Thus, NEAR becomes the first non-EVM chain to offer MetaMask compatibility through a smart contract called #NETH, developed by @proximityfi
Thread on how NETH works π§΅π 2/ #NETH is a smart contract that enables your Ethereum address to remotely control your paired NEAR account via signing transactions.
NETH is deployed on the NEAR side and allows you to directly interact with NEAR dApps using most Ethereum wallets, such as MetaMask
Nov 5, 2022 β’ 19 tweets β’ 8 min read
1/ Can't believe market isn't aware of this gem
-Active liquidity management & market making on UniV3
-$3M Mcap | $10M FDV w/ 67.5% staked
-Fees>Mcap lol
-Just moved to Arbitrum
-Real Yield & utility
THREAD π§΅
s/o @CryptoDamus411 for discovery
2/ Gamma is a non-custodial, automated, active concentrated liquidity manager
Gamma's Supervisor contacts (Hypervisor + input strategies), automatically manage the price ranges, rebalances assets, and re-invests earned fees to generate yields in an optimal way
Oct 27, 2022 β’ 26 tweets β’ 8 min read
1/ If you missed $CPOOL, don't miss $dAMM
TGE on Oct 31, but you can get it now at $300k Mcap π
The market might not know about it due to complex dynamics and ambiguous info
I went down the rabbit hole using Discord, Dune & Nansen, and this is what I found out
A thread π§΅
2/ $dAMM is the main token of @dammfinance, an undercollateralized lending protocol similar to $cpool that lends out tokens, including altcoins, to accredited market makers
Sep 7, 2022 β’ 20 tweets β’ 7 min read
1/ On Hedging: what is hedging and how to hedge
(with an example, fully on-chain and decentralized)
A thread π§΅
2/ WHAT IS HEDGING
Hedging is an advanced strategy to minimize the risk of your investment by offsetting losses
Think of it as an insurance policy. If you want to protect your home against the risk of fire, you might protect it by taking out insurance
Aug 31, 2022 β’ 33 tweets β’ 10 min read
1/ Enabling cross-chain composability: how @NEARProtocolβs Nightshade will disrupt DeFi
A thread π§΅π
2/ This thread aims to provide the main takeaways from the more extensive research by @proximityfi that I personally wrote and you can find here
I've tried to make it as simple to understand as possible
In this thread I'll explain and summarize one interesting idea to issue a BTC/ETH-backed stablecoin using derivatives contracts π§΅π
1/ Let's understand the motivation first
Today:
- The US sanctions Tornado Cash and following this event
- Circle blacklists Tornado cash addresses by freezing USDC
- Github suspends accounts of Tornado contributors
He gave you a clear signal to max long at the bottom
Sometimes it's just this easy
The signals are so good that you don't even need to know anything about markets to make money
Don't overthink
Just follow
Jun 30, 2022 β’ 24 tweets β’ 6 min read
$USN v2.0 has just been announced:
"A flexible stablecoin that can adapt to any market conditions"
v2.0 Phase I Design: collateralized 1:1 with $USDT + offers a sustainable native yield thanks to $NEAR staking rewards
Keep reading ππ§΅
1/x
TLDR; $USN v2.0 shifts to a flexible model that will be split in 2 phases:
- Phase I: USN is 1:1 backed w/ USDT and offers a sustainable native yield obtained from NEAR staking rewards
- Phase II: USN will also be collateralized by non-stable assets, starting w/ NEAR
2/x
Jun 19, 2022 β’ 5 tweets β’ 2 min read
$USDD might go down to $0.85, but it must stay above $0.85
JustLend shows that $USDD is $1. It seems this is hardcoded
As Collat. Factor = 85%, this means that if USDD goes below $0.85, then ppl can buy worthless $USDD and borrow $USDC for a profit, draining the protocol
Things donβt look good
I wouldnβt touch it. Collateral in stablecoins is higher than USDD in circulation
However, if they buy USDD they are spending money
Jun 15, 2022 β’ 19 tweets β’ 6 min read
1/ Given the market situation & extreme fear, you might be tempted to short $TRX due to the $USDD depeg at $0.96-0.97
DON'T DO IT
Pls understand the math first ππ¨
2/ I don't precisely like their tactics, you know that. The problem is always how they convey information
Currently:
- $USDD is +158% collateralized by $USDC & $USDT
- Adding $BTC @ $20k, Collat. Ratio increases to 197% (it doesn't rly matter given the stablecoin collateral)
Jun 13, 2022 β’ 13 tweets β’ 5 min read
1/ Update on $USDD π
I just woke up and saw that USDD has slightly depegged to $0.97
Now trading at around $0.98 2/ The Curve pool for $USDD - 3CRV is getting unbalanced
$USDD = 82.82%
3CRV = 17.18%
Even the native Sun.io, which has deeper liquidity, is getting more unbalanced:
$USDD = 60.94%
$USDT = 39.06%
Jun 12, 2022 β’ 10 tweets β’ 4 min read
1/ And it's starting
$USDD is currently just 92% collateralized by the Reserves (even considering $TRX funds) β οΈ
If you subtract $TRX, it turns out collateralization ratio is currently 73%
Also, the 140M $USDT are not really USDT, but jUSDT π 2/ That means that the 140M USDT are deposited into JustLend, a lending / borrowing protocol on the $TRX network
They are earning some yield on that, which is understandable
However, we need to consider now that those $140M are subject to smart contract and exploit risk
Jun 11, 2022 β’ 7 tweets β’ 3 min read
This Is Huge:
$NEAR becomes the first non-EVM chain with @MetaMask compatibility π€―
No need to create a NEAR wallet - just use your Metamask and come play with NEAR dapps directly
- The integration is done entirely on the Near side via smart contracts using Ethereum accounts
- The plugin codename is nETH
- This is an early-stage alpha version, so there're still some technicalities
- Contract is already audited
- Unofficial integration
2/7
Jun 11, 2022 β’ 7 tweets β’ 2 min read
$ETH / $BTC is currently at spot where the 2018 bear-market relief rally took place
Notes:
- Bear market rallies can be strong: $ETH +120%
- Can last longer than most think: 1 month only up
- Can trick you into thinking we go back bull mode
- Macro structure is key: just a LH
If smth like that occurs, don't get fooled
$ETH / $BTC might even go lower without much support though, given the stETH situation
It's backed 1:1 to ETH but liquidations may put some sell pressure on ETH. Then misunderstanding & FUD come, which may trigger a bigger sell off
1/ Is $NEAR really exploding? How is @finance_ref & $REF benefiting from that?
Let's dive into some metrics! | A data threadπ»π§΅
The $NEAR ecosystem is def booming: we just had the biggest influx of money via the Rainbow Bridge 2/ There is literally no money leaving the eco.
That means people want to stay and take advantage of the opportunities
Apr 22, 2022 β’ 9 tweets β’ 3 min read
1/ Did you know that you can get 400% APR on $NEAR using @BastionProtocol?
This strategy does not have liquidation risk or impermanent loss.
This is mainly thanks to the liquidity-mining program they just introduced after the launch of $BSTN 2/ You have to provide $NEAR to the vault and then borrow against it. Since rewards for supplying are higher than the borrowing cost you can re-supply your borrowed amount.
If you do several loops, you will end up with high returns. Let's do a zoom on the chart above
It's a direct fiat on-ramp on the $NEAR blockchain and allows you to spend crypto worldwide.
Coincidence that they release this when $USN is coming? π
Definitely a good way to increase adoption
Go have a look: nearpay.co2/ It supports 10+ fiat currencias & 30+ cryptos.
They bring an app and a physical card that allows to:
- Make payments with crypto worldwide
- Get industry events exclusive access
- Get inheritance services
Apr 21, 2022 β’ 10 tweets β’ 3 min read
1/ The $NEAR upcoming unlock
Everyone seems to be worried about an unlock that:
- has been happening since Oct '20
- is linear but people claim that is 1% in a day
- is the same typical boring unlock that every project has 2/ In the chart above you can see how the circulating supply will develop over time:
- From April 19th to April 26th, the supply will increase by 0.1 p.p. since the unlock on April 22nd is linear
- The big step occurs from May 10th to May 17th, with an increase of 2.1 p.p.
Apr 19, 2022 β’ 33 tweets β’ 7 min read
1/ Why I think that $USN - $NEAR will not be like $UST - $LUNA...
...but that's even more bullish
A thread π§΅π
2/ Here I will cover:
- why @NEARProtocol is releasing $USN
- how they'll manage to offer 20-30% APR
- how it will be sustainable over time
- the main beneficiaries