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Haseeb ＞|＜ Profile picture
@hosseeb
Jun 6 • 1 tweets • 1 min read • Read on X
A TON wallet is currently #1 for Finance on the Google Play store.

Binance #6, Coinbase #26, Phantom has retraced to #27 after hitting #1 for Finance a couple weeks ago.
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More from @hosseeb

Haseeb ＞|＜ Profile picture
Aug 25, 2023
DeFi TVL is now sitting at $42B, a 2.5 year low, below even when FTX collapsed.

The naive response is that this is bearish. But that's not necessarily true.

There are two reasons why this TVL downturn is not a big deal IMO. 👇 Image
1. The risk-free rate has skyrocketed, so on-chain yields are now below off-chain yields. Compound is paying ~3% on USDC, while the Fed Funds rate is ~5.5%. This naturally pulls capital off-chain.

This is normal. As rates go down over the coming years, much of that will return.
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2. DeFi is becoming more capital-efficient—RFQ systems, better liquidations, and Uniswap v3 have reduced capital requirements. Case in point: DEX volumes remain strong.

All of this means it's not that DeFi is dying—rather, TVL is becoming a less useful metric today. Image
Read 4 tweets
Haseeb ＞|＜ Profile picture
May 17, 2023
Yesterday I freaked out about the revelation that @Ledger could spit out your private key with a firmware update.

Yet I noticed the smartest people were not freaking out. Was I missing something?

I spent the evening educating myself, and now I'm in the "nvm it's fine" camp.
This was my initial mental model: I thought Ledger's Secure Element was like Apple's Secure Enclave—a box that a private key lives in which can only sign things, but "keys can never leave the device." h/t @roinevirta

But it's not! Firmware can exfiltrate the private key! Oh god! ImageImage
This take is actually nonsensical. This *can't be how it works*.

Because Ledgers *upgrade*.

Many people's instinct is "wait why even? I don't want my hardware wallet to ever upgrade."
Read 12 tweets
Haseeb ＞|＜ Profile picture
Feb 20, 2023
FTX reminded us of the failures of centralization. Yes, we need regulation, but even moreso we need innovation.

Proud to announce we seeded @renegade_fi, an on-chain dark pool that uses ZKPs and MPC to build a truly anonymized decentralized exchange.

The future is trustless. 👇
1/ In the wake of FTX, traders have been wary of counterparty risk from exchanges. CeFi has entered a new low-trust phase.

With Renegade, counterparty risk is obviated via cryptography and zero-knowledge proofs. Custody is guaranteed on-chain. You don't need to trust anyone.
2/ You can also eliminate much of MEV from DeFi, as validators and sequencers only ever see ZKPs of valid transactions. No more transaction reordering or sandwich attack shenanigans.
Read 5 tweets
Haseeb ＞|＜ Profile picture
Feb 16, 2023
Just read through the SEC case against Do Kwon/Terraform Labs so you don't have to.

docdroid.net/xC1daxt/kwonzi…

A few takeaways:
1/ Fraud case is rock solid. Chai using Terra was a complete fabrication, with fake on-chain transactions and everything.

I was surprised by how egregious this was. People at Terraform Labs knew it was bullshit.
2/ They claim UST is a security because it was so closely tied to Anchor, which was marketed as a profitable investment. I guess I can see it? Might be a version of Gensler's money market argument—he may then go after BUSD under the theory that BUSD + Binance Earn ≈ Anchor.
Read 9 tweets
Haseeb ＞|＜ Profile picture
Feb 15, 2023
1/ Had a meta-level shower realization for why MEV auctions are necessary in blockchains.

As I say in this TCB episode—I was taught blockchains are big shared computers that we each take turns running code on.

I always cringed at MEV auctions because they destroy that fantasy.
2/ My instinct has always been "well, exchanges like NYSE use time priority, so shouldn't blockchains *eventually* do the same?"

But there's a key difference:

NYSE is running a continuous process. They are matching orders and executing trades in real time.
3/ Blockchains are discrete processes. Orders stream in continuously in the mempool, but they are matched in big chunky batches.

Looking at the mempool may give you the ~illusion~ that a blockchain is like NYSE and should be settled similarly. But the mempool =/= the blockchain.
Read 4 tweets
Haseeb ＞|＜ Profile picture
Jan 16, 2023
Every year at @dragonfly_xyz we do a retro on the biggest lessons of the year. This year we came up with the top 10 lessons that we wanted to take away as venture investors in 2023.

I thought it might be useful to share them. Here are the 10 lessons in order: 👇
1. Diligence actually matters.

In the year of FTX, LUNA, and 3AC, this is the one lesson everyone in the industry learned.

Doesn't matter how impressive the founders seem. If you don't verify what they are telling you, you *will* eventually get burned.
2. When everything seems crazy, it probably is.

Valuations and narratives got ahead of themselves last year. We felt that something was off and late-stage valuations were not sustainable. It's tempting to brush that off and say "well, the market is smarter than me."

Not always.
Read 12 tweets

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