Su-Kyle saying they’re arb traders in a black-swan event, hunted by FTX, is the same as SBF saying there was a bank run.

Lest we forget, here’s a recap of what 3AC did 👇🏼 🔫3AC didn’t arb. They were levered long, even post $LUNA crash. No short positions
🔫They commingled and lost third party funds, including project treasuries
🔫Su and Kyle’s wife claimed $71m as creditors *based on self-attestations*

Evergrande FUD: What the China property market really looks like, what the CCP does and how it impacts #crypto. Let's deal with facts.

1st we look at the sector and how leverage compares among the top 30 stocks. #Evergrande isn't even at the top There are ~30 *major* China property companies. Guangzhou R&F has the most leverage. Actually, of the China government's 3 "red lines", G R&F is the worst off.

These are the CCP's policies. Evergrande can *still* increase debt by +5%

What metrics are the most valuable as a price catalyst?
As DeFi hits bearish times, memes are giving way to fundamental analysis. Some data points are useless as a price signal (like TVL).

But below are the ones you want to look out for:
Thread 👇🏻👇🏻👇🏻
messari.io/article/defi-m…
1/ First, why is TVL useless as a price signal?
+ TVL tracks capital -- which is mercenary and temporary
+ Not all capital is equal -- @Uniswap V3 is more efficient than V2
+ It's the max extractable value. In a selldown, investors care about downside protection, not max values
2/6

MEV (Miner Extractable Value) seems like such a complex attack that traders ignore it. But there's too much at stake though. Let me ELI5:
1. What is MEV?
2. How big of a deal is it?
3. How can you avoid it or profit?
h/t @defin00b @bertcmiller

Full read👇🏻 messari.io/article/unders… 1. What is MEV? It's the additional profit a miner can get by re-ordering, including or excluding transactions from the blocks they are in charge of producing.

While winning a block is fair, the winning producer gets to play God for 1 block... and reap excess profits

$KSM is up +25% today. How do you follow the Crowdloan race for #Kusama?
$150 million was raised in 1 day. Polkadot forces projects to generate a community from Day 0, instead of relying just on VCs.

1) "Leases 13-20": 8 slots x 6 weeks = 48 weeks parachain duration

👇🏻👇🏻👇🏻 2) "Ending": There are 5 consecutive one-week auctions, 1 per week. If the project doesn't win in 43 days, then the $KSM is return to the community automatically. There will be a pause to stablized the network or even start @Polkadot's auctions

Macro Update: The crypto selldown of the past couple weeks has seen the most amount of value wiped out. Crypto investors underrated the Fed's statements because we've largely been dancing to our own tune the past 10 years. This formula doesn't work anymore
1/ But with institutional adoption, we now need to pay attention to cross-asset flows. #Bitcoin is viewed as a risk-on, growth asset, at the extreme end of the risk spectrum.

What happens when inflation prints much higher than expected?
2/
messari.io/article/macro-…

#Bitcoin has never experienced an equities / credit bear market. Are we at risk of one?

With institutional adoption, crypto investors can no longer ignore what's going on in fiat markets and cross-asset flows. Let's look at the macro picture

Thread 👇🏻
1/ Private sector leverage (households + corporates) growth is low.
Unlike the Nikkei 1980s, 1990s dotcom and 2008 Subprime bubbles where the 5year change was much higher
messari.io/article/macro-…
2/5

The @Polkadot parachain auctions is setting the stage for a vibrant apps ecosystem with practical interoperability.
What are the biggest projects? Who will be the first to launch on @kusamanetwork?

Thread 👇🏻👇🏻👇🏻
1/ If you'd like a deeper dive into each major project, see our report --> messari.io/article/the-po…

Onwards...
2/

Kusama and Polkadot are soon launching their parachain auctions. Cross-chain composability and scalability have never been so important.
How does an auction work for users? What does it mean for $DOT, $KSM price & circulating supply?

Thread 👇🏻👇🏻👇🏻 Why do developers want to do this?
The benefits of connecting to the @Polkadot or @kusamanetwork network includes full control over your environment -- but with a cheap & secure way for blockchains and apps to launch.

2/
Full report here-->
messari.io/article/the-po…

Dfinity's $ICP is the most well-funded project you've never heard of. Mostly because it's technically complex and the vision is abstract. The token will be freely traded today and its code base was just released

Let me ELI5 $ICP and @dfinity
1/
messari.io/article/an-int… Dfinity is building the “Internet Computer”. It's not going after $ETH or $DOT. It's going for a "new internet" -- an open Facebook, Tiktok, AWS.

Why? Becaue big-tech platforms are gated and slow entrepreneurship.

With big dreams, @dfinity is one of the most well funded:
2/

Crazy stuff happens in a liquidation waterfall. But if you want reasons for the selldown... the markets were levered very long. (@coinbase euphoria perhaps?)

Funding rates were about 2x the current 1/ Then this (nonsense) was published —
the Treasury isn’t in charge of justice or criminal activity
2/

https://twitter.com/fxhedgers/status/1383611847144730626

The problem with $ETH is that the more users there are, the slower and more expensive it gets. ETH's continued dominance as the de-facto smart contract layer depends on its ability to scale.

Let me ELI5 the scaling solutions & projects. 1/ @ethereum Power users: Even if you don't know about ZK-Rollups, Sharding, or Plasma, the future of the most active blockchain depends on it.
@VitalikButerin has been thinking about it for 7 years
2/

$BNB was up +750% in the 1st 50 days of the year. High gas prices and $100 million funding from @binance has propelled #BinanceSmartChain's TVL to be 25% of Ethereum.

What is Binance Smart Chain ? Why has it made sense for users and what are the key projects?
1/ #BSC isn't trying to cure cancer or be the most innovative, decentralized blockchain. They're focused on low-cost yield farming with high APYs.

This is especially useful as gas prices has skyrocketed on ETH:
2/

What's interesting with @coinbase ?
1. They may issue a "loyalty rewards" token
2. 95% trading revenues are from retail clients, which pay 30x vs institutional
3. Pre-IPO value at 7% of crypto market cap
4. Debt: No fiat $271m in crypto

(cont'd)
👇🏻👇🏻1️⃣
messari.io/article/coinba… 5. Tokens sold are "revenues". That means @coinbase VC sales might be revenues
6. Strong user growth but low active users
7. @brian_armstrong's grants vest only after+750% stock price appreciation. Fully vests if stocks go up by 16x

Now let's look at valuations 👇🏻
2️⃣

1/ In a world of multiple blockchains, we need bridges & the ability to scale. We also need to end hardforks so the community sticks together.

How does @Polkadot work and what does it mean for $DOT?

Let me ELI5.

messari.io/article/polkad… 2/ What is Polkadot trying to do?

Since blockchains don't communicate, Polkadot wants to be a multi-chain platform that also allows for scalability. Like a Layer0 solution connecting all the blockchains and applications.

One blockchain to rule them all.

1/ DeFi exploits are slowing but the $ size has been increasing. $ALPHA lost $38m last week - what does that imply ? Does losing -$285 million matter?

We dive into the impact of exploits on Price & TVL 👇🏻👇🏻 2/ We list all the exploits vs TVL and price below.

Since the DeFi summer, protocols’ expected loss to hacks or failures = 0.1%. The Exploit Amount / TVL is much higher = 9%.

However, protocols are punished, losing -40% (average) of TVL in 24 hours.

messari.io/article/how-de…

Bad day for Bitcoiners POS: Proof of S̵t̵a̵k̵e̵ Supercar

1/ Memes only get you so far. Tokens eventually meet gravity and trade on valuations.

So how do you value DeFi Lending tokens?
$AAVE, $COMP, $ALPHA, $MKR, $CREAM

Thread👇🏻👇🏻
messari.io/article/a-clos… 2/ Why is this important? Lending Deposits are at $20 billion, generating $660 million interest annually.

Protocols extract value by both attracting capital and putting it to use. Major pricing dislocations happen.

@FTX_Official adds new features at an unprecedented pace.

Here we value $FTT based on 1. Burn Yields, 2. Price/Sales, 3. Price/Earnings and those 3 metrics vs Growth.

Thread on $FTT 👇🏻👇🏻👇🏻

messari.io/article/valuin… FTX created innovative new products like basket trades, leveraged tokens, prediction markets, and tokenized stock trading.
It has grown to be a major venue for futures trading:
2/

1/ Real talk: How does BRRRRRR translate to higher crypto prices?

All the answers to your questions in plain English --> messari.io/article/modern… 2/ There are 2 types of investors: those who want to GET rich and those who want to STAY rich.

Modern Monetary Theory (MMT) for those who wanna stay rich requires us to look at history & politics.

There has never been as much debt or low interest rates as we have today

@SushiSwap started with a vampire attack and Ctrl+C Ctrl+V of @UniswapProtocol. It even survived a rugpull. But in the past months, it has reinvented itself with new leaders, innovation and a merger with @iearnfinance.

So what's the valuation of $SUSHI ?

Time for a thread👇🏻👇🏻👇🏻 @SushiSwap is evolving from being an exchange to include lending, franchised liquidity pools, cross-chain integrations and a launchpad.

Under #Yearn 's ecosystem, it'll benefit from new network effects.

Want to get up to speed? Explanations (here) --> messari.io/article/valuin…
2/