Luke Saunders
@lukedelphi
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Co-founder @delphi_labs Partner @delphi_ventures
Joined May 2011
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If you were paid for 11 weeks to be taught by top developers how to:
* build smart contracts
* build frontends that interact with them
* on Terra or Ethereum
* at the end if you do well you get a job doing said things
Would you do it?
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State of finance: anonymous frogs are building an alternative financial system and that’s actually our best bet.
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1/ If you have > $100k in crypto and all you do to keep yourself informed is Twitter and podcasts then you might want to consider investing in the following:
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1/ Over the last few years we at
@delphi_digital
have worked closely with Aave, Synthetix, Axie and more to design their economic systems.
Now we're bringing those learnings to
@terra_money
by working with six projects we believe can take TeFi to the next level 👇
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The thing is DeFi is genuinely useful. It's not like the market is just going to go hibernate for three years like last time.
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These are the toughest days of my career no doubt.
But being a builder is about overcoming setbacks. About not giving up when things stop going to plan.
So let’s keep building.
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Assuming no significant withdrawals there'll be 8.8m $LUNA locked in
@astroport_fi
for an average of 130 days 🔒🌕
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The Cosmos/Tendermint/Confio teams don’t get enough credit for what they’ve built.
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My guess is in a few years crypto will be a multichain space with most activity split between several Cosmos chains + Solana + Ethereum
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0/ Today Delphi Labs has submitted posts to the governance forums of
@mirror_protocol
,
@anchor_protocol
and
@pylon_protocol
proposing that they transition liquidity mining rewards away from the existing Terraswap pools to the equivalent new
@astroport_fi
pools.
Here's why 👇
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Every project we've talked to so far during our hackathon is integrating
@anchor_protocol
in one way or another. Such a key primitive for Terra.
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Thorchain is the first and best in its class, an entirely new design to solve the problem of cross-chain swaps.
The increased risk of exploit that comes with new tech is hugely outweighed by the long term potential.
The bumps along the way are all part of the process.
$RUNE
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When my colleagues pitched me on
@THORChain
over a year ago I was sceptical. Too much to build, will take too long, too much time for competitors to emerge...
Today it’s live and I’m happy to have been proved wrong. Congrats to the team and all the $RUNE believers.
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Once
@thorchain_org
and
@terra_money
integrate IBC the gates are open for a whole host of trustless non-native synthetic assets to flow around the Cosmos ecosystem.
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24hr volume on
@astroport_fi
is around $190m. This is the highest of all AMMs on
@terra_money
and if it was on Ethereum it would be 4th just behind Sushi.
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1/ Nearly a year ago we put out a report which outlined our reasons for focusing on Cosmos.
Since then Cosmos has struggled to reattract users/liquidity and many doubt whether it ever will.
Let's look at why and what it will take to turn things around.
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I had a convo recently with some bankers at Barclays to go through where all my money was.
Had to explain what a USD stablecoin was and how I had deposited some into a protocol for 19% fixed-ish interest. All with depeg insurance.
They were like WTF.
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24hr volume now > $600m on
@astroport_fi
. Once properly shown on CoinGecko it'd be second in the world by volume after Uni v3 🚀
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Dear
@THORChain
and
@terra_money
, please invent some incentives for me to lock my $RUNE and $LUNA for long periods.
Good for both token value accrual and my sanity.
Thanks 👍
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I really love the
@THORChain
streaming swaps feature.
Splitting the trade up into infinitely small pieces over a sufficiently long timeframe mitigates slippage and value loss to arbs.
A great example of app-chain customisability.
The
@THORSwap
UX is also nice.
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Our goal should be that someone can go to Mars Protocol (or other dapps) and directly deposit/withdraw USD or EUR from/to their bank without even knowing what Terra is.
Composable on and off ramps will be game changers for adoption.
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Thanks to everyone who responded! I’m amazed at the level of interest.
We will go away and figure out how to structure such a programme then aim to announce something here on Twitter in 4-6 weeks.
Stay tuned!
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0/ The Delphi Labs Cosmos Hackathon starts today and we want it to be the best hackathon Cosmos has ever seen. See below for dates, prize details and ecosystem partners.
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We've been talking a lot internally about what makes a good chain to build on.
Builders determine which ecosystems prosper. Seeing things through their eyes helps predict where the space will be in a couple of years.
I've summarised into a thread to collect thoughts.
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All the assets I hold are doing fine during the recent panic.
For this I thank their non-toxic communities, USD based dominant trading pairs and strong fundamentals 🙏
$RUNE $SOL $LUNA
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Payroll app which pays staff in $UST with the option for them to directly deposit in Anchor or elsewhere in the Terra ecosystem for nice yield.
Nice idea from our hackathon which hints at the potential of this new financial ecosystem.
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It’s multichain. There are multiple chains. They coexist in a space undergoing explosive growth.
No one is trying to kill Ethereum nor is that in any way feasible.
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Sometimes I look at DeFi protocols and think they’re overvalued but then I remember that actual financial professionals valued Coinbase at $100B
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The main
@THORChain
Twitter account is probably the best project account in crypto.
Always posting, always reposting, consistently every day for years.
The THORChain community is one of the strongest in crypto and imo is in no small part due to whoever runs this account.
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The
@mars_protocol
lockdrop is live! You have just under 5 days to deposit and lock $UST in the Red Bank in return for a share of 50M MARS (5% of supply).
This ensures the MARS governance token is distributed to those most committed to being Mars users.
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No shortage of bad takes about Thorchain today. Criticism is all well and good, but at least take the time to understand how the thing works.
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It seems crazy to me that people have high 6 figure or 7 figure portfolios and make no investment into keeping themselves informed.
Meanwhile
@Delphi_Digital
Institutional members have had access to the following:
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When the price is going down but you understand the fundamentals
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Terra community when a stablecoin poll doesn’t have $UST as an option
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Non-fragmented L1s (
@solana
@terra_money
etc) will win over fragmented platforms (either sharded or requiring L1/L2 split) because designing for a fragmented platform is a headache that new devs will opt out of.
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0/ A lot of people have been asking us about how we at Delphi Labs are thinking about the future for
@mars_protocol
.
A short thread summarising why we have chosen to deploy Mars on
@osmosiszone
and thoughts on the general architecture of Mars in this post-UST-collapse-world 👇
🛰️ INCOMING TRANSMISSION
After extreme disturbances in the Terra network, rovers were deployed throughout the Cosmos galaxy to find a new home for Mars.
Now with data in hand, a plan emerges.
Full briefing linked below or expand 🧵 for the tldr 👇
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The thing new stablecoins consistently fail at but Terra did really well is bootstrapping the demand side with real apps.
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The winners for the
@terra_money
hackathon we at
@Delphi_Digital
organised with
@IDEOVC
and
@eventornado
have been announced. Here’s why I think they’re big wins for Terra 👇
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Been working full time in crypto for 5 years and I still have no clue how to explain what I do to friends and family
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I predict the next generation of bank accounts will support both fiat and stables.
Imagine being able to deposit fiat USD, USDC or UST and it all just counts towards your USD balance. You could transfer out via crypto or fiat rails.
Surely only a matter of time.
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DeFi still has a great chance of being the next generation’s financial system. The reasons you aped into this are not invalidated by a pullback.
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zkEvms, Sui, Aptos, new Cosmos chains etc are great, but each new chain fragments the space further.
Bridges and wallets struggle to keep up, leading to complexity increasing faster than it can be abstracted away.
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1/ Yesterday Delphi Labs has published a report detailing our vision for DeFi, where we believe the space is headed and ultimately where we believe is the best place to focus our builder efforts.
Quick thread with highlights and why we ultimately decided to build on Cosmos 👇
In the 3 months since the Terra collapse, the Delphi Labs team has been hard at work figuring out what we see as the future of DeFi, what platform best facilitates this, and ultimately where we should best focus our builder efforts going forward
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A common conversation with projects building on Terra atm:
me: cool so when are you going to launch?
project: most likely just after col-5 goes live
me: nods
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1/ One of the projects being incubated by
@Delphi_Digital
Labs we're most excited about is
@astroport_fi
- the successor to TerraSwap - designed to be a best in class AMM in every aspect from UX/UI through to community engagement and economic design
Announcing Astroport (
@astroport_fi
): The world-class AMM that Terra deserves.
Incubated by
@delphi_digital
and
@IDEOVC
, we’re collaborating with
@terra_money
and
@d0h0k1
to ensure ultra deep liquidity for the whole ecosystem.
$LUNA $ASTRO
Read More 👇
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2/ Mars Protocol (
@mars_protocol
) is a money market for Terra assets built around a dynamic interest rate model designed by our team to improve on capital efficiency.
Delphi big brains worked hard on this and will be releasing a paper detailing the model later this week.
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Planning to do a hackathon where teams build something from a list of pre-determined ideas.
What doesn’t exist on
@terra_money
that needs to exist?
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Revolut style app which holds stablecoins and allows you to send to addresses on any supported chain (Solana, Terra, ETH) or any real world bank account with seamless conversion. I would like that as a next-gen neobank.
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$UST’s buyer of last resort is LUNA + a large number of heavily invested funds and wealthy individuals with a strong interest in not letting it collapse.
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Astroport has grown to nearly $400m in daily volume. According to CoinGecko that would rank it 7th globally, and it's only 2 months old.
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I predict the next “wars” will be cross chain bridges vying for adoption of their version of wrapped assets.
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Super impressed with how the Terra community came together to stop anchor’s prop 18.
YES was initially winning but after online debate it turned into an overwhelming NO.
Love to see genuine decentralised governance in action.
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2/ If you have a lot of time and are good at analysing then data providers can add a lot of value.
@nansen_ai
@glassnode
@MessariCrypto
@skewdotcom
and others are good and range from free to ~$2k/month. We at
@Delphi_Digital
subscribe to most of these.
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12/ Lastly we are working with an unannounced project that aims to change the way you interact with and manage your Terra portfolio. All we can show for now is the logo, but they are working hard to build their MVP and unveil in the coming weeks, so look out for updates 👀
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XDEFI wallet embracing the Terra ecosystem and bundling select defi usecases directly into the UI.
GMI walletified.
Deposit $UST and earn a yield directly in your wallet 🐙
Fast and simple ⚡️
Powered by
@anchor_protocol
🧙♂️
$UST is made different 🌖
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Alpha leak. We're working with Suberra to enable recurring
@Delphi_Digital
subscriptions paid with $UST 👀
Looking forward to provide top-quality research pieces to the masses.
If you hold $UST, you can soon purchase Delphi subscriptions at your fingertips.
It’ll be as simple as connecting to your Terra Chrome extension and paying with funds in your wallet!
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Bullish $RUNE
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Do you think BSC will still be second place this time next year? Me neither.
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Building liquidity for the weUSDC/UST pair in Astroport would make it the cheapest and most convenient way into UST from other stables.
Bridge USDC via
@wormholecrypto
and swap via Astroport. No more need for CEXs. No more crazy Curve gas fees.
This needs to be incentivised.
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AMMs are the most basic primitive of DeFi, but those siloed on a single chain have limited utility in a multichain world.
@thorchain_org
is perfectly positioned to be one of the main primitives of this new financial system, with RUNE as a reserve asset.
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We need all the experienced React developers. There is so much to build.
Dm me if you like React,
@terra_money
and want to build cool things like
@astroport_fi
and
@mars_protocol
with us at Delphi Labs.
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I don’t think we’ve even scratched the surface of new defi protocol designs enabled by cheap transactions and fast block times
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Some facts about he
@asteroidxyz
(and $ROIDS) launch:
* only about 10 people knew about it prior to launch
* no big premints or team allocations or VCs
* first people to see the announcement were the ones who got to mint
The fairest launch of anything for a while imo.
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This is another important step in the adoption of $UST. But UST is not yet considered by FTX equivalent to "USD" as USDC, BUSD etc are in terms of collateral value. As trust in the peg and stability reserves keep building, perhaps that'll be the next step.
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The infra
@astroport_fi
was using struggled to handle the huge influx of users from
@Injective_
@SeiNetwork
and
@Neutron_org
Astroport is now using new beefy nodes for all three chains so the user experience should be vastly improved
If you still see issues pls lmk ✦
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Astroport's
@Injective_
outpost is doing nearly $10m in volume off just $1.4m in liquidity.
Some crazy APRs there for the degenerates among you.
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DeFi ecosystems will not thrive without a great AMM at their core.
That's why we at
@Delphi_Digital
Labs worked hard together with
@IDEOVC
and
@atticlab_it
to design an AMM that we believe fits the needs of the burgeoning
@terra_money
ecosystem.
Short thread 👇
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The
@Delphi_Digital
research machine is looking for a dedicated CTO to take over from me.
Pushing the boundaries of using tech and data to improve crypto research is awesome and I can personally recommend.
Should be talented technically, operational and a bit of a crypto degen.
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In anticipation of the
@Neutron_org
launch, we are proposing to the Astral Assembly that
@astroport_fi
is deployed to Neutron shortly after genesis
Given the synergistic nature of L1 and AMM, we also propose that additional provisions are made to align incentives
Thread 👇
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The
@terra_money
team gains an important and timely new addition
Some exciting news to share.
After 17 years of private practice, the first 11 of which were spent at
@ReedSmithLLP
representing fortune 500 companies in complex litigation and regulatory actions, followed by over 5 amazing years at
@AxlerGoldichLLC
(1/9)
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Delphi Labs is looking for lunatics or DeFi enthusiasts who are also senior developers with a background in React to help us build.
We offer interesting work alongside a talented team. Decent monthly rate + ownership in what you work on. Looking to start asap.
DMs are open 🙏
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The (highly unscientific) results are in. The most requested ideas to be built on
@terra_money
are:
1. Gnosis Safe like multisig
2. Self-repaying loans Alchemix style
3. Snapshot voting
@kinetic_money
is already working on
#2
. Let's built 1 and 3 in a hackathon!
Stay tuned...
Planning to do a hackathon where teams build something from a list of pre-determined ideas.
What doesn’t exist on
@terra_money
that needs to exist?
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Talking to crypto people in Dubai, and while many seem disillusioned with the space, absolutely everyone agrees that AI agents will become mass adopters of crypto rails
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Feeling like I don’t have enough $RUNE. How have I allowed this to happen? I’ve been deeply involved in this project for months. ngmi
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Astroport Protocol Foundation is hiring.
The launch of Asteroid Protocol far exceeded our expectations, with 1.3m total inscriptions, including 2k tokens and 9k content inscriptions in 3 days.
The team is now v. busy and seeks full-stack and smart contract developers to help 👇
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Ninja backend developers with interest in writing smart contracts, this is your chance.
Build the future of finance with
@delphi_digital
on
@terra_money
Well paid + ownership + work with talented degens
@Bitcoin_Sage
@ZeMariaMacedo
@redphonecrypto
@ConstanteMx
Ready? DM me!
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There’s so much happening in crypto right now. My entire job is just talking to smart people about crypto and I still feel inadequately informed.
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Our hackathon is nearly over. I am absolutely amazed by the quality of participants and submissions built in such a short time!
I have no doubt that some projects built here will go on do great things in the Terra ecosystem and beyond 🚀
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3/ We’re co-incubating the Mars team with our friends at
@IDEOVC
who have designed for this imo the best UX in DeFi.
Look out for a teaser of that on
@mars_protocol
soon and if you haven’t already check out the litepaper:
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Asteroid Protocol has a fancy new markets page which doesn't have the double buy lottery problem
So now you can buy your ROIDS without fear at
@asteroidxyz
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I think the SEC being more active will just force projects to be more decentralised. Could potentially be pretty positive.
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4/ Orion Money (
@orion_money
) is the winner of our recent hackathon and has one of the best teams I’ve seen in DeFi.
Their first product, Orion Saver Alpha has just launched and provides access to Anchor’s stable yield savings to users outside of the Terra ecosystem.
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Delphi Labs is still on the lookout for an experienced f/t React dev with an interest in bringing crypto mainstream through projects like
@astroport_fi
.
Be part of a talented team, get well paid and own a chunk of what you build.
Please DM if keen.
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13/ We’ll work hard over the next months to help bring these projects to market and continue to explore initiatives that may alleviate any bottlenecks they have...
If you were paid for 11 weeks to be taught by top developers how to:
* build smart contracts
* build frontends that interact with them
* on Terra or Ethereum
* at the end if you do well you get a job doing said things
Would you do it?
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Public goods should ideally have three properties:
1) owned by no one
2) changeable by anyone
3) accessible to everyone
That's why
@astroport_fi
and
@mars_protocol
will be fully open sourced and community owned.
✦ From this moment onwards, LBPs are a Terra public good ✦
Astroport's builders are proud to announce new open-source code for liquidity bootstrapping pools (LBPs) on Terra:
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I think 2022 is the year when being fully decentralised becomes a competitive advantage for defi protocols.
Partly due to regulators putting pressure on centralised entities (e.g Circle/USDC) where it’s not possible with UST etc.
Also partly due to more efficient gov processes.
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The
@astroport_fi
lockdrop is live!
But there's no need to rush - you have 5 days to deposit and early apes have no advantage.
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