Hasu⚡️🤖 Profile picture
strategy lead @ https://t.co/74GZIbbSl9 research collaborator @paradigm podcast https://t.co/suxjaVq57y angel investor
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Sep 15 4 tweets 1 min read
I've never shared this before but in 2019/20, I got very close to starting the "Bitcoin Longevity Institute", a research hub with the mission to study very long-term threats that could potentially kill Bitcoin, like the declining block subsidy. I eventually folded the idea because a mix of factors
1) strong resistance to the idea that Bitcoin may not be perfect as-is
2) little interest from big cos to fund it, I think in part due to the publicity risk from 1)
3) defi summer happened and sucked me more into Ethereum
Sep 15 5 tweets 1 min read
the merge has only convinced me further that the intellectual state of the btc community is truly in shambles. the high-quality people who remain (e.g. bitmex research) are mostly covering ethereum now. I still love Bitcoin very much and hope for a restorative movement. in 2020, Paul Tudor Jones said, "I've never seen an inflation hedge that had a kicker that you also had such great intellectual capital behind it (...) Bitcoin is a bet on human ingenuity and entrepreneurialism"

coindesk.com/markets/2020/1…
Sep 15 5 tweets 1 min read
mev-boost is live so now we're waiting for a validator to request a block using the new builder API still waiting for our first getHeader request, looks like proposers are conservative/still focused on managing their core setup
Aug 6 9 tweets 1 min read
after some reflection, here's my take on a eth pow fork

1. many, incl me, have predicted for years that miners would fork ethereum to extract the final juice out of their investment. it doesn't take nostradamus to see this. 2. a lot of hashpower does not give this chain any significant value.
Jun 29 11 tweets 6 min read
I just proposed a series of simple governance changes to @MakerDAO that would address many problems that exist in governance today. These include a general lack of vision and strategy as well as low accountability to MKR holders.

forum.makerdao.com/t/simple-maker… At the core of every organization is what I call the "governance supply chain". Most organizations start with flat hierarchies but eventually run into the scaling limits of that approach. Hierarchy is introduced to unlock specialization, division of labor, and accountability. Image
Jun 25 4 tweets 1 min read
Bancor was actually a much bigger scam than I think anyone anticipated. In return for protection from IL, LPs anchor themselves 100% to the value of BNT. But BNT, and all of their deposits, can go to zero in days. Remember -- the way that AMMs work is that if you hold assets A + B in an LP, and A goes to zero, the AMM will sell all of B on the way down until the LP is stuck with 100% A -- and a full loss of capital on their hands.
Jun 20 4 tweets 1 min read
Bancor’s shell game of IL hiding is collapsing. They print new BNT to compensate underwater LPs and call it “IL protection”. The cost is transferred to BNT holders via inflation, which causes further IL to all other BNT pairs, and leads to further inflation. A death spiral. You can see it clearly in the price performance of these DEX tokens:

😕UNI -20%
😕SUSHI -20%
😱BNT -61%

Now Bancor is pulling the plug to stop the bleeding. Didn’t even take three weeks for my prediction to play out.

More reading:
Jun 10 8 tweets 3 min read
Excited to co-author what I see as a revolutionary proposal for @LidoFinance and Defi in general: our "LDO+stETH dual governance" system addresses the principal-agent problem between stakers and LDO holders by giving veto power to stETH holders.
research.lido.fi/t/ldo-steth-du… We're starting from the following problem statement:

Lido protocol is governed by the LDO token and this carries certain risks for stakers and by extension Ethereum itself.
Jun 7 13 tweets 5 min read
As MEV is becoming even more important in PoS Ethereum, Flashbots is about to release mev-boost, a neutral middleware that allows any builder to openly compete in making the best blocks. This is great for validators, staking pools, and Ethereum itself.
writings.flashbots.net/writings/why-r… Block production consists of (1) building the best block from all available transactions, and (2) proposing this block to the network. The increasing difficulty of block building due to MEV is a centralizing force in Ethereum and the solution is to separate the two roles cleanly.
May 15 8 tweets 3 min read
After seeing the discussion yesterday, I want to add some even more high-level thoughts on stETH/ETH exchange rate dynamics

thx @rleshner and @koeppelmann for sparking this follow up thread stETH has some negative carry (as discussed below) but importantly it has positive carry as well!

the positive carry is the yield that stETH accrues compared to ETH.

for example, after one year, 1 stETH will be 1.07 stETH whereas 1 ETH is still 1 ETH.
May 14 6 tweets 1 min read
In the last week, the stETH/ETH exchange rate has slightly declined in secondary markets

here‘s some thoughts on why they traded at pair to begin with and why the current events are both natural and healthy 1. stETH trading at a discount to ETH is the natural state of this market.

why? stETH has what we‘d call „negative carry“ in the form of

less liquidity, optionality; and
more governance risk, sc risk, eth2 execution risk

(I personally consider these risks pretty mild)
May 12 9 tweets 2 min read
stETH is trading at 0.98 ETH rn, what does that mean?

🧵 💭First, what actually is stETH?

1 stETH is a claim on 1 staked ETH on the Ethereum Beacon chain.

You can redeem it after withdrawals from the BC are enabled, which is planned for EOY 2022.

This is the primary stETH market.
May 10 4 tweets 1 min read
Binance book is empty. Never seen that before It's not for a lack of demand to bid below $.70. It's simply not possible to submit orders via frontend/API. Dunno what's going on
Apr 14 6 tweets 2 min read
While Lido is opening a new chapter towards full decentralization, we're opening another new chapter together:

🏝️ I'm excited to announce that I am joining Lido as Strategic Advisor. Decentralization at the consensus layer is the source of many assurances we value about public blockchains.

I have made it my personal mission to keep it that way and keep public blockchains decentralized.

This inspires my work with Flashbots⚡️🤖, and now Lido 🏝️ as well.
Apr 8 4 tweets 1 min read
What Twitter avatar should I use? (see below)
Apr 3 6 tweets 1 min read
All NFT projects are better off long-term if honoraries can be sold

There are a lot of parallels between honoraries and like angel tickets - the receiver stakes their reputation on a particular project for a share in the collection. Some honorary owners might decide to never sell the same way that many investors (esp those managing only their own money) never sell particular companies until they die.

In NFTs, this effect will probably 100x stronger because the token is non-fungible and deeply personal.
Mar 23 4 tweets 2 min read
someone recently told me that withdrawal latency is not a bug but a security feature of the system. how could that insight be used to prevent most Defi/bridge hacks?

=> make a system where latency is proportional to the size of the withdrawal how?

1) have instant withdrawal caps per account and per hour, relative to TVL

2) withdrawals above the cap are automatically approved after 2h

3) during the delay, "watchers" can stall withdrawals for another 24 hours, buying time for governance to evaluate further
Mar 3 5 tweets 2 min read
After much contemplation & prep work, I have decided to become a delegate in one of my all-time favorite projects, @MakerDAO. To maximize my impact, I will initially focus on two ambitious yet important goals & abstain from everything else:

1) Create a rolling team of executives in charge of vision & roadmap that answers to token holders and holds CUs accountable.
Dec 4, 2021 12 tweets 6 min read
Since co-founding @DeribitInsights in 2019 with @zhusu, we have turned it into one of the premier research outlets in crypto. Exchanges giving back to the community by funding development and research is a special thing that only exists in crypto, and we should be proud of it.❤️ After 1.5 years of writing and another six months as general editor, I am ending this chapter of my crypto life and taking my leave. Deribit Insights is in great hands with the amazing @AviFelman, @benjaminsimon97, @mrjasonchoi, and @SplitCapital.🤝
Nov 12, 2021 8 tweets 2 min read
Yesterday a friend of mine got scammed for a pretty substantial amount in an OTC trade on Telegram. I had not seen this method before and thought others should be aware of it: The typical workflow in an OTC trade is that you have two parties, A and B, who want to trade with each other but neither wants to send first. So they both send their funds to third-party escrow E, who will send A's funds to B and vice versa.
Oct 13, 2021 19 tweets 7 min read
I'm excited to release a mega-post that @_anishagnihotri and I have been hacking away at for the last few weeks:

Paradigm's Guide to Designing Effective NFT Launches!
paradigm.xyz/2021/10/a-guid… All NFT launches face similar challenges (e.g. pricing, randomness, gas-efficiency...), causing design patterns to emerge.

An anti-pattern is a common response to a problem that is ineffective or even counter-productive.