José Maria Macedo
@ZeMariaMacedo
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CEO @delphi_labs Founding Partner @delphi_ventures
Joined February 2011
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Pinned Tweet
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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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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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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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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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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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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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
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Decentralised stablecoins are unstoppable fiat currencies
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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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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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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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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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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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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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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 $LUNA thesis and I'm happy to have repped the bull side 🌕
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$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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@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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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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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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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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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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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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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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$1B in TVL means pre-launch
@astroport_fi
is already a top 15 DEX in the world
GG Astrochads
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If you want trustless, unstoppable dApps, you need a trustless, unstoppable stablecoin
If your stablecoin can be frozen by an off-chain process, it ain't unstoppable or trustless
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There is no geopolitical event that will make me sell my coins
The crazier shit gets, the harder I hold
Crypto was build for chaos
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$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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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 $13b market cap
We are extremely early
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Mars isn't just another money market
It’s a generalised credit protocol enabling both peer-to-smart contract AND smart contract-to-smart contract lending 🔴
The latter is the real breakthrough and what I’m most excited about.
Thread about why 👇
Mars Lockdrop is in sight.
Targeting Feb 21st, 2022.
Pending approval from auditors and mission control.
Discord is now open for all:
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$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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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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Why do weekends randomly make everyone wanna sell their coins
Go for a walk ffs
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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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.
@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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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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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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19/ But this is just my opinion. I understand the risks and am ready to accept the consequences of being wrong
Until that day comes, I'll be helping build the Terra ecosystem and doing my part to make the 🌕 shine brighter
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17/ I'm bullish not because I think there are no risks, but because I understand the tradeoffs and believe the upside more than justifies the risk
Decentralised stablecoins are a multi-trillion dollar, winner-takes-most market that $UST is best positioned to win
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Great proposal
$UST must become the cross-chain stablecoin of choice. Incentives are a good way to bootstrap adoption
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Love the
@arca
team but I voted no on proposal 18
Can be easily sybiled (just creates additional complexity for whales) and imo not a good use of
@anchor_protocol
dev resources
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Proud to finally announce the secret project
@delphi_labs
x
@astroport_fi
contributors have been working on: Inscriptions on the Cosmos Hub
Quick thread on what inscriptions are, why they matter, and why it could be a massive catalyst for Cosmos
1/ Introducing Asteroid Protocol ☄️
A new open-source inscriptions protocol for Cosmos Hub from
@delphi_labs
&
@astroport_fi
Use it now to publish content (including fungible tokens) on
@cosmoshub
! Streak to now or expand the 🧵👇
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16/ As someone who holds the majority of their net worth in LUNA, UST and Terra alts, I'm obv bullish and think this is unlikely
However, anyone holding $LUNA or $UST needs to understand and be comfortable with this risk
DYOR and don't put in more than you can afford to lose
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As $LUNA continues to succeed, we'll continue to deal with criticism, some of it misinformed
While this is frustrating, imo the right response is not the increasing aggression I've been seeing from the community recently, but rather patience and education
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Despite CT FUD and $LUNA price drop, $UST supply has continued to increase over the last 7 days
Users continue to demand the stripper dollars
Unbothered. Moisturized. Happy. In My Lane. Focused. Flourishing.
$UST
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To be clear, while we've been hurt, both myself and more importantly Delphi will be fine
We prepared to be able to not just survive but grow through a nuclear bear market
We will learn from this and keep building
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Unbothered. Moisturized. Happy. In My Lane. Focused. Flourishing.
$UST
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I'm skeptical of rumors about anyone using $UST to avoid sanctions rn
They will use $USDT first. Then govs will go after tether who will freeze funds, implement KYC or both
Only then will the world realise financial independence from nation states requires decentralised money
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Big statement
$UST is the base asset
Turns out centralised finance also needs decentralised money
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This
Blows my mind that
@THORChain
is still the only game in town for non-custodial cross-chain swapping. Massive respect to these chads for tackling one of the hardest problems in crypto, and consistently innovating in a world of forks and copy-cats
it's been 3+ years since and I honestly don't know any solution other than
@THORChain
that can do trustless BTC<>ETH swaps in a scalable manner.
(despite reaching a significant scale, TC is still peanuts compared to CEXs)
it's concerning tbh
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The launch of vxASTRO will kick off the $ASTRO wars, with
@retrogrademoney
,
@reactor_money
, and
@ApolloDAO
all in the running
A few people have asked who we'll be backing
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After a hard week's grind, couldn't be more excited to light up a zoot, hit the jacuzzi and listen to
@Tetranode
on
@UpOnlyTV
Love this industry
Gn frens
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