Joo 🦇🔊
@NotSoAnonJoo
Followers
2,238
Following
1,441
Media
107
Statuses
549
Stealth | Prev @Delphi_Digital
DegenFi
Joined April 2014
Don't wanna be here?
Send us removal request.
Explore trending content on Musk Viewer
#NekkoxGFPressCon
• 222026 Tweets
#WEARE大阪生配信やで
• 199208 Tweets
taeyong
• 87138 Tweets
Biafra
• 75670 Tweets
海ちゃん
• 67122 Tweets
#CL_BEAUTRIUMxBEAUTILOX
• 64496 Tweets
見逃し配信
• 55903 Tweets
Azra Kohen
• 52361 Tweets
Charlotte Beauty Of Skin
• 49063 Tweets
Zuma
• 46442 Tweets
#魔改造の夜
• 41450 Tweets
Eastern Cape
• 31231 Tweets
ヤンマー
• 25943 Tweets
ライドカメンズ
• 24348 Tweets
元太くん
• 21358 Tweets
Limpopo
• 18900 Tweets
Zulu
• 18062 Tweets
スレイヤー
• 15177 Tweets
#ぐるナイ
• 13879 Tweets
MISTINE LIVE WITH POOHPAVEL
• 13565 Tweets
ライガーテイル
• 12775 Tweets
ヘルナンデス
• 11835 Tweets
ピッチャー
• 11252 Tweets
Canarias
• 10789 Tweets
Ley de Amnistía
• 10398 Tweets
大倉くん
• 10327 Tweets
バンバンッ
• 10021 Tweets
Mapping the Moon:🌙
$ENA by
@ethena_labs
dropped yesterday. Here's my conservative take on their potential earnings and metrics
At 50% stake rate to sUSDe and 20% funding yield, $ENA is expected to generate $300M-$500M in EARNINGS
Implying P/E of 4.28x to 2.57x at circ. supply
30
83
395
Mapping the Yields💵
So
@ethena_labs
introduced $ENA locking for 30x SATs
Should you lock $ENA if you don't have USDe positions?
You'll get 19%-68% ROI over 120 days aka 59%-205% APR
This is a juicy way to increase ENA exposure just by locking
100M ENA left till 200M limit
24
20
154
Personal Year-End Review at
@delphidigital
for the past 9 mths (2 intern, 7 full time)
Thread Below👇
4
7
100
Last month, I left
@Delphi_Digital
after 3 years.
Here’s how it started, with some appreciations
10
0
84
Another Simple & Creative Yield Strategy
(Synthetix Perps)
A few arbitrageurs have taken advantage of
@synthetix_io
perp's unique funding and price impact systems.
This trader has been printing funding rates while he sleeps.
Here's what you need to know and how to execute.
8
18
78
Thala, an Underlooked Gem Within the
@Aptos_Network
Ecosystem
🧵 Thread on
@ThalaLabs
and why it is well positioned in Aptos
4
21
74
Lads at
@Delphi_Digital
just dropped a report of
@ethena_labs
They did a great job covering the risk side of things
Some of my favorite charts
The chads:
@robbiepetersen_
&
@yeak__
Read it here:
3
16
66
@Tether_to
recently released their Q2 report. They've generated over $1B in operation profits. Here's a thread to break down their business model, and potential risks.
2
80
63
Let’s talk about
@0xMantle
, an L2 that’s been flying under the radar.
With a whopping >$2B in its treasury, they're not just well-capitalized but poised to bootstrap their way to prominence. 💰
A thread on why Mantle and its recent updates.
4
13
54
.
@aori_io
is a revolutionary orderbook DEX, powered by the Seaport Protocol.
The Seaport contract is the backbone of NFT trading giants like OpenSea & Blur, ranking 3rd in ETH gas consumption!
A thread into Aori
2
12
48
📢 The DAI Savings Rate (DSR) has just been raised from 3.19% to 8%.
How will this impact DAI and
@MakerDAO
?
Here's a thread to break down its potential growth
🧵0/9
3
13
44
Napkin Math of
@ethena_labs
Update:
200M $ENA * 30 = 6B Sats/Day
200M $ENA = ~$240M USDe Boosted, 20x sats = 4.8B Sats/Day
Current SATs Emissions is ~27B/Day
Assuming ENA Locks are filled, Sats Emission inflates to:
27 + 6 + 4.8 = 37.8B SATS/day (+40% emission rate)
3
6
42
With ~8% $ENA circulating float,
200M locked further reduces circulating float to 6.67%
@ethena_labs
bringing low float to another level
4
3
42
With $ENA
@ethena_labs
trading at $10.5B on
@aevoxyz
5% airdrop to shards = $525M
At 340B shards its $0.00154/shard
@WhalesMarket
how do i cash >2x on points? Its -EV for seller to adhere to agreement if tokens can be sold for >2x right?
6
3
35
3/3/0 lucked out WAGMI
@ParallelNFT
Prime: 1
Legendary [SE]: 1
Legendary: 8
Rare [SE]: 1
Rare: 2
Uncommon [SE]: 4
Common [SE]: 4
4
3
25
5/ $ENA looks incredibly cheap in my conservative scenarios.
In the bull market,
@ethena_labs
can capture even higher funding yields from levered bull traders
3
0
25
6/ Disclosure: I own $ENA. This post is meant for educational purposes. I am not ur mum, DYOR, and do not take this as investment advice. NFA
5
1
24
4/ Axie Infinity
@AxieInfinity
This was one of my favorite posts to write and chart. There were amazing data sets from
@axieworld
,
@DappRadar
,
@cryptoslamio
, and
@maxbrand99
. It was super fun to write with tons of data to analyze and model.
1
0
23
3/ What I've done since joining full-time as a Research Analyst:
Stats:
Participated in 43 posts, here's the breakdown
Delphi Pro: 9
Delphi Daily: 30
Others: 4
I'll be sharing my favorites next
1
0
22
7/ My favorite parts about the job:
1) Delphi fam
2) Hive mind and camaraderie within Delphi
3) Flexible exposure available to every part of Delphi
4) Fun and amazing culture
Wen next retreat?
1
0
22
After Bald's fall,
@BuildOnBase
has shown exceptional resilience.
Base is now leveraging momentum from
@friendtech
.
A Thread on Base
0/8
4
20
21
5/ MEV and Flashbots
MEV post was one that I really enjoyed learning. Learnt how flashbots work, why it is important, and how to avoid MEV attacks. Everyone MUST learn the basics of MEV. Post is public now!
2
0
21
2/ Got an offer to convert full-time 2 mths later. Took a leap of faith and applied for a gap year from uni. (yes i still have skool ser)
1
0
20
Getting Creative with Yield Strategies
On-chain yields are facing a drought lately. Those fresh yield farms? They're short-lived.
In this 🧵, let me share a simple strategy for generating yield through a delta-neutral lens.
1
1
19
.
@PrismaFi
will be increasing its debt cap for all four liquid staking collateral TODAY at 12pm UTC
A thread about Prisma
Who’s ready to mint some mkUSD?🌈
Prisma will increase the debt cap for the 4 collaterals on Friday 15th at 12pm UTC.
And remember, by opening a vault you will also earn some Prisma Points...
25
33
165
2
3
18
1/ How it all started:
Randomly saw
@anildelphi
post that he was looking for interns. DM-ed and got an internship. I was so excited to join as I've wanted to work in crypto for a while but was rejected from multiple places. (Bullish rejection)
The DM that started it all👇
1
0
19
9/ Personal goals for 2022:
1) Improve my writing. I have improved since joining, but still far from the standard I envision to be at. ty
@ashwathbk
for always giving tips on how to write better, ty
@mediodelphi
@YanLiberman
@jeremyongws
@Paul_Burlage
@genye0h
for the edits💙
3
0
18
1/ It all started when
@anildelphi
posted that he was looking for interns.
A single DM kickstarted my career in crypto
I worked really hard, and was extremely happy when I got converted to a full-time analyst. It was like a dream come true, to work in crypto.
Thanks Anil
1
0
18
Tagging some $ENA Chads
@ethena_labs
@leptokurtic_
@ZeMariaMacedo
@YanLiberman
@0xdef1
@Defi_Maestro
@0xYaro
@0xthlither
@VinegarWrites
@yh_0x
1
0
18
3/
The best part about this is the friends made long the way that made it enjoyable
@jeremyongws
@genye0h
@FloodCapital
@yh_0x
@fyhfyhio
James T.
@HelpedHope
@Shaughnessy119
@yeak__
@0xZoey
Carter Xixi and more
<3
6
0
18
2/
To those that paved my learning path:
My research senseis, MJ (wtf whr is his twitter) and
@ashwathbk
paved the way to how I fundamentally do research
Also shoutout to
@YanLiberman
and
@Kevin_Kelly_II
working together with gigabrains was always extremely insightful
1
0
17
12/ The past year has been surreal. Thankful for how everything turned out and for all the new friendships that were made. Merry Xmas and LFG 2022
1
0
17
Guesstimates for
@ethena_labs
1/ Printing ~4B/day in Shards, I assumed a reduction in shard inflation over the next 2 and 4 epochs by 25% and 50% from current rates. (Not official numbers)
Take this with a pinch of salt, it can vary from USDe supply increase & shard reductions
2
3
16
2/ Estimating ENA inflation, the current circulating supply of 9.5% will remain for the next few months
Assuming 7.5% of ENA is allocated to the SATS campaign, we're still looking at incredibly attractive P/E numbers post-inflation
Comparatively, Maker trades at 30x P/E
1
0
16
8/ What is or might be unhealthy:
1) Twitter addiction
2) dj[redacted] and 25[redacted] iykyk
3) odd af sleeping hours but I'm pretty ok with it
2
0
15
10/ Personal goals for 2022:
2) Finding a Specialization. Still figuring out my calling, but slowly narrowing it down.
1
0
14
11/ Special shoutout to the OG intern chads😘
@Crypt0___F1sh
@thejewforu
@Jeremystormsky
@WynnLemmons
@notatugboat
and Aaron
2
0
15
6/ I’ll still be in the space, will keep you guys updated on what’s next…
Wen? Soon.
0
0
15
6/ Special Inclusion:
Most torturous post goes to... World of Lunacia!
Shoutout to
@Jeremystormsky
and Aaron for the shared max pain in extracting more than 10,000 manual data points. The mind-blowing land visualization by
@mediodelphi
made it worth it.
1
0
13
1/ Thala stands at the forefront of DeFi on the Aptos, offering a comprehensive suite of DeFi tools. It includes:
1. ThalaSwap (DEX)
2. MOD Stablecoin (CDP stablecoin protocol)
3. Liquid Staking
4. Launchpad
1
0
11
fud surrounding -ive funding rates affecting
@ethena_labs
long-term are short-sighted
1. Base funding rate is 0.03%/day for most cexs
2. The longest period of -ive funding was in the depths of the bear
3. Redemption of USDe adjusts funding back to +ive on lesser shorts
0
3
13
3/ If we take half of Maker's P/E (15x) as an upper-limit, we clearly see limited scenarios where ENA trades above that.
1
0
13
5/ I hope I have achieved the goal of “making crypto better than it was yesterday” and continue to do so
1
0
13
4/ ENA Inflation to 17% post SATs campaign?
At 5B USDe supply, $2.5 ENA implies a 12.75x P/E, still under 15x
1
0
12
2/ Unlike most protocols, which create products in a single vertical, Thala expanded horizontally, covering most of the key products on DeFi today. They took the best of each vertical and aggregated it into a single place.
1
0
11
Upcoming Unlock Alert!
$DOT's parachain crowd loan unlock is worth $400M today
A thread on them
2
2
11
.
@fraxfinance
FRAX v3 unlocks RWA yields for FRAX alongside other unique implementations
A Thread on FRAX v3
1
2
11
Think LRT migration downwards from
@ether_fi
to
@puffer_finance
and
@RenzoProtocol
is very likely over the next month
Thread below
1
1
11
4/ my time
@Delphi_Digital
was truly enjoyable and I’ll definitely miss it.
I’m excited to see what
@ashwathbk
and
@ceterispar1bus
will cook soon
1
0
11
5/ Thala leads Aptos in terms of user base, outpacing other protocols, including Pancake Swap and Liquid Swap, which follow closely behind.
2
0
9
3/ Some metrics: In 2023, Thala’s TVL showed slow growth, remaining constant until the release of its LSD product.
The introduction of LSD marked a turning point, indicating a robust demand for its products offered.
Currently, Thala’s TVL stands at a notable $79.4M.
1
0
8
0/ Given how little information there is on creating scholarships for
@axieinfinity
as point out by
@ASvanevik
, here is a full hand-holding guide on how to do it.
Thread below👇👇
2
2
8
14/ They’ve also set up Thala Foundry, a DeFi-centric incubator, to support the growth of the Aptos ecosystem. They’ve received an initial funding of $1M from Aptos, with the incubator aiming to fund $50K to $250K on selected projects.
2
1
8
4/ In Dec, 2023, ThalaSwap had a surge in activity, with daily volumes reaching peak levels of ~$4M.
Furthermore, the number of swaps grew from 3.4K on Nov 28, 2023, to an impressive new high of 32K on Dec 24, 2023.
This underscores the accelerating growth of ThalaSwap.
2
0
8
This was originally posted in
@Delphi_Digital
's Alpha Feed. Do check us out to stay ahead!
Also our 2024 Year Ahead Reports + 1 month of Delphi Pro is currently available for just $199!
@QwQiao
@Delphi_Digital
Soon 👀
In the meantime, people can get access to all our Year Ahead Reports and a month of Pro for $199
Also, highly recommend reading the other sector reports. Team worked really hard on all of these
0
1
28
0
0
7
8/ thAPT holders can choose to LP and earn Thala emissions on the thAPT-APT LP or earning enhanced staking rewards by staking their thAPT to sthAPT.
Currently, thAPT-APT LP is yielding 31.43% APR and sthAPT 11.74% APR, both higher than the native staking rewards of 6.43%.
1
0
7
15/ These initiatives put Thala in an extremely favorable position within Aptos and allow it to capture Aptos’s DeFi growth in the future.
/End
1
0
7
Wow
@ThalaLabs
carrying the entire
@Aptos
ecosystem on its back
Dex
Cdp stable
Launchpad
Liquid staking
Restaking
MEV capturing validator client
Building the entire Aptos eco at 40m Mcap
Few…
0
0
8
Aptos April
Sonic April
ENA April
LRTEigen April
What else April did i miss out?
6
0
8
10/ For now, veTHL provides no incentives to lock other than governance and yields.
But features like revenue distribution, emission directing, and airdrops to veTHL lockers can be implemented in the future.
1
0
7
13/ Additionally, Thala’s close relationship with Aptos has the ability to king-make it on Aptos.
They’ve provided value back to Aptos through various open-source initiatives, including Thala OSS and Surf SDK.
1
0
7
6/ Thala’s LSD protocol is anticipated to be a key product, distinguishing itself by offering stakers a commission-free experience.
This feature sets it apart from other staking services that levy fees. LSDs also provide a benefit for those who value liquidity on staked APT.
1
0
7
11/ For now, Thala provides extremely attractive yields on various LPs, which can incentivize more depositors.
However, do note that emissions are currently given out in escrowed THL (esTHL).
1
0
7
9/ Thala’s token, THL, is primarily used to incentivize LPs and the stability pool on the Thala.
Its governance model is underpinned by two staking options for acquiring voting-escrowed THL (veTHL) locked for 2-52 weeks:
1. Single-sided THL
2. 80-20 THL-MOD ThalaSwap LPT
1
0
7
@_deafbeef
For those asking how to check reveal,
1. Go to Read Contract
2. Under 5. getString, input token ID, and query
1
0
8
Mostly incentivized volume, but there's a case that some of it is unincentivized by OP incentives
There's also a bunch of arb bots taking advantage of OI skew to profit on market-index price spread, and users arb-ing funding rates.
So maybe yes most users are incentivized
4
1
8
12/ esTHL rewards are vested over 30 days. Should holders opt to exit before this, they will incur a penalty as steep as 80% of the esTHL position value if the exit occurs immediately upon vesting.
The penalty decreases linearly over the 30-day vesting period.
1
0
6
7/ When BTC rose to 34K funding rates rose quickly to 155% annually.
The first strategy would be to execute a funding rate arbitrage, where you short on Kwenta and long on another exchange to capture the difference.
Direction obviously depends on + or - funding
1
0
7
5/9 Is this sustainable? Some napkin math.
In analyzing DAI's growth, I used the ratio of current "DAI supply" in DSR to "New DAI Supply" to forecast growth.
With the EDSR set to revert to base DSR of 3.19% at >50% utilization, it won't pass that mark as its -EV for depositors
1
1
6
7/ thAPT and sthAPT operate similarly to frxETH and sfrxETH.
sthAPT is entitled to 100% validator rewards from sthAPT + 80% of thAPT validator rewards.
Moreover, the sthAPT pool also accrues fees on redemption fees on thAPT to APT and stake fees on thAPT to sthAPT.
1
0
6
.
@rollbitcom
will be launching Duel Arena soon
Here's what u need to know and what it does for Rollbit🧵
2
0
7
.
@ethena_labs
held one of the shortest and yet most successful points campaign
$USDe grew to $1.35B and continues propelling upwards
Annualized revenue at $270m
$ENA will have mad circulating P/E and P/S metrics from low float
Will be looking out for their incentives program
We are excited to announce the first step in decentralizing the Ethena protocol with the launch of:
$ENA
1
479
2K
0
1
6
The best 4.5 hours you’ll spend
1/ 2022 was The Great Reset for crypto. Overly hyped trends & mass speculation pushed the crypto market far out over its skis, so last year’s washout was a necessary reset.
Today, we present our Year Ahead for Crypto report. Unlocked for the public: ➡️
77
208
650
0
0
7
Disclosure: I hold THL. The contents of this thread reflect my opinions of the project and are presented for informational purposes only. Nothing contained in this thread is, and should not be construed as investment advice.
1
0
6
8/9 In terms of redemption risks, the primary concern is USDT's limited cash float. Even when accounting for overnight repos, they only have 10.4% of cash, which is highly liquid and can be accessed quickly for redemptions.
1
0
6
2/ Ethena is likely going to be valued at >$1B, with every major CEXs having skin in the game
~250B shards est. at end of the Shard Campaign
I estimate that a 2.5% - 5% supply range to shards seems reasonable
2
0
6
SOL Hacker House and KBW was my first ever crypto conference event.
Suffering from social anxiety, I constantly find it difficult and fear talking to people. (not crippling but high activation energy)
A 🧵some things that I’ve done to make it easier:
👇
0/7
1
0
5
Doing
@ether_fi
numbers cause bored in reservist.
Whales pricing at ~1.2B FDV but there will be nuances in S1/S2 AD
Decent ROI for 4 days if you think Mcap/TVL will be similar to Lido
Personally thinks higher upside cause low float high fdv into
@eigenlayer
beta narrative
2
0
5
9/9 Fret not! This is unlikely to pose significant problems given they hold short-term T-bills, which can be liquidated with minimal losses to handle high-volume periods. -end
1
0
5
7/9 This shift may not be entirely coincidental, as rising interest rates have made T-bills an attractive and profitable option with lower risk for USDT.
1
0
5
5/9 Despite risks, Tether's position allows for higher-risk bets, given its annualized revenue generation of ~$4B. However, as interest rates are anticipated to approach terminal rates, the potential for revenue growth for Tether may be limited.
1
0
5
1/9 🧵 Tether has showcased a robust performance with its net assets exceeding liabilities by $855M and Q2 2023 operational profits surpassing $1B. Its business model relies on USD backing USDT to invest in short-term US T-bills or US reverse repos, generating interest yields.
1
0
5
1
0
5
The EDSR by
@MakerDAO
grew DAI supply higher than what I initially forecasted. From 4.4B to 5.2B in supply, ~$800M in DAI minted!
Stability fee income soared to $162M annually, highest it has been over the past year.
With utilization >20%, we can expect EDSR rates to drop soon
MakerDAO Increases $DAI Savings Rate to 8% ⬇️
"The recent proposal to raise the DAI Savings Rate (DSR) from 3.19% to an Enhanced DAI Savings Rate (EDSR) of 8% was aimed at stimulating growth and demand for DAI by enhancing the attractiveness of the DSR.
As a result, DAI now
7
9
58
1
1
4
7/ Aori’s Success? Tackling the cold start problem.
Its solution? Ethereum’s vast searcher ecosystem.
Thanks to flash loans, AMM liquidity is mirrored on Aori. MMs from CEXs can bring their on-chain inventory, merging CEX & DEX worlds for enhanced liquidity & tighter spreads.
1
1
5
3/9 ~8.5% of USDT's total assets are invested in volatile assets such as precious metals, Bitcoin, and other investments in renewable energy production and Bitcoin mining.
1
0
5
6/9 Additionally, USDT's asset profile previously included commercial paper, an unsecured debt instrument, which likely yielded substantial returns. They've since divested from commercial paper, replacing them with U.S. T-bills, reported on October 13th, 2022.
1
0
5
1/9 The DSR has just been raised from 3.19% to 8%! Aimed at stimulating growth for DAI, this now puts DAI at the top of stablecoin yields, surpassing money markets & DEX farms. Inflows into DSR grew from ~$340M to ~$674M in a day.
1
0
4
I think few understand how big this shift is from a PvE to a PvP centric game. Yesterday, they were considered 'miners', today they transition to become 'skilled players'. Weak teams will be phased out, players will grow and have a higher skill level that is rewarded. Meritocracy
⚔️Season 18 is live!
Please read the launch article carefully as it will go over some adjustments to the economy as well as a variety of exciting changes to the season structure!
👇
491
1K
3K
0
0
3
2/ For example, a maker sets the intent (say, buy 1 ETH for 1600 USDC). The taker meets the conditions & calls the “FulfillOrder” function to settle the deal.
Aori also offers gasless cancellations which is a vital requirement for market makers.
1
0
4
1/ Firstly, a brief primer
Synthetix perps uses stablecoin margin, enabling users to either long or short tokens with up to 50x leverage
A balanced open interest (OI) is important to reduce risks for Synthetix
Synthetix employs three mechanisms to maintain OI balance
1
0
4
If you like this post, please help retweet it! :)
This post was originally posted in Delphi Research's Alpha Feed.
@Delphi_Digital
1
0
4
4/9 If these assets were to lose 50% of their value in a worst-case scenario, USDT would be slightly undercollateralized, considering the surplus assets.
1
0
4
3/ Curve LPs are really PRINTING. These are annualized numbers.
Do what you will w/ these
1
0
4
2/ Firstly,
Funding Rates are dictated by the disparity in OI and the duration.
If BTC’s OI skews towards the long end, the funding rate will be positive over time. The magnitude of this rate’s growth hinges on the degree of OI disparity.
1
0
4
11/ This was made possible to incentivize users to take the other side of skewed OI and reduce risk for Synthetix.
Happy Yielding and Stay Safu!
Disclosure: I occasionally enter this strategy.
3
0
4