Sam Kazemian (¤, ¤) Profile picture
Founder @FraxFinance $FRAX $FXS $FPI $FPIS 💸 Previously @IQWIKI $IQ 🧠 Early $DOGE miner ‘14
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Aug 20, 2022 18 tweets 7 min read
I can't stand to not speak up about this @feiprotocol situation. Please read this 🧵 for one of the most egregious "DAO/DeFi" situations I've ever seen. There's CeFi drama stuff, but this is a new low for DeFi. Some background on what's going on: In late 2021 Fei Protocol (the stablecoin) did a merger with Rari Capital DAO (developers of the Fuse money market). The merger passed overwhelmingly & $RGT tokens became $TRIBE tokens effectively sealing the deal.…
Apr 2, 2022 13 tweets 5 min read
Alright it's time for the FRAX UST 4Pool thread you've all been waiting for!

🧵 So how did this big move come about?

Most people don't understand Curve. They think it's a DEX with less cap efficiency than Uni v3. Wrong. Curve is the "fiat savings account" of DeFi. Forget all the middle iq takes "cUrVE fEeZ r Lez tHan CRV inFlayShon. CRV iz ponZu"
Nov 2, 2021 15 tweets 7 min read
Quick 🧵 on why every single stablecoin protocol will end up looking identical to @fraxfinance given sufficiently long time. #AllRoadsLeadtoFRAX

@MakerDAO launched their DAI minting module today. This is a bigger deal than most people think because it makes $DAI algorithmic. The DAI Direct Deposit Module (D3M) mints fresh $DAI into @AaveAave for users to borrow. If too much DAI is minted and interest rate <4% then D3M contracts supply to target 4%. If rate >4% then DAI supply expands (algorithmically).

Oct 18, 2021 18 tweets 4 min read
There's a lot of buzz about "DeFi 2.0" and what it actually means. There's a misunderstandings since everyone wants to brand themselves as the new trendy thing in town.

A 🧵 on what DeFi 2.0 actually is and the protocols that qualify as DeFi 2.0 DeFi 2.0 protocols/designs bring more capital efficiency in holding assets on their balance sheet and deploy liquidity/stablecoins/assets/incentives through the hivemind of their token holders. Critics might say this is just "treasury management." I disagree.
Sep 26, 2021 16 tweets 5 min read
I want to introduce a new concept from @fraxfinance called the Decentralization Ratio and how we've brought our fiatcoin collateral reliance to below 60% and soon <20% while keeping the tightest algostable peg.

A 🧵 on stablecoin decentralization Some background, $FRAX is the only algostable to keep a perfect peg, never breaking once since launch in 2020. But a common criticism is that FRAX is just fractional USDC. Indeed, at launch, the only collateral that partially backed FRAX was USDC.
Jul 16, 2021 10 tweets 5 min read
I want to introduce one of the coolest features we've been working on at @fraxfinance called veFXS gauges. Arguably the biggest innovation @CurveFinance introduced after their stableswap invariant was their gauge tokenomics. $FRAX is gauges on steroids 🚀

🧵 For those unfamiliar, users can lock Curve's $CRV token up to 4 years to vote on "gauge weights" that are tallied up every 7 days. Why is this a big deal? Each Curve pool has a gauge weight that signifies the amount of CRV token rewards it gets for 7 days until the next reweight.
Jun 3, 2021 18 tweets 6 min read
This thread is about stability, money, and why maxis are wrong. If you only ever read one of my 🧵 make sure it’s this one

Let me tell you why BTC and ETH will never be money and what stablecoins are actually about. And how it's still $1T+ bullish for $ETH and $BTC. 👇 First of all, most people should know the dollar itself is loosely pegged to something: the CPI.

The CPI is meant to track a basket of consumptive goods Americans should always be able to buy with their $. It's debatable what should be in this basket, but let's move on.
Apr 8, 2021 18 tweets 6 min read
A 🧵 on algorithmic stablecoins & capital efficiency

A lot of algo stablecoin critics continue to feel vindicated when a new project feils.

But skeptics misunderstand nuances in how the space is evolving. Let me tell you why your life will be ruled by algo stables soon 🙃 People call algos a ponzi or claim they will never work...and even if they did work, they say "Why would I ever use a partial/no backing stablecoin when I can use 150% backed $DAI?" They don't understand that capital efficiency is for SUPPLY SIDE money, not consumer side use
Apr 4, 2021 18 tweets 5 min read
Some thoughts on $FEI.. 🧵

(obviously take this with a huge grain of salt as $FRAX is the only other algo coin in the @Uniswap top10. So it goes without saying I have some bias)

But as someone deep in the algo stablecoin space, I think there's important predictions to make. Firstly, I won't comment on the $1B+ genesis ICOish raise because this is a technical/mechanism overview. I don't like to comment on speculation and the drama side of crypto.
Jul 27, 2020 49 tweets 12 min read
1/ In this thread, I will explain why Ampleforth (AMPL) is the biggest facepalm in crypto history, more so than even Bitconnect. I don’t mean to say AMPL is a fraud, but after this thread if VCs/backers don’t explain themselves, this will be a fiasco when shit hits the fan. 2/ As of writing, AMPL has over half a billion dollars of market cap. Trust me, I got into crypto in late 2013 and mined Dogecoin so I’m no stranger to meme value. But I’d like to set the record straight here that AMPL is just that, a meme, and serves absolutely zero use