Dan Elitzer
@delitzer
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Backing early-stage teams @nascentxyz
Joined March 2009
New post w @p3shoemaker. Crypto’s AirTag Moment: Unlocking Mass Adoption with Web Proofs. How zkTLS will revolutionize airdrops, incentives, and marketplaces.
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Crazy thought of the day:. What if Gensler was actually GOOD for crypto?. He certainly seemed like a villain, but:. - He refused to make clear rules that could have sent the industry irreversibly down a bad path, and instead just made things frustrating and slowed the industry’s
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DeFi is broken. Last year, we had $3.8b was stolen via exploits, a frequency and severity far too high for mainstream adoption. We need to fundamentally rethink how DeFi protocols are designed and secured. Here's one place to start:. 🧵 (0/28)
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Alright, we're going longform to explain why I and the @nascentxyz are long-term bullish on appchains. How about we do it with a case study?. Presenting. The Inevitability of UNIchain. 🧵.
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The Coinbase Super Bowl ad fully captures the Coinbase experience
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Saddle exploit.Fuse exploit.APE swings.FTM liquidations.Solana down. How much longer until Monday?.
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Crypto regulation in Mexico is impressively nuanced and well-publicized
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I grew up on these streets
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cbBTC was inevitable and super strategic to Coinbase. Frankly, I’m surprised they didn’t ship this years ago. Predictions:.- 0 fees on mint/redeem.- 0 fees to withdraw to Base.- Passes WBTC in supply within 6 months of launch (unless acquisition falls thru).
cbBTC.
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Perfect example of why monolithic L1s w low fees are not sustainable long term. If you make global state&computation ~free, people will do stupid shit until it breaks or the price increases enough to make them stop. There is no TPS high enough for this.
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As a crypto investor, I prefer when shit is liquid. As a parent, not so much.
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Announcing a new crypto investment firm, @nascentxyz, in partnership with @josh_felker and @sidrmsh. Looking forward to many years of backing and building with the best founders and teams in crypto! 🌱🚀.
1/ We couldn’t be more thrilled to introduce Nascent 🌱 to the world today. At the highest level, Nascent is a multi-strategy investment firm that pursues compelling opportunities in crypto, DeFi, and the open economies they enable.
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Staked ETH derivatives (DETH) have the potential to supercharge DeFi yields by allowing ETH to be simultaneously staked and lent. 🌗. Unfortunately, this will also likely lead to high centralization of ETH staking and the Ethereum network. 😬. Here’s why:.
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Hot take:. If your DeFi protocol uses an oracle, you’ve designed it wrong. Oracles, if needed, should only be used in middleware/position-management tools, not within core protocols.
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A common mistake I see with a lot of crypto founders is worrying too much early on about business model, defensibility, or tokenomics. 95% of teams never get to the point where those matter. Just build something people love. If you succeed at that, you can figure the rest out.
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Today marks my last day at @IDEOVC. It’s been 5+ years working alongside @Joe_Gerber_ @ianjohnlee @taratan and @GavinMcDermott, and I couldn’t be more proud of what we’ve accomplished.
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Sam is a legend. The fact that he rescued funds at risk from a platform run by a competitor to @paradigm's largest portfolio company is a credit to him, the Paradigm team, and the amazing ethos of collaboration across the industry.
Auditor's logs, 16th of August. I found a critical vulnerability in SushiSwap's MISO platform.
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$COMP and $BAL started the liquidity wars, but there's plenty of room for cooperation. for now. Welcome to the dawn of Aquaponic Yield Farming, the Rise of Symbiotic DeFi Protocols, and perhaps someday the evolution of Prime Brokerage Protocols.
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Are you hyped about @RariCapital's Fuse permissionless lending pools yet?. What if I told you they are going to be an absolute godsend for DAOs with treasuries, and especially for communities like @FWBtweets and @BanklessHQ?. Let's unpack a DAO Treasury Fuse Pool Template 👇.
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If you live in the US, call your senators. Now. You don’t even need to spend time looking up and dialing phone numbers, this tool automated that and gives you a script. It literally took me 4 minutes.
18/ But we *can* stop them. To do that, we need to make more calls to Senators. A lot more. We need to tell them to vote YES on Wyden-Lummis-Toomey & NO on Portman-Warner. If you're willing & able, please use the number & script here to call today:.
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Memes aside, @ethena_labs bringing CEX funding rates onchain in tokenized form is having massive ripple effects across DeFi. Right now, Maker, Aave, and others are reacting by raising their borrow costs and the native yield they pay holders. But we're about to enter Act II. 🧵.
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Ok, it's finally time: @ethena_labs has hit mainnet!. Half the people I talk to are insanely hyped (20%+ yield!) and half are understandably skeptical (20%+ yield?!). I think this deserves some explanation 🧵
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The most successful defi protocols will be the ones that realize the truth: they are not lending or exchange protocols, but LIQUIDITY PROTOCOLS. Lending, exchange, futures, options. just starting points. What matters is sitting on the efficient frontier of risk and return.
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Nothing like trying to send an international wire to remind you that crypto UX is freaking amazing compared to the legacy banking system.
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UNIchain is inevitable. There are 3 costs to DEX traders:. 1) Swap fee (to LPs).2) Tx fee (to validators).3) MEV (to validators/MMs). Today, UNI holders can only flip switch to take part of 1. 2&3 are more attractive long-term and better align incentives.
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For crypto to go mainstream, the industry NEEDS better security. So, we're sharing the Simple Security Toolkit 🔒 🧰. Practical tips & tools for smart contract development from @nascentxyz. 🔗 🧵
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Ok, @compoundfinance liquidity mining is crazy:. _ $COMP is trading @ ~$60 on Uniswap . _ Lending USDT is earning 14% APY + 166% APY in $COMP = net 180% APY. _ Borrowing USDT costs 19% APY but earns 215% APY in $COMP = net 196% APY. Yes, borrowing USDT has > APY than lending USDT.
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Today, token holders often need to choose btw providing liquidity to DEXs/lending protocols and having the ability to participate in governance by voting on proposals. This is backwards. If anything, LPs should have MORE influence in governance, not less.
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A potential solution to the low float / high FDV problem:. Let vesting/locked tokens be deposited as the quote (borrowable) asset in a lending market. This would effectively increase the float via short interest, enabling price discovery, without allowing insiders to sell sooner.
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I'm increasingly convinced that it's only a matter of time before @MorphoLabs' protocols are THE dominant lending markets in crypto. They will far surpass Compound and Aave. As both an investor, user, and long-time DeFi observer, here's why I'm so bullish on Morpho:
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Don't think I've seen Coinbase Ventures (co-)lead a round before. Extremely rare for them to be a major investor and also for Coinbase as company to be a real strategic partner.
1/ We're thrilled to announce a $5M strategic investment from @cbventures and @hiFramework into Socket!. With this investment, we expand our collaboration with Coinbase to bring cross-chain primitives to their products like Coinbase Wallet and Base. 🧵👇
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FOUNDERS, PLEASE TAKE NOTE:. For the safety, sanity, and ease of yourself, your employees, your investors, and everyone who doesn't like constant drama and amateur hour BS. Use @liquifi_finance for your token distribution. Seriously, it's 2024; there's no excuse for this shit.
Eigen didn't lock ANY of the 6.6M $EIGEN it distributed today (presumably to VCs) in vesting contracts - they plainly just sent out tokens to EOAs. isnt 1 year lock up standard procedure? prepare for more unauthorized txns LMAO.
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Looking for a crypto-obsessed analyst to join the @nascentxyz team. - Must actually use crypto. - Probably spends too much time on CT. - Has strong opinions formed by experience + research + data. - Wants to find S-tier founders & help them win.
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"@compoundfinance is generating too much demand for DAI. Should we ask them to stop?” Really?. If @MakerDAO can’t handle keeping the peg with a curveball from one protocol’s liquidity mining program, good luck with the wave that’s coming.
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I've been looking forward to sharing this news for a long time!. @NascentSecurity is a new type of security team incubated by @nascentxyz . It does NOT do:.❌ portfolio services.❌ private bookings. It DOES do:.✅ public competitions (e.g. @code4rena @immunefi).✅ public goods.
Crypto offers the promise of an open financial system, but security incidents are far too frequent for DeFi’s potential to be actualized. With this in mind, we’re thrilled to formally announce the creation of @NascentSecurity.
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We at @nascentxyz are thrilled to announce our investment in @yup_io alongside our friends at @IDEOVC & @dwr. We share a vision of the exciting and powerful role open social platforms will play in the future of how we connect, create, learn, and earn. Thesis and post 👇
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I know no one cares about DeFi right now, but…. Hanging out in pool 2s for projects that you think are underpriced maybe isn’t as bad an idea from an IL perspective as it might seem, given a 2x in price also 2x’s the yield you’ve been earning.
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Are… are we… vampire attacking the US Treasury Department?.
“According to the Treasury Department & @DefiLlama , a cryptocurrency analytics site, dollar-backed stablecoins are becoming an important net purchaser of U.S. government debt.”. - “Crypto Could Stave Off a U.S. Debt Crisis”. #Ethereum $ETH @usdcbull1
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It is REALLY hard to discern PMF in crypto bc even if you say there will be no airdrop, everyone still thinks there will be an airdrop. Hell, even if you say "no token," people are still like "yeah, but maybe you're just saying that. ".
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Me: and then I put some of the ETH and DAI into Uniswap. Accountant: wat. Me: and I technically received liquidity pool share tokens in return. Accountant: stopppp.
Me: crypto taxes?. Accountant: Sure. Me: So if I bought BTC and then exchanged it for ETH to open a CDP and then used my DAI to buy more ETH. what do I owe?. Accountant: the government doesn't understand what you're talking about.
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How many Coinbase employees are going to roll their shares into BTC, ETH, and other cryptoassets? 👀.
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Real farmers: waiting for rain to increase my yield. Yield farmers: waiting for yield, so I can make it rain.
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I still don't think most of you understand how game-changing @RariCapital's Fuse is. Instead of using a classic mintr/masterchef LM contract, you can just add LP shares as non-borrowable collateral and incentivize that. Zero downside to stakers + new optional line of credit.
Are you hyped about @RariCapital's Fuse permissionless lending pools yet?. What if I told you they are going to be an absolute godsend for DAOs with treasuries, and especially for communities like @FWBtweets and @BanklessHQ?. Let's unpack a DAO Treasury Fuse Pool Template 👇.
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This is by far the most interesting thing I've seen built on top of UniV3:. - Any asset.- Unlimited leverage.- No oracles.- No liquidations.- No counterparty risk. Nailing the UX will be tricky, but this design is a very cool breakthrough in what I thought was possible in defi.
Introducing InfinityPools.
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9 times out of 10, the founder being a jerk to their competitors in public is insecure and knows they’re getting their ass kicked. Pointing out where your product is better is fair game, but it’s pretty obvious to most observers when legit competition crosses into sour grapes.
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In the past week, Morpho:. - Deployed on @HyperliquidX HyperEVM, w front ends operated by @felixprotocol & @0xHyperBeat. - Open-sourced liquidation bot. - Integrated as default Earn option in @TrustWallet. - Integrated in @Ledger's Earn product. - Used by @Securitize &.
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2017: ICOs 🤑😭.2018: Private token sales 🕵️💰.2019: Open Finance 🛠💸. @MakerDAO is leading the way for #OpenFinance. Integrations with other protocols like @compoundfinance and @UniswapExchange will introduce the concept of #LiquidCollateral. 1/.
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Welp, it’s official: Coinbase’s lawyers are comfortable with listing digital Chuck-E-Cheese tokens. The Howey Test is clearly out the window.
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The @feiprotocol team coming out the gates hot in 2022. Bringing @RariCapital into the Tribe is producing results even sooner than expected. Major alfalfa in Github. 👀.
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Most projects should not have supply caps for their tokens. Supply caps being standard is a result of a combination of "Bitcoin brain damage" and a history of extremely poor governance.
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DeFi is going bananas right now. I sat down for a fun conversation with @RyanSAdams and @TrustlessState on Friday to discuss what the $#*% is going on with $COMP, yield farming, and what to expect over the coming months and years. 🎧 👇
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Today:. @AngelList announces ICO platform. @0xProject launches OTC dapp. @YoursOrg switches to $LTC. $BTC tops $1,900. Big day in crypto!.
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Cryptographically guaranteed privacy is far more important than many believe. The only way the average person will have it is if we build systems that are private by default. Aztec has never taken shortcuts in delivering on this vision. Today's release of Aztec Sandbox is huge.
Today we're announcing Aztec Sandbox, a local developer testnet for smart contract privacy. Aztec Sandbox is the most ambitious software release in Aztec Labs history and the first major step toward Aztec's endgame:. A fully decentralized, privacy-preserving Layer 2.
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The future is weird: meet @0mllwntrmt3, founder of .@HegicOptions. Thanks, @real_alethea, for enabling this conversation.
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cbBTC is live. 1:1, no conversion fee. RIP WBTC.
cbBTC is onchain. cbBTC is an ERC20 token that is backed 1:1 by Bitcoin (BTC) held by Coinbase. This means millions of BTC holders can now securely access DeFi apps on @base and Ethereum ecosystems—with more chains coming soon. Here’s what you need to know ↓
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This is one of the easiest checks the @nascentxyz and I have ever written. The reason: founders and execution. Time for a story about @sinitias and @ItsAlwaysZonny. .
Interwoven rollups will bind together the modular future. Initia is proud to announce our $7.5m seed fundraise led by @Delphi_Digital and @hack_vc along with prominent angels @cobie, @dcfgod, and @SplitCapital to build a network for interwoven rollups.
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"Intents" and "Chain Abstraction" cover the same area, but the latter is a 10x better narrative. Intents: how things are done; about order flow & market structure, who extracts value. Chain abstraction: why things are done; user-centric, about consumer value prop.
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Many DeFi protocols style themselves as “primitives,” hoping other teams will build on top of them. Here's what I call a primitive: a set of contracts w zero external dependencies, other than the underlying blockchain. This means no governance, no upgradeability, no oracles.
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Think flash loans sound crazy? How about being able to mint infinite ETH, so long as you burn it by the end of the transaction.
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UNIchain confirmed.
No user should ever have to hear the term “gas fee”.
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No one outside of North Korea is happy with the current state of DeFi security. Fortunately, there is something we can do about it:. SPEND MORE ON SECURITY!. Strap in for a discussion of security budgets, bounty flywheels, and a new tool from @NascentSecurity.
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That said, it’s time for a new adventure. I’ll always be a part of the @IDEOVC family and look forward to continued collaboration. 🙏. I’ll have more to share soon on what’s next, but expect continued investment and support for early-stage crypto/DeFi teams. 🦄🚀❤️.
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This was the conclusion to a piece I wrote 2 years ago, a couple months before starting @nascentxyz. I still believe:. 1) The promise of truly open, permissionless financial services is too great to die. 2) Building new financial infrastructure is a multi-decade marathon
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At #ETHDenver and care about Non-Fungible Tokens? Come to the hack area to discuss ERC821 at 1:30pm w @0xProject @decentraland @ideocolab @CryptoKitties @DharmaProtocol @coinbase @projectopensea
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🧑✈️ Pilots complete checklists before flights. 🧑⚕️ Doctors and surgeons complete checklists before medical procedures. 🧑💻 Developers complete pre-audit and pre-launch checklists before deploying contracts. Be a good developer:
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The @optimismPBC is stacked beyond belief. Congrats to all the new hires who get to work with @jinglanW @karl_dot_tech @ben_chain and each other. Oh, and public mainnet next month!!!.
We just hired the dopest rockstars in town and they've expedited our timeline. Mainnet will be open to the public in March (more details soon). Read about the people who're making this possible⭐.
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Anyone who followed OlympusDAO and all the OHM forks should have a pretty good sense for how this is all likely to play out.
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A lot of folks dunking/joking about making this pledge too, but there's actually a meaningful pledge they could make:. Not using LSTs from providers that make up >22% of Ethereum validators. Guess what? I'm not willing to make that pledge and neither are most of you.
These providers are committed (or are in the process of committing) to self-limit to <22% of Ethereum validators. This is how our chain will be successful: Coordination above greed. Cooperation instead of winner-take-all. @Rocket_Pool .@stakewise_io .@staderlabs .@divastaking.
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“At @ideo, we often use a concept of ‘designing for the edges.’ We identify extreme user personas on opposite edges of the spectrum. By designing prototypes for them, you discover more about meeting the needs of ‘normal’ users.” - @taratan @ideocolab. #SFBW2018
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At the @coinbase #StateofCrypto Summit today. Haven’t been at a crypto event with this many suits in a long time 😅
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$YFI @iearnfinance is the latest yield farming crazy, driving insane volume to Curve. Looks like 0 sale to investors, 0 held by (1-person) team, 100% farmed in 1 week. I think @AndreCronjeTech is amazing, but if I were a YFI holder, I’d want him incentivized to keep building.
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DeFi is going crazy, and things are just getting started. - TLV will have tripled over past 3 months. - @compoundfinance has already passed @MakerDAO in market cap and will pass in TLV within a few days. - @WrappedBTC will cross $100M within a week
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This is insanely dangerous behavior by @SlackHQ. Like, someone-needs-to-be-fired dangerous. - sent by *@email.slackhq.com.- suggests sending reply to *@slack.com .- wants cert installed for I assumed it was a scam, but nope 🤦♂️
@hndmnstertrtl Hey there, it is legit. For a bit more context/information: . **I don't know what I'm supposed to do with this email / I don't know what the next steps are**:. - The `ISRG Root X1` certificate from **Let's Encrypt** will be necessary for Slack to function properly in the 1/4.
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Bots are automated. Agents are autonomous. …. Does this framing make sense?.
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So, everybody knows this new Flow Carbon thing is being built on a chain with basically the same economic mechanisms as Terra, right?
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I’m FOMOing hard about #MITBitcoinExpo right now, so let’s take a trip down memory lane. LOTS of folks involved w the ‘14/15-era @MITBitcoinClub are still active badasses in the industry. THREAD 👇.
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Ordinals and BRC20s are like drawing a smiley face on pet rock.
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"Zero fee" crypto trading, as advertised by @RobinhoodApp @circlepay @AbraGlobal, isn't really free of fees. You can't buy or sell at the headline price. When you go to buy/sell, they quote a higher/lower price. Yes, "spread," but also a way to hide fees.
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I agree with @zhusu. Everyone needs to SLOW THE F DOWN with these @compoundfinance governance proposals! Far more damage will be done with YOLO governance than letting the $COMP farming dynamics remain out of whack a few more days or weeks.
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“Designers need to be brought in at the _beginning_ of the product development process, not just asked to ‘make it look pretty’ at the end.” -@taratan @ideocolab. UX and design are a major topic of conversation at #CryptoSprings!
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Poking around on @etherscan, I realized @UniswapExchange pool shares are ERC20 tokens. That means it would theoretically be possible to have the same assets SIMULTANEOUSLY provide liquidity (earning fees) & act as @MakerDAO or @DharmaProtocol collateral. 🤯.
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It's memes all the way down. It's social consensus all the way down. Neither of these are bad things, but if you don't understand why they're true, you're gonna have a bad time.
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DeFi OGs who dgaf about tradfi are def triggered reading the ETF approval
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Lots of talk about impact of security tokens vs native cryptoassets. I’m not hearing anything about the potential for cryptosynthetic securities, e.g., shares in @AugurProject markets designed to track returns of GOOG, S&P 500, etc.
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Is it even possible to make a fully onchain game in which unassisted humans can be competitive?. Seems like they're all destined to be bot-dominated. This dynamic makes fully onchain games conceptually cool, but inherently short-lived or niche.
The onchain game @kamigotchiworld has pulled me in like none before. It's both a fun game and an onchain way to prove your hacker skills. Here's how I've used my technological superiority to dominate 🧵👇
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