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Westie (rev/acc) 🟪 Profile picture
Westie (rev/acc) 🟪
@WestieCapital
building cool sh*t @blockworksres | prev. ambassador council @synthetix_io | fat app believer, active address disrespecter, future rev maxxing
Mar 14, 2024 • 13 tweets • 4 min read
My thoughts on blobs

It's been one day since EIP-4844 was enacted, implementing data blobs and the ability for rollups to post their data at a significantly cheaper rate.

Did it live up to the hype? 🧵 So far, the only major L2s posting blobs in the first day were Starkware, zkSync, and OP Stack chains such as Mainnet, Zora, and Base.

Arbitrum just started posting theirs in the last few hours.
Mar 1, 2023 • 26 tweets • 6 min read
Yes, Shanghai means a lot of ETH is being unlocked,

but how much of that will actually be sold on the market?

I'll give you my estimates below 🧵

(Hint: it's probably not as much as you're expecting) 1/ For an explanation of how withdrawals work, definitely read the following to get up to speed.

But here we will not be focusing on the exit queue, but rather on the amount of ETH we could expect to see hitting the market.
Jan 16, 2023 • 13 tweets • 4 min read
App chains are ready to explode this year.

Yes, it will happen on Cosmos, but it won't be the only place we see their growth.

Let me explain... 🧵 Image 1/ Application-specific blockchains, also called app chains, were pioneered by Cosmos where rather than applications building on a generalized L1 or L2, they can instead build their own chain where they can customize different parameters of the L1 to better suit their needs.
Jan 13, 2023 • 12 tweets • 3 min read
EigenLayer (@eigenlayer) is going to lead to an EXPLOSION in middleware development by the end of 2023, supercharged by ETH.

Don't believe me? I'll convince you... 🧵 1/ For those that need a refresher on what EigenLayer is and how it works, definitely give this thread below a read.

It essentially allows ETH stakers to “restake” their ETH into an Ethereum smart contract to secure other projects.
Jan 12, 2023 • 16 tweets • 3 min read
The Shanghai upgrade for Ethereum is currently targeted for this March. This will enable staking withdrawals for the first time since people began staking their ETH in 2020.

However, most people don't yet know how the exit queue works.

I'll walk you through it step by step 🧵👇 1/ Unlike other PoS networks like Cosmos that have a fixed withdrawal period for stakers, set at 21 days, Ethereum's is dynamic based on how many validators are exiting at a given time.
Nov 11, 2022 • 16 tweets • 4 min read
FTX is reported to have an $8B hole in their balance sheet based on liquid assets, an absolutely insane number.

I have a theory as to how it got that big:

FTX's liquidation engine broke down, leaving them and Alameda with huge losses

I'll explain below 🧵 (x/14) * THIS IS JUST SPECULATION, FACTS ARE STILL COMING OUT *
Nov 9, 2022 • 4 tweets • 1 min read
This number of SOL being unstaked keeps climbing higher and higher. Currently at 49.6M (just under $1B at $20 SOL)

Epoch ends in 20 hours. Image Granted some of this is just for liquid staking arbitrage but you can imagine a good chunk is ready to panic sell
Aug 31, 2022 • 8 tweets • 2 min read
So @RuneKek got a little more specific with his plans regarding a free-floating $DAI... 🧵

forum.makerdao.com/t/endgame-plan… 1/ The plan to free-float $DAI is a lot longer than people are anticipating. $DAI will remain 1:1 with USD for at least 3 years, with a delayed timeline if there is no immediate authoritarian threat or if the protocol can't reach and maintain 75% decentralized collateral.
Aug 26, 2022 • 9 tweets • 2 min read
.@runekek, the co-founder of @MakerDAO, went into more detail on why he believes $DAI must become free-floating (not pegged to USD)

I will quickly summarize his points below (1/8) 🧵

forum.makerdao.com/t/the-path-of-… 1/ Rune points to what is referred to as the "post-9/11 paradigm" for financial regulation. This is basically a trend where safety is of utmost priority, and so financial activity is either fully compliant with regulation or extremely dangerous to society, with very little nuance
Aug 23, 2022 • 17 tweets • 4 min read
"Fat Protocol Thesis" is dead

"Fat App Thesis" is here to stay

A 🧵 on the biggest paradigm shift in how we will value crypto tokens going forward (x/16) Image 1/ For those that don't know, the "Fat Protocol Thesis" was first coined by Joel Monegro in 2016 to highlight what he believed to be the differences in value accrual between the Internet and Blockchain applications.

usv.com/writing/2016/0…
Jun 2, 2022 • 6 tweets • 1 min read
There seems to be a lot of revisionist history when it comes to Terra and Anchor. The 20% was launched during a time when typical yields in DeFi were 100%+, and for many months from Aug to Dec the protocol was profitable, meaning the yield reserve was actually increasing. It was only once 1) yield across DeFi collapsed and 2) various looping/degenbox strategies began popping up that people flocked to Anchor's yield and it became unsustainable.
Apr 19, 2022 • 15 tweets • 3 min read
Why stablecoin swap pools on @astroport_fi are the biggest opportunity in Terra DeFi, allowing for increased revenue and TVL spanning many protocols, reduced stress on Anchor yield reserve, and the creation of a pillar for the sustainability and peg of $UST

A 🧵 Astroport is the premiere AMM on the Terra blockchain. For a further exploration of its differentiators, you can read my previous article below medium.com/Westiecapital/…
Feb 23, 2022 • 9 tweets • 2 min read
Creating a pinned thread of all of my articles and twitter threads. Enjoy! All 2021 writings compiled here
Feb 22, 2022 • 17 tweets • 3 min read
Today LFG announced they have raised $1 billion dollars to form $BTC reserve for Terra's $UST, lead by Jump Crypto and Three Arrows Capital.

Here I explain why this deal is extremely important for Terra's stability, $LUNA's value capture, and future developments of LFG 🧵 The main criticism of algorithmic stablecoins have to do with their inherent reflexivity. LUNA absorbs the volatility of UST's market: as UST goes above peg LUNA is bought and burned pushing LUNA's price up, and as UST goes below peg LUNA is minted and sold pushing its price down
Feb 9, 2022 • 6 tweets • 5 min read
Uncollateralized leverage yield farming using @mars_protocol on @ApolloDAO and @astroport_fi pools earning triple rewards Going directly from your bank earning .01% to UST in seconds through @kado_money, or direct deposit your salary in @OutletFinance, and immediately start earning 20% in @anchor_protocol
Jan 21, 2022 • 11 tweets • 2 min read
While many people are trying to speculate on the prices of $pLUNA and $yLUNA at @prism_protocol 's launch, what I find way more interesting are the long-term implications and creative analysis of the yield curves that will result from PoS yield tokens

🧵 Time In TradFi, it is common practice to look at bond yields to see where investors are speculating interest rates, the economy, and inflation are heading in the future.
Sep 19, 2021 • 9 tweets • 2 min read
My long term thesis on $LUNA in a few short steps, a 🧵:

1. $LUNA as a bet on Terra blockchain growth
2. $LUNA as a bet on Terra going cross-chain and mainstream
3. $LUNA as a bet on DeFi as $UST becomes the largest scaled decentralized stablecoin
4. $LUNA as an inflation hedge As of right now we’re seeing step 1 play itself out. Up until this point the only major use of $UST we have seen has come from Terra’s own blockchain through $ANC and $MIR. Once Col-5 rolls out we will see this continue as 50+ protocols are set to launch on the blockchain.
Sep 6, 2021 • 8 tweets • 2 min read
Another important distinction when it comes to the differences between $ETH and $LUNA, $UST has to do with the constant friction between the holders of the value token and the actual users of the ecosystem.

Let me explain 👇 As the $ETH network gets used by more and more people, that congestion causes problems for those using the blockchain. The gas fees become incredibly high, the token value fluctuates making it hard to plan for paying the gas, more failed transactions, longer wait times, etc.
Aug 31, 2021 • 20 tweets • 6 min read
I firmly believe Columbus-5 is going to be the catalyst for absurd parabolic growth for $LUNA. There has been a lot of great content about why this upgrade is incredibly important, but I want to add some of my own thoughts to the discussion 👇 The first reason for parabolic growth has to do with $UST adoption, given that every $UST requires $1 of $LUNA to be bought and burned. With Col-5 comes many different projects whose aim is to use as much $UST as possible.