@infinex_app working group lead. Wheat thresher enthusiast. Partner @bodhi_ventures.
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Mar 20 • 23 tweets • 6 min read
This has gotten way out of hand 😂. is the new site for @KengLernitas. A 🧵 on what has happened so far.kenglernitas.wtf
I started playing around with memecoins a few weeks ago, bridged some USDC to Solana and started yoloing on @dexscreener. This was right around the launch of @bodensol. Despite what a lot of overly serious people are saying I find many of these memecoins to be utterly hilarious.
Jan 1 • 14 tweets • 3 min read
Interesting start to the new year in @synthetix_io land. SNX stakers incurred ~$2m in losses during the TRB incident today. Not amazing but not world ending either, here are my thoughts.
What happened? TRB had a 250k USD open interest cap that ballooned to 12.5m as the price ran up the last few months. This should have been adjusted back down, but risk controls were lax, there was diffusion of responsibility. The Spartan Council is responsible for params though.
Dec 30, 2023 • 6 tweets • 1 min read
Ok so looking at the responses here I have to conclude a couple things, I’m not very closely followed by the core solana community 😂, and it seems like solana is going through a similar phenomenon as 2017 era Ethereum. Which is not necessarily a bad thing.
Most of the activity is purely speculative the same way ICOs were, but despite the majority of ICOs going to zero, we got dozens of foundational projects funded that are still relevant in the ETH ecosystem. I’m hoping that something similar is playing out and it’s still early.
Dec 7, 2023 • 24 tweets • 4 min read
What is your threshold for considering a service custodial? Binance & Coinbase? Obviously custodial. Memorising the seed words to a cold wallet? Obviously non-custodial. Is there a continuum in between these two extremes or is there a criterion that makes custody binary?
The meme, “not your keys not your coins” has been around a long time, but what explicitly does it mean? If you don’t control your keys, then your crypto is not really yours. Ok so what does it mean to control your keys?
Dec 5, 2023 • 11 tweets • 2 min read
We are finally seeing some green shoots out there after a long winter. Here are the projects I am watching closely, in no particular order (probably pyops).
$LYRA - This project has such Synthetix early 2019 vibes it is honestly hard to watch sometimes. V2 is coming soon.
$OP - The Superchain is a narrative that will dominate 2024. The tech is legit and only getting better, we are going to see so many new app chains deploy next year…
Jun 20, 2023 • 34 tweets • 5 min read
Can Synthetix death Spiral?
The short answer, yes it can. The longer answer, yes “if”. Let’s unpack the IF here.
How does Synthetix even work?
You lock SNX and borrow sUSD, the current collateral ratio is 500%, so you can only borrow 20% of the value of your SNX in sUSD. (An aside, this is overly conservative imo, but I don’t make the rules…)
Jul 24, 2022 • 4 tweets • 1 min read
So here is a fun fact, I woke up this morning and realised as of a few weeks ago I’m the largest SNX holder, even factoring in the treasury council. Yet still the rest of the Spartan Council ignores my advice 🤷♂️.
And for the reply guys out there ready to say “SNX bad price, too many houses”. Let me explain the trade for you. SNX price ⬆️ = mint sUSD, sell sUSD for ETH at local bottom of the cycle. ETH ⬆️ ~40x, hedge some ETH into houses through the bull market.
Jun 8, 2022 • 5 tweets • 1 min read
Loving the reply guys in this thread saying omg how could you do this? I’ll tell you exactly how, you do several thousand things with correct assumptions and then one with an incorrect assumption. Seeing the funds in your address is NOT sufficient as a test.
I can think of at least 50 different times something like this has happened within the Synthetix community. The correct way to test a tx is to ensure you can move the received tokens, but like 0% of people do this.
May 30, 2022 • 16 tweets • 6 min read
This year I’ve focussed significant attention on governance as a @synthetixio council member and more broadly facilitating within the ecosystem. An important part of this work has been helping projects launch protocols on @optimismPBC through a mentorship program.
It’s been awesome to watch the first cohort develop their roadmaps and decide Optimism is the best place to build. Now @Laurashin and @jinglejamOP will help me select the next cohort which will be focussed on women founders only. If this interests you here are some highlights.
May 28, 2022 • 4 tweets • 2 min read
Another point on this, I think the more OG projects that have aggressively decentralised are in a unique position to enact this. Hard to see a labs style model absorbing another token given regulatory uncertainty. Whereas a pure DAO like @iearnfinance or @synthetix_io can yolo.
There are two approaches that make sense here imo. The first is a direct burn of the target token funded by the treasury of the acquiring project. This limits the size of these deals.
Mar 8, 2022 • 15 tweets • 4 min read
I took last week off for a friend’s birthday (don’t freak out please 🤦♂️ I still responded to like a million messages, I wasn’t completely MIA). Been back this week for an hour and was speaking to @AlexTheBoredApe about cross-chain @aelinprotocol staking and this idea popped out.
Ok so when you stake AELIN you get inflation and deal fees. 2% of deal fees are paid on every deal to all stakers. Apparently the networks that Aelin has been talking to have been pushing for native staking on their network. Because of course. I’m looking at you @avalancheavax.
Jan 13, 2022 • 24 tweets • 6 min read
I’m starting to come around to the idea of deploying the @synthetix_io Exchange contracts to multiple L1’s. This is purely based on a concept that emerged recently for Synths to act as fast withdrawal bridges across networks. Synthetix has some *weird* properties so a 🧵👇
As @AndreCronjeTech demonstrated recently
20% of people are willing to lie about the fact that they understand how Synthetix works to look smart.
Dec 28, 2021 • 23 tweets • 6 min read
I appear to have become public enemy #1 in red triangle land. While the reply guys are painful it has provided some interesting perspective on the narrative. My first take away is that I genuinely underestimated how powerful the “Et hirium is toooo expensive” meme would be. 🧵👇
Interestingly my first attempt to post this thread got rugged by iOS, so I got a chance to see the responses to the first tweet. So I am going to add a little more colour. L1 is too expensive to use, the meme is not about that though.
Nov 21, 2021 • 30 tweets • 8 min read
I appreciate the shout out ❤️. The story behind yield farming is a long and complicated one imo and a LOT of people contributed to it.
To understand why yield farming to get ownership of a protocol in the form of tokens didn’t happen until 2018 you have to go back to the market structure of ICO’s. For most of this era the expectation was that all the tokens would be distributed in a single event.
Nov 7, 2021 • 19 tweets • 3 min read
Lots of @synthetix_io FUD going around lately. A thread on my perspective on the state of the project. This year has been painful in many ways, scaling has been slow, but I said from the start of the year the L2 transition was going be rough. Despite this I’m still bullish.
We have been in this position multiple times in the past. The CC’s tend to take on many simultaneous threads, probably too many. This leads to a point where there are 3-4 major improvements at 90% completion. It feels like stagnation but only upon a cursory glance.
Oct 27, 2021 • 25 tweets • 5 min read
As promised, a thread on where DeFi goes next and why DeFi summer was not the zenith. I’m feeling particularly self-indulgent so this is going to be a long thread.
Original tweet I am responding to is here.
Here is part 2 due to 25 tweet limit on threads 😓.
When was the last time we hit a 50m+ install base of a transformational platform? It was 2010. Here is the first three years of iPhones sales.
Aug 8, 2021 • 12 tweets • 3 min read
I’ve been thinking a lot lately about the intersection of DeFi, NFTs, art and gaming lately. Putting my current thoughts into a thread…
The first thing I want to highlight is the difference between attention and impact. Many things that garner high attention are not impactful, think the latest marvel movie. While many things that are high impact get minimal attention, think novel mathematical proofs.
Jun 22, 2021 • 13 tweets • 2 min read
One month later, checking in. Balance of probabilities definitely shifting towards bear market, but I don’t think we have confirmation yet.
In late May we were in -40% now -50%+, the further we go the more unusual this would be in historical terms as a bull market correction. But this is already historically a weird bull market.
Apr 28, 2021 • 13 tweets • 3 min read
Something I’m a little concerned about given the recent interactions I’ve had with the BSC and SOL communities is that they seem to be genuinely gaining organic traction. Much more so than say EOS or Tron last cycle. I have some thoughts about this…
Firstly Solana is pretty clearly an upgrade on the previous generation of ETH killers. Primarily because they have managed to hide the scaling trade-offs much more effectively.
Feb 1, 2021 • 20 tweets • 4 min read
Now that sXAG (silver) markets are live I want to provide some context on the situation for those who have not been living in the Synthetix discord for the last few years.
Firstly, sXAG is a Synthetic ERC-20 (lives on Ethereum) silver token that tracks the price of silver via this @chainlink oracle: data.chain.link/xag-usd.
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