoLabs incentivizes usage and decentralization by distributing $MORPHO token rewards.

Currently, $MORPHO's sole utility is for governance.

Read 5 tweets

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