Jai Bhavnani
@Jai_Bhavnani
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Co-founder & CEO at @WaymontCo
Waymont HQ
Joined January 2018
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The Etherscan is really the most under appreciated team in crypto.
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22 PREDICTIONS FOR '22
Categories in order:
🏰 DeFi
🧩 Web3
☠️ Expected Deaths
💸 Venture Capital
Enjoy.
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Did we forget abt decentralization? Why can one creator of a DeFi project unilaterally make decisions that impact the whole community?
What the fuck are we even doing here guys. Do better.
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As of today I’m no longer a teenager. Rari basically has a boomer on the team now. F.
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Came to bank the unbanked. To start a financial revolution. Not to participate in random jpeg mints or icos that “aren’t icos”
Too many people have lost their way and it is so sad. Don’t forget why we are here
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More investors than builders at this point
And not enough investors are builders
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Today was a hard day for the Rari Community.
The protocol suffered an exploit and saw an attacker steal over $10m from the REPT pool.
I'll have a blog post coming soon with my final thoughts / plan here but I thought it was best to share something sooner.
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oh noooooooo teeenage developers😱😱😱😱
run awayyyyyyyy!!!!!!!!
being able to drink alcohol is clearly a pre-requisite for publishing code onto a blockchain and developing world-changing products
sry vitalik but we gotta cancel ethereum u were too young when u wrote that
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Ok let's be real...
LFG, Do, Jump, etc. is not going to let UST de-peg. The FUD around this is pointless.
Yet what have we actually accomplished given that we ~need~ to trust them to maintain the peg?
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In the next 7-10 days, there is A LOT of new stuff coming to
@RariCapital
, if you're interested read below ⬇️
1/ PERMISSIONLESS POOL CREATION
Start a lending and borrowing pool with literally any asset. Whoever you are, no lobbying to token holders, just fucking do it.
(1/x)
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Me and
@joey__santoro
have been cooking up a crazy proposal for RGT and TRIBE.
⚡️ Merge $RGT and $TRIBE to create a DeFi powerhouse ⚡️
What does this mean? Why am I excited about this? What does this mean for DeFi? Let's explore 👇🏽
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Yesterday Rari passed $1b in TVL. Pretty damn cool
@davidslucid
, one of my co-founders, who I've only met IRL once flew out to LA to celebrate last night
I feel like we've fought at war together over the past 18 months and we're just beginning
Love the whole Rari family <3
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I think that people in crypto got too much money they are forgetting that we're meant to actually innovate and do new shit
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☠️ 14. Death: Multi-chain EVM Thesis
Long L2s (zkSync, Starkware, Optimism, Arbitrum, even Polygon).
The VC's shilling this stuff will probs quitely exit their positions. There is one king and it is Ethereum.
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Staying focused in crypto is hard.
It is really easy to fall into the trap of spending all day on Twitter and Telegram and calling that a long day of work.
Look at how much you delivered. Actual things. Optimize there.
Ya, that may be tweets, but I'd guess it isn't for most.
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Wow. $COIN barely moved with the Base announcement. Coinbase market cap is barely above Aptos' FDV.
Wall Street likely doesn't understand the power of Coinbase starting Base.
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🏰 1. Protocol mafias come to life
The mafias are already being built ( $MIM / $SPELL / $ICE)
or ( $FXS / $OHM / $SUSHI)
or ( $TRIBE)
Protocols not part of a mafia will die.
Protocol mafias will require a few building pieces: DEX, stablecoin, lend/borrow, POL to succeed.
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RGT on Coinbase. A dream come true.
Builders build, exchanges list. Let's gooooooo
Inbound transfers for RGT and XYO are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin on or after 9AM PT on Thursday September 9, if liquidity conditions are met.
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The current state of being a founder is so stupidly romanticized and hyped up in a stupid way
Everyone wants to be a founder to be part of things like "founder dinners"
Ppl raise money then tweet and talk abt their founder struggles while doing jack shit. Few actually ship
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Gensler’s MIT class on blockchain and finance is fascinating. He has a deep rooted understanding of crypto and was encouraging tokenomics innovation. Wonder what happened.
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Some personal news - a few months I decided to step back from my role at
@RariCapital
to focus on something new.
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Who are the smartest people working on:
Fashion x Crypto
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I can’t help but think that the path that we are on (hyper financialization of everything) leads to only the rich getting richer at an exponentially more aggressive rate
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$1b+ Crypto IPOs waiting to happen -
- Kraken
- Circle
- Chainalysis
- Fireblocks
- Anchorage
- Alchemy
- Bitwise
2024 might be a big year.
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Holy shit. I am live watching a new demo of a new DeFi primitive. And Fuse is its first use case
Capital efficiency is about to get absolutely crazy, I am so hyped right now
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Are there any DeFi primitives that began on a chain that is not Ethereum?
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I feel like VC's should make it so that founders cannot actively invest (trading/angel/etc) within 4 years of investment - would align incentives much more and keep founders actually focused
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Credit scores and under-collateralized loans are soon to be outdated technology👇
In a world where ANYTHING can be used as collateral, credit scores and under-collateralized loans are inefficient.
1/x
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Fuse didn’t launch last week cuz we decided to get another audit. That is now done.
The launch event is gonna be something that DeFi hasn’t seen. Apple/Tesla esque.
Make sure you’re there. Announcing date tomorrow. Will be early this week.
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Let's fucking change the world.
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Crypto winter has turned founders' attention to making some real $, which is great.
But it's all the same: 75th wallet, 14th analytics tool, or some random B2B SaaS for protocols.
Insanely smart people are working on just minor optimizations. We can do better.
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One of the few projects that has successfully built an actual moat in DeFi is
@0xProject
Their work with private market makers sets them as a difficult to replace infrastructural piece in DeFi
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😳🥰😁
This teenage CEO already has one Defi exit under his belt, and has joined forces with two other teens to push the limits of what's possible in the nacent space: by
@therorymurray
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I started
@RariCapital
with
@JackLipstone
@davidslucid
back in June of last year
Our entire team is completely remote and I’ve never actually met
@davidslucid
irl
Today I meet him for the first time ever to ship the most amazing thing as a whole team next week
Get excited
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We really are gonna do some insane shit and change the world
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This next year is going to be absolutely exciting. Spent 7 days trying to disconnect from DeFi and I've never been more excited to be back.
Let's all change the world, together. Looking forward to reflecting on this thread in a year.
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I am extremely grateful for
@bantg
@emilianobonassi
@arbingsam
@calchulus
@GriphookETH
and everyone else who was quick to help investigate and look into the issue. The cross protocol collaboration was heart warming to witness. I will be forever in debt to everyone in the warroom.
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It's been a long couple days. But this is going to be the first step in the path towards making everyone whole again.
Let's talk more about what the DAO can do with these new resources in our community call at 5pm PT today (located in our Discord).
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Have a friend raising for a web3 social network type play
75% of the funds that said NO said it bc they wanted a token within 12 months and the founder refused
This is the unfortunate reality of modern day crypto VC (w exceptions): lacking conviction and thirsty for liquidity
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All of this stupid drama that is going on right now COULD HAVE BEEN PREVENTED IF THEY WERE ACTUALLY DECENTRALIZED
It shouldn't matter how unprofessional anyone is. It should be on the fucking chain.
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Given all of the awesome stuff that's happening with Rari right now, I wanted to share some of the hardest moments.
FOUR TIMES RARI CAME WITHIN INCHES OF DYING ⬇️
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Literally 95% of CT just bandwagons on the latest trends: DeFi, NFT’s, web3 infrastructure. Find the 5% who are building these themes and enabling them to take hold, that’s where the true value is
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For those that saw, yes, it was a tone deaf take. I've seen first hand how difficult it is for people my age to get gigs and was just trying to help, but instead just ended up being the type of person that I was trying to work against. Apologies. Back to building.
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DeFi really changed the entire trajectory of my life. I love it so much.
Thankful to everyone in this entire DeFi community: the supporters, the haters and the onlookers. You made this all possible.
Happy thanksgiving.
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For anybody questioning our security practices / multi-sig:
I did not stop responding to Chris' tweets because we were hiding something but rather because I had no desire to feed his engagement
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Stop worrying about protocol hacks.
Meet Waymont Hack Detection.
Top security teams predict hacks then we non-custodially withdraw your deposits before attack.
99% accuracy over the last 6 months. Billions of $ could have been saved.
Sign up: (1/x)
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I think one of the coolest moments of my life was yesterday.
300 people at the Rari Launch Call. Family, friends and plenty of pseudonymous pepes.
I always think what we are building is larger than just us but it’s still surreal to see.
I love u all Rari fam.
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I think that the Tribe is absolutely misunderstood. Let me tell you why the Tribe is going to blow brains open in the next 12 months.
Thesis: Tribe represents the best of DeFi and has a strong backstop. Yet, nobody is talking about it.
Let's dive in to why ⬇️⬇️
1/x
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(1/n) Working in crypto is hard:
+ to a certain degree a lot of emotions ride on price (even if not individually, industry-wide)
+ constant information overload, new products launching everyday, team spread over the world, 24-7
+ hacks, moons, sometimes at the same time
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One of the most polarizing changes is how an individuals political views shift with their personal wealth creation
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We literally haven't even scratched the surface of web3
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Its kinda weird how so many projects just raised like a bunch of money and then disappeared and you never hear of them again
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DeFi right now is literally a once in a lifetime opportunity. You will never get this again
The risk:reward > any other asset class atm imo
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Borrow against your Curve LP positions AND Curve Gauge tokens. Let's make that capital work for you within Fuse. We're pushing the code rn :D
How does that sound to you
@Tetranode
@ChainLinkGod
?
Will be live within Fuse shortly. Who's going to be the first pool to add it?
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I know that its past midnight but today our team
@RariCapital
pushed out this new feature called permissionless pool creation and it has me so excited
The idea is: how to enable ANY asset to be lendable/borrowable? The solution creates isolated pools. Cool right? (1/x)
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i don't mean to be blec'ing too hard but literally cmon guys wtf are we even doing
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The thing that’s so cool about DeFi is that 1 guy you’ve never heard of can create a protocol that can compete with a protocol/company that has raised >$100m.
All that matters is building something useful.
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Crazy cycle:
1. Lend sOHM into Fuse pool (earning 100k+%)
2. Borrow Dai
3. Purchase more sOHM
What does this mean?
- Levered Ohm exposure (potentially v profitable trade while Dai borrow APR < 100k% )
- Users can earn 100k+% on Dai
🤯
@OlympusDAO
x
@RariCapital
Q: Integration between
@OlympusDAO
&
@RariCapital
?
A: Would allow for borrowing against your staked $OHM. For example you have 100k$ worth of $OHM, in a Fuse Pool you would be able to take out 70k of USDC/DAI
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Governance forums are just virtue signaling and full of delegates who don't code or propose any code and don't even know the intricacies of any project
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🏰 6. Continued DeFi founder burnout
Look how many DeFi 1.0 founders are still active? How many DeFi 2.0 founders will be here in a year?
Individuals in DeFi are not optimizing for the long-term. This is an issue with no signs of slowing.
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Fuse is live.
For those of you who don't know, Fuse enables anyone to spin up their own Compound. Users can choose assets, interest rate curves and even oracles.
The implications of a product like this are equally scary and amazing 1/n
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☠️ 18. Death: Web3-native GameFi
Crypto devs will realize they aren’t game devs. Billions of dollars will flop.
HOWEVER, old organizations that pivot like Square Enix will thrive.
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Since Jan, I've been buying RGT to add to my stack. I'm still buying.
After the merge, I will be locking up my Tribe on the same vesting schedule as Fei Labs: a 5 year backweighted vest. I will then transition to buying more Tribe.
Building the future doesn't happen in a day.
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Yesterday, the Rari and Fei communities voted to join together to create a DeFi megadao: the Tribe 🥳🥳
To me, the Tribe is about delivering on DeFi's initial vision: creating financial opportunities for the future.
(1/x)
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Credit scores are a flawed piece in human history. They are racist, they are wrong, they have screwed over hundreds of millions of people. We should not inherit these legacy systems, especially when we're supposed to be doing better.
5/x
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is this what i think...
the wolf of wall street using rari to (9,9) ohm?
lets fucking go
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College kids join DAOs like they’re collecting the infinity stones
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Isolated lending protocols:
Morpho Blue
Instadapp Fluid
Euler v2
Sturdy v2
Ajna
Personally spoken to ~5 more yet to launch.
Competition is good. Better for users.
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🏰 8. More DeFi native innovation
Squeeth. Everlasting options. Just a peek at what DeFi can offer.
Individuals are finally understanding what is possible and this knowledge will only compound. Plus this industry is literally the smartest people in the world.
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1 week of Move developer = 3-5 weeks of Solidity developer.
Can iterate so fast on this. Unsure if Aptos / Sui win long term, but Move is a game changer.
Plus will result in way safer protocols.
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There are only a few key actions onchain. Seemingly, every onchain app builds, wraps, or combines them:
1. Swap
2. Lend
3. Borrow
4. Stake
5. Mint
6. Transfer
7. Vote
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i want to talk to you all about what's happened over the past 24 hours.
community call in the rari discord @ 5pm pt tomorrow.
i hope that i will have a published plan by then and we can talk about it. together...as a community :D
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☠️ 17. Death: Crypto Insurance.
People aren't looking to go and buy insurance themselves, evidence shows this.
Protocol integrated insurance modules (like Aave Insurance Staking module) will be how people get access to insurance. I expect the Aave model to be replicated.
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💸 20. Venture portfolios will underperform holding ETH/BTC.
The amount of shit getting funding right now is absolutely disgusting.
Discovered web3 a month ago and did CryptoZombies? Here's $10m for your new startup with 100 competitors you don't even know the names of! Gross
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Types of crypto unicorns:
1. Exchanges (Coinbase, Binance)
2. Stablecoin issuers (Circle, Tether)
3. Blockchains/L2s (Ethereum, Arbitrum)
4. Leading DeFi app (Uniswap, Aave, Lido)
5. Game (Axie, Sandbox)
6. Infrastructure (Alchemy, Graph)
Anything missing?
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The incentives to keep just spinning out tokens is disgusting
Builders/investors just make/invest in the most dogshit projects because going from 0 to 1 repeatedly and having instant liquidity is easier than going from 0 to 100 on concentrated projects for a long term
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🏰 5. DeFi apps will rediscover the idea of the App Chain
Initially pitched by the Cosmos team, now DeFi projects will re-discover building their own app chains in pursuit of maximum value accrual.
This likely results in L1's becoming significantly less valuable.
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