Sanat
@kapursanat
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obsessed with increasing the size of the onchain economy @dragonfly_xyz
Singapore
Joined October 2010
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some news: i am stoked to share that i have joined the investing team
@dragonfly_xyz
based in sg - i'm v excited to work with and invest in the best founders with fresh crypto ideas
>|<
my DMs are open; here's a (very) non-exhaustive list of some stuff that is on my mind
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the primary reason singapore doesn't have great builder culture and a lack of great startups is because people living in this city tend to be severely lacking in the kind of 'naughtiness' that paul graham said is a key quality of good founders
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flashbots is a rare example of a team in crypto that shipped a product with extremely high pmf twice
both mev-geth and mev-boost gained 90%+ adoption soon after launching - impressive af
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lots of protocols recently switched to ve-tokenomics (with limited success), and we increasingly see defi founders pitch the same strategy - with founders claiming they are set to launch "protocol X" wars, but i think they misunderstand how the DAO-led
@CurveFinance
wars work
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one of my most contrarian views is that proof-of-work makes a comeback
the pendulum shifted in favor of PoS too quickly; as ethereum and other PoS chains mature, we're running into a ton of unforeseen PoS problems
for context, dogecoin is the
#2
PoW chain by market cap
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binance smart chain was launched in october 2020 and 3+ years after launch, has more users and TVL than arbitrum, optimism, polygon and solana
teams in crypto consistently underestimate the power of distribution and overestimate the power of tech differentiation
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@tomhschmidt
the best counter argument i have heard: majority of curve liquidity exists to enforce stability, not earn fee revenue - there is no compeititor in defi that solves this exact use case - protocols bribe crv/vcx holders to rent this stability
(h/t to frax founder for framing)
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this dashboard is gorgeous
also useful reminder that tg bots are a bigger deal than everyone thinks they are - the best bots will aggregate a ton of 'stupid' flow and occupy a powerful position in the mev supply chain
the next metamask / uniswap front-end is a telegram bot
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i disagree strongly with this framing
at this point, eth’s technical roadmap and moat is far less relevant than its status as money and as the pristine collateral of the digital economy
L2 activity does not cannibalize ethereum’s status as money
Ethereum’s biggest problem is cannibalizing itself continuously via all L2s competing over devs, users and liquidity rather than competing outside of the Ethereum ecosystem.
Microeconomics 101 would tell you this is a bad strategy. I don’t have the answer but it needs to be…
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founders that refuse to take their token seriously are operating with one hand tied behind their back re: capital and talent
the capital raising bit is obvious, but if you track the the smartest talent in crypto, they also move towards token upside
more on
@theBlockcrunch
soon
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best podcast i've heard in a long time - you should listen because shifts in eth issuance policies have ripple effects across all of defi
but it also made me grateful for the thoughtfulness and care that ethereum (and lido) researchers take to ensure the protocol's future
ETHEREUM STAKING ENDGAME
@hasufl
&
@jon_charb
brought on
@adietrichs
&
@casparschwa
from the EF following their latest research & proposal to change ETH issuance
2.5 hours going deep on PoS economics, LSTs, restaking, economic security & more
Links below 👇
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excited to be a praxis resident
building new cities is fucking cool
new york times btfo
On
@nytimes
Praxis story:
We fired some people last year. Not as many as NYT, but we fired some people last year. Those people coordinated to create a funhouse mirror of Praxis for journalists, which we were fascinated to read.
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rollup stack competition is heating up
arbitrum orbit chain deployment is now self-service but rollups pay 10% of sequencer profit to arbitrum DAO
OP stack rollup deployment remains permissionless, but joining superchain requires 15% of sequencer profit or 2.5% of tx revenue
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the next person making a 'liquidity' joke about the dubai rains in every telegram group should be shot
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from what I can tell, the strongest pitch for shared or decentralised sequencing has nothing to do with product or technical strategy
it is straightforwardly about the risk that the SEC will come after teams with a token where the rollup is just a single server on AWS
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jason and darryl are among the sharpest crypto investors i know, and this is an incredibly +EV opportunity for any smart aspiring crypto investor - strongly encourage you to apply
will also add that jason has also been an amazing mentor to me through my crypto journey
Looking for sharp analysts to join
@tangent_xyz
to build out the best crypto fund!
Application deadline: Dec 20th
How to apply:
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USDC and FRAX yields on
@market_xyz
insanely high right now because
@KlimaDAO
holders need liquidity - reminds me of the early days of Tetranode's locker
bullish af on isolated lending pools
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> first uber in denver
> are you here for crypto event
> yes
> ive been buying crypto since 17
> what do you think about xrp
> literal notecard with coins written in pencil
> will vechain pump again ? ada ?
> ends with ‘the cia is satoshi because usg knew dollar was gonna die’
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i actually think that the fact that aave governance is considering making this snap judgment is a strong sign that aave-style multi collateral pool lending is pretty broken and is a great endorsement for morpho’s new modular design
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fantom tokens consistently have the most OP tokenomics - strong contrast from solana defi project tokenomics
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takeaway from GS report: 🇮🇳/acc is real
indians are earning more, buying nicer cars, using tech platforms, setting up high speed internet, investing in stocks, and accessing world-class healthcare
this growth will continue for next 10 years
(h/t
@balajis
for the phrase)
INDIAN ACCELERATION
OK, let's see some i/acc memes.
That's Indian e/acc, aka 🇮🇳/acc.
Because there have been some amazing US memes.
Accelerate or Die.
Come and Take It.
But...the push for deceleration is global.
Fortunately, the Internet is too.
So let's see what India can do.
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liquid staking monopolies may be dead going forward
recent updates from the celestia, atom and eigenlayer ecosystems indicate that teams are paving the way to explicitly kill "winner-takes" all dynamics in LSTs
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perp dexes do occupy mindshare, but the sector has been pretty underwhelming imo
we've seen ftx collapse, binance settlement, CEX kyc enforcement yet hyperliquid and dydx do ~1% of binance volume
24 hr vol:
binance: $47 billion
hyperliquid: $590 million
dydx: $491 million
if crypto goes fully parabolic from here the flagship app of this cycle is the perp dex
the main differentiators are
- how much do you care about the decentralized part / how much reg risk will you take
- did you remember that the only things that matter are UX and token
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was super fun to finally rant about prediction markets and hear why Jason won’t invest in wallets 👀
This week, join
@mrjasonchoi
and
@kapursanat
as they delve into:
• 3 verticals that showed promised but ultimately failed to gain traction
• 3 emerging verticals with the potential for significant success
Don't miss their valuable insights & forward-thinking perspectives on…
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i will also be in paris for ethcc so hit me up if you are heading there as well ~~
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was playing around on
@DuneAnalytics
and made a dashboard to track FTT 🔥 - as expected, $ amount of burns grew like crazy this past year
also shoutout to
@FTX_Official
for having a clean on-chain burn mechanism
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cosmos projects tend to under-utilize their "sovreignity" - a positive example is injective's validator secured bridge
barry's (
@SkipProtocol
) talk on "protocol owned building" (link below) illustrates the magic of what can be achieved when protocols own their whole stack
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@DecentralGames
has a new P2E poker game called ICE poker - as a poker + crypto enthusiast, i felt obligated to check out poker in the metaverse and i'm pretty impressed - i think this could drive a new wave of growth to the decentral games ecosystem
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really enjoyed
@hotpot_dao
recent piece on crypto journey - this ending really resonates with how i feel about crypto too
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@beaniemaxi
no one pays enough attention to bsc on ct lmao
binance smart chain was launched in october 2020 and 3+ years after launch, has more users and TVL than arbitrum, optimism, polygon and solana
teams in crypto consistently underestimate the power of distribution and overestimate the power of tech differentiation
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ai x crypto: less excited by airbnb for gpus, but i'm fascinated by research around blockchains as commitment devices and how these features may enable us to build stronger and more interesting cooperative AI applications (h/t
@sxysun1
's recent work in this direction)
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reviewing
@Risk_DAO
bad debt dashboard - the situation could get ugly for some protocols
PSA to Venus Finance users; the protocol has $65mn of bad debt (created during oracle attacks) and the market cap of XVS is only $58mn
I would remove my funds sooner rather than later
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even the nyt is starting to understand the sacred nature of the freedom to transact
hacker news comments from multiple individuals who were "de-banked" and given a scarlet letter with no explanation ever provided
1/ There are no other constitutional rights in substance without freedom to transact
Being meaning to write this for 6 months, but the Canadian response to the trucker protests is illustrating this so vividly, that today is the day.
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blobspace: the blobspace market feels under-studied and under-theorized; splitting the fee market into two + a new transaction lifecycle + a different set of consumers for blobs leaves open room for many interesting startups (h/t
@christine_dkim
for graphic)
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if you can create a mechanism where non LP-owning protocols or entities that benefit from your protocol fight for control of gauges, that's when the flywheel becomes really powerful
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crypto x social: i'm particularly excited by anyone building social and gamified experiences uniquely enabled by crypto i.e. more stealcam, less lens/farcaster
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how much of the tx fee does optimism actually capture? can cross-chain MEV be a real source of value accrual for cosmos chains? are DA layers worth a lot in a post eip-4844 world?
@mrjasonchoi
graciously published some of my ramblings on who might make $$ in the modular paradigm
This week,
@kapursanat
examines one of the most important questions for crypto bulls in 2023:
Which part of the blockchain stack captures most of the value?
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@I_talk_crypto
you should consider that this reflects more about you + mainstream crypto discourse than it does about the actual reality of things
similar to how CEX perp trading is 100x bigger than DEX perp trading
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this stat was p surprising - real world acceptance of lusd is non-existent
also h/t
@theBlockcrunch
which consistently seems underpriced - thoughtful, well researched writing that is both timely and saves a few days worth of digging
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@TheStalwart
the complaint does seem to emphasize that binance offered products that allowed you to earn "profits"/yield on BUSD - something not done by other stablecoin issuers for the most part
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@ceterispar1bus
all of whom (at the moment) show very little interest in making the kind of investment/effort lido does in curating and decentralising the operator set
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if you're thinking about this stuff too, DM me
i also recommend reading celestia's intro if you're curious about the modular paradigm and checking out this awesome dashboard from
@0xKofi
on rollup economics
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@Dogetoshi
@mikedemarais
@desoprotocol
@zhusu
i think it is just badly worded - if u follow thru, it creates a wallet for you and gives you the seed phrase to store
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very excited to support
@anuragarjun
and
@prabalbanerjee
execute their vision to scale rollups and solve fragmentation
The day is here! We’re unfolding the cards!
Avail raises $27m, led by
@foundersfund
and
@dragonfly_xyz
to accelerate the unification of web3!
With this, we’ll build the Avail trinity - a three-phase roadmap aimed at unifying multiple ecosystems in web3.
Consisting:
• Avail…
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🇮🇳: delhi will always be home for me, and i remain excited by the the massive potential of crypto in india and the stellar builder community
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always a fan of vaguely passive aggressive tone in governance posts
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hybrid applications, as described by vitalik, seem incredibly useful, but were challenging to build with current infra; with tons of innovation around light clients and zk proofs, can we build more interesting applications that are "partially" onchain?
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oracles & indexing: there seems to be a recent lack of innovation in these tools that are used extensively by all crypto applications, and devs complain that current "defaults" have gaps - would love to hear ideas about how we can improve these building blocks
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@vers_laLune
you telling me you don't have goddesses reveal incredibly complex mathematics to you during your dreams?
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any strong contenders for the blockfi of this cycle yet?
huge market opportunity in taking onchain deposits and lending them offchain to delta neutral memecoin market makers, funds doing looped leveraged staking yield trades on tao and/or australians
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@neelsalami
eth is still stronger collateral imo i.e. validators/stakers are more willing to accept lower yields for holding eth - this could and probably is changing though
+ the solana base layer is way more performant -> the space of things that need to be an AVS vs a dapp is smaller
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> be SEC commissioner crenshaw
> watch SEC twitter account get hacked because of no 2FA
> hacker posts BTC etf approval tweet
> the next day, claim that this is evidence that BTC markets can be manipulated
???
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the lack of experimentation/creativity around rollup fee models is appalling
everybody continues using a brain dead model of ‘we’ll charge x% more than DA costs’
there’s so much room to innovate here - and yes, subsidising gas and charging for other things is a great step one
I often find that web3 founders don't really understand their full customer acquisition cost.
If you do this napkin math you'll find that EIP-4844 makes sponsoring gas a no-brainer on L2s.
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absolute coolest launch strategy i have seen -
@AndreCronjeTech
is actually defi jesus
can't wait to see how protocols utilize this effectively
also in case you weren't sure, FTM season is about to get much wilder
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@mrjasonchoi
really enjoyed reading this recently + wild west of commodities trading makes crypto seems tame by comparison e.g. stories of traders flying into libya to negotiate oil contracts with rebels during arab spring
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on my bingo card for 2024: bitcoin etf approval
not on my bingo card for 2024: paypal entering the curve wars
The big news is that PayPal has deposited vote incentives worth $132k in $PYUSD on Votemarket to increase in the PayPool liquidity on
@CurveFinance
!
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prediction markets: crypto prediction markets never managed to succeed beyond a niche audience, but i'm convinced that with some innovation around liquidity provision and creating markets that bring users back repeatedly, there's still tons of potential in the space
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eth staking: there's still more to be built around eth staking: both cefi and defi building blocks around eth yield interest rate swaps, hedging tools for rollups to manage expenses, managing restaking if it takes off and more i can't think of
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i've seen tom walton-pocock's talk, ethereum: an economic endgame 5 times - it gives a framework for eth's future as an asset & lays out the challenges faced by L2 tokens
the gorgeous phrase "making ethereum a plausible part of the monetary furniture" is stuck in my head
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there's tons of teams building nft financial-ization products (nft lending, nft perps, nft oracles)
however, it feels like these products fundamentally assume a level of liquidity that isn't present; no oracle can sensibly tell the price of BAYC 24x7 if there are 5 trades a day
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this is extremely cool; smaller rollups are going to struggle to fill up a full blob leading to delayed l1 settlement or higher fees - blob merging solves this
confirms my belief there's a bunch of interesting tooling that will be built around the 4844 blob transaction pipeline
Here's what we built with ♥️
@microHoffman
@VeroNike231565
@0xVojtch
♥️
at ETHGlobal Istanbul hosted by
@ethglobal
:
🔀 Blob Merger – Introducing a solution to optimize blob data usage on Ethereum, aligned with EIP-4844. 🌟 As blobs maintain a fixed size...
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the arkham airdrop scammer tags are on track to break the relationship between the twitter notifications badge and dopamine receptors
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not on my 2023 bingo card: stellar becoming the rwa chain of choice for treasuries from institutions
can't wait to trade lumens on bittrex like it is 2018 again
also $BENJI is a pretty banger ticker choice
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super excited to back the team building blockchainspace -
@petering_
has an amazing vision for the future of the p2e guild space
1/ For our lead investors, we'd like to send our special thanks to
@ysiu
of Animoca,
@LuBall13
of IVC,
@SpartanBlack_1
,
@itzjustcal
, &
@kapursanat
of the Spartan Group! 🥳🙌
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points trading taking off in a pretty big way
pendle LRT yield product gaining lots of volume and TVL
whales market volume going exponential on solana
crypto markets are liquidity accelerators: if there's demand someone will make a market for it (also true of SAFTs etc)
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just so everyone knows i do love cosmos deep down i even have a bad kid
“If you want to see where the future of crypto is heading, just look at Cosmos
…it just doesn’t happen *ON* Cosmos”
-
@kapursanat
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does anyone know how uniswap frontend determines whether your order will be routed through the AMM vs uniswapx
noticed that as you increase trade size, it prefers uniswapX
is it getting quotes in real-time from the uniswapx solvers? or just a heuristic?
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curve is a stablecoin kingmaker - any stablecoin protocol that wishes to have deep liquidity existing at the peg needs a large CRV pool (this applies to pegged assets like stETH as well)
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@Fiskantes
@arbitrum
@optimismFND
arbitrum is marginally ahead on publishing fraud proofs
this is obviously the most important factor that users think about when transacting on a rollup... right?
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excited to back
@BribeProtocol
- super cool governance marketplace and newest entrant in the curve wars 👀
1/ We are pleased to announce the successful closing of our seed funding round, raising $4M to incentivize voting in DAO governance with Voter Extractable Value (VEV).
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the even funnier thing is that other than ethereum, most of this infrastructure doesn't generate significant "revenue" or "value" that can be captured
often, smart contract layer valuations in crypto are nonsensical vs those of succesful applications (even ones like aave)
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it seems like renzo and etherfi are clearly differentiating themselves from everyone else in the liquid restaking space
nobody else has grown TVL significantly in the last month (well except for swell, but on a much smaller base)
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this is not a bad outcome, but will not lead to a curve wars scenario where protocols with financial firepower fight to control your gauges
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founders need to think more deeply about "who will subsidize LPs in these gauge weighted pools" - if the only answer is LPs themselves, at best you will have LPs and users of the protocol accumulate the governance token to influence gauge votes
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@0xsmac
wow I’m supposed to fight you but i found myself nodding all along
the one small counterargument i might make (and the price action is not supporting my thesis here) is that fees/usage/deflafion are only one part of the story and the thing i think eth is actually outperforming…
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LUNA, FRAX, MIM etc all followed the same strategy: subsidize LPs in their respective pools by directing emissions towards them, creating deep liquidity in the process - this leads the DAOs themselves fighting for control of veCRV (either directly or via CVX or via bribes)
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from polynya's latest
this is why i increasingly believe eth's technical roadmap (or the fact that it is a pretty shit DA layer) doesn't matter
pristine collateral + digital money + bondholders (stakers) accepting lower yield in eth than in your shitcoin is 🔑 to eth value
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@gakonst
chainlink oracles are pretty key since lending is a key primitive now imo -> chains without chainlink just have dexes and useless farms
boba and harmony have got pretty big already, but chainlink oracles are key to next phase of defi growth imo
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@0xRacerAlt
if you’re talking about opti/arbitrum they literally charge a markup on the fees I.e. you pay ~50% more than it costs the sequencer to post the calldata for your tx onto ethereum
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@visakanv
best example i know is Imran Khan
world cup winning Pakistan cricket team captain -> prime minister of Pakistan
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@based16z
guy from my high school regularly texts to ask if I can get the shiba price to 1 euro so he can buy a yacht
(hindi speakers can confirm lmao)
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@jdkanani
@Kautukkundan
@vaibhavchellani
2 challenges i saw at eth india:
i) many founders are unaware of the crypto zeitgeist - still get pitches for undifferentiated wallets etc
ii) broken on-ramp means sharp devs can’t buy eth which is step 1 of getting into crypto
🙋also looking to fund sharp indian founders
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excitement about BALD vs excitement about BOLD feels like clear divide of CT's two distinct universes
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@vgr
When I value my leisure time at a very high price e.g. $35 to get laundry done via app so I can read books on weekend without interruption of switching load from machine to dryer
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@jamesjho_
have arbitrum/optimism explicitly said the margins will change? they could just as easily reduce the fee charged to users in theory?
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reading arbitrum research paper on blob posting strategies; curious about highlighted part - does anyone actually wait for arbiscan to say "x L1 block confirmations" or is "confirmed by sequencer" good enough? i personally only wait for the latter
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i'm eagerly awaiting binance's announcement of the revenue sharing agreement between opBNB and the Optimism Collective ☺️
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my favorite part of game of gold is watching jungleman either read 'gurudev: an intimate note to the sincere seeker' or nap while his teammates are playing crucial hands
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