jordan
@yeak__
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"So this is how liberty dies... with thunderous applause." Research @Delphi_Digital
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1/ Been thinking a lot about token design lately. Made a tier list of token designs and organized some thoughts on tokens that stick out to me.
Also have some way-to-early predictions for next cycle’s blow off top 🧵
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I don’t think PoolTogether gets enough credit as one of more disruptive ideas to come out of DeFi so far
Similarly to yEarn and Alchemix, lower yields curbed its momentum & growth has been underwhelming
Here’s a few reasons I’m excited about the upcoming v5 (+ 1 small gripe)🧵
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@colton20__
@dubbel06
@elonmusk
Imagine thinking bc Elon musk can build rockets he understands everything he runs his mouth about. Stfu
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Aave v3 was announced over 2 years ago.
The other 0 to 1 lending ideas since belong to Euler and Rari Capital, which suffered major setbacks from exploits or similar.
DeFi lending feels quite stale now, but
@MorphoLabs
looks ready to spice things up🧵
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Starting to notice a tendency of viral projects to use bonding curves in creative ways.
There's some selection bias here and bonding curves are no silver bullet, but it seems projects using bonding curves in new ways have a pretty high hit rate.
Here's a few examples🧵
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1/14 DEX perps have a ton of momentum right now.
Major releases and a rapidly expanding design space suggest sector-wide progress is imminent, but who will emerge the winner?
In our recent report,
@NotSoAnonJoo
& I went deep on our top 4 perps projects for the next chapter🧵
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3/ S Tier: Tokens providing sustainable service in exchange for real cash flows - SNX GNS DPX
SNX prob has most sustainable utility and straightforward value accrual of any DeFi token ever.
Underwrites platform activity by collateralizing sUSD, earns all the fees.
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Normalize using DEXs for your bullposting and trader larping shenanigans this cycle!! we are so back (and better than ever)🚀📈✨💫
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@thetvcullen
@OrwellNGoode
BK has 6.5 times as many stores, and are open an extra day a week, and have only 50% more sales 😂😅 give up on stats
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8/ $THALES is sitting on a lot of wealth generation, and can afford luxury of token gating access to it. perks of being chads
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4/ $GNS is a more intricate design, still manages to strike a symbiotic relationship btw token <> protocol
Super cool how risk of protocol roles is intuitively paired w deposit assets
deposit DAI > get fees
deposit GNS > get fees & vault performance directly impacts token price
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Crypto-native self sovereign identity will be indispensable in the ambitious killer apps of tomorrow.
Collectively, we need a greater emphasis on integrating & experimenting with these projects.
Here's a crash course on
@gitcoinpassport
, a major part of this emerging sector🧵
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10/ If a project is making money, it should be as clear as possible, not hidden behind gimmicks.
Imo, leave it to applications built on top like Llama Airforce Union to aggregate and deploy the dust. Keep the value distribution pristine.
Geist = really cool, RIP
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@ann_droo
@ceterispar1bus
@NotSoAnonJoo
I pulled row level data from dune tables uniswap_ethereum.ExclusiveDutchOrderReactor
from there you can find a lot of interesting stuff from pivot tables
heres a curated query that does the joins for you, but would need to make some edits timeframe etc
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1/ Besides having some of the best merch and vibes in crypto, there's a lot of reasons to be excited about Rysk Finance and on-chain options
Here's some takeaways from
@DanDeFiEd
episode on
@web3builderspod
🧵
.
@yium_e
x rysk
~~ 𝒟𝓇𝒾𝓋ℯ𝓃 ℬ𝓎 𝒱ℴ𝓁𝒶𝓉𝒾𝓁𝒾𝓉𝓎 ~~
a drop exclusively for the top traders of the testnet trading competition we co-hosted with our frens over at
@GammaSwapLabs
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16/ I’ve been a vocal critic of veTokens forever and have a personal rule to avoid these tokens.
The pvp ponzu can be fun and useful as a ‘gold rush’ for equity in early stage protocol. But make no mistake, theres no excess wealth generated here and as a velocker, ur the product
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7/ This will allow for a lucrative strategy if GHO is under peg:
- Stake DAI in EDSR for 5.5%
- Deposit sDAI into Aave and mint GHO
- Deposit wGHO and recursively borrow USDC via e-mode at 87% LTV
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5/ Not as excited about DPX/rDPX, but deserves a shout for being one of the handful of tokens providing a service. (helps absorb option writer downside)
Also managed to carve out a financial role in the options space that doesn't really have room for it atm.
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15/ Inexcusable for a perp project that will have out of the box pmf to use this type of model, but $IPOR is trying to single handedly bootstrap interest in a more mature DeFi eco.
A bit ahead of its time, needs the meta game, and made concrete improvements on veToken flaws👏
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If the Arbitrum airdrop criteria disproportionately benefits me then $ARB = very gud coin🤞
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2/ First, a couple disclaimers. Of the tokens mentioned here, Thales is the only one i have a material position in.
This is also not analyzing or endorsing the protocols themselves. Strictly discussing the tokens
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12/ C Tier: $AAVE gets a lot of crap bc no value accrual, but i like that it performs a service via the safety module, which can justify an expanded role with monetary benefit down the line.
Better to have noncommittal token w endless possibilities than certified garb🗑️
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Is your football club down bad so far in 2023? Here’s a great method I use to numb the pain:
Ape weekly parlays on
@OvertimeMarkets
betting on surrounding teams in the table to win (or draw, if you’re near the relegation zone🤕)
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This is blowing up so want to clarify:
I’m not saying DPX is an S tier token, or that GEIST > AAVE, or that BADGER is more relevant than xyz token
I’m mapping design aspects I’ve seen to their most representative token & plotting them on a tier list. This has nothing to do w
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6/ In addition, Aave has 2 governance proposals in the pipeline:
- Approve sDAI as collateral to mint GHO
- Approve wGHO as Aave v3 collateral for isolation mode
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14/ F tier: complex ponzu yield maze. Holding this token is a part time job - most tokens, specifically $IPOR, $BADGER, $PICKLE, all veTokens
Gonna single out IPOR out here. Doesnt really deserve the slander of this tier too similar to ignore and quite high maintenance
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9/ $GEIST is shutting down, but absolutely nailed the value accrual aspect.
Super straight forward; fees earned are distributed to LPs and token holders in-kind. If you deposit assets into Geist, you'll accrue rewards in several different tokens.
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2/ First, let’s quickly dispel the peg FUD.
The main early use case for GHO is borrowing at the fixed rate of 1.5%, swapping to USDC/DAI and capturing the rate spread.
This one-dimensional early use case resulted in one sided PA, with GHO stabilizing at around .97
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20/
Thats all, thanks for reading. cant wait to see you all in veToken pool2s if we ever get another cycle.
Also wrote some ideological thoughts on how to value UNI token in this feed post
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3/ Like DAI, GHO is hard coded at $1 internally. This means new minters bear the cost of GHO trading under peg, severely limiting early growth.
Historically, peg issues during a stablecoin's infancy are not indicative of future success.
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6/ A Tier: Tokens that earn or unlock real yield, but could eventually be seen as rent seeking - GMX, THALES, GEIST
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Starting to see some RWA projects that aren’t mind-numbingly boring, v bullish
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19/ People are excited about future of crypto and fundamentals look good, but dont want to take on the growing responsibility of owning a crypto token.
Money starts to rotate to veKIMCHI-inu w an emission schedule of 2 months, people have fun mania ensues, elevator down etc
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18/ I think the same could happen w veTokens.
velockers get rekt but dont seem to care, so condensing the whole charade for more dopamine & more sting will be a huge hit.
At the top of next cycle, I bet the market becomes fatigued with over-complicated token designs
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3/ v5 offers several improvements over v4:
- Fully decentralized, censorship resistant, immutable
- Hyperstructure architecture supports hooks
- Compatible with any ERC-20 asset with an ERC-4626 vault
- Streamlines entire user experience of claiming, collecting, etc
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13/ D Tier: throwing $RBN here
RBN was p much a dumpster fire & belongs below $CRV, but they CRUSHED the GTM. The airdrop, LM rounds, and extended non-transferrable period solidified the community and TVL was always at cap
I hope more projects play w the non transferrable model
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Hi
@BriFitDance
we need you to end this madness with an
@elonmusk
bear bear bear video. Save our bags queen 🐻🧸📉🙏💃🩰👽🚀🌖
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12/ Portals
One of the most highly anticipated features of Aave v3 was portals, which will make Aave a quasi bridge & improve lending UX.
GHO will flourish with portals, seamlessly saturating layer 2s while enjoying the security of Ethereum for issuance.
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7/ Rent seeking tokens are fine if protocol is generating excess wealth or has a moat. There's a decent case the app layer eventually becomes a public good.
Rent seeking tokens would be phased out unless they provide a service. Not an issue atm but something to be cognizant of
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7/ I found at least 44 points are susceptible to moderately simple sybil vectors (dupe socials, wallet credentials).
Holonym, Civic, Coinbase are much more stout defenses against sybils than ENS names, GTC holdings, or Lens handle, yet this is not reflected in the scoring system
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15/ Payments
Aave has teased an Aave card for years. Aave has an EMI license in the UK, and is as well equipped as anyone to make progress here.
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21/ Thanks for reading, check out our recent stablecoin report here, and the year ahead report linked above for deeper dive into some of the ideas discussed.
Any cool use cases I missed?
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@phase2pointzero
@Delphi_Digital
I think GNS is super elegant, even other details like the discount for gDAI deposits in certain circumstances. all really well thought out
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7/ Principal-protected vaults (Vovo, Brahma, R-Earn): cool concept that have struggled so far.
There's potential here, and PPVs are a logical continuation of the zero-loss branding.
Here's my report on PPVs from last year
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4/ Currently, the only ways to restore the peg are:
-CDP holders unwind their positions (defeats purpose)
-Users buy discounted GHO on DEXs and hold it like a bond (balancing supply/demand)
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5/ GHOs peg issues are almost over.
Aave has a Maker-inspired peg stability module coming soon that will allow GHO to be exchanged 1:1 for approved assets such as USDC.
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8/ Parimutuel markets: Could introduce other variables outside of randomness to designate prize winners
Fantasy sports⚽️🏈🏀: I can’t be the only one that winces at the thought of all that prize money sitting idly for 8 months.
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11/ B Tier: This would be tokens with creative forms of non-financial token utility.
left this blank bc havent seen anything all that interesting and dont feel like exploring further for now.
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14/ All things considered, PoolTogether is now firmly on my list of interesting things to keep a close eye on, and appears to be in its best spot since the DeFi Summer days
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@nflthrowback
@ReggieWayne_17
@ochocinco
@CutToIt
Anyone not saying 89 no 1 does whippets and is quintuple vaxxed
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People I work with think I’m such a lunatic for thinking we should privatize police
But at this rate, they’ll soon realize that they are, in fact, the lunatics here
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5/ Liquidation bots – Collecting and converting accrued yield to prize tokens efficiently
Prize claiming bots – Anyone can claim prizes on behalf of winners, earning fees for doing so
Draw auction bots – Retrieving the RNG for draws on Ethereum Mainnet and relaying to L2s
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14/ Cross-margin systems appear to be on the horizon (Vertex, GMX, Aevo, SNX v3, Voltz, etc)
A truly robust and composable cross margin system may undermine this idea, but it's interesting to think about the synergies between Aave’s idle reserves, portals, and derivs contracts
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6/ PoolTogether v5’s new architecture is encouraging, and I’m excited about the potential expansion of its scope in the future.
There are some adjacent use cases i'm hoping to see built on PoolTogether, helping it grow past the small niche it has previously been limited to
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My toxic trait is downloading a csv w 60k rows bc I’d rather use 7 nested pivot tables than write an intermediate SQL query
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8/ The onboarding of LSDs was a key factor in the resurgence of Pendle. LSDs account for over 60% of Pendle TVL today.
LSDs could have a similar effect with IPOR, which has already proven to be a cozy situation for LPs.
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9/ Now for my concern:
PT v5 features the auto-collecting and conversion of yield into the prize token, which acts as the common denominator yield vehicle and reward currency.
The prize token is currently POOL but could be anything. I’m not sold on POOL as the prize token.
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20/ GHO may be less likely to gain immediate traction than others, but seems more likely to deliver on a monster new use case that can help DeFi take a leap forward.
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22/ Forgot to link these fml, here's GHO as a makeshift arbitrage clearing house
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4/ PoolTogether v5 is organized as a hyperstructure – decentralizing the stack by relying on incentivization rather than governance.
v5 outsources core business tasks to 3rd parties via Dutch auctions.
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@safetyth1rd
DeFi will eventually die without undercollateralized lending. Or at least, fail to capture a material chunk of legacy finance, which was ultimate goal originally.
Will just be a meme coin casino forever and the tech novelty aspect will fade
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17/ Next cycle predictions😬
Pool 2s began as an earnest attempt at generating liq for a new token and ended up as a crutch for projects running out of deliverables
The pool2 lifecycle was gradually accelerated, and Projects eventually stopped even pretending to have a product
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16/ Web3 Social
Once Lens Protocol hype picks up, there's a good chance GHO has a foundational role in the ecosystem.
Imagine a Fren Tek type app within the Lens eco using GHO as its currency. Or drawing debt against your main CDP to tip your favorite creator w GHO😳
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19/ It can be easy to look at Aave’s token performance and its seemingly whimsical ventures into Lens Protocol and GHO and conclude it's a finished dino coin.
It is clear to me that these are pawn pushes in an ambitious long term plan.
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You either die running impermanent loss misinformation campaigns, or live long enough to launch your own concentrated liquidity AMM with a rebrand 🫡
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11/ For more detail on basic workings of IPOR check out this report
thx for reading go ipor 📣
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Lmao @ middle curve gamers getting triggered by NFTs
Fifa UT is just a series of open edition dynamic NFT mints. It thrives in spite of the unpopular command economy bc the concept is so cool.
DeFi + NFTs is gonna make ur favorite game economy look like a lemonade stand
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10/ GHO as a Cash Cow
Aave’s cut of borrow fees is known as the reserve factor (10% for popular stables)
GHO effectively has a reserve factor of 100%, since all borrow interest is retained. GHO could make up the majority of Aave revenue at 10-15% share of debt (~230M supply)
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8/ With peg stability issues aside, we can focus on the actual design and potential uses before passing judgement on GHO.
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13/ POOL as the prize token for a dApp that deals primarily in stables seems like it creates extra steps and undermines the improvements v5 offers elsewhere.
PoolTogether is still in beta and POOL is not fixed as the prize token. I could also be wrong about these issues
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2/ PoolTogether is a no-loss lottery app that awards winners with the yield earned by depositors.
PoolTogether as a concept seems so much better as a financial infra than as an app. v5 is a big step in that direction.
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@bantg
Good point but it’s also the same argument people use to praise Warren Buffet & convince themselves he’s still relevant, despite him refusing to adapt, going into tech age kicking and screaming, and being outperformed by any open minded investor allocating to AMZN or BTC
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9/ GHO uses Facilitators to administer the minting/burning of GHO by approved entities according to pre set parameters.
I think of GHO as an attempt at a decentralized stablecoin conglomerate. A sum of all parts approach to scaling while compartmentalizing the risk
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10/ There doesn’t appear to be a legitimate path forward for POOL as money, so this should just result in UX annoyances for both users and token holders.
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13/ Derivatives Arbitrage
Getting speculative here, but we looked at futuristic use cases for portals and GHO in our year ahead report.
A delta neutral GHO facilitator could be an ideal remedy for our immature derivatives sector.
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11/ Use Cases
The most exciting part of GHO imo is the potential for unique use cases we haven't seen before.
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2/ Passport is a sybil resistance tool that helps improve the legitimacy and effectiveness of quadratic funding for Gitcoin Grants. But Gitcoin Passport will be much more than this.
With just a few lines of code, any project can integrate Gitcoin Passport for sybil resistance.
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@AgentProtocol
@basedkarbon
Rocket league is awesome. It’s cool because it feels like a real sport. Like a craft you have to perfect and you go out and show what you can do. 2000 hours and it’s still new
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13/ Despite its importance and scope, Passport has seen underwhelming adoption outside of Gitcoin grants.
On July 31, Gitcoin launched an Anti-Sybil Assembly campaign in collaboration with Galxe. Users could mint NFTs based on their Gitcoin Passport Unique Humanity score
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@adamkokesh
@bugleatham
@newsspingazette
@ComicDaveSmith
Now you’re hiding behind the fact that everyone who read your tweet thought it was stupid, and you’re just calling them all
@ComicDaveSmith
fans bc it’s convenient.
The stupidity of your take stands on its own
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12/ Tokenholders: Liquidation of accrued yield into POOL will result in consistent buy pressure, and an equal amount of sell pressure from prize winners
Best case scenario is these forces net each other out, but theres a high likelihood of value leakage & no real reason to hodl
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9/ EulerBeats - gonna crown EulerBeats as the coolest (and earliest) use of bonding curves I've seen.
EB Originals owners earn an 8% royalty on each print NFT that is minted. Prints prices are based on a bonding curve considering # of prints minted.
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18/ Along with Lens, GHO would allow Aave to oversee the entire stack, making the daunting task more feasible.
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2/14 As a whole, perps projects have some of the best tokens in crypto. Sustainable utility + straightforward value accrual
DYDX has been the key exception here. Little utility, low float/high FDV, no value accrual.
But the DYDX token is about to get a major facelift💅
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3/14 With the move to full decentralization in dYdX v4, the DYDX token will have a role in securing dYdX chain through staking.
DYDX's expanded role in setting protocol parameters and network security could justify a significant portion of revenue distributed to stakers.
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@zerion_io
@UniswapProtocol
@zapper_fi
Can you guys put apple watch integration in the pipeline and electrocute us into a backflip any time we are nearing liquidation?
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