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jay Profile picture
@0xjaypeg
Jun 10 • 8 tweets • 2 min read • Read on X
btc miner sentiment thread
Short interest Image
"if you are in crypto, pivot to AI" Image
data point on clsk insider selling Image

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More from @0xjaypeg

jay Profile picture
Apr 8
Ok here's how you actually make a deposit into Karak
1. Go to
2. Use any of these codes to gain access: lKJxH SKX9t 3WaAT AVSkZ ItmS9
3. Pick the network you want to use - I'm gonna pick Ethereum Mainnet for simplicity app.karak.network
Image
4. Scroll around and pick an asset (I'm gonna pick EtherFi Wrapped eETH) Image
Read 5 tweets
jay Profile picture
Feb 19
Lots of posts about Ethena on the TL today but many of them are long and dense.

Here's a concise 2 min explanation (so you can get back to trading AI coins 👽) covering:

1) What is Ethena + how they pay ~27% in APY on stables?
2) What are the risks?
*What is Ethena + how they pay ~27% in APY on stables?*

1/ Ethena utilizes the mechanics behind ETH - it combines staking yield and perps funding

2/ By combining spot staked ETH and a short ETH perps position, they take on negligible directional risk

3/ As the user, you provide a ETH and/or stables that serves as collateral in Ethena’s custody, which they use to put on this yield generating position (which accrues to the stablecoin they issue)

Ethena has built automated system that manages their risk via re-upping collateral, maintaining delta-neutral exposure, etcImage
*What are the risks*

- Exchange risks - if there is any issues with the exchanges (risk engine, issues around custody, etc) this could negatively impact Ethena

- If ETH shorts (on the perp side) need to pay longs and funding stays negative for a long time

- Dependence on the different forms of stake ETH and/or LRTs

These are obvious risks that the team has certainly thought through. They have all the top exchanges (Binance, Bybit, OKX, etc) as investors, there have been some extensive studies around ETH funding (will link thread) and lastly, staked ETH protocols such as Lido have operated with a good track record for an extended time now.

These known risks still exist, but the team is well aware of them and have worked to mitigate themImage
Read 4 tweets
jay Profile picture
Dec 12, 2023
I've mentioned @aevoxyz aka ribbon finance a bunch since they've been consistent w/ prelistings (JTO, JUP)

I've been working with the team and want to surface some *facts* given their upcoming new token launch:

- *AIRDROP* details
- token value accrual
- recent growth
Airdrop details:

- Airdrop up to 16% of total supply, but likely less (rest for incentives)
- At 350M FDV, this is worth up to 58M USD
- 86% of their tokens are circulating + investors agreed to lock tokens for an additional year

P.S. trade on their platform for airdrop 😉 Image
Token value accrual:

- 25% to their insurance fund
- 5M/yr goes to opex
- remaining goes to token value accruals (exact mechanism still TBD – @juliankoh and the team have been thinking through trade offs of this approach vs. buyback and burn vs. staking)
- also new chart
Read 5 tweets
jay Profile picture
Nov 6, 2023
Been hearing that the btc spot etf is gonna take away from Coinbase's trading volumes

This is the most mid curve take I've ever heard

Will break down this argument and debunk it Image
Here's a substack link for those that prefer:

---

Imagine if someone said “I’m hesitant to buy Costco stock because they are working through an approval to sell rotisserie chickens and I know that rotisserie chickens are a loss leader for grocery stores"

The spot BTC ETF is Coinbase’s equivalent of selling rotisserie chickens.

To get into it, the argument I’ve heard is that the spot BTC ETF will cannibalize Coinbase’s trading volumes. Why would anyone buy BTC on Coinbase when they can buy the ETF on Fidelity or Schwab?

This myopic view falls into the classic example of “first order thinking”. It doesn’t consider any of the other implications and the potential downstream effects on Coinbase’s business.jaypeg.me/p/the-bitcoin-…
I’ll break this down and argue why the spot BTC ETF will be a positive catalyst for Coinbase’s business in the medium to long term. I’ll cover:

- Custodial Revenue + Surveillance Sharing Agreement

- Issuance/Redemption Trading Volumes

- Spot BTC ETF effect on total crypto market cap

- “No one got fired for picking IBM”
Read 9 tweets
jay Profile picture
Aug 14, 2023
The key differentiator between Solana vs other new age blockchains is its cult-like community

Despite FTX, Solana continues to be improved -- from both a tech and community POV

Here are some glimpses of support (aka cult-like activity) from a number of the bigger CT accounts
Pentoshi Image
Z Image
Read 39 tweets
jay Profile picture
Jul 8, 2023
Bob Loukas always provides invaluable perspective on how to navigate crypto markets for *free*

For those that don't have the time, here are the key takeaways https://t.co/QvE93OgKqp




For those that don't know who Bob Loukas is

Notes from the previous video:

Read 4 tweets

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