I spent some time in the trenches with @CelestiaOrg data and have some random thoughts on what the future looks like👇
Takeaways
- Minimal demand right now, but this is a non-issue. The team nailed RaaS integrations
- Fees are probably a long-term issue. Where will sustainable demand come from?
- First-price auctions are inefficient, Manta is proving why
Jan 10, 2023 • 16 tweets • 4 min read
The flippening is coming sooner than you think.
Let me explain...🧵 1/
Bitcoin aims to become the global reserve currency.
Ethereum aims to become the infrastructure of a global digital economy.
The TAM of both visions is enormous, so the better comparison is the likelihood that either network gains respective market share.
Sep 7, 2022 • 6 tweets • 3 min read
Tuesday's sharp sell off and spike in Aave's ETH borrow rate are pressuring the stETH peg.
stETH/ETH price fell to 0.957, its lowest level since recovering from 0.935 in June.
ETH borrow rates on Aave spiked to historic highs over 35% as degens aim to maximize value on the PoW fork. How?
Pre Merge: deposit USDC collateral & borrow ETH
Post Merge: collateral retains value on PoS chain but = 0 on PoW chain. User repays loan on PoS chain & keeps PoW ETH.
