Cofounder and Managing Partner @MulticoinCap WAGMI
2 subscribers
Sep 7, 2022 • 14 tweets • 4 min read
0/ Helium recently launched a new token, $MOBILE, and there have been questions about how this new token interacts with $HNT.
HNT remains the primary economic asset in the Helium ecosystem. The only way to pay for data transfer on the network is by burning HNT.
1/ MOBILE is a Helium subDAO governance token and allows for separation of governance. There will also be an IOT subDAO with its own token: $IOT.
Each wireless network subDAO can separate governance to allow for better decision making.
Apr 19, 2022 • 11 tweets • 2 min read
0/ A thread on team building and culture based on what I've learned from building Multicoin with Kyle and from watching our portfolio companies
1/ My single greatest learning is to hire for strength, not lack of weaknesses.
What does this mean?
Dec 17, 2021 • 8 tweets • 2 min read
0/ Markets are more dependent on the Fed than ever. Everything hinges on one question: can the Fed sustainably raise rates and if so, how much?
A short thread on inflation, interest rates, and portfolio construction.
1/ Let’s start by examining the scenario where the Fed can raise rates.
Imagine a stock is trading at 1% earnings yield (100x P/E) while risk free rate is 0%, a spread of 1%. Assume the risk free rate goes up by 1% and the spread stays constant.
What happens to the stock price?
Sep 8, 2021 • 9 tweets • 3 min read
0/ Multicoin has led an investment into @EdenNetwork to help reduce the negative externalities that MEV has on Ethereum.
There has been over $700M of MEV on Ethereum so far in 2021 and a significant portion of it is malicious – which makes the whole system worse for users.
1/ Ethereum block producers (miners in POW, validators in POS) have two major powers: the ability to select which transactions are included in a block, and the order of those transactions within the block. This power is the source of MEV.
Sep 2, 2021 • 12 tweets • 3 min read
0/ I am excited to announce that Multicoin has led an investment into @UXDProtocol to build a stablecoin which solves the stablecoin trilemma.
Building a stablecoin which is decentralized, capital efficient, and stable in price is one of the biggest opportunities in crypto.
1/ UXD's construction is very simple. UXD is backed by a delta neutral position, typically long spot and short futures/perps.
The beauty of this construction is that it naturally earns interest when the futures curve is in contango (which it usually is).
Jul 30, 2021 • 6 tweets • 2 min read
0/ There's been *billions* of dollars have been invested to help develop faster and more scalable blockchains over the past few years.
All of that money and talent has only been focusing on half of the blockchain scaling problem. What's the other half?
1/ Blockchains are databases, and like any other database there are two key actions: write and read.
All of the conversation about blockchain scaling has focused on the writing. All of the arguments about Ethereum vs Solana vs others has been about writing to the chain.
May 17, 2021 • 9 tweets • 2 min read
Crypto markets are going through a major transformation right now. Historically, most crypto spot assets were traded primarily in Bitcoin terms and most crypto derivatives were collateralized with Bitcoin.
Now this is changing, this is what we call the "Bitcoin Decoupling".
There are a two big reasons for this shift:
1. The rise of stablecoins - with USDT now cleared by NYAG and USDC issuance through the roof, a lot more trading volume is done with stablecoins.
2. Institutional investors are looking past BTC and buying other cryptos directly.
Feb 5, 2021 • 6 tweets • 2 min read
$150 gas fees to trade on Balancer right now. That is just the gas fee! Balancer itself charges an additional fee on top.
If you don't choose a high enough gas fee to be included in the next block, you are literally inviting traders to front run you.
Ethereum was a great test ground for DeFi and showed us what is possible. Reminds me of AOL showing us what was possible with the internet.
AOL grew to become a behemoth in the 90s. They looked unstoppable. Until better tech came along and made AOL obsolete.
Jun 12, 2019 • 8 tweets • 3 min read
1/ Today I am very excited to announce that Multicoin co-led a $15M investment into @helium with our friends at @usv.
This is the most compelling vision I have seen in the blockchain space since smart contracts on Ethereum. Link to the announcement at the end of the tweet storm.
2/ Telecom connectivity is one of the most capital intensive, centralized, regulated, and difficult markets for new entrants in the world. Telecom is also absolutely perfect for a blockchain based protocol to asymmetrically compete with the incumbents.
Jan 22, 2019 • 5 tweets • 2 min read
1/ @Ripple should create fiat-coins like USDC and use those for their inter-bank settlements.
xRapid would be a superior product for banks if the cryptocurrency used was a fully regulated, collateralized & price stable fiat-coin rather than the very volatile $XRP.
2/ Ripple Inc could even create fiat-coins for a bunch of other currencies (JPY, EUR, GBP, MXN) all fully regulated and easy for banks to adopt. By doing this, they could evolve past their biggest barrier to adoption: XRP.
And there is nothing stopping them from doing this.
Jan 9, 2019 • 6 tweets • 2 min read
0/ I did not expect this result from the poll. It's clear to me that developers leaving doesn't kill a blockchain, it can continue operating without new development indefinitely.
1/ First we have to define blockchain death. My general sense is that if a chain is still producing blocks regularly and effectively protects against double spends (the whole point of a blockchain in the first place) then it is still alive.
