flush out the excess, the ponzis, the crappy hedge funds, and the non transparent custodial services.

some things in DeFi work exceptionally well. protocols that are staples in the future economy. 🧵 $UNI @Uniswap the OG decentralized exchange

generates revenue to supply side participants (LPs) via trading fees. no inflationary rewards. P/S ratio down to good levels.
~ 2bn$ treasury governed by the $UNI token holders.

some bear market thoughts. 🧵

1- #web3/crypto

is not going anywhere. doubt will creep in but there are enough smart people working on cementing blockchains as the technology that will bring about the next iteration of the internet as we know it. however that looks in 10 years. 2- FDV

crazy inflated FDVs means crypto was overbought. simple as that. some tokens with no utility traded with FDV 5-6x mcap which is ridiculous cuz only means more selling pressure incoming from future unlocks and emissions. down only.

ok here is how the $luna $ust attack was coordinated & executed. 🧵 (quoted from a friend)

- attacker OTC accumulated $1bn of UST
- borrowed $3bn in $btc
- spread around some fud about peg and bank runs
- dumped the fuck out of their $3bn $btc on market to trigger wider panic - 10 min after LFG pulled some liquidity from curve in preparation for 4pool the attackers pounced
- first cleared all liquidity from curve (needed just $350m $ust to do that)
- then started dumping their $ust on Binance
- creating a small depeg

It seems not many people know how to get on the @terra_money $luna $UST train. So will put together a small thread that can help with onboarding.

(DM me if I missed anything) 🧵 Start with creating your terra wallet using the native Terra Station which has a version for almost every OS (iOS, chrome extension, andriod..etc.)
terra.money

OR

using a 3rd party wallet provider like @xdefi_wallet