Ramon Recuero ๐น๐งฒ
@ramonrecuero
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Building the future of Finance at @KintoXYZ | Previously at YC, Google & Zynga ๐ฏ๐ต๐ช๐ธ๐บ๐ธ https://t.co/wkgbddj110
Babylon
Joined March 2010
@AutismCapital They can easily override it manually in the backend. It's just an excuse for them.
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On work:. "Activity is Not Output" .- Andy Grove. "A busy calendar and a busy mind will destroy your ability to create anything great".- @naval.
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1/12 โฒ The Fountain of ETH is the #1 place to deposit your $ETH. Grow your ETH gas-free ๐คฏ. Current APY: 40%*.Target APY: 15%*. ๐งต on why other alternatives don't come even close
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1/ Babylon Finance is Shutting Down. Despite our efforts, we havenโt been able to revert the negative momentum caused by the Rari hack. ๐ป Market hasn't helped. ๐งต TLDR below.
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1/11) Introducing We are building a new #DeFi asset management protocol. Ccommunity owned and community managed funds. DeFi meets Wall Street Bets. It's time to decentralize and democratize investment . TLDR ๐.
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๐ฎThe Prophets Arrival. - First NFT Drop + DeFi IDO.- 10k psychedelic babylonians ๐.- Prophets come with BABL.- Onchain attributes with utility in @babylonfinance.- 100% of the proceeds go to the treasury.- Proof of Personhood + Vickrey Auction. Thread below ๐
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Blockchain in Three Tweets. "Blockchain will replace market with networks" - @naval . "BTC is the best SoV ever invented on planet Earth." - @MustStopMurad . "If the internet turned the world into publishers, crypto will turn the world into investors" - @balajis.
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1/14 ๐ชข Introducing Musubi -- Chainless Swaps. Swap assets across Ethereum with your fingerprint without leaving your Kinto-insured wallet. It unties the fragmented liquidity and unites Ethereum once again.
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1/6. Two weeks ago, we announced the first community-led asset management protocol. Today, we are introducing $BABL, the governance protocol behind it. A thread with the TL;DR ๐.
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$ETH path to +$20k in the next 12-18 months. - Withdrawals are enabled in March 2023.- % staked to 40% by Q2.- Dank Sharding ships Q3 -> new use cases on L2.- Activity grows on L1 & L2 -> tx cost avg to 50 gwei.- Credit event triggers Fed pivot.- Global liquidity++.- BTC flip.
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๐งต Today is a special day for me. After months of recovery, reflection, and hard work following the devastating closure of @BabylonFinance, I am thrilled to announce @KintoXYZ. โฉ๏ธ Kinto is the first KYC-compliant L2 on Ethereum โฉ๏ธ
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Really excited to announce Gas Station Network. The ultimate onboarding solution for #Ethereum. Transform dapps into normal apps. Remove the technical burden from your users. Hide transactions. cc @meta_cartel @b_asselstine @TabooKeyNet @portis_io
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Just in time for @Blockworks_ DAS, โฉ๏ธ Kinto has opened up deposits. TLDR:.- Lock capital for 60 days and multiply your rewards.- Earn yield from sUSDe, weETH, or sDAI in the meantime.- Sybil-Resistant by default.- Deposit with your fingerprint -> No Metamask. Thread below ๐
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โWhen you canโt choose between two evenly balanced courses of action to take, choose the bolder.โ - General W.J. Slim. Reminds me of @naval mental model for making decisions. When in doubt, choose the hardest path.
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1/15 Hyperliquid has arrived. Kinto becomes the first wallet to offer non-custodial perpetuals. Trade 75 different markets up to 50x leverage directly from the Kinto Wallet. ๐งต
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1/ @KintoXYZ is going modular โฉ๏ธ. We're integrating our @Arbitrum L2 rollup with @CelestiaOrg as the DA layer. A short thread ๐งต.
We are going modularโฉ๏ธ. We're integrating our @Arbitrum L2 with @CelestiaOrg, the leader in modular data availability. This means better performance, lower fees, and more possibilities for our users.
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1/15 โฉ๏ธ The Modularย Exchange Thesis. Wallets need to devour CEXs to reach mass adoption. ๐งต.
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1). ๐ท๐ท $BABL Mining Proposal ๐ทโโ๏ธ๐ทโโ๏ธ. We are proposing a $BABL mining program to reward active participants. 50% of the token supply = 500K $BABL. 10+ years long. More details below ๐.
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I just turned 32 years old. A journey that has taken me to live in countries like USA, Spain and Japan. Bullshit changes from place to place but what matters stays constant. I condensed everything I learned into 33 Universal Principles. Get it here
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Big News at @KintoXYZ ๐ฃ. We are switching from @optimismFND to @arbitrum . In terms of DeFi Ecosystem, developer support, and stack maturity. There is no second-best.
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Why are ICOs and tokens a game changer? Why now? @ycombinator cc @AriDavidPaul @naval @cburniske #crypto.
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1/๐ซThe heart of Babylon ๐ซ . @BabylonFinance is releasing a staking mechanic for all BABL holders. ๐คฏ 10 + 1 token mechanics. Follow along to see how deep the ๐ hole goes.
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@franklinisbored @VivekGRamaswamy False. An entrepreneur that raises a series A would meet this requirement while having no liquid wealth to pay it.
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Without real problems to solve, we make them up. Our minds never stop finding problems.
Thesis: without something to build, any intellectual movement degenerates into a status competition.
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Our systems are now fully back up. If you grabbed a spot but you couldnโt finish the process, you can now try again. ๐.
โฐHIDDEN ALPHA ๐ . KINTO ---- (Register and Complete KYC) .(Not available in some Countries) . INFO: Participate in Engen to become a Kinto founding member and receive unique benefits. Only 1687 of 3500 spots left in Phase One. โพ Raised $5M lead by Spartan Group, ParaFi
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Soon. .
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11/ Lesson 1: ๐ฐ Raise More Money . - Legal costs are 20x vs a normal startup.- Security audits costs > $100k.- Need to reserve funds for liquidity provisioning. Here is a breakdown of our expenses.
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6/ The team will be returning all tokens (vested and unvested). It goes without saying that when a project/startup fails, founders should not receive any upside. The remaining assets minus closing costs will be distributed amongst BABL holders.
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Really excited to announce the Gas Station Alliance: A partnership between Zeppelin & TabooKey to push MetaTx forward thanks to @austingriffith @meta_cartel @yoavw @ZeppelinOrg @TabooKeyNet.
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1/7. ๐ Litepaper is here. Community-Led Asset Management Protocol. TL;DR with the 5 core principles below. ๐.
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5/ 99% of the projects prefer to stay in a ๐ง state. Having reached this point, we believe the responsible and ethical thing to do is to wind down the DAO and return all remaining assets to BABL holders. We have failed and we need to accept it.
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People think that Kinto is a permissioned network. Yet, more than 14k users are voting on the proto-governance proposals. One of the most decentralized and fairest launches in the ecosystem.
Kinto is leveraging the voices of founding members to create a truly decentralized network from day one. Over 14,000 people have voted on the three crucial Proto-Governance proposals- together we determine Kinto's future.
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1/ @0xamplify just submitted a proposal to create an $APE garden for the @apecoin community. Best Staking Proposal. ๐ฅ Earn yield on $APE.โฝ๏ธ Deposit $APE gas-free.๐ก๏ธ Minimize taxable transactions. ๐ฑ Earn $BABL.๐ฆ Stake your #NFT for extra rewards . Tentative Launch: Mid May ๐งต
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Only 14 days until the arrival of the Prophets #NFTs . 8,000 common Prophets that come with gifts. ๐ณBabylon ID Card.๐๏ธBABL tokens. ๐Unique BABL rewards. ๐ Private beta access. ๐๏ธ Fill the form to reserve your spot. More than 3k people already joined.
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The Arrival has ended. 600 ETH were raised . 5,400 Prophets died ๐. 2,600 surviving Prophets we march forward๐ก๏ธ. What does this mean for @BabylonFinance? ๐งต
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The greater your ability to endure monotony, . The greater your odds of success in anything. via @AJA_Cortes.
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9/ All the code is now open-sourced. The community is welcome to fork/clone and build on top of the Babylon project. We hope our work and lessons learned help other teams in the space like @enzymefinance @STFX_IO or @EnsoFinance.
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1) Babylon is Rising ๐ฐ. The beta of is imminent. Before the ๐๏ธ beta starts, we wanted to share a few secrets. ๐ Spoiler ๐. Babylon uses NFTs for access control and membership badges.
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Let's stop the bullshit in #DeFi. If we can't protect our users from these events and the weekly hacks, all the other benefits don't matter. We need to achieve parity with TradFi in the level of protection that we provide to our users. We need to mature. That's Defi 3.0.
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I hope you've found this thread helpful. Read the whole announcement here. Like/Retweet the first tweet below to amplify it:.
1/ Babylon Finance is Shutting Down. Despite our efforts, we havenโt been able to revert the negative momentum caused by the Rari hack. ๐ป Market hasn't helped. ๐งต TLDR below.
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You don't value your health until you get sick. You take your parents for granted until they are gone. You don't value your relationship until it's too late. Most important things may seem eternal but they are not.
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5/6.๐ฑ.We closed a $1.9M seed round at a $10M valuation. We are really lucky to have received support from a high number of value-add investors including:. @SemanticVC.@CoinList Seed.@fomosaurus.@harvest_finance.@iamjosephyoung.@MapleLeafCap.@n2ckchong.@Shaughnessy119.
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24/ I would like to thank the team for all their work. I would also like to thank our investors and community members. Personally, despite all these challenges, I remain incredibly optimistic about DeFi and Asset Management. Thatโs all for now. ๐๐๐๐.
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Bid on a Great Prophet #NFT and receive:. ๐ The right to claim BABL tokens before it is listed.๐ฅ Permanent boost on BABL mining rewards. ๐๏ธ Exclusive access to beta. Bid to become the richest man in @BabylonFinance. #NFTs #DeFi
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14/ Lesson 2: ๐งจ Crypto users are degens. We are still early. Asset Management is the smallest niche in DeFi with only ~$70M in AUM combining all the protocols. I have no doubt that Active Asset Management will be the largest sector a few years from now.
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Excited to announce that I am joining @SemanticVC as a Research Partner. Looking forward to working with founders pushing the boundaries of #DeFi and #crypto. DM me if you are still building!.
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New day, new product by @zeppelin_os! Zepkit is ready. The easiest way to build a Web3 application with the most trusted tools in Ethereum.
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@Charlie84437644 @AP_Abacus @CNBC @HesterPeirce @andrewrsorkin why not use the legislature from the original east India company?. Using legislature from another century is not appropriate.
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๐ง @BabylonFinance Strategists can now deposit into @harvest_finance Uni V3 Vaults ๐ . 1. Go to the strategies tab.2. Click on submit a strategy.3. Enter a name.4. Select add liquidity as the operation.5. Choose Harvest V3.6. Select the vault e.g BABL-ETH. Let's #DefiTogether
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In one month, I'm releasing an ebook that summarizes life lessons from 300+ books and 30+ years. Committed to self-growth but short on time?. Pre-order "Grip". Only $10 for the next 5 days (60% off). Insight Rich. No BS ๐๐ผ.
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@DavidSpinks @sama We evolved to function in relatively small groups or tribes. We are wired to protect our own. Stories and shared myths can pull us together at scale. One downside of the secularization of society is the loss of one set of shared myths and stories.
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@naval No other species could organize past the Dunbar number without it. Money is probably the most important shared myth (along with religion). Sapiens from @harari_yuval is indeed a Lindy book!.
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Extremely happy that all victims will recover their funds. Given that Babylon is closing, it wasn't right for us to use our recovered team budget. As a result, we are giving an additional $150k to the hack victims.
We received $3.12M DAI from @feiprotocol @RariCapital . All Babylon victims will be made whole. Team would recover ~$300K . As Babylon is closing, we are giving extra $150k to the victims:.- 2% extra to all the affected victims.- $100K to heart holders.
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We just released the new Startup School by @ycombinator. Learn how to start a startup and apply to receive a $10K grant (no equity). @nolimits @svkpham
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7/ โฒ 3x stETH. $3.7M are allocated to a ~3x leverage using stETH by:. - Lending stETH on AAVE.- Borrowing WETH.- Converting WETH back to stETH and lending it. Repeated x4 to achieve a 3x leverage and 10-15% staking returns with no liquidation risk (except major stETH depeg)
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15/ Right now, there is a mismatch between the services Babylon offers and the users that are currently in crypto. Most of the users are still crypto early adopters, aka degens. Crypto users have an extremely short-time preference and high-risk tolerance.
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Pleasure chatting with @santiagoroel and @JasonYanowitz on Empire. Tune in to understand how KYC can enhance public blockchains without sacrificing the decentralized ethos.
Today's episode with @ramonrecuero dives into @KintoXYZ, the KYCed L2. - The future of KYC onchain.- Managing privacy & security.- Institutional access to DeFi .- Expansion of onchain RWAs. โ โ โ
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2/ Making mainnet great again. First of all, you can deposit WETH on mainnet gasfree ๐คฏ. You only need to approve WETH and then sign. At @BabylonFinance, we have worked really hard to make this happen:.
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Going live in a few minutes.
Want to learn more about @Calderaxyz and how they work with Kinto? . Join us tomorrow! .
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6/15 The modular exchange stack:. 1๏ธโฃ Smart wallet with account abstraction.2๏ธโฃ Private identity layer.3๏ธโฃ Seamless onramp/offramp.4๏ธโฃ Chain abstraction layer.5๏ธโฃ Custom L2 for gasless txs and to preserve compliance. Each layer built on industry leaders. ๐๏ธ
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How a community in @BabylonFinance earned 54% returns in 90 days (+200% annualized). ๐งต.
One of the first Babylon strategies completed. 213% return annualized ๐คฏ๐คฏ. Congrats to the garden members. #DeFiTogether.
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@bigmagicdao Where did you go, and where do you live?. For example, I am staying a year between Korea and Japan and saving ~50% versus staying in San Francisco. Plus much better food, safety and convenience.
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Simplest way to improve your life:. 1. Stop complaining about things you can't control. 2. Control how you react to the uncontrollable. 3. Take ownership of the things you do control.
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1/ The new US crypto regulations propose turning DeFi apps into surveillance brokers. This could kill DeFi's open ethos. What if there was a way to get regulatory compliance AND keep DeFi's benefits? ๐ค.
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I'll be speaking tomorrow in Tokyo about everything #web3 and my experience building @BabylonFinance . Join @Taka_DAOWorker and me ๐.
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1/ โฉ๏ธ #Kinto is designed to accelerate the transition to an on-chain financial system with a user-owned, yet KYC-Enabled L2 rollup. Today, we are excited to unveil our launch program, Engen๐
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When you are healthy, you have 10,000 things to worry about. Once you get sick, all the balls drop to the floor and you realize what matters.
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The โฒ Fountain of ETH has reached $8M AUM. Onwards.
1/12 โฒ The Fountain of ETH is the #1 place to deposit your $ETH. Grow your ETH gas-free ๐คฏ. Current APY: 40%*.Target APY: 15%*. ๐งต on why other alternatives don't come even close
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3 Simple Ways to decide what to eat. If it doesn't rot, it's not food - @michaelpollan . If your great grandmother didn't eat it, it's not food. - Deep Nutrition. If it comes in a pack or a bag, it's not food - @chriskresser.
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This future is already available at @KintoXYZ . The security of smart contract wallets. The easy of use of fintech apps. Fully non-custodial.
The current paradigm of web3 wallets as browser plugin/standalone app is a blocker to wider consumer crypto adoption. It results in too much friction and complexity. At @coinbase we are addressing this by providing embedded wallet APIs for seamless crypto integration. (1/4).
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From 1M To 12M in TVL in 6 weeks. ๐ฐ.๐ฐ๐ฐ๐ฐ.๐ฐ๐ฐ๐ฐ๐ฐ๐ฐ๐ฐ.๐ฐ๐ฐ๐ฐ๐ฐ๐ฐ๐ฐ๐ฐ๐ฐ๐ฐ๐ฐ๐ฐ๐ฐ. #DeFiTogether.
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1/ The ๐ซ Heart of Babylon finishes its second epoch this Friday. The Heart has returned 173% APR. We are proposing changes to increase its sustainability and survive the ๐ป market. The new period starts on July 10th at 3 pm PST. Follow along ๐
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๐. We have a lot of announcements and surprises coming up in the weeks leading to our launch. Interested in building your own investment community with us?. Stay up to date and join our Discord and Telegram Groups. Thank you!.
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@Chris2pherChase @QwQiao There is no manager. Funds are actively managed by the community. Participants suggest investment ideas and other members of the same community curate them. Best ideas rise to the top and get executed.
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@BabylonFinance ๐ค @VisorFinance . - Concentrated Liquidity.- Fee Compounding.- Lower Slippage.
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The Modular Exchange fixes this. Time to move to @KintoXYZ . Leave CEXs behind and get higher security, lower fees and complete control of your funds. Always.
If you're still using Coinbase as a Solana person โ you are either lazy or stupid. This is embarrassing, no other exchange has this issue โ i know how the coinbase systems work, I know how Ledger and the indexers work โ this is beyond incompetence at this point, 13 incidents in 2
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Tradfi is comingโฆ.
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2/ ๐ฃ How the Rari hack affected us. - 6 gardens invested in Rari and lost 3.4M in the hack. - TVL decreased from $30 to $4M. - Fuse was abandoned. Our $10M lending market is gone. - BABL decreased from $20 to $6. - Team also lost months of runway.
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This is precisely our vision at @KintoXYZ . You need to own the whole stack. Blockspace is getting commoditized. Infrastructure is being abstracted away.
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23/ In the last 2 years:. ๐งโ๐คโ๐ง We built a $30M in TVL DeFi protocol. ๐๏ธ Launched $BABL.๐ณ๏ธ Created a fully decentralized on-chain DAO.๐ฎ Released first DeFi NFT collection .๐ซ Created heart staking mechanic .๐ค Bootstrapped $10M lending market. Yet we failed.
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I read Cicero in high school. Couldn't believe that the younger years were not the best. Now those words are alive. "Have self-improvement as the number one priority. Until the last breath. In the meantime, the best a young person can hope for is to get old before he dies".
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๐ซ The Great Prophets Auction has started. ๐ซ. Every prophet #NFT gives you:. ๐๏ธ Right to claim BABL tokens*.๐ Access to the private beta.โ๏ธ Extra mining rewards. Place your bids now. https:/babylon.finance/prophets/bid.
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4/11. We want to give everyone access to this one-in-a-lifetime opportunity. Accreditation rules, access to secret deals and local jurisdiction have kept the best opportunities private. @balajis said many times that Web 3.0 is going to turn the world into investors. We agree.
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9/11. Our launch is coming soon. We believe it is really important to be public and transparent. Develop openly. The best way to build a network is by sharing our plans and getting feedback. We want to hear from you. We cannot create this platform alone.
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5/ ๐ฑ Own a piece of Babylon. By joining this garden you will earn BABL mining rewards on top of the staking returns. BABL holders own the protocol and treasury and receive all the fees through the Heart of Babylon.
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3/ ๐ก๏ธ Tax Consolidation. The fountain of ETH may perform dozens of DeFi operations on your behalf but you may consolidate all of them into just one taxable tx, the withdrawal. *Babylon Finance does not provide tax or legal advice. Consult with your tax professional.
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7/ Once Rari/FEI completes the reimbursement of the Rari hack, the team will also do all the work required to distribute the reimbursement. Users that had funds in the affected gardens at the time of the hack will be eligible for reimbursement even if they withdrew after.
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How to build #dapps people want. My presentation from Dappcon available in this link ๐. #BerlinBlockchainWeek @dappcon_berlin @OpenZeppelin
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"Where are the users?" -> Write up about the current status of the Web3 stack by. Thanks to @KyleSamani @FEhrsam @0xstark @placeholdervc for their great contributions to the conversation. via @zeppelin_os.
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4/ ๐ฐ Fewer fees, More Profits. The cost of executing DeFi strategies is shared by all members. 372 Babylonians are members of the Fountain of Eth. You only pay 1/372th of the cost vs executing the strategies yourself.
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4/6. ๐.Token Supply: 1M. 69% for Babylon Community Members. 10% for the team with a 4 year vesting period. 19% for seed investors, advisors & partners. 2% Reserved for a future round. Participation mining programs will last 10+ years.
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Chilling in Hida Takayama. Winters paradise of Godโs Chosen Country @kamikaz_ETH. Japanese Breakfast.Onsens.Hida Beef
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@KintoXYZ 4/14 ๐ชข Musubi (็ตใณ) is a knotting technique with a deeper meaning. It is referred to as the power of creation, the interconnecting energy of the universe. This concept directly influenced the Kinto brand and has been a pillar for us.
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