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@fisher8cap
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investing and building in the digital asset space ceo @b1ng_b0ng #TeamFisher8
Joined October 2020
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Pinned Tweet
Approving the $ETH ETF was a pivotal moment for crypto with huge implications for specific sectors.
Read this TL;DR thread of our latest article 🧵👇
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As we approach the year's end, it's time to look back over the past 12 months and discuss our key moments in 2023.
We're pleased to share our findings in our latest report: Fisher8 2023 Review, together with a summary below 🧵👇
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We're pleased to annnounce that we have invested in
@dammfinance
as part of a $2M seed round. dAMM is an undercollateralised lending plaform built on Ethereum.
Here's a TL;DR of our thematic views, dAMM's protocol design, roadmap, and how one can be a participant 🧵
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Going two-for-two tonight at Yume Theatre as we watch
@hedgedhog7
and
@SnorlexZZZ
give their opponents a good beating
@CryptoFightWeek
🔥
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2022 has been a turbulent year for the crypto industry and we wanted to take a moment to reflect on what we've done as a firm over the past 12 months.
We are proud to present our 2022-In-Review and summary of our report in the thread below 👇🧵
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1/ We are delighted to announce the newest members of our team at Fisher8:
@0xlaiyuen
and
@0xZhouYeMen
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NFT's are an unstoppable global paradigm shift in digital culture, influence, and identity.
We collect pieces that hold historical and cultural significance in this modern digital renaissance
presenting Fisher8's current collection at:
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As sports enthusiasts ourselves, the prospect of integrating blockchain technology with the ecosystem is an exciting one for us.
We're pleased to share our findings in our latest report: The State of Crypto and Sport, together with a summary below 🧵👇
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We're extremely excited for the
@aori_io
seat auctions that will begin later today!
Aori is a member-owned, fully collateralised options and structured products platform from the same team behind
@dammfinance
.
Brief intro to the platform and auction mechanism below 🧵👇
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Our latest Insights piece explores Ethereum's Old Dreams and New Realities. How will the ETH ETF impact DeFi, RWA and institutional adoption?
Read the full article for more ✨
(ps. wish we posted this yesterday)
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New year, new team member:
@0xxxxxin
Yi Xin joins as our Marketing Communications Specialist to build Fisher8's branding and presence through content, campaigns, and silent CT lurking. You may find her climbing on plastic or rocks, if not online. Up only ⬆️
#welcometotheteam
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Check out our overview of the current state of MEV and the various approaches taken to mitigate it.
Ultimately we see this as just a lower bound of what MEV will ultimately become.
Read the report by
@0x_kertapati
and
@2x1q7f9
:
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thank you sir for reminding us to give back when we can
wagmi
@fisher8cap
Congrats! I'm up there but in the top 100 donor list. Don't forget to donate a lil to the world. God bless & up only! 🤗 ❤️
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We're pleased to announce our partnership with
@grvt_io
, a self-custody hybrid exchange powered by zkSync technology. More about them below:
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Looking for a UI/UX designer in the crypto space to work with on a project-by-project basis (have a few projects in mind).
Please send a DM with your design portfolio if you are interested.
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Buyback and Burn is when protocols use funds to buy tokens on the open market before burning them to reduce supply, an indirect way to distribute revenue to users.
Read our latest Insights article for a break down of this mechanism 🔥
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Despite the carnage over the past week, let's look back at what Q1 2024 meant for crypto and what it might mean for Q2 to Q4.
Here's what we think the rest of the year holds and a reminder to all of us to dream bigger. 🧵👇
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We're excited to announce our brand refresh ✨
As the crypto market constantly evolves, we want our brand and website to stay up-to-date, while ensuring an optimised user experience.
Have an interesting idea? Our fresh contact page is ready for you:
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Buyback and burn (BnB) of tokens is one of the oldest and most direct ways to give value to holders.
Pioneers of this token model include $BNB, $LEO and more recently GambleFi tokens like $RLB and $SHFL.
Here's a TL;DR thread of our latest article 🧵👇
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🚀 We're hiring! Looking for a
#MarketingGuru
to join our dynamic team.
✨ Creative environment
📈 Exciting growth opportunities
💼 Competitive benefits
Think you're a perfect fit? Apply now 🌟
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our very own
@BardonFisher8
(world rank 20) will be fighting for the vacant international title in November!
thanks
@stardrugg
for the art
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Excited to be a part of this!
1/ We’re excited to announce the investors supporting Pendle’s vision for creating the next layer of DeFi yield markets.
Led by
@MechanismCap
, we’re grateful to have raised $3.7M in our seed and private rounds, with support from an amazing group of funds and individuals.
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Prediction markets, betting and gaming are under-developed frontiers of DeFi and crypto.
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Happy to help
@senx_t
make his mum proud!
Ready to make tulips great again 🌷
The Tulip team is excited to announce that we have completed a raise of $5MM from strategic partners
@jumpcapital
@AlamedaResearch
@ambergroup_io
@fisher8cap
@cmsholdings
@rarestonecap
@fintech_io
@DV_Chain
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2/ Presented below is a light overview of our trade positioning in 2022, with August being our only unprofitable month.
With the lack of market liquidity in the later half of the year, our universe of tradable assets dwindled to majors.
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2/ Lai Yuen joins our team as a VC analyst, bringing with him extensive investment and operational capabilities, as well as his skilled expertise from his previous investment role at ODA Capital.
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6/ We are thrilled to welcome Lai Yuen and ZhouYeMen to Fisher8 Capital as we continue to expand our investments into the next wave of web3 and crypto innovations.
Please join us in congratulating them on their new roles!
#welcometotheteam
#VC
#crypto
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9/ If you are interested in partnering with us or are working on something interesting, do reach out to
@sterlingishere
(Chief of Staff, Fisher8).
We hope you'll enjoy reading our year-in-review and we wish you all the best for the year ahead.
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- Deal quality improved amidst fewer transactions.
- Anticipated recovery to boost M&A and OTC activities, benefiting platforms like STIX.
- Fisher8 invested in these entities:
@tapioca_dao
,
@stix_co
,
@anboto_labs
, and
@grvt_io
.
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1/ While we have made some missteps this year, our 2022 performance is an outcome of our overall market scepticism and superior risk management.
Fisher8 returned 12.7% for the year of 2022 and hope that our experiences this year lay the foundations for future growth as a team.
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However, we were slow in adapting to the market's upswing and regime shift, due to using lagging bearish stance invalidation metrics. Eventually, we shifted our strategy to favour long positions in assets backed by solid fundamentals and compelling narratives.
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8/ Fisher8 has two main areas of focus in 2023:
1. Capture more alpha from better execution with quantitative strategies;
2. Bet on existing projects at reasonable valuations. Case in point - 2017 ICO teams eventually became unicorns.
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11/ Read our full investment memo here:
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5/ Our 2023 views, summarised:
1. Altcoins to underperform majors due to bunk vesting schedules;
2. We will see systemic flows from CeFi > DeFi as UI/UX improves;
3. Primary market dynamics to shift - no rush for TGEs;
4. PMF and originality are key success factors;
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4/ Our 2022 observations are as follows:
1. You cannot escape gravity forever - what goes up must come down;
2. Nothing is too big to fail - no government entities will step in as lenders of last resort;
3. High-reward opportunities exist in bear markets - mavericks may emerge
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Our performance in 2023, enhanced by strategic risk management and a thesis-driven approach, yielded a 31.1% return despite underestimating certain market pressures. These experiences are vital stepping stones for our team's and business's future growth.
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@fisher8cap
Sports supports outstanding teams, leagues and players with the potential to disrupt and improve the sports industry.
#fisher8
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4/ Introducing our Intern Analyst,
@ZhouYeMen
! He recently wrapped up a fantastic stint as an Investment Analyst at DWF Labs.
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In 2023, Fisher8's trading approach was shaped by careful technical analysis and the evolving narratives within the crypto space. In the first three quarters, the firm maintained a predominantly bearish outlook, favouring short positions.
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Join us at
@ShardDubai
🔥
Decode disciplined conviction with Bainy aka
@hedgedhog7
!
@fisher8cap
's CIO dives deep into the investment strategies shaping the future at
#ShardDubai
.
Unlock the thought process behind building a successful crypto firm.
Secure your spot:
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5/ Honing deep research and analytical interest in crypto and DeFi, he'll be dealing with full operational cadences of maintaining a fund, as well as being responsible for sourcing, screening and monitoring potential and ongoing investments.
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Dive into the
@tapioca_dao
ecosystem with this explainer:
We just released a blocmates Explained video on the one and only
@tapioca_dao
Expect a lot of $TAP content from us over the coming weeks...
Covering:
⚪️ Tokenomics
⚪️ twAML
⚪️ Yield Strategies
⚪️ Big Bang & Singularity
⚪️ USD0
Enjoy 👉📺 -
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5) Venture Capital Takes a Back Seat
2023 marked fewer but higher-quality crypto venture deals, focusing on infrastructure, NFTs, and GameFi, presenting prime opportunities for strategic investments.
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6/ Our rapidfire thoughts:
1. Regulatory arb is the selling point for most protocols;
2. CEX risk is a real concern amongst power users, and DEXes need to know who their target audience is;
3. Decentralised sports books/prediction markets cannot outcompete traditional players
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Looking back at 2023, these were the top trades for Fisher8 Capital. A common theme in the Subfund’s best trades is the preference for longing baskets versus single tokens. This helps reduce coin selection errors when expressing a directional thesis on a particular sector.
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7/ Our rapidfire thoughts (cont.):
4. Many protocol tokens still trade at unattractive valuations;
5. Expect to see the SEC probing NFTs in 2023;
6. Market efficiency to drop as funds blow up and competition decreases;
7. Talent from TradFi/Web2.0 becomes difficult to recruit
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Here are some of our 2023 Observations:
1) A Confusing Regulatory Landscape
2) Thawing of the Crypto Winter
3) Reflexive and Self-Fulfilling Price Action
4) On-chain Execution Become More Efficient
5) Venture Capital Takes a Back Seat
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a showcase of our favourite pieces featuring creations from
@EtherRock
@larvalabs
@seerlight
@ParallelNFT
@whatsyouryat
@CryptoKitties
@AuroryProject
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In March 2023, Fisher8 launched a new Subfund. This initiative was driven by our aim to diversify sources of returns, distinct from our main trading book, and focused on a long-term, thesis-driven strategy. Notably, it expanded our on-chain presence.
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8/ Fisher8 remains excited about the future possibilities of crypto in these industries, and we will be actively monitoring and investing in innovative ideas within this space.
Do not hesitate to DM
@sterlingishere
(Chief of Strategy, Fisher8) if you would like to work with us.
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3/ He will be working with F8's investment team in various capacities to identifying and evaluating valuable investment prospects.
We are excited to leverage his capabilities in providing key insights and recommendations to the team.
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Thesis for 2024
1) Capital Inflow into Digital Assets
2) Altcoins to Outperform Majors
3) New Money will Look to "The Next Big Thing"
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If you are interested in partnering with us or if you are working on something interesting and innovative, do reach out to
@sterlingishere
(Chief of Strategy, Fisher8). We hope you enjoyed our year-in-review and we wish you all the best for the year ahead.
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7/ Users can only trade on Aori through Aori Seat NFTs: combinable NFTs with full access. If they do not own the seat, they are charged options minting/trading fees, where a portion accrues to the NFT owner.
In essence, Seat holders pay 0 fees, govern fees, and collect fees.
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3/ Fisher8 missed the mark on several retail-driven NFT projects this year.
We underestimated the speculative demand from risk-seeking investors while anticipated high execution risks caused by broad illiquidity.
These factors deterred us from capitalising on the trades below.
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9/ All revenues from the auctions and royalties from secondary sales will go to SeatsDAO, governed by seatholders.
Initially, revenues will be deposited into the Aori Ethereum Margin Pool to bootstrap liquidity for margin provision on the Aori Protocol.
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2) Thawing of the Crypto Winter
The market is exhibiting a clear shift in regime, demonstrating signs of increased risk appetite and a change in market structure.
- New Coin Phenomenon Adoption
- Notable increase in Stablecoin supply of $6 Biilion
- Positive ETF feedback
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5/ With Aori Prime, trading and settlement layers are separated. This results in fully collateralised options, margin trading, and no socialised losses for Aori users.
This is powered by none other than
@dammfinance
, who acts as an onchain prime broker for options margin.
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6/ Aori will be multichain, launching on Arbitrum and Ethereum before expanding to other EVM chains.
This reduces bridging risk and creates better UX (no need to move assets around). There will also be NO overlaps on options between chains, reducing liquidity fragmentation.
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5/ In addition to the MLA, prospective borrowers will also have to KYC through
@CredoraPlatform
, a 3P credit risk analysis platform.
This allows dAMM to monitor a borrower's net exposure in real time via API key access to their exchange accounts.
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Congratulations to the Akabeko team for hosting its Family and Friends soft launch last week 🔥
If you're in Dubai and looking for contemporary Wagyu Yakiniku dining, follow them here:
Opening soon.
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2/ Our base case scenario projects annual borrowing volumes next year to be approximately $340B from both decentralised and institutional/CeFi lenders.
This implies a revenue opportunity of ~$17B assuming a 5% interest rate.
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2/ However, AMM-based option DEXes have issues of their own, such as option mispricing and impermanent losses.
Given that they don't have the infrastructure of large MMs, option mispricing is common as AMMs may resort to proprietary (and inaccurate) methods to price IV.
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3/ dAMM's lending suite focuses on undercollateralised loans in long-tailed assets.
This creates a strong moat as no competitors are offering a capital efficient way of lending these assets, evidenced by the low utilisation ratios of overcollateralised altcoin pools.
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9/ Moving forward, dAMM is aiming to onboard 200 pools by Q4 2023. There are also plans to go multichain, integrate OTC services, and many more.
Fisher8 Capital will play an active role in advising and supporting the dAMM team throughout their growth.
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10/ The dAMM team is on the lookout for the following:
1. Projects that wish to earn yield on treasury assets through lending, and
2. Solidity/web3 developers
Do contact
@JoshuaPaulBaker
(CEO, dAMM Finance) or
@sterlingishere
(CoS, Fisher8 Capital) to find out more.
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- Global crackdown on central exchanges post-TerraLuna and FTX.
- Regulatory risks now dominate market concerns.
- Binance's legal issues cast a long bearish shadow, recently lifted.
- Future regulatory clarity presents both risks and opportunities for DeFi in grey areas.
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1/ Crypto options today are concentrated on Deribit. However, users are taking on counterparty risks (socialised losses) if the insurance fund gets depleted from missed liquidations.
This has led to the development of fully onchain, decentralised alternatives (i.e. Lyra, Premia)
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1) A Confusing Regulatory Landscape
The aftermath of TerraLuna and FTX's collapses has intensified regulatory scrutiny and market caution, though Binance's recent settlement suggests a shift towards clearer, potentially favourable, digital asset regulations.
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3) Reflexive and Self-Fulfilling Price Action
The market is navigating a complex mix of perceived manipulation and narrative-driven price movements, fostering a speculative and bullish environment.
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8/ dAMM has also partnered with
@redactedcartel
to seed a $BTRFLY pool on dAMM, which may entail a bribe market on Hidden Hand in the future.
This allows value accrual from parties that wishes to incentivise the lending/borrowing of certain tokens.
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As ETH continues along its development roadmap, the marginal buyer changes. For instance, early ETH investors may view ETH as "ultrasound money 🦇🔊" while tech purists view it as a credibly neutral global computer.
What about the ETF buyers?
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Interested in partnering with us or working on something innovative?
DM us or our team:
@b1ng_b0ng
,
@five5brown_eyes
,
@0xkinnif
,
@c0xswain
,
@0xZhouYeMen
,
@0xlaiyuen
Alternatively, fill in our contact form:
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- Speculation of manipulative PA that drives the token price up more
- Price-Drive Narratives where rising token values create self-reinforcing interest
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6/ Over the longer term, we have conviction in the following themes due to their compelling use cases:
1. SBTs as a way to enhance season ticket holder perks;
2. NFTs as a way to issue tickets for live games;
3. Emergence of esports leagues for crypto games.
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4/ There is a clear gap in the market for a player like Aori to step in, where CEX-and-AMM-related issues are solved with fully collateralised options (more on this later), decentralised margin, and an orderbook.
Result: accurate options pricing, no IL, no counterparty risks.
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In summary, we believe Q1 2024 has set the stage for 2024 to be more bullish than most would expect with AI and SocialFi poised for significant growth.
The narrative for crypto's future is more thrilling than ever and we would like to remind everyone to:
Dream Bigger, Darling.
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2) Altcoints to Outperform Majors
The cryptocurrency market is showing a departure from the typical Bitcoin dominance pattern, reflecting the evolved sophistication of current market participants and a diversified asset landscape.
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4/ dAMM requires prospective borrowers to enter into a master loan agreement (MLA) with the foundation to facilitate undercollateralised loans.
Borrowers will also be required to provide updated financial for credit assessment and determination of borrowing limits.
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4) On-chain Execution Become More Efficient
The success of Unibot has spurred the growth of advanced trading bots, enhancing on-chain trading sophistication and infrastructure, with potential for further expansion and DEX integration.
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Interested in partnering with us or working on something interesting and innovative?
DM us:
@five5brown_eyes
,
@0xkinnif
,
@c0xswain
,
@0xZhouYeMen
or
@0xlaiyuen
We hope you enjoyed our quarterly musings. Remember, dream bigger!
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7/ Summing up our research, we applied our views through a series of practical examples to illustrate the benefits they have for
@ITBesports
and the Pinnacle Cup.
We believe these integrations can potentially create greater profits and efficiency for them.
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6/ On tokenomics, dAMM is planning to utilise liquidity bonding to distribute governance power to users while creating a game theoretically aligned incentive structure.
The benefits of this campaign is further elaborated in
@burstingbagel
's thread.
14/ The main advantage of Liquidity bonding is it creates protocol-controlled value (PCV). 25% of liquidity bonding revenue is staked in an insurance vault and 75% is re-deposited back into the protocol. This creates a flywheel as shown below.
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8/ Seat NFTs will follow a Nouns DAO style auction which begins later today, with one seat being auctioned daily for 105 days following the launch.
Seats come in a five tier system, with each tier offering higher % of fee accrual. Seats can also be combined and deconstructed.
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10/ Keep your eyes peeled for more information about Seat auctions and mainnet launch by following
@aori_io
and turning on notifications. More information about Aori can be found in their medium blog.
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3/ (cont.) The issue above affects LPs significantly as they may receive disproportionately lower premiums for the risk they're taking on, creating huge impermanent losses.
This disincentivises LP participation and may result in volume death spirals over a long period.
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1/ The global sports market generated approximately $500b in revenues last year, with sponsorship revenues contributing to a relatively larger share in esports.
Additionally, crypto-related sponsorships in sports are expected to be the fastest growing across brand categories.
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While the sentiment is sour as the market has seen a slight pullback, we remain excited about Decentralized AI and SocialFi.
We think that these 2 sectors will outperform in the current market environment.
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- Spot ETF expected to bolster public crypto confidence.
- Initial capital is likely to flow into major assets like BTC and ETH.
- Broad altcoin repricing, especially in retail-centric and mid-caps, expected.
- On-chain liquidity set to improve from these developments.
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The inflow of capital through the ETF may lead to an uptick in on-chain activity due to the on-chain trickle-down economy of ETH.
This effect is much stronger in Ethereum than in Bitcoin, meaning ETH ETF inflows can have a larger impact than BTC.
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