Cirrus Profile picture
Jun 14 2 tweets 1 min read Twitter logo Read on Twitter
Someone just took a $14,500 loan on two Rolexes at 12% APR from a complete stranger all on-chain

The Rolexes were sent to an escrow company who then sent back NFTs representing ownership of the watches

The borrower can then use those NFTs to tap into global liquidity rather…… Image
All took place on @Arcade_xyz

We just passed $100m in (real) NFT lending volume and are just getting started

Highly suggest checking out the dApp and discord if this type of thing gets you excited

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More from @CirrusNFT

Jun 12
Over 2600E ($4,500,000) in BAYC buys over the last 5 days

Over 1500E ($2,600,000) spent on other NFTs

Over $1,500,000 in freshly staked $APE

Meet "FAF", the anonymous max-bidding (and max-staking) whale who is trying to single-handedly save your bags

More below Image
A month ago, FAF began funding the wallet with 494E from Binance and two wallets that held a total of 41 DeGods

All of those DeGods on the previous two wallets were market bought (not farmed) a month prior shortly after the migration to ETH ImageImage
Aside from a couple purchases of above floor DeGods, the wallets first two weeks of txs made it seem like he was just another new farmer, buying NFTs on blur bid and dumping them right back shortly after ImageImage
Read 10 tweets
May 1
NFT Lending for Dummies and The Implications of Blend; Blur's New Peer-to-Peer Lending Product

From a lender who has given 8 figures worth of NFT-backed loans over the last few months Image
To understand Blend you first need to understand the two main types of lending protocols that have gained traction over the last year

1. Peer-to-Peer lending protocols
2. Peer-to-Pool lending protocols
1. Peer-to-Peer

In this model, borrowers list NFTs they want to use as collateral on platforms like @Arcade_xyz

Lenders can then place an offer specifying how much (principal), how long (duration), and the rate (APR) that they are willing to lend for
Read 18 tweets
Apr 30
248 Doodles were just dumped onto one bidder for 694E

Bro is gonna wake up from his dream of grabbing the number one spot on the blur bidding leaderboard to the nightmare of having $1,300,000 worth of Doodles in his wallet Image
This is the same guy that single-handedly took clones from 2.2E to 2.7E and then placed a bid for 320 clones at 2.66E

Not sure what this dudes endgame is but I hope his therapist is paid well Image
The funniest part is he just upped his bids...

He wants 120 more Doodles Image
Read 4 tweets
Sep 26, 2022
I went from 0 coding experience to landing a job as a developer in 6 months...and spent $0 doing it

Here are the topics I focused on and some FREE resources you can use to do the same (warning: 100s of hours of content)
1. GitHub + Text Editor setup

GitHub is used to store, track, and collaborate on code

Your text editor is where you'll be writing most of your code

This video will get your coding environment setup + teach you all the git commands you'll use daily

Getting comfortable using Github is an absolute must

You're going to be using it in everything you do, so getting a hang of all the commands early will save you countless hours in the future

Set a reminder to push something to GitHub every day until it becomes second nature
Read 20 tweets
Aug 22, 2022
🚨 BendDAO founder has proposed emergency changes to the protocol 🚨

If the vote passes theres a high likelihood of 600+ liquidation auctions of BAYC, MAYC, Clone X, Azuki, and Doodles over the next month

A quick thread to dumb it down + how you can capitalize...
First off if you don't know WTF any of this means you'll want to run through this latest update on the BendDAO situation from my good friend and NFT numbers savant @punk9059

1. Liquidation threshold changes

By far the most crucial change here is the gradual drop in the liquidation threshold

The proposal suggests a 5% weekly decrease in the threshold from the current 90% starting next week until a 70% baseline is reached
Read 15 tweets
Aug 17, 2022
There are currently 32,267 ETH ($59,048,610) worth of NFTs being used as collateral for loans on BendDAO alone

For the first time ever, a lot of these are at serious peril of liquidation

A thread on the single biggest risk to the NFT market that nobody is talking about
1. WTF is BendDAO?

BendDAO is the first peer-to-pool based NFT liquidity protocol.

Depositors provide ETH liquidity to earn interest and in turn, NFT holders are able to instantly borrow ETH through the lending pool using NFTs as collateral
2. So how do the loans work?

Most NFTs are collateralized at 30-40% of floor value

So if I take a loan on an ape at 100E floor I can expect to receive a 30-40e loan at a 15-25% interest rate

Cool right?

Until it's not.
Read 11 tweets

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