kain.hl
@kaiynne
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Founder @infinex , @synthetix_io. Partner @bodhi_ventures
Joined March 2009
If you’re building something in crypto and it hasn’t been called a scam yet, keep grinding, you’ll get there.
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For those who were trading in 2017 or earlier bull markets this may be obvious, but these kinds of corrections are typically driven by overleveraged longs, not whales dumping on you. That hasn’t started yet. Let me break down why it happens and why it is worse on the weekends.
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Look I get it, you can trade $XRP and make money, congratulations. I’m sure there is also money to be made in like liquefying orphans as fuel for street lamps or something, but you have to have a line you are not willing to cross.
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A lot of people I respected earlier in this cycle have sold out in pursuit of profit maximisation, chasing opportunistic gains at the expense of their reputation, remember this when they all coming flooding back into the Ethereum ecosystem once L2 scaling becomes inevitable.
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One thing I’ll give BTC maxis is they’ve certainly optimised for leisure time. Literally their only job is making sure their HW wallet hasn’t caught fire, meanwhile in ETH land we are forced to read 50 newsletters a day, 10 essays and do 100’s of tx just to keep up with shit. .
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If Ethereum is so much better than Solana why do all of our engineers end every contract name with .SOL?.
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As promised, a thread on where DeFi goes next and why DeFi summer was not the zenith. I’m feeling particularly self-indulgent so this is going to be a long thread.
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My unvarnished experience trading $TRUMP yesterday. Possibly the best opportunity we will see this decade but it was not an easy trade. 🧵.
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I’ve been thinking a lot lately about the intersection of DeFi, NFTs, art and gaming lately. Putting my current thoughts into a thread….
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Something I’m a little concerned about given the recent interactions I’ve had with the BSC and SOL communities is that they seem to be genuinely gaining organic traction. Much more so than say EOS or Tron last cycle. I have some thoughts about this….
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Ethereum is going to rip your face off, it’s just going to happen. Start coming to terms with it now. No matter how much eth you have, you will have deep regrets. The only saving grace is that facial reconstructions will cost like .1 eth in the future.
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There is a very real chance that BTC barely moves as this bull market plays out. The days of BTC as on-ramp to crypto are over, it’s being bypassed almost completely as new money comes in primarily via stablecoins.
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Trump: let’s treat crypto like money and not tax it.Harris: let’s treat crypto like meth production and imprison everyone involved. Basically the same.
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I knew Do pretty well. We met in 2018, I was in a group of stablecoin founders for years that was very active. He knowingly and repeatedly lied about everything.
Even though I lost a lot on luna, I’m surprised there aren’t more calls to pardon Do Kwon. He built one of the largest crypto protocols ever in public, all top exchanges had UST vaults, and nearly every major VC was active in Luna. The mechanisms were all publicly disclosed and.
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Trump: crypto might be ok.Crypto: here’s $10m.Trump: crypto might actually be good .Crypto: have another $10m sir.Trump: crypto is the best thing ever.Crypto: ok you scamp, here’s $50m.….Biden: I also like grypto.Crypto: let’s get you back to bed grandpa.
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What in the actual fuck is even happening right now. This is the craziest crypto week in a while ngl.
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I appreciate the shout out ❤️. The story behind yield farming is a long and complicated one imo and a LOT of people contributed to it.
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New black MacBook comes with a black charging cable and a white charger, Steve Jobs must be rolling in his grave.
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I haven’t attempted to hedge my exposure to ETH with other L1 tokens. I see myself primarily as a builder not an investor, though I do like yoloing into ERC-20s 🤷♂️. My reasoning is that I’m all in on the Ethereum ecosystem and I have burned the boats. Retreat is not an option.
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Cannot believe I lived through two fucking years of, “When Binance” and now every DeFi token gets listed in the space of a few weeks 🤣.
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Most people have no idea how insane of an achievement it will be when ETH flips BTC. 99.99% of people in crypto in 2014 would have said it was impossible.
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Look I have taken a lot of punishment over the years. ETHBTC ratio crushed, buying ETH at 4k every fucking time, fading SOL, fading HYPE, NFTs going to zero, but if XRP flips ETH here, its over for me.
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Man this little tantrum makes all those ratios yesterday from Su and his shill army worth it. At least now the Ethereum community knows what he really thinks. Glad I was able to flush the wolf out of its sheep clothing.
Yes I have abandoned Ethereum despite supporting it in the past. Yes Ethereum has abandoned its users despite supporting them in the past. The idea of sitting around jerking off watching the burn and concocting purity tests, while zero newcomers can afford the chain, is gross.
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You either die a hero or live to see yourself turn into this cycle’s multicoin.
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OK, this one has been building for a while so strap in. I talk to at least 2-3 seed stage founders/teams every week. Without fail every single one of them is fucking up some aspect of capital formation for crypto protocols. Every. Single. One.
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Serious offer, if any of my DeFi frens need help mediating a dispute I’m here. Twitter drama is of course very fun, but we are all in this together and we have much larger shared enemies looking to smother us. I’ll take you out for some great food and wine and we can talk it out.
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Who could have predicted that a community dedicated to coordination problems would demonstrate extremely effective coordination under pressure….
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Airdrops should be airdropped not claimed, drop is right there in the name. There is literally no excuse with L2 gas costs so low not to actually send the tokens. If you want to do an airclaim go nuts but it’s not the same thing 😅.
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This is a really bad idea, fixed claims are a bad idea, but reducing the claim period after announcing a fixed claim is legit insane.
We’ve readjusted the claim period for Pengu to end in 5 days. If you are a Pudgy Penguin holder, you have 5 days left to claim.
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If ETH hits ATH before BTC it’s pretty much guaranteed flippening this year.
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This is the same guy that shilled you Luna, probably fine.
So let me get this straight, some washed up nobody is trying to bully the Hyperliquid team into buying their security services? . Yeah no thanks keep any metamask devs as far away from Hyperliquid as possible please.
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I was cautiously optimistic after speaking at token2049 with @VitalikButerin. It felt like he understood my point about engagement with DeFi founders. A month later I’m happy to say he’s 100% lived up to his commitment to engage more deeply and it is having a big impact already.
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At this point my plan is to just keep funding, building and deploying projects on OΞ until you all capitulate and join me.
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I just published Synthetix 2021. Which is nothing more than a veiled attempt to cling to a sense of power in this ever more decentralized world.
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Optimistic Ethereum will be the DeFi chain over the next 12-24 months. Nothing is even close. Mainnet is coming and it’s going to melt your fucking faces. @clembalestrat should have a sneak peak for you all very soon. .
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We are finally seeing some green shoots out there after a long winter. Here are the projects I am watching closely, in no particular order (probably pyops). $LYRA - This project has such Synthetix early 2019 vibes it is honestly hard to watch sometimes. V2 is coming soon.
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Without a doubt there are people inside Apple doing R&D right now on how to integrate a secure hardware enclave for crypto into the iPhone.
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I am less excited about 1559 being implemented than I am about the process that enabled it to happen. Rough consensus is fucking hard and sometimes important things take years, but once they happen the community tends to converge around them. That is Ethereum’s super power.
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Nice to see one of my favourite memes from last cycle come back to life…
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Two crazy things I realised today, the synthetixDAO treasury just crossed $1 billion USD last week. Even more crazy than that is the fact the sDAO now claims more monthly fees ~750k USD than it actually spends. So it is now cashflow positive on protocol fees alone! 🤯.
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The whole time I’ve been in crypto I’ve had this nagging concern that one day China might flip its extremely supportive and positive stance towards crypto to something negative. Today that day finally arrived. You hate to see it.
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DeFi and regulators have incredible alignment. We all want fair, open and efficient markets. The fact that regulators don’t understand how much better DeFi is at achieving these outcomes is our issue to solve. The burden of proof is always going to be on novel technology.
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The Hype community right now feels so much like Luna used to, super cultish and completely intolerant of any criticism, however well-meaning. Thank god Jeff is not all over the timeline spouting nonsense or I’d be seriously concerned.
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For real @VitalikButerin shaming new people to the space for not doing charity work, is the equivalent of a dictator in a giant palace shilling the plebs communism. Just giga out of touch with reality.
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PSA: You will no longer be punished for passively holding SNX. This was needed to scale the early network, but we have crossed a critical threshold. It’s still better to stake, and lower risk now, but if you don’t stake you will still benefit from the token buyback and burn.
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My favourite part about building in DeFi is you get long stretches of time working crazy hours under extreme stress with zero recognition with everyone shitting on you. But you bank up all that vindication potential energy then one day you get to dance on the graves of the bears.
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Weird to hear Andre is leaving defi when we were literally chatting this morning about new FX feeds and a new composable exchange function on L1 🤷♂️. Regardless I’m still 100% focussed on @synthetix_io and have never been more excited to be working with the community. #L222.
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Ok so just to update everyone on how things are going. All the L1’s will convert to ETH L2’s AND as a bonus all the CEXs will also convert to ETH L2’s. Welcome to the future.
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People fading OG DeFi protocols are going to be in absolute disarray next year. There’s only a handful of platforms that have a credible claim to handling billions of dollars over multi-year timeframes. Uniswap, Aave, Curve, Synthetix, Maker and a few others.
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ETH over 5k is the most ludicrous thing I have ever heard that makes total sense….
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The retrospective distribution to all @UniswapProtocol users is probably going to be the best token distribution we have ever seen. Galaxy brain move by @haydenzadams.
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Doubling down on my tweet from yesterday. If you are considering building an OΞ native DeFi protocol I will personally mentor you, like I did @0xmjs from @lyrafinance. Comment with your project handle and I will dm you to discuss. I can take on two projects, maybe three 😬.
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Actually a little disappointed in the @OlympusDAO community rn. It’s been half a day and they haven’t even noticed my yolo buy and stake.
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In the 90’s people said, “soon every company will have a website” many people said shut the fuck up you stupid fucking loser idiot… . Well I am here to tell you L2’s are the new website.
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I love both BTC and ETH, it’s kind of insane to me this could be even slightly controversial, but but both Bitcoin and Ethereum are two of the most amazing things invented this century. The cognitive dissonance required to love one and hate the other is mind boggling to me.
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It is honestly pretty simple, don’t shill something and then immediately dump on people.
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Since there appears to be some confusion lately, here’s the list of people you absolutely should not fuck with in DeFi:.1. @AndreCronjeTech . That’s it.
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99% of crypto success is sticking around long enough to become utterly desensitised to volatility 😅.
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I genuinely believe the schizophrenic and bumbling response to ICOs from the SEC created far worse outcomes than if they had done absolutely nothing. The market has been distorted significantly, to the detriment of the very people they are mandated to protect. 🧵👇.
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While I love living in Australia, the US is my favourite place in the world. It’s felt hostile the last few years, but I’m now looking forward to setting up an office for @infinex_app in NYC.
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I appear to have become public enemy #1 in red triangle land. While the reply guys are painful it has provided some interesting perspective on the narrative. My first take away is that I genuinely underestimated how powerful the “Et hirium is toooo expensive” meme would be. 🧵👇.
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I’m starting to come around to the idea of deploying the @synthetix_io Exchange contracts to multiple L1’s. This is purely based on a concept that emerged recently for Synths to act as fast withdrawal bridges across networks. Synthetix has some *weird* properties so a 🧵👇.
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The fact that Coinbase can get to an 8b valuation selling cryptoassets to retail investors but can’t sell its own equity to these same people is a great example of how regulations intended to provide safety can easily end up doing the opposite.
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Just published a small update, some of you may have been waiting for…
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Actually Uniswap v3 is one of the few things that is probably going to be better than the hype. spent 2 hours with @haydenzadams the other day. 🤯 still.
@gakonst Couldn’t agree more and I think the same exact thing is happening with Uniswap v3. The expectations right now are so high that they can’t possibly fulfill the hype. I constantly hear people say it will solve front running, severely minimize IL, tx costs, improve speed etc. etc.
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I feel like if Bitcoin can’t even support simple jpegs it deserves to be flipped by Ethereum. You guys had 13 years how hard could it be 🤷♂️.
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Holy shit I’ve had like 20 calls with potential OΞ native projects this week and all I can say is I should drop my calendar link on Twitter more often. Wagmi to the L2 promised land.
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If your lawyers are trying to get you to geoblock or KYC an airdrop in 2025, fire them immediately.
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This has been a timely reminder that the state is never far away from a willingness to use violence to compel obedience. Privacy is a critical right, but defending speech is even more important. Code is speech. Don’t allow thugs to convince you otherwise.
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Longest dead cat bounce in history or minor correction on the way to 10k. Pick wisely or face the scorn of your grandchildren….
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ETH $10 -> $50 early 2017 was technically a crazier move but this feels 10x more insane given the scale. I’m in total disbelief here.
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Only positive takes from me for the rest of the week 😅. It’s still early wagmi.
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Yesterday I held zero stocks, today I bought $50k of tokenised $COIN on base via @infinex_app. What a time to be alive.
Tokenized @coinbase $COIN stock on @base available now. Users can swap on @CoWSwap with liquidity on @AerodromeFi. The $wbCOIN <> $USDC pair is live now. 1:1 backed, freely transferable, and a legal claim to the value of $COIN stock. p.s. We are not
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I have a weekly call with @hjmomtazi to discuss the market. We spent almost the entire call this week debating whether ETH is doomed.
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People have been shilling @Rabby_io for months, I finally installed it last week, if this is the best we can do after 5 years of mm dominating… RIP. Tx are hidden behind a janky panel and it stops me from doing literally every transaction for some weird reason or another, smh.
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My favourite part are the 9% of fully vaccinated that clearly were in it for the free microchips.
A majority of Americans who don’t intend to get vaccinated think the US government is using vaccines to microchip the population. One of the most insane statistics about the US I’ve ever encountered.
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If the only thing propping up your chain for the last five years is DeFi, and the best you can muster is begrudgingly tolerating it, you are anti-DeFi. I’m sorry but the default position should be absolutely falling over yourself to support and encourage it….
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Breaking the meta is challenging, but there is nothing that excites a degen more than a new mechanism to try to game. This is why yield farming was so effective in creating DeFi summer. Pool 1, pool 2, pool 8?. shut up and take my money.
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A thread for those not on the list to help you cope.
Pumpdotfun is the fastest growing application by revenue in the history of the cryptoeconomy — $100M in revenue in just 217 days. Love it or hate it Pump is a massive signal to builders to build on Solana and a trojan horse for consumer adoption of blockchains.
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It’s been a while since I’ve put my theadoooooor hat on, so let’s have a little chat about capital formation incentives in crypto.
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