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MONK Profile picture
MONK
@defi_monk
Sunny @SyncracyCapital · Prev @Messaricrypto · NFA · Disclaimer: https://t.co/qbybIxGIz6
Jun 13 • 9 tweets • 3 min read
1) A Valuation of $PUMP
Key takeaways from my latest Messari report

I built a model for $PUMP which places the token at a $7B FDV. But there's one big caveat.

Here's how we did it 🧵👇:Image 2) Say what you want about memecoins but the sector has continued to print money.

Volumes on the launchpad are down from the start of the year but remains far higher than where it was for most of 2024. pump.funImage
May 23 • 6 tweets • 2 min read
1) Alt CLOBs are the new Alt L1s.

CEX order books have dominated crypto volumes, while AMMs provided a good enough onchain solution.

With Hyperliquid's success, this has changed.

Introducing the players participating on team DEX to bring order books onchain. Thread below:Image 2) The lack of onchain CLOBs in the pre-Hyperliquid era was a symptom of less performant blockchains.

High latency and transaction costs essentially ruled out market maker participation. Or caused them to widen spreads dramatically. Image
Apr 4 • 10 tweets • 3 min read
1) MegaETH & GTE
Key takeaways from my latest Messari report

To beat CEXs, we need performant onchain CLOBs.

The problem is, onchain CLOBs on general purpose blockchains today are just not good enough.

@GTE_XYZ on MegaETH is planning to change this.

Let's explore 🧵👇:Image 2) MegaETH isn't just fast. It's orders of magnitude faster than any general purpose blockchain we've seen in crypto.

In testnet, we've already witnessed consistent 10ms block time.Image
Feb 26 • 16 tweets • 5 min read
1) A Solana Memecoin Contagion
Key takeaways from my latest Messari report

There's been a lot of talk recently about whether memecoins are dead, and whether Solana is fucked as a result.

I'm here to give you the numbers.

A 🧵👇 quantifying Solana's memecoin exposure:Image 2) Following $LIBRA, memecoin volumes on Solana have contracted to new YTD lows.

FYI volumes are still above where they were in early 2024, and I'm not here to tell you memecoins are dead.

What I'm here to illustrate is just how much exposure the Solana economy has to memes. Image
Feb 7 • 15 tweets • 5 min read
1) What's Next for Hyperliquid
Key takeaways from my latest Messari report

The market is still underpricing the implications of the upcoming opportunities for $HYPE.

In my third report on Hyperliquid, I preview the next leg up through the 3 most exciting catalysts:

🧵👇Image 2) Catalyst #1 - Expanding the Spot Market

We think it's a matter of time before spot $BTC comes to Hyperliquid's native order book.

In Jan, Hyperliquid's spot volumes represented just 3.3% of perps volumes, with the large majority of spot activity tied to $HYPE.
Jan 15 • 14 tweets • 4 min read
1) Sizing the Crypto x AI Market
Key takeaways from my latest Messari report

I don't believe AI has topped.

@Degenerate_DeFi and I put together a few fractals to compare this meta to speculative metas of the past.

Why we think the Crypto x AI Market can run to $100B:

🧵👇Image 2) We've written reports in the past on the fundamentals of Crypto x AI (@bloomberg_seth and @0xSynthesis1).

This report focuses more on how crypto speculation often drives prices faster than the fundamentals can catch up.

First - why I think AI has the makings of a winner.
Dec 20, 2024 • 20 tweets • 5 min read
1) How Base DeFi Flips Solana DeFi in 2025
Key takeaways from my latest Messari report

For my last report of the year - I wanted to end with a hot take.

Base will flip Solana in DEX volumes and TVL in 2025.

Let me convince you:

🧵👇Image 2) Solana and Base were the fastest growing chains by DeFi metrics (volumes and TVL) in 2024.

Base has grown faster but at a lower starting point, and its DEX volumes and TVL are now both roughly 40% of Solana's.

We think there is a compelling case for a flippening. Image
Nov 11, 2024 • 14 tweets • 4 min read
1) A Valuation of Hyperliquid
Key takeaways from my latest Messari report

My updated valuation outlook on the $HYPE token places it at a $13B FDV, with the potential to rerate higher than $30B in the right market conditions.

Let's dive in:

🧵👇Image 2) The end of incentives have done little to stop Hyperliquid's momentum.

We saw ATHs in market share in October, and OI has also hit an ATH at over $1.5B. Image
Oct 30, 2024 • 16 tweets • 5 min read
1) The $DOGE -> Mid Cap Meme Rotation

IMO, memecoins need $DOGE, and with renewed interest in $DOGE as the election nears, I think it'll be interesting to map out how value will disperse across the memecoin category.

Here's how I think it plays out.

Thread below 🧵👇:Image 2) It is my view that it is getting increasingly difficult to push meme market share higher without a significant move in $DOGE / $SHIB.

The aggregate memecoin market cap has surged in 2024, and is approaching its 2021 ATH: Image
Sep 18, 2024 • 13 tweets • 4 min read
1) A Valuation of Aerodrome
Key takeaways from my latest Messari report.

@AerodromeFi is winning @base with its MetaDEX model, but is it sustainable long term?

I built a model to answer this question and get to the bottom of $AERO's ve(3,3) design.

🧵👇Image 2) If you don't know why Base + Aerodrome is a killer combo, I explained the development here:

Sep 3, 2024 • 8 tweets • 3 min read
1) A New $META for DAOs
Key takeaways from my latest Messari Report

I wrote a report on @MetaDAOProject, which is one of the most ambitious projects I've found all year. Here are some highlights.

Thread below on Futarchy, and the DAO trying to reshape crypto governance 🧵👇Image 2) DAOs are flawed.

Delegate power is centralized, voter participation is low, and vulnerability to governance attacks is high.

None of that is news but so far there have been very few viable solutions.

Futarchy begs to differ:

Aug 12, 2024 • 12 tweets • 3 min read
1) YES or NO on Polymarket?
A preview of my latest Messari report

@Polymarket's organic growth story this year deserves to be studied. Let's sift through the noise and try to predict what the future may hold for one of crypto's breakout applications.

Thread below 🧵👇Image 2) A main concern right now is what happens to Polymarket's up and to the right metrics once the election cycle ends.

It's a valid point, but we think there's also encouraging data that suggests sustainability.

Jun 28, 2024 • 14 tweets • 4 min read
You might be seeing some salt on your FYP regarding the $BLAST airdrop this week.

I'm here to explain why.

Here's a timeline of $BLAST's incentive mechanisms over the past few months and why some people aren't too happy with the Pacman. Image If you aren't too familiar with $BLAST, they're the only $ETH L2 to offer a baseline $ETH and stablecoin yield that accrues in the form of automatic rebases. This is done through restaking and on-chain T-Bills.

As long as you hold $ETH and $USDB, you can earn native yield.
Apr 12, 2024 • 18 tweets • 4 min read
Ok here's an explainer thread for $PUPS for anyone who needs it.

I'll cover Ordinals vs. Runes, and Bitcoin Puppets while we're at it. Let's just do it all.

Keep reading below to learn about the first memecoin on $BTC to hit escape velocity and the associated NFT collection: @PupsToken is a pre-rune.

Bitcoin Puppets created by @lepuppeteerfou is an inscribed Ordinals collection.

The two are not officially affiliated in any way.

@lepuppeteerfou has clearly stated that there will be no official roadmap or bizdev efforts for puppets.
Mar 22, 2024 • 20 tweets • 6 min read
THREAD ALERT 🧵on @getbasedai and @pepecoins and why both deserve to be billion dollar projects.

BasedAI is truly the dark horse in the decentralized #AI narrative.

To set the stage, shortly after @getbasedai tabled at the 2024 NVIDIA GTC Conference, the #basedAI token caught massive bids, including ones from a new holder who accumulated ~ half a million dollars worth.

This skyrocketed the price to almost $9.

Could be a coincidence, but somebody saw the merits to what based labs and @pepecoins are building.

Here's why you should too👇Image The tech:

A month ago the team dropped a massive paper on arXiv highlighting their novel method to securing and enabling private LLM testing on the #basedAI decentralized network.

Everything builds upon Fully Homomorphic Encryption or FHE (the holy grail of cryptography).
Mar 6, 2024 • 4 tweets • 6 min read
A lot of people are asking me about $YES, so here we go.

Introducing a primer on my new biggest bag - the $YES token on @Blast_L2 built by @BaselineMarkets.

The federal reserve of Blast (not really but maybe).

In this thread I'll talk about:

1. The lore

2. Why I think $YES is going to run up massively

3. Why @BaselineMarkets is going to potentially kick off a paradigm shift in the way we think about market making, liquidity, and leverage in defi

This shit is complex, and I'd be lying if I told you I understood 100% of it, even 80% at this point. But I'll do my best, and update you as I go along.

Essentially, $YES is a numba-go-up token maximizing the potential of Uniswap's v3 capabilities to consistently push up its risk-free floor, pioneering the newest model of protocol owned liquidity, while offering native leverage.

@BaselineMarkets is the system upon which $YES is built, and hopefully will be implemented across more projects in the future.

Thread continues below:Image 1. The Lore:

$OHM was one of the first projects to introduce the idea of protocol owned liquidity (POL).

@ohmzeus and the crew identified inherent problems with the way AMMs and LPs operated - most critically that LPs and market makers were mercenaries, and were providing a service for profit.

This meant liquidity profiles could swiftly change depending on the incentives of the providers, and often did when tokens started going down. Pulled liq meant huge spikes in volatility, and oftentimes sharp downward spirals that killed tokens and protocols, leaving bag holders with terrible exit options.

Furthermore, token launches are plagued by problems when it comes to their supply. Predetermining the supply and distribution of a token prior to launch could mean inflated market caps, unpredictable team and KOL / VC selling, and shady business in general.

OHM's initial POL solution allowed the code to custody liquidity and supply, assuring holders that they could prevent disappearing liquidity even during times of crisis. However, constant token emissions and price appreciation meant that the protocol would sometimes be trading at a loss - buying back its own tokens at highly inflated prices. This depleted reserves when prices reversed.

To bring evolution to the POL concept, @BaselineMarkets' current devs developed Jimbo's protocol. I highly suggest scrolling through all the way back in the discord's announcements to see their journey. Before they could fully iterate, the progress on the experiment was put to a halt by an exploit:Image
Jan 5, 2024 • 15 tweets • 4 min read
Best kept secret in Defi has been $PEAS, and it's finally breaking out. Here's a quick thread on what it is and how best to benefit:

$PEAS, $ETH, #Ethereum, #Defi, @PeapodsFinance, #Crypto Image I've been accumulating this position since the end of December, and in the past two days we're seeing $PEAS rocket as people catch on to the innovations occurring here.

Now there are a mouthful of buzzwords attached to the project, but what I like best about it is this: