José Maria Macedo
@ZeMariaMacedo
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Cofounder @delphi_labs Founding Partner @delphi_ventures
Joined February 2011
This weekend I competed at and won the IBJJF No-Gi European Championships!. Had 4 fights with 3 finishes and 0 points scored against me. Overall, very happy with the performance and more importantly with how I felt on the mats. Next step: World Championships in December!
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My read is that the insiders who helped launch $TRUMP didn't realise how much it would pump and either didn't buy enough or sold too early. So they rushed to run it back with $MELANIA and make sure they filled their bags this time (very visible in the chart). In their greed they.
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As $LUNA continues to outperform, its critics also become louder. Most criticism is focused around the possibility of a bank run and $UST de-peg event. A few people have asked me about this, so rather than repeating myself I thought I’d put together a thread with my take 👇.
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Genesis, a lending firm, “bought” $1b of UST from LFG in April. This UST was sold into the Curve pool during the early morning hours on Sunday (May 8th), initiating the depeg . The answer to who attacked UST will be found on the Genesis lending book .
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Brutal . Like many others I lost most of my net worth here. My heart goes out to all the other $LUNA-tics out there who are hurting, many much worse than me . If you're feeling down, get off CT snd go spend time with friends and ppl you love. My DMs are open too.
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Few realise it, but #TerraAutumn is coming 🌖🍂. The pieces will start falling into place once Columbus 5 goes live in late September. In this thread, I share my mental model for @terra_money and guide to the end of year setup as I see it 👇.
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Haters will criticise this for centralisation and they're right, for now. @LFG_Reserve made $UST more robust, but also temporarily more centralised . Fully decentralised reserve mechanism described by @jump_ is being worked on by the @astroport_fi team as we speak.
1/ The LFG Council just voted to deploy 1.5B in capital (0.75B in BTC, 0.75B in UST) to allay market concerns around UST. Some more context on why and how:.
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I'd rather ride $ETH to 0 than sell here. After holding it this entire cycle it'd genuinely be more painful to sell and watch it randomly pump than ride it to 0. Study mental illness.
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Why I'm bullish $LUNA 🌒. Centralised stables will be increasingly regulated and restricted. Decentralised stables are the endgame and will grow to become one of the largest verticals in DeFi. I believe $UST is the only truly decentralised stablecoin operating at scale. Thread 👇.
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Imo the biggest incentive problem in crypto is that founders can get to 8-10 figure liquid wealth before they ever ship anything meaningful. The band-aid solution is longer vesting schedules . The real solution is backing people who are motivated by something other than money.
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Proud to announce the next phase of our evolution: the Delphi Labs Accelerator . The vision is simple: to be the best place for the smartest founders to build the most impactful projects in crypto . More on this below 👇.
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I'm all for debating legitimate criticism, but this thread is absolutely terrible. It's so bad that I don't think it warrants spending much time on, but thought I'd together a few quick thoughts outlining a few of the many obvious inaccuracies.
The LUNA exposé thread. 🧵.
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Ultimately, it doesn’t matter if UST was attacked. The winning decentralised money must be robust and able to withstand highly adversarial conditions. UST was not . However, it would be poetic justice if Alameda set off the events that ultimately led to their own demise
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Decentralised stablecoins are unstoppable fiat currencies.
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At Delphi Labs, we have a long list of ideas we'd like to build, but we're limited by time and focus. With this in mind, we've put together a list of 6 ideas we'd like to see built on @terra_money.
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Comparing DeFi summer to the memecoin crime szn is peak cope btw. DeFi summer was the culmination of a bunch of ppl grinding away for years during a brutal bear market, building the primitives that still make up the majority of modern DeFi. Yes there were rugs but they were.
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We’ve been bullish on @cosmos for a while, having chosen it as the home for @delphi_labs incubated projects . The thesis is now starting to play out, with a bunch of exciting launches on the horizon that are likely to catalyze adoption. Thread👇.
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In the past I’ve stayed out of Cosmos politics. But, given where I perceive the ecosystem to be and some of the stuff I found out at Cosmoverse, I feel it important to share some thoughts and spur some discussion amongst the community. Thread 👇.
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Yield Farming is underestimated. I believe it represents the birth of a new industry, with farmers becoming a new kind of market participant. @AlphaFinanceLab is the go-to platform for smart farmers and V2 only reinforces this . Thread 👇
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FDV is not a meme - many of you will learn this the hard way this cycle as unlocks hit the market. However, not all FDVs are created equal. The single most important factor in comparing FDVs is figuring out what % of a token's FDV is unrealised profits for investors/team. The.
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Alpha leak: @astroport_fi is in audit and will be launching in mid November. DEXes are the core building block of any DeFi ecosystem. The launch of Astroport means @terra_money will now have a best-in-class AMM. Thread on why I think this and why it matters 👇
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It's my birthday today. As far as presents go, it's gonna be hard to beat $80 LUNA 🌕.
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Happy to see @terra_money still alive and building. I lost 9 figures in the Terra collapse, which was the majority of my net worth at the time. I don’t blame @stablekwon or TFL for it, nor am I looking for "justice" or "restitution". I ate my loss and learned from it.
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Ethena yields have exploded again. As I see it, USDe/sUSDe Pendle YT is the best risk/reward trade in crypto rn. Based on my assumptions, ytUSDe Mar'25 is currently paying out 160% ROI in ~4 months (i.e. 556% APY). If you're a hedgooor, you can also "lock in" the yield by hedging
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20/ I'll also continue investing and contributing to other ecosystems that excite me. Most importantly, you'll never catch me or any other @Delphi_Digital team member throwing shade at projects or rooting for them to fail. WAGMI is the crypto way.
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Unpopular take: @terra_money projects should stop or reduce airdrops to $LUNA stakers. Airdrops get dumped. There are far better ways for projects to use these tokens, e.g. grants to attract builders or lockdrops to attract LPs.
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In the shadows of @astroport_fi and @mars_protocol, Delphi Labs has been working on something new, different, and exciting: @avatar_protocol. I believe NFTs are the base layer of digital identity. Thread on this thesis and where I see Avatar fitting in
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The first good game to lauch on @terra_money levevraging $UST is gonna be massive. The $LUNA-tic community will make for the best initial player base ever. They won't just play the game; they'll be passionate, engaged, ambassadors shilling it to anyone that'll listen.
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A year ago when we started building stuff at Labs, we chose @terra_money and @solana as the two ecosystems we were most bullish on . If we were starting Labs now, we'd be building on Starknet . If you're building something cool on there, HMU.
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Narrator: FDV was indeed not a meme. Since this post, I've been speaking to OTC brokers to try and understand secondary market structure for the assets I'm shorting. The findings were pretty revealing so thought I'd share. TLDR: I don't think these will be bullish unlocks.
FDV is not a meme - many of you will learn this the hard way this cycle as unlocks hit the market. However, not all FDVs are created equal. The single most important factor in comparing FDVs is figuring out what % of a token's FDV is unrealised profits for investors/team. The.
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A bear market for crypto is a bull market for stablecoins . $UST.
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$UST wins by becoming the cross-chain stablecoin of the people. We cannot afford to alienate entire communities. For Terra to succeed, $LUNA-tics cannot become toxic maximalists. We need to educate and build bridges with other ecosystems, not walls. WAGMI is the way of the 🌕.
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$ENA is live! @ethena_labs is one of our highest conviction bets this cycle both @delphi_ventures and personally. I believe:. - sUSDe will offer the highest dollar yield in crypto at scale.- USDe will become the largest stablecoin outside of USDC/USDT in 2024.- Ethena will become.
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Thanks very much to @BanklessHQ for having me on, and to @gametheorizing for the excellent debate . I'm hopeful we've created the go-to resource for those who want to hear the $LUNA thesis and I'm happy to have repped the bull side 🌕 .
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@terra_money is unforkable. You can fork the design, but you can't fork: . - $UST cross-chain liquidity + integrations .- ecosystem of DeFi apps built around it w/ $17b TVL.- $3b in $BTC reserves to protect peg .- neobanks like @alice_finance / @kado_money building on top.
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I read Arthur's blogs and agree macro seems bearish af . However, I've learned I can't trade the macro and neither can most ppl. When you know where crypto is headed, why stress yourself out trying to time a macro bottom?. Just HODL and go build some shit instead. WAGMI.
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Big day for @terra_money🌕. The most difficult and important thing for a decentralised stablecoin is bootstrapping demand. Once you have demand, you can raise collateral reserves. But the inverse is not true; having collateral doesn't help you get demand .
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If you're sub <$1m portfolio, you should drop everything you're doing rn and sign up to @legiondotcc / @echodotxyz . You literally have the opportunity to get in on some of the most exciting venture opportunities of this cycle, at prices the same or lower than what VCs paid.
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Repping $LUNA bull camp on @BanklessHQ tomorrow against the formidable @gametheorizing . Should be a good debate.
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Pumped to see @SeiNetwork come to market. Sei is a highly scalable L1 competing with the likes of Solana, Sui, and Aptos. Unlike its more generalised competitors, Sei seeks to build a chain that's entirely optimised for trading. Quick thread on why I'm excited about this👇.
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Will do a longer tweet thread next week once I've had time to reflect and collect my thoughts . Stay strong frens.
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Written when $LUNA was at $6. Still as true then as it is now.
Why I'm bullish $LUNA 🌒. Centralised stables will be increasingly regulated and restricted. Decentralised stables are the endgame and will grow to become one of the largest verticals in DeFi. I believe $UST is the only truly decentralised stablecoin operating at scale. Thread 👇.
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@AlgodTrading As mentioned in DMs, I'm willing to take your offer to bet 7 figs that $UST won't break peg by a date of your choosing. You said you want some additional clauses around changes in mechanism voiding the debt. Let me know what these are so we can get the bet defined.
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Building in crypto is hard. Cross-chain is even harder. Don't bet against a team willing to put up $300m of their own money to make users whole. Forever bullish @JumpCryptoHQ.
The wormhole network was exploited for 120k wETH. ETH will be added over the next hours to ensure wETH is backed 1:1. More details to come shortly. We are working to get the network back up quickly. Thanks for your patience.
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I’m back! Took longer than expected, but retreat was followed by a near-death experience while surfing my local break last weekend. Spent the weekend in hospital and the rest of the week recovering at home. Feeling very privileged to be here. Story below for those interested
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Today marks 1 year since $LUNA collapsed and I, like many others, lost most of my net worth . A painful, expensive lesson but one I’ll never forget. Respect to all the other lunatics out there who survived and kept moving forward 🙏
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Crypto is a liquidity blackhole . Everyone I introduce to the space starts off with 0-10% of their net worth invested and ends up with >50%. Even their cash moves to stables . Other than aggressive regulation, I don’t see anything TradFi can do to reverse this trend
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Robbinhood apparently considering launching a blockchain and currently deciding between Solana and Arbitrum . Personally, would be very surprised if they didn't go with some form of L2. What are the arguments for launching this on Solana instead?
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Idea: Dev mining via "Free Market Matching". The most valuable resource any L1 has is the amount of talent dedicated to building in its ecosystem. Every L1 wants to incentivise builders to its ecosystem. However, there isn't currently an automated, decentralised way to do this.
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$1B in TVL means pre-launch @astroport_fi is already a top 15 DEX in the world. GG Astrochads
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Just when I thought I couldn't be any more bearish on Europe, we go and do this. This is what happens when you hand over the continent to a bunch of unelected bureaucrats who've never worked a real job in their lives
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Massive congrats to @WorldMobileTeam on this announcement, and more importantly for reaching 1.3m paying DAUs on their network, making it one of the most used projects in all of crypto . These guys have been building WMT since 2018, before “DePin” was even a thing. They were also.
Decentralized identity is here - and it’s built on World Mobile Chain. @PwC Italy & @SKChainAdvisors are deploying an enterprise-grade SSI solution on the first Layer 3 blockchain for telecoms. DePIN is the future. We’re building it. Onchain. 🔵 Built on @Base. 🛜 Designed
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Most ppl aren’t aware that Portugal had a revolution in 1974 where about 40% of GDP was nationalised (i.e rugged). This included the majority of our financial sector + industry. Large agricultural estates were also expropriated and distributed to peasant cooperatives. My family.
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$UST hits $10b 💸. This is a massive milestone not just for @terra_money but for DeFi as a whole. We now have a truly decentralised, unstoppable stablecoin operating at scale . The crazy thing is we're just getting started.
$UST marketcap is now $10B, the first decentralized stablecoin to achieve this milestone. There is no more doubt in the product market fit of decentralized money in decentralized economies. Long live @terra_money
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There is no geopolitical event that will make me sell my coins . The crazier shit gets, the harder I hold. Crypto was build for chaos.
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After seeing what happened with sanctions, everyone understands the use case for unstoppable fiat money. The TAM for this entire sector is in the trillions of dollars. $UST, the largest decentralised stable, is at $13b market cap. We are extremely early.
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Mars isn't just another money market . It’s a generalised credit protocol enabling both peer-to-smart contract AND smart contract-to-smart contract lending 🔴. The latter is the real breakthrough and what I’m most excited about. Thread about why 👇.
Mars Lockdrop is in sight. Targeting Feb 21st, 2022. Pending approval from auditors and mission control. Discord is now open for all:
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Just interviewed @d0h0k1 for @RealVision and he absolutely crushed it. Dropping next week👀.
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TVL on @astroport_fi hits $1B, making it a top 10 DEX in the world . $300M 24h volume too 👀
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Evidence for Alameda being the attacker:. -Known to be borrowing BTC in size at the time (Voyager filings).-FTX listed UST perps shortly before this .-Set off the previous UST depeg event in Feb 2021.-Sam was famously bearish UST. Alameda known for being aggressively PvP.
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$UST is the only dollar pegged stablecoin that isn't exposed to this risk . Right now all of Defi is literally dependent on two centralised companies: Circle and Tether. Decentralised finance needs decentralised money.
idk who needs to hear this but if the government forces USDC to blacklist smart contracts in defi for whatever reasons, every collateralized asset used to borrow the USDC will be locked in the protocol. it's rai or die.
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I lost 7 figures on FTX and have friends who lost a lot more. @SBF_FTX destroyed lives and set back our industry with unbelievable levels of fraud and negligence . Nevertheless, can’t help but feel sad to see him go to prison, especially in these conditions
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Why do weekends randomly make everyone wanna sell their coins . Go for a walk ffs.
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Everyone complaining about the evil VCs and their low-float, high FDV token launches. Meanwhile @friendtech does the fairest token launch we've seen in a while, with 0 VC ownership, and everyone jeets their airdrop at sub-$200m FDV . NGMI.
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Have mounting evidence pointing to the identity of the Terra hacker . If you're reading this, come forward to negotiate return of funds in exchange for a bug bounty . Otherwise, will be forced to go public with what we have and bring in law enforcement. Don't ruin your life over.
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To everyone who pings me asking about $LUNA: my thesis remains unchanged.
Why I'm bullish $LUNA 🌒. Centralised stables will be increasingly regulated and restricted. Decentralised stables are the endgame and will grow to become one of the largest verticals in DeFi. I believe $UST is the only truly decentralised stablecoin operating at scale. Thread 👇.
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Finally got around to reading the @eigenlayer "intersubjective work token" paper and it's actually pretty mind-blowing . Eigenlayer is basically proposing to build a fully crypto-native court system that's able to arbitrate on any subjective dispute.
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So @terra_money is now the #2 chain by TVL, surpassing BSC . Decentralised finance needs a decentralised stablecoin. The world needs unstoppable, programmable money . We still like the stripper dollars
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Astroport is 4 months old and is generating the same amount of fees as Curve with 1/10th the TVL . Probably nothing.
a sober comparison of fees distributed to @CurveFinance @astroport_fi and @Uniswap governance. you might have to squint a little bit to see the last one
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Gnosis pay is one of the most mind-blowing crypto unlocks I’ve come across. Allows SAFE multi-sigs to have IBANs and conduct VISA debit card payments . Who are the teams out there building cool stuff on top of this ?.
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Woke up to 100+ dms. Truly grateful and inspired by all the love and support from everyone . Heartbroken by some of the stories but inspired by people's attitudes in the face of loss. Will be responding to every single one of you - it'll just take me some time.
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Why is it that all $LUNA bears seem to love talking about pegging? . A bizarre niche indeed.
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Announcing the @delphi_labs Accelerator: Cohort 1. We’ll be selecting up to 5 of the most promising @cosmos-based, early-stage projects to receive $200k in seed funding + focused advisory from our team. Read on for more info on how to participate 👇
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To everyone saying L2s can do everything Solana does rn:. Which L2 currently has 300ms block confirmation times? Even with a single sequencer, no L2 is doing sub 1s blocks. This is likely to slow down further once sequencers are decentralised.
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5/ The risk is the so-called death spiral, depicted below. Endogenous collateral creates reflexivity which just means a self-reinforcing positive loop; $UST contraction leads to $LUNA being minted and declining in price, which leads to fear and more $UST redemptions
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From my sample size, @solana still has the greatest depth of dev talent of any ecosystem outside of Ethereum. Despite price action and chain halt issues, most of the top teams have stuck around, hacker houses still packed, and sentiment seems mostly strong among those I spoke to.
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@IOHK_Charles @WorldMobileTeam If you said this to me in person, you’d be calling me daddy within 5 minutes . maybe spend less time on cringe 12yr old banter, more time worrying about your ghost chain and your fat ass
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This is why we need $UST.
"Today, Tether has frozen three addresses on the Ethereum blockchain containing $160m USDt upon a request from law enforcement. At the moment we are unable to disclose any further details," a Tether spokesperson wrote in an email.
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$RUNE $AXS $LUNA. No coincidence that all our biggest wins at @Delphi_Digital were and still are highly controversial . Doesn't mean all controversial projects make good investments, but imo all great investments are controversial . Consensus views lead to average returns.
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I've said it before: @terra_money's TeFi has the best UX in crypto right now and it's not really close.
Seriously. Try Terra Station Chrome Extension and on mobile. Try it on Anchor or Mirror. Once you did, you know why Metamask sucks and Ethereum is the Yahoo of crypto. DeFi is TeFi. @terra_money $LUNA $UST
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@himgajria Not that ironic. As a bear you wouldn't bet against a platform and then hold the money on the platform you're betting against.
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Large scale insolvencies, DeFi founders quitting, rabid bulls turning into goblins, and ofc the classic "things will get a lot worse" tweets . I don't know where the bottom is but I'm buying here.
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My @RealVision interview with @d0h0k1 is now up! We cover the stablecoin thesis from first principles, including why decentralisation matters and what makes @terra_money's design unique. Watch for free here:
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1/ Before we begin, it’s important to realise what Terra is. Terra’s product is often misunderstood as an L1 . In reality, Terra’s only product is $UST. Everything else, including the L1, simply exists to help make $UST the most useful and decentralised form of money there is.
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What if the millions of players @AxieInfinity is onboarding from developing nations had access to a @anchor_protocol 20% yield $UST savings account? . 👀.
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Not gonna be active on Discord tonight. I'm meeting a girl (a real one) in half an hour (wouldn't expect a lot of you to understand anyway) so please don't DM me asking me where I am (im with the girl, ok) you'll most likely get aired because ill be with the girl (again I don't
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Delphi Labs is expanding 📈. We're looking for a few key people to join our team and help us build out the future of france. You'll be surrounded by world-class talent working on some of the most interesting problems in the space . More below 👇
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Amidst the madness, 24h volume on @astroport_fi hit $418m 👀. This makes it the #6 DEX in the world. If it was on Ethereum, it'd be the #3 DEX, just behind Uniswap v3 and Curve, and ahead of Sushi and Uniswap v2
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People simply won't debate us or host us on their podcasts if they get flooded with hate mail afterwards. This is a huge loss . @gametheorizing was a great sparring partner with balanced views. There's no reason he should be getting this treatment. $LUNA-tics let's do better.
1/ I really dislike the cliqueness around coin/tokens. The brain gets re-wired when someone has a high financial investment. The same reality gets interpreted in warped ways around it. And when a gang, er community, supports the same investment, they seem to become. lunatics
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.@FatManTerra has put together a spreadsheet aggregating heartbreaking stories of real people affected by UST depeg. I'd like to donate to them and I'm sure many others would too, but we need to be able to verify people and their stories.
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Episode 1 of the @PodcastDelphi #TerraAutumn series is out, interviewing the Don himself @stablekwon . 8 more interviews with dope @terra_money ecosystem founders coming over the next few weeks 👀.
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@danku_r @sunnya97 @CBarraford Few know this but @Delphi_Digital wouldn't be what it is today without @THORChain . $RUNE was Delphi Ventures's first ever investment. We aped >100% of our net worths at the time because we were so bullish on the team and vision . The rest is history.
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