Ian
@Ian_Unsworth
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Co-Founder @Kairos_Res | prev: research @BinanceUS @MessariCrypto
San Francisco, CA
Joined October 2011
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$DYM Bull Case / Bear Case
CT is pretty torn on this coin. Free tokens fall into your lap and suddenly you have to quickly form an opinion on a coin you know nothing about. The only benchmark valuation is $ALT, another RaaS provider ($3.5bn fdv), but the structure is completely
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> be airdrop threadoooorr
> *24 hours ago*
> no idea what Dymension is
> no idea what a Rollapp is
> *airdrop announcement*
> "yeah $10bn FDV seems fair"
collective genius szn is upon us
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the tipppooooooooorrrr
cc
@satsdart
NEW: Twitter rolls out bitcoin tipping for iOS users via Lightning, looks to NFTs for the future
by
@AislinnKeely
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Frax Finance has quietly become the largest DAO holder of $CVX tokens, while expertly executing a brilliant strategy to set themselves up as a dominant force in the Curve Wars & DeFi ecosystem at large.
How did they do it?
$FRAX $FXS $CVX $CRV $TOKE
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@RyanSAdams
this is so misleading man.
they liquidated 3AC on a $1bn over-collateralized loan
and a core part of their business is literally lending to institutions.
how is this an anyway surprising?
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Excited to release our first monthly report on the state of Liquid Restaking Tokens (LRTs) on
@eigenlayer
!
With coverage on:
@RenzoProtocol
@ether_fi
@puffer_finance
@KelpDAO
@swellnetworkio
Today, LRTs constitute ~73% of all deposits on the platform, making them the most
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I understand pie is in vogue
Was digging into Karak TVL this morning & found that 75% of it is comprised of EigenLayer LRTs + LRT Derivatives via Pendle
A restaking platform secured by tokens securing another restaking platform
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Looks like Coinbase is doing some test transactions for $JTO
source: chain
received 5 JTO:
sent 1 JTO:
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Here are my high-level takeways
First off - this is not your average "useless governance token" and it shouldn't be. EL is a new incentive layer on top of the largest & most robust layer-1 PoS chain in existence, and the token plays a key role in disputing "inter-subjective
Reading through the $EIGEN whitepaper now - will post a high level synthesis and any open questions here in a bit
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Spot BTC ETF
BTC halvening
Rate Cuts
L2 Airdrops (many)
Eigenlayer Launch (huge)
Solana accelerated maturation
DePin (actually happening lol)
Cosmos eco DeFi renaissance
RWA accelerated maturation
New stablecoin primitives
2024, lfg
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for those not paying attention, 42% of staked ETH are now in the form of an LST , this trend is NOT slowing.
same will happen for the Cosmos ecosystem.
LSTs simply provide superior crypto-economic utility
If you need proof - look at LST growth in DeFi protocols
stETH vs WETH
stETH as DAI collateral
LST vs. DEX TVL
list goes on
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Here's the honest truth about L2s :
Most of the valuations these projects have raised at are completely untethered from reality.
I don't know how these teams were able to justify valuations at the levels they did - especially when the primary differentiation came down to the
Friendly reminder to instantly dump any L2 airdrop for $ETH
1Y Performance:
- $ETH ⬆️ 77.8%
- $OP ⬆️30.8%
- $ARB ⬇️29.2%
- $STRK ⬇️40.6% [30D]
- $ZK ⬇️30.6% [7D]
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> buffalu is right
For the past 25 days, validators running Jito-Solana have collectively earned $1 million or more in $SOL tips, marking their longest streak to date.
All the more reason to choose jitoSOL as your preferred LST - no wonder
@jito_sol
has seen 3.7m net inflows
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Very excited to have my first published piece by
@MessariCrypto
go live!
Understanding Curve/Convex/Votium is crucial to understanding the incentives surrounding the broader DeFi ecosystem.
Learn something today, anon
1/ As the importance of
@CurveFinance
's governance-powered inflation distribution rises,
@ConvexFinance
enters center stage.
Convex simplifies the Curve boosting experience in order to maximize yields.
In many ways, Convex & Curve operate in a symbiotic manner.
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BREAKING: Taylor Swift & Travis Kelce formally denounce native LST enshrinement on Ethereum 🤯
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At
@Kairos_Res
we've been longtime fans of $AKT, but we see 2 potential step function improvements that could improve protocol fundamentals and better align economic incentives for key stakeholders in the network.
We'll be publishing a short piece this week to gather community
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Largest holders of
@ethena_labs
$USDe (EOAs only)
* = investor
*Amber Group - $22m (5.3% of supply)
Unknown, ByBit funded wallet - $10m (2.4% of supply)
*Wintermute - $8m (2% of supply)
Unknown, CB funded wallet - $5m (1.21% of supply)
Unknown, Binance funded wallet - $2.1m
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Looks like
@RenzoProtocol
has secured a spot on Binance's Launchpool - here are some additional details we now know re their tokenomics & important second order effects:
The token distributions look relatively similar here, with the most notable difference coming down to Renzo
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gm
this is now true when referencing data from both
@ArkhamIntel
&
@nansen_ai
$ETHA closing in on $1bn of net inflows, currently at $967m according to
@FarsideUK
By the end of next week, BlackRock's $ETHA will likely have more ETH than ByBit, Vitalik, and Crypto dot com.
In less than 20 trading days.
Newsy Johnson
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Pretty wild to see
@ether_fi
's liquid product become the largest yield aggregator by TVL after being live for less than a month
LRTs will continue to dominate DeFi - things are still just getting started
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i can see
@nansen_ai
capturing a *significant* amount of marketshare over the next several months.
leader in on-chain analytics, actual informative research (
@nansen_alpha
), great UI.
wouldn't be surprised to see them launch a compliance (AML/KYC) tool as well
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Noticed $WLD was ripping & I never actually dug deep into it, here are some things i found:
If you recall, this token was largely ignored & discredited around its launch, likely stemming from a mixture of bear market blues & resentment towards AI folks. Oh, and the orb - people
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It's difficult to form an intellectually honest bull case for $TIA in the short-medium term.
A plethora of DA services will soon all be in competition for market share, the real differentiator between these different services will likely come down to cost & throughput.
If you lost your bullish appetite on $TIA because the price went down, you probably never dove into
@CelestiaOrg
enough to begin with. $TIA is still up 2-3x from listing week, if you bought a local top that’s your responsibility, and a drawdown is an opportunity to avg down.
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Many of you lack simple conviction
Reminder CZ sold his apartment/house to buy BTC in 2014, held & built through multiple double digit drawdowns and then started the largest gloabl crypto exchange in 2017 without raising any VC money
Suggest you study that man
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The SOL vs ETH banter is fun, but the tribalism can hinder people / protocols from expanding to different ecosystems, ultimately missing out on real opportunity.
This is a great move by
@RenzoProtocol
to get exposure to yet another restaking protocol through
@jito_sol
's
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Restaking about to get very real across multiple platforms and networks, roughly all at the same time
Likely we see an entire new sector of DeFi built around these new crypto-economic primitives (EigenFi, LRTFi, etc)
If you haven't been paying attention, suggest locking in
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You probably have a better chance of getting struck by lightening and wining the lottery than Gwinnett County closing schools tomorrow
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Reading through the $EIGEN whitepaper now - will post a high level synthesis and any open questions here in a bit
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dropping a deep dive on EigenLayer ecosystem this week: AVS, Operators, Rollups, LRTs, etc
what is your biggest bull/bear case for Eigen?
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Don't know much about Swell?
Don't worry - we've got you covered
Deep dive report on them dropping this week from
@Kairos_Res
📊
We'll leak this chart as a teaser 👀
28 Days, 0-$1bn+ TVL
- study run away growth, reflexive flywheels, and the ETH meta game
$1 Billion Pre-Launch TVL! 📈
The Swell L2 story is just getting started.
🌊⛓️
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A few major catalysts are coming to the Cosmos that will unlock user adoption and on-chain liquidity by several orders of magnitude.
These are the things I'm excited about & why I'm joining
@stride_zone
as a contributor:
🧵 👇
#CosmosSZN
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🔍🌐 Uncovering the Potential of EigenLayer: A Comprehensive Exploration 🌐🔍
I've been keeping a close eye on
@eigenlayer
since Nov of 22' when it was still just an idea being fleshed out.
Fast forward to today and they've amassed with a TVL of over $1.74 Billion & their
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@profgalloway
Frequency of word use in S1:
Revolution(ary) - 4
Data-Driven - 13
Innovation(s) - 21
Sleep Economy - 59
Technology - 88
Sleep - 611
Realistically, just a great brand, selling mattresses D2C with roughly 50% margins. Valued at $1.1b.... 🤔
#NoMercyNoMalice
draft added
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Seeing a lot of people compare EigenLayer to past instances of shared security.
my one suggestion: open your heart
Yes - in economic terms, there is likely a mismatch for the total restaked ETH amount against the cost of security that AVS will pay for.
What people are not
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🧵📊
While they don't have a loud public presence on CT, Abraxas Capital Mgmt is one of the more active onchain funds & a key player for Ethereum's DeFi ecosystem
I was sleuthing around on Arkham and noticed they've been making a big push into restaking via LRTs, specifically
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Some mob mentality arising from this article
Take a moment and ask yourself why exactly you are upset.
Consider the following
1) the projects were not required to do this in any way
2) peak valuations used in the article are intentional & aim to provoke emotion
on a per
SCOOP:
@eigen_labs
, the company behind
@eigenlayer
, circulated a list of its employees' wallet addresses to ecosystem projects that were preparing to airdrop tokens.
Some teams asked for the list.
At least one didn't.
@skesslr
&
@realdannynelson
report
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@Blockworks_
these kinds of tweets are great for engagement, but a net-negative imo.
Say the source, link the source, actually inform people
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Robinhood is doubling down on the fasting growing part of their business $HOOD
$200m for an exchange doing an average of $196m in daily volume over the last year, with what appears to be 1.2m MAU (based off traffic) seems like a solid deal
Robinhood's notional crypto volume is
We’re accelerating Robinhood Crypto’s worldwide expansion. Robinhood has officially entered into an agreement to acquire
@Bitstamp
, a global cryptocurrency exchange with customers across the EU, UK, US and Asia.
More details:
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who would win
Billions of VC $'s siphoned to a multitude of bridging / interoperability protocols
or
IBC
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gm, very excited to announce i’ll be going full-time crypto and joining
@BinanceUS
as a research analyst 🔥
so thankful for the opportunity to explore this industry with my full attention everyday and help build out our US footprint alongside some incredible people!
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Christopher Columbus started the trans Atlantic slave trade, was a mass murder, but no hard feelings Bc he got us a day off from school :-)
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Been seeing a ton of pushback from the Stride community on the idea (emphasis on idea) of a $STRD -> $ATOM conversion.
I'd like to add some context & ideate a bit further, speaking candidly from personal views only 👇
Firstly, speculation that there is an ulterior motive is
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The Gox distribution is probably the last large telegraphed unlock of BTC we will see enter the market
So much looming fear, but for context Blackrock has acquired 303k BTC since their ETF went live earlier this year - that's the equivalent of +2x Mt. Gox (141,686 BTC).
Mt. Gox To Distribute Bitcoin, Bitcoin Cash Repayments Starting Beginning Of July 2024: Notice
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Also, some more personal news:
I'll be transitioning away from my position at
@BinanceUS
It was an awesome ride, I learned a ton, met a bunch of awesome people, but its time for something new.
Going to touch some grass, buy some coins, and write more public pieces in the
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Google Cloud showing up in the
@eigenlayer
testnet 👀
Google has quietly been pushing further & further into the staking / validator business
wouldn’t be surprised to seem them acquire a medium-large operator at this point
or organically become one of the main operators themselves
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While
@ether_fi
has had incredible growth for both TVL & Liquidity alike - this one chart is slightly misleading and doesn't tell the whole story
The screenshot in the OG tweet contains liquidity reserves on mainnet & arbitrum *only*
Meanwhile
@renzoprotocol
has some
Why is $eETH the best option for restaking?
✅ Deepest liquidity by far, swap >$100M easily
✅ Withdrawals enabled, lower depeg risk
✅ Highest reward rates from staking and restaking
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Sirs pls
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Probably the two most interesting charts right now re SOL<>ETH
I don't doubt SOL to flip ETH in all "relevant" metrics like
@kelxyz_
has been calling for literal months - but when it comes time for a potential "flippening" the selective buyer of SOL vs ETH has to reckon with
Alright you guys really ran with this one without any evidence but here's the data
Defining "total economic value" (shill me better names) as total transaction fees + captured MEV returned to validators
Yesterday
Ethereum: $3,165,772
Solana: $2,803,313
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Saw a lot of tweets last week about Justin Sun depositing 104k stETH to EigenLayer, but the crazy part... it was more than 2.6x that in total
it appears he's restaked a total of 271,327 stETH ($717m), constituting roughly 11% of EigenLayer's TVL of $6.53bn
213k stETH restaked
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🧵
As EigenLayer mainnet draws near, we are starting to see some AVS <> LRT partnerships emerge.
If you're seeking exposure to specific AVS projects, then its worth paying attention to these.
So far we've seen:
@ether_fi
commit to support
@lagrangedev
&
@OmniFDN
and
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By end of 2024, its realistic to think we'll have 200+ L2s & 25+ AVS' on EigenLayer
Bringing IBC to the rollup centric landscape of Ethereum is yuge
v boolish Polymer
Ethereum and its rollups deserve the best multi-chain infrastructure. That’s why it’s our mission to standardize interoperability with Polymer and
@IBCProtocol
.
We’re excited to present our new architecture as an ETH L2 bringing IBC to Ethereum.
1/
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gm, woke up to 1k new followers for sharing some thoughts -that’s pretty cool.
appreciate all the support & feedback!
excited to announce something in the coming weeks
@TedDeFi
& I have been working on 🔥
soon
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Really impressive first launch day from
@symbioticfi
with roughly 44k ETH (~$153m) deposited
Looks like the largest deposit of the day of 8.5k ETH (~$35m) came from the founder of cyber fund / P2P (co-led the seed round)
Nothing quite like some skin in the game, respect
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Today Liquid Restaking Tokens (LRTs) constitute roughly 60% of EigenLayer TVL, and I anticipate that number will climb even higher, driven purely by market forces.
That's why I'm happy to announce
@Kairos_Res
will begin initiating unbiased monthly liquidity reports on the
On Liquid Restaking: Risks & Considerations
Navigating the complexities of risk is always challenging. Yet, with the rapid expansion of liquid restaking protocols and tokens, highlighting these risks for the community becomes essential.
More on this:
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I always see those tweets that say a kid with a 2.0 can know more than some1 with a 4.0 but every kid I know with a 2.0 is an idiot
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Coinbase 2 (hot wallet) moving some $BONK around
Would expect trading to go live soon.
DYOR
Source:
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the biggest help was
@MessariCrypto
's Hub Analyst program. It made transitioning to the crypto industry as smooth as possible, and it helped me get a level of exposure I couldn't have achieved on my own.
Would rec 100% to anyone looking to make the leap
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Voted YES on JIP-1 to expand the Jito Stake Pool validator set from 126 to 200 & set a max val commission at 5% (currently at 10%)
Solana is maturing rapidly, and so is jitoSOL TVL, just shy of 10m $SOL at the time of writing - roughly 2.25% of the entire $SOL supply, but
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Many vastly underestimate just how large certain protocols with unstoppable network effects can (and will) become.
Some perspective, if in just four years
@jito_sol
were to achieve similar marketshare of Lido on Ethereum today, roughly ~28% of total stake, assuming the SOL
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$3bn, but likely much higher
check out our full report on Swell from
@Kairos_Res
to understand how they’re differentiating themselves
$3B TVL! 🌊
That puts Swell in the top 15 DeFi protocols with more than 150,000 stakers and restakers.
Thanks for all your support 💙
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Excited to release our first of several deep dive research pieces on specific AVS building on
@eigenlayer
!
@OmniFDN
is one of the first Actively Validated Services (AVS) live on EigenLayer with over $4.1bn ETH restaked to them across 50 operators
But what exactly do they do?
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Shout out to my boi Christopher Colombus for doin his think and not listening 2 da haters and for getting Monday off
#BANGERZ
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You don't see too many projects around $28mc / $268m fdv with $1.4bn in TVL and $2bn+ in YTD transfer volume
Check out the report from
@Kairos_Res
to learn how
@EverclearOrg
is positioning themselves for the future of Ethereum scaling and blockchain UX. (Link to report In
We’re excited to announce our $5 million investment in
@EverclearOrg
, a leading protocol for blockchain interoperability.
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Pleased to be selected as a Jito governance delegate!
Looking forward to collaborating alongside other delegates to ensure the protocol's integrity, and contribute in shaping resilient infrastructure.
Study StakeNet
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Undeniably awesome infra
The dreams of the 2016 ICO era being realized before us at long last, with more GPU compute demand than ever before
Perfect storm innit 🫡
In 7 days, Akash will be the only open secondary market to acquire NVIDIA H100s — the most advanced GPUs for AI.
Permissionless. Opensource. Censorship Resistant.
#AISupercloud
$AKT ❤️ $NVDA
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Wtf does a coach say at halftime at a World Cup semi final when you're getting thrashed and you're 5 goals down 😂
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@lookonchain
my brother in christ these wallets are the same person who market bought $6m earlier
the .SOL address is trolling
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Excited for STRK to go live, good launch environment with solid market momentum +
- one of the only differentiated L2 tokens (STRK is the gas token & you can stake it)
- 4844 going live in the coming months
- ecosystem incentives
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open secret that
@blockworksres
is the best in the game right now
trend setters
love that blockworks is getting into protocol gov. game recognize game
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had an awesome time at
@Permissionless
, will 100% be back in SLC for next year's 🔥
very high signal convos & great to meet so many long-term thinkers irl
i would long
@blockworksres
if i could 🫡
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$1.6 trillion AUM asset manager yapping about restaking & EigenLayer
likely nothing
Landscape Overview: ETH Restaking & EigenLayer Case Study
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By the end of next week, BlackRock's $ETHA will likely have more ETH than ByBit, Vitalik, and Crypto dot com.
In less than 20 trading days.
Newsy Johnson
CT has a unique talent of endlessly arguing about trivial matters, oblivious to the real forces reshaping the market.
Despite recent volatility during this weeks correction, inflows to ETF issuers for both BTC & ETH have continued.
As it stands today, Blackrock & Fidelity ETFs
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