Sam Kazemian (¤, ¤)
@samkazemian
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I can't stand to not speak up about this
@feiprotocol
situation. Please read this 🧵 for one of the most egregious "DAO/DeFi" situations I've ever seen. There's CeFi drama stuff, but this is a new low for DeFi.
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Alright it's time for the FRAX UST 4Pool thread you've all been waiting for!
🧵
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@Uniswap
is not decentralization theater. It’s true decentralization. It’s been ethical since day 1. Literally no one is complaining about deception/fraud.
If Uniswap is afoul of US law, the law needs to change, not Uniswap. This is a good time to rethink unethical laws.
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I hope for a brief moment all ETH maxis, BTC maxis, alt-L1 bulls, DeFi users, NFT lovers etc can all agree we are friends & allies when it comes to fighting the most extremist luddites like Rep Sherman. United we stand, divided we fall ✊
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The frxETH v2 thread you've all been waiting for!
Here's how
@fraxfinance
is building the most unique, versatile, & efficient decentralized LSD protocol possible.
🧵👇
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Safety & stability are most important when things are bad, not when things are good. Stay safe everyone. 🙏
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This thread is about stability, money, and why maxis are wrong. If you only ever read one of my 🧵 make sure it’s this one
Let me tell you why BTC and ETH will never be money and what stablecoins are actually about. And how it's still $1T+ bullish for $ETH and $BTC. 👇
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$FXS token has 100% of all holding addresses in profitability right now. Yes, 100% of all wallets.
Are you not entertained??
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There's a lot of buzz about "DeFi 2.0" and what it actually means. There's a misunderstandings since everyone wants to brand themselves as the new trendy thing in town.
A 🧵 on what DeFi 2.0 actually is and the protocols that qualify as DeFi 2.0
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@TheSmarmyBum
@farokh
@jack
But Jack would be ok with it if you just replaced “ETH” with “BTC” in every step of your post.
You know he would.
I know he would.
Everyone reading this knows he would.
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While everyone's talking about macro bear markets/max pain. It's important to show: $FXS market cap is near ATHs. Frax protocol revenue is over $150m/yr.
Revenue.sub(FXS_emissions) is positive. Highly profitable protocol. And FPI+Fraxswap+Fraxlend haven't even started yet! 🚀📈
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Irony of
@jack
’s web3=VC comment is projects feel coerced to sell to VCs out of SEC fear of releasing tokens publicly before decentralization. Then maxi messiah Saylor shouts for more regulation on all non-BTC tokens everyday while Jack piles the web3=VC hate from the back. Sad!
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Not only is the $FRAX peg perfect, but we are moving UP RANKS on
@Uniswap
top token list. Now officially a top 5 ETH mainnet asset. 💪
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Some thoughts on $FEI.. 🧵
(obviously take this with a huge grain of salt as $FRAX is the only other algo coin in the
@Uniswap
top10. So it goes without saying I have some bias)
But as someone deep in the algo stablecoin space, I think there's important predictions to make.
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Their investors include
@hiFramework
@a16z
@nascentxyz
among others. I've personally done nothing but try in good faith for many months to resolve this and in the end this is what FRAX gets for being one of their earliest backers and supporters. No good deed goes unpunished.
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Is it really worth the FEI/Rari team doing this to their bright careers in crypto for a couple million more dollars? There's still time to take feedback & fix mistakes so everyone can move on in peace & give respect+credit to FEI/Rari for doing the right thing in the very end.
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@VitalikButerin
$FPI from
@fraxfinance
through a zk rollup for full privacy, ETH-level security/settlement. 🙌
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This is truly one of the most mind boggling situations I've seen. Outright fraud, blackhat hacks, scams/rugs are obvious. Difficult situations are also obviously difficult. This....I don't understand what this is other than WTF. This is a public VC backed, tier 1 project..
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I always say stablecoins are the 3rd trillion dollar opportunity in crypto after $BTC & $ETH. Stablecoin issuers have near unlimited upside. Tether’s only 9% to $1T but it’s size is truly size already:
“If you were to rank all of the world's countries in order of US Treasuries…
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Then weeks went by...🦗..no repayment. Then in May/June 2022, the crypto markets took their infamous downturn. Then FEI emerges with an insane proposal: "Let's do the repayment vote over again, the last one didn't count." The egregiousness of this is wild & absolutely ridiculous.
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Looking forward to having
@fraxfinance
issue native Frax Assets on
@FantomFDN
's Sonic! All of DeFi is familiar with, enjoys yield, and integrates Frax's growing list of assets. Now soon on Sonic! $FRAX, $frxETH, $FPI, $FXS & more. 🚀🤝
We are thrilled to announce the first of many angel investors that have joined our round!
Sam Kazemian (
@samkazemian
) is the founder of
@FraxFinance
✦, one of the largest DeFi protocols with over $1.6bn in assets such as sfrxETH and the FRAX stablecoin.
🌐 Frax is committed…
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So Luna/Terra is going fractional-algorithmic. Cool! I’ve heard of this idea before. Something about holding partial reserves and algorithmic stabilization. Whoever thought of it must be pretty smart, it’s a great idea 🙃
6/ On depeg risk - I've grown quite tired of arguing with idiots on Twitter on whether UST can remain stable in bear.
So soon I will propose creating multi billion dollar reserves in decentralized assets (BTC and others) in an attempt to save myself time. More to follow.
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An honorable, ethical, & respectable shutdown of a DAO is literally perfectly here. The money is there. The full repayment, the perfect peg redemption, & moral precedent is possible. I truly don't understand how it's possible to look at this, then decide "Na let's take the rest."
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A 🧵 on algorithmic stablecoins & capital efficiency
A lot of algo stablecoin critics continue to feel vindicated when a new project feils.
But skeptics misunderstand nuances in how the space is evolving. Let me tell you why your life will be ruled by algo stables soon 🙃
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It's important we don't lose site of what Judge Torres' Ripple ruling means (and what it doesn't mean). I'm going to try to cut through the noise and keep things concise.
My main conclusion is that this is a political battle and after the first inning, crypto is winning. 🧵
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This post in the Tribe forums resonates greatly. It straight up calls them out for simply wanting to keep more money for themselves at the expense of their early backers+friends solely because they probably think they can get away with it (they won't).
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Quick 🧵 on why every single stablecoin protocol will end up looking identical to
@fraxfinance
given sufficiently long time.
#AllRoadsLeadtoFRAX
@MakerDAO
launched their DAI minting module today. This is a bigger deal than most people think because it makes $DAI algorithmic.
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¤ It's going to be a VERY exciting next few months for DeFi, inflation resistance, and the stablecoin space ¤
@stablekwon
said it best:
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I agree with Vitalik on this 100%. Which is exactly why we're working to make the Frax Price Index the first CPI based algostable which can provide a CPI peg that onchain dapps can reference :)
$FPI
I'm more pessimistic about this now especially because of the PoS switch. We will need oracles. And if we want to make stablecoins robust to USD collapse (by switching to their own native CPI if that happens) we'll need more active governance.
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A bear market is a bull market for stablecoins. Frax protocol revenue averaging $180m+ annualized cash flow 📈
#AllRoadsLeadtoFRAX
source:
@CulStory
’s
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Instead of the above, they're planning to do this 👇 They're preposing repaying FRAX 2% of $12.3m lost. 3% of
@OlympusDAO
's $8.9m lost. And just 19% & 27% of
@BalancerLabs
@VesperFi
losses respectively etc. Why? How does this make any sense other than fraud?
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Take a look at this, curtesy of
@dcfgod
. If FEI repaid every hack victim, redeemed all FEI at peg, then distributed the remaining treasury pro rata to TRIBE holders, TRIBE would be worth $.16 with 10s of millions USD value given back to holders. A graceful & perfect sunsetting.
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Contrarian thought: most important tokens on other chains (ie stablecoins) will have fraud proofs embedded inside transfer functions so holders can exit to ETH during chain downtime/attack. Essentially a rollup inside an ERC20 contract.
Inspired by
@VitalikButerin
’s bridge tweet
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Ah the stablecoin version of the Bitcoin ETF. 📈 Every major stablecoin/DeFi gov token is going to feel this one. Next hand-off narrative has begun. 🤝
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FEI has more than enough PCV to redeem every stablecoin at peg, repay every cent to victims, & STILL have ~$65m in value for $TRIBE holders to redeem & profit. But what are they doing instead? Giving FRAX, Olympus etc cents on the dollar leaving victims with 95% hack losses.
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I even personally posted in the thread where they renegged on repayment, and I promised that any repayment to FRAX would permanently go to providing FEI-FRAX liquidity to bolster their peg. They'd be repaying FRAX AND STRENGTHENING THEIR PEG. Silence. Not even 1 reply.
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I tried multiple times to reach out to
@joey__santoro
since June. No response. FRAX was on of their earliest supporters. I've met them all in real life. Nothing now. Not even a post mortem discussion/call with us after renegging on governance vote+repayment to all victims.
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I want to introduce a new concept from
@fraxfinance
called the Decentralization Ratio and how we've brought our fiatcoin collateral reliance to below 60% and soon <20% while keeping the tightest algostable peg.
A 🧵 on stablecoin decentralization
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March 6th snapshot (week after ETHDenver) probably the biggest airdrop to $FXS holders to ever occur. 👀
Last & most importantly, there will be a large airdrop of $FXTL points to veFXS stakers based on veFXS balance on March 6th, 2024 11:59pm UTC. The week after this airdrop on March 13th, the Flox mechanism will go live & the fun really begins. Dapps that have taken the time to…
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@cobie
had a good thread explaining it below. The gist of it is clear: FEI didn't want to repay victims because their stablecoin peg & treasury value was dangerously low. While passions were high, their supporters (including us at FRAX) were patient.
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1/ Proud to announce Frax v2. V2 is possibly the most ambitious stablecoin project ever attempted. V2 is more than a stablecoin, it's about completing the vision of decentralized stable currency by opening a new paradigm of design space. 🧵
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Saying FRAX/DAI has USDC blacklist risk is missing the point. OFAC can sanction any smart contract/DAO/entity/protocol/thing & make it illegal to use/own/help/maintain. Like it does drugs, WMDs, & Tornado.
Also applies to LUSD, RAI, or your favorite other dapps/stablecoins.
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@Circlepay
makes $40m/yr revenue on $35b $USDC in circulation.
To put perspective how much more profitable FRAX's AMOs are:
@fraxfinance
makes ~$16m/yr (~$44k/day) on about 225m $FRAX in circulation.
Circle's margins .11%
Frax's margins 7.1% (64x more profitable)
Some interesting details about Circle, issuer of the USDC stablecoin, now that it is going public:
Circle forecasts 2021 revenues for USDC of $40 million. That's on $35 billion USDC issued, which implies a pencil-thin 0.11% return on USDC's investments.
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Extremely excited for this partnership between
@NEARProtocol
&
@fraxfinance
. Frax-assets including sFRAX & sfrxETH will power Near DeFi yields. 🚀
In parallel we're already working on a frxNEAR LSD system & teaming up to integrate Near DA into Fraxtal. This is the first…
The NEAR Ecosystem welcomes
@fraxfinance
on NEAR as it takes its first major leap into a non-EVM environment.
This move increases diversity in the stablecoin landscape on NEAR, among other novel unlocks for DeFi and yield-bearing assets on NEAR.
Let's. Fraxin. Go.
Read more:…
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1) Yes.
2) We should acquire L1 tokens of any chain that uses FRAX proportional to the FRAX demand in that L1's economy. Like the Fed. We can do this trustlessly through Fraxswap's TWAMM. That's actually why we built such a unique AMM. 🤫
3) Yes. $FPI is part of the answer here.
Have debated many questions with
@samkazemian
that I am curious public opinion on:
- Should Frax use seigniorage to acquire $ETH collateral as Luna does with $BTC?
- What is the appropriate pace of reserve accumulation?
- Should Frax offer a fixed single sided interest rate?
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Last year: "Are you sure stablecoins aren't insolvent & actually hold those tbills they claim?"
Last month: "Are you sure $100B+ regulated US banks aren't insolvent & can honor their tbill+cash deposits?"
Today: "Are you sure the US won't default on all tbills?" <--we're here
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About crypto legislation news: important to recall congress originally classified ALL encryption on the web as a weapon. Encryption/software is speech, not NatSec issue. The OG cypherpunks changed the course of history for us.
Values are worth fighting for
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I too promise I will not personally run more than 22% of all Ethereum validators in my basement.
#takethepledge
I promise I will not personally run more than 22% of all Ethereum validators
#takethepledge
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Under-appreciated benefit of all pool tokens living in a single contract in Uni v4:
Every stablecoin’s blacklist function is effectively dead.
Sure the 99% gas savings are nice, but we should all thank
@haydenzadams
for a great contribution to the stablecoin industry 🤝
5/ v4 pools will live in a single contract, reducing the cost of pool creation by 99% 🔂
When combined with a new “flash accounting" system, this greatly reduces the cost of routing across many pools ⚡
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@JacobPPhillips
@jack
His tweet is a fancy way of saying things not built for/on BTC are not “truly decentralized” & instead captured by VCs/the same classical structures of yesteryear. Suffice to say, it’s not true because most BTC dapps/ecosystem is ironically more custodial/centralized than DeFi.
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How is it possible for so many dapps to not put the contract addresses/block explorer links ANYWHERE on their front end?? Does this not piss off anyone else? Frax has every contract address on every page.
(Yes you can inspect the web3.js/fake a MM tx but shouldn't be necessary)
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99% of stablecoin "analysis" on crypto Twitter:
If everyone sells this stablecoin at once the price will go downwarino. Man I'm smart.
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Excited to bring $FRAX $FXS to
@FantomFDN
powered by SpiritSwap 👻
Thanks to
@AndreCronjeTech
for bridging Frax as one of the first tokens to $FTM early and all the tech+advice he’s given us.
We owe you big guy 🙏 More Fantom expansion to come 😎
It is with great pleasure to announce that we are now offering a FRAX-FTM farm.
@fraxfinance
was the first algo stablecoin bridged to FTM as soon as multichain was up! We're excited to bring the FRAX stablecoin to trading on SpiritSwap and the greater FTM ecosystem.
@samkazemian
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I want to introduce one of the coolest features we've been working on at
@fraxfinance
called veFXS gauges. Arguably the biggest innovation
@CurveFinance
introduced after their stableswap invariant was their gauge tokenomics. $FRAX is gauges on steroids 🚀
🧵
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The FEI/TRIBE DAO had 100s of millions USD in excess PCV at this time & held a governance vote where TRIBE holders voted overwhelmingly to reimburse all victims of the hack. They were applauded for this exemplary & ethical move. I sang their graces.
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If anyone has any contacts high up at
@namedotcom
please DM.
In the meantime don't use until we can get back the domain.
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In late April 2022, the Fei-Fuse money market was drained due to a reentrancy bug. Many early adapters of Fuse lost millions.
@fraxfinance
a huge FEI/Fuse backer+lender+user lost ~$13m.
@OlympusDAO
lost ~$9m. The total hack resulted in nearly $80m lost.
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“bUt FrAx iZ juSt aN UnSusTaInAbLe iNcenTiVeS iNflATionArY pOnZi”
Nope, you just don’t get it anon. Thanks
@Delphi_Digital
for the great data 🙏 this should lay it to rest:
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To his credit
@JackLongarzo
did speak to me in detail but when I asked for a meeting to discuss with him+Joey...silence...
Then today...the FEI team comes out that they're winding everything down. So what about the repayment of victims now that there's an orderly shutdown?
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For anyone that's interested in my presentation on "stablecoin maximalism" at ETHDenver, here's the recording!
Giving a talk at ETHDenver about the emerging stablecoin landscape at 3:30pm. If you're here, drop by and listen & say hi after!
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@nic__carter
Hey Nic, I respect your opinions/writings on BTC & your nuanced takes. But this one isn't particularly correct. I'd love to discuss this with you. You've basically non-sequitur'd that algostables are bad from some admittedly correct assumptions but a lot of incorrect claims.
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@stablekwon
& I discussed how
@terra_money
&
@fraxfinance
can take the DeFi world by storm to create the greatest "savings account" crypto has ever seen. 🚀 A savings account used by protocols, retail, farmers, and institutions alike with complete accessibility on every chain.
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Some background on what's going on: In late 2021 Fei Protocol (the stablecoin) did a merger with Rari Capital DAO (developers of the Fuse money market). The merger passed overwhelmingly & $RGT tokens became $TRIBE tokens effectively sealing the deal.
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@Crypto_McKenna
So should $FRAX do this same design but with ETH and stake the $ETH using beacon chain nodes run by veFXS stakers? (And distribute the PoS yield to veFXS) 🤔
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Giving a talk at ETHDenver about the emerging stablecoin landscape at 3:30pm. If you're here, drop by and listen & say hi after!
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Terra currently runs the undisputed leading "savings account" in the industry with
@anchor_protocol
. Now imagine what we can do after they bring that size and work with our AMO tech. And yes, this also means FRAX will be using UST as collateral & manage 4Pool AMOs with big POL!
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My ethos has always been "stablecoin pegs are always stronger together than competing." With this 4Pool we're truly embracing that positive sum mentality. We're providing the greatest savings account crypto has ever seen thanks to Curve's tech+tokenomics. Inflation be damned!
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@jack
I know what you’re trying to say, but this isn’t the right take man. This is another form of the “only Bitcoin is decentralized & everything else is just fake decentralization” criticism. Keep in mind your web3 critique applies just as much to TBD & too.
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If you're wondering why the March 6th $FXTL airdrop will be so valuable/important make sure to attend (or watch live) my keynote at the
@EthereumDenver
main stage about Fraxtal's unique tech stack!
Time: Thursday Feb 29, 3:40pm MST
The Era of L2 Innovation: Fraxtal & Modular L2s
March 6th snapshot (week after ETHDenver) probably the biggest airdrop to $FXS holders to ever occur. 👀
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We are so back
sFRAX is now at 50% APY! Frax is back to setting DeFi benchmark rates as always🫡
Yield comes from revenue & RWAs. Expect demand to stake, lend, & integrate $FRAX to increase in the coming days as we continue to implement the Singularity Roadmap🚀
UI:
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@TheSmarmyBum
@rahilla
@farokh
@jack
@ethereum
That’s complete, utter nonsense. He just doesn’t like it because they use ETH rather than BTC.
Where is he talking smack about blockstream? They have VCs.
What about Lightning Labs? They have VCs.
What about . He has VCs.
Ya, that’s what I thought.
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This is definitely right on and exactly what
@AndrewYang
is championing. 🤩
@glenweyl
@nytopinion
@paulkrugman
@AndrewYang
MATH / "smart people should build things", "Humanity First", most generally a very non-combative approach that puts rhetorical emphasis less on who needs to be smashed and more on who needs to be lifted up.
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Of course, as you might expect, to no one's surprise the vote does not pass this time...the repayment of victims is off the table now.
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It’s going to be so funny, sad, and entertaining reading stuff like this from Bitcoin maxis. Forced to talk about DeFi. Forced to cover it. Forced to advertise DeFi on Bitcoin. But still unable to admit that another token other than $BTC should exist. It brings me so much joy 🥰
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We don't want to stop there though. Any stablecoin that uses 4Pool for its base liquidity will get direct support by both Terra and FRAX. Frax will immediately propose a veFXS gauge which will emit additional FXS tokens on top of the CRV+CVX tokens of your pool. And more 🤫
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So how did this big move come about?
Most people don't understand Curve. They think it's a DEX with less cap efficiency than Uni v3. Wrong. Curve is the "fiat savings account" of DeFi. Forget all the middle iq takes "cUrVE fEeZ r Lez tHan CRV inFlayShon. CRV iz ponZu"
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@0x_dvd
@THORChain
@Bancor
My counterintuitive take:
@SushiSwap
is in the best position to solve this with Thorchain. The speed of Sushi going multichain everywhere is so impressive. They just have to now release an app specific sushichain to communicate swaps between all chains. Boom.
$SUSHI = $RUNE
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@fraxfinance
'll be releasing our own Frax Price Index (FPI) fully governable onchain. We're collaborating with leading algostables in the space
@OlympusDAO
@reflexerfinance
to join us in this effort. To my knowledge, this is the first real attempt of replacing the CPI in crypto.
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Wow
@discord
great job playing to your audience banning the WSB server /s
Who uses your product more? WSB/crypto guys or GoldmanSachs/MelvinCap/HedgeFunds? Very poorly thought out move no matter what random excuse you come up with for banning WSB
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We will also directly help any cross chain expansion needs. My own personal goal is to make sure any project that holds FRAX is getting more than $1 of value per FRAX. That's how to create a lasting network effect of fraximalists and lunatics ¤🌕¤
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No I'll share my post-mortem once the ongoing bank run is over.
(After all, you guys did fork our Frax code for Iron)
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@nic__carter
No worries. I respect your BTC content and writings. One of the best in the industry 🙏 been a fan of your BTC views for a while (and mostly agree)!
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Great piece by
@jp_koning
about how $PYUSD is safer in backing than Paypal's own user balances (summary):
"PayPal now offers its customers two types of U.S. dollars...you'd assume the traditional non-crypto version is the safer one. And I think that fits with most peoples'…
The absurdity of having multiple types of PayPal dollars, each with different (and potentially confusing) levels of customer protection.
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L2s don't accrue value "to the L1" (the network) they accrue value to $ETH (the L1 SoV/UoA).
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@ConstitutionDAO
if you guys want to take out a stablecoin loan against the constitution to fund other civic endeavors, we can build a unique lending AMO for this at
@fraxfinance
and print you guys $FRAX. 🙌
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@dcfgod
Further point: $FPI is like FRAX’s base yield rate (since FPI’s collateralized by FRAX) like how Anchor rate is for Terra. Except $FPI is set to inflation rate & can be used as a new generation stablecoin itself. 2 birds, 1 stone.
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@Crypto_McKenna
My previous tweet wasn't just a suggestion ;) we've been actively looking into it already (and have been for some time). Don't be surprised to see frxETH (Frax Staked ETH derivative) pop up on mainnet over the coming weeks. 🤫
@Crypto_McKenna
So should $FRAX do this same design but with ETH and stake the $ETH using beacon chain nodes run by veFXS stakers? (And distribute the PoS yield to veFXS) 🤔
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How it started vs how it's going
(All jokes aside, good proposal. I like it
@MonetSupply
)
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I absolutely love
@coingecko
& adore the amazing team there, but there must be some way to fix this. Every big market drop/volatility (the exact moment everyone wants to check stablecoin performance) stables prices are WRONG. None of the pictured stablecoins have lost peg at all.
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