Chief Security and Policy Officer @Safeheron (MPC-TEE #DigitalAssets Custody Infra and Operating System)
On-chain (and off)
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[1/33] “Not your keys, not your coins” mantra had led some to think that #DeFi is a safe haven given how prominent CeFi like #FTX & #Celsius have fallen spectacularly.
However DeFi has its set of risks too. Here are critical risks with actual cases in 2022 to take note on: 🧵👇
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Everytime I see a solution claiming to scale or in this case, shied btc WITHOUT changing consensus or soft fork, I get skeptical.
It must means it always involved external actors & you won’t get the full security guarantees of btc’s base layer. The quality of security will affect the quality of privacy.
Not able to change base layer is bearish and not bullish, because projects needs to work with extreme limitations and btc’s intentional ossification is both a feature and bug. You don’t keep the cake and also eat it.
Even if this privacy solution works, what will be the impact on additional latency, costs since btc’s block/capacity are finite? Already, adopting bigger size post quantum signatures will surely severely impact btc’s scalability, let alone adding this cost of privacy as well.
zcash:native on the other hand, natively integrate privacy at base layer. And tackles both scalability and quantum resistant with @TachyonZcash hand in hand as they are closely intertwined. Zcash have clear road map to be future proof private, quantum resistant (already is quantum recoverable) and scalable everyday money/SOV.
If anything, judging by the response of bitcoiners suddenly getting excited 😂 by privacy, this further validate the bullishness of Zcash’s long term potential!
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So tldr, your angle is using txs activity to justify valuation?
I think activity is merely 1 metric among many. Other metrics matters too like Zcash gives options for 100% transparency, 100% privacy and auditable tool for somewhere in between.
These mitigate risks that comes with either ONLY extreme end of private or transparency spectrum. Having options increases the TAM to cater to different audiences. Eg: zcash:native .@ZcashETF ETF would not be possible if Zcash does not have transparent pool, thus limiting institutional flows and upside potential.
.@TachyonZcash, the scaling initiative that BTC does NOT have, the rise in shielded pool TVL (more PRIVACY adoption) should necessarily counts into Zcash current and future valuation too.
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I keep seeing zcash:native compared with early bitcoin:native because both have a 21m cap and ZEC now has roughly the number of coins Bitcoin once had.
There's something interesting in that comparison.
But:
Same supply ≠ same network ≠ same value.
So I built a model to test it properly. 🧵
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Update 2 weeks later:
zcash:native from 214.14% to now 474.9% price performance last 6 months period.
Top 3 performers in watchlist *ALL* ZEC related (ETF, Mining) and above major cryptos, AI related/energy stocks
Now add on solana:HcRLc9VDgjLeK154xDawfb1dmVJ98DoSqcwTHGqiDeJR reflexive meme companion (more retail flow & awareness) to Zcash + undoubtedly more ZEC ETFs in the pipeline (more institutional flows), not impossible to see zcash:native possibly crossing above $5000 by year end.
Strictly speaking, zcash:native has outperformed all major Semis, Hyperscalers, Neoclouds, Memory, MAGS, Photonics, Robotics, Energy etc companies (which was all the rage) in my watchlist from last 6 months till date.
This is a seminal moment. It proves crypto (with fundamental value/features) can outperform AI again. Just need patience.
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Strictly speaking, zcash:native has outperformed all major Semis, Hyperscalers, Neoclouds, Memory, MAGS, Photonics, Robotics, Energy etc companies (which was all the rage) in my watchlist from last 6 months till date.
This is a seminal moment. It proves crypto (with fundamental value/features) can outperform AI again. Just need patience.
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Hey bro .@tomwanhh Love your updates and also your ethena dashboard are comprehensive.
Some views & questions, if I may:
1) regarding $ENA fundamentals, I think just comparing fdv/revenue may not tell the whole story. Your revenue refers to gross? I think we need to factor in all related costs (including team if info is available) to determine actual net cash left that may possibly accrue to sENA.
I think costs are non trivial esp if sUSDe tvl grows, so too will the reserve fund as USDe is inherently not risks free. And esp reserve fund ratio stands currently < 1%.
Would like more context to fundamentals in terms of profit margin/“capital efficiency” of revenue/how much actual est yield to sENA, n then compare it to fdv to determine if it’s undervalued.
With current cash from treasury play pumping ENA price (rather than using organic net cash to buyback), I am more inclined to think ENA is overvalued. Would love further inputs from you.
2) for products under converge chain, any ideas what and how revenue sources captured from Converge will accrue to ENA, net costs? Would be great if these data points can be in your dashboards.
3) for USDtb, even if it’s Genius complaint, how does it create more “credibility” for USDe? They are 2 very different products with different R/R profile.
Are you implying revenue earned from USDtb would allocate to reserve fund or cover de pegging risks?
If yes, I think there will be direct trades off, because that would means less yield to sENA? Alternatively, if USDtb holders demands yield on their stables, then will there be enough cash to cover USDe risks or yield to sENA ?
I think there many variables to costs, and how revenue flows to cover these areas will have direct trade off to ENA’s attractiveness.
Hear from you soon bro.
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🥳We're delighted to share that we now support TON!
Our institutional users can seamlessly access @ton_blockchain, a decentralized, scalable, and open internet.🚀
safeheron.com/blog/secure-ac…
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Singapore is the best place to be for builders.
SG Builders will help you get here.
For the past 3 years, we've been building up SG Builders as the leading community for web3 founders in Singapore. And we've achieved a lot in that time:
→ We grew to 450+ active members, vetting everyone manually
→ We hosted an average of 2.5 events per week over the last year, including events cohosted with @solana, @worldcoin, @0xPolygon, @base, @Starknet, and more.
We created a needed social & professional layer for connection among web3 founders in Singapore, and helped build the infrastructure for Singapore to truly be the best place to build. And we're only accelerating that:
→ We opened a physical space in Chinatown -- the SG Builders Lounge) -- where we'll be hosting events all throughout Token2049 (nitter.net/tongnk/status/18192517…)
→ We're launching the SG Builders Job Board to aggregate jobs from the 200+ companies in our community, the Service Directory to find vetted local service providers in design, engineering, smart contracts, marketing, and more, and the Coliving Directory to find apartments to split
We've done this because we love this place and want to make it the best it can be.
But there's another reason we've done this: because it has been too damn hard to understand how to move here, how to get connected, and what's in store.
Make no mistake: Singapore is a country with tremendous opportunity and a vibrant web3 community, where getting your visa approved to move here takes just weeks and has lower associated costs than other hubs like Hong Kong or Dubai, and whose connections to the rest of Southeast Asia gives you a front row seat to the fastest growing web3 userbases in the world.
But this is all way too opaque. It ought to be easy to access, not known only to those who're in the know.
That's why we're launching SG Builders Passport, your path to coming here -- for a while, or for good.
For the first time, we're opening up the resources of the SG Builders community, including access to our gated Telegram group, by application to builders outside of SG.
From your first visit here, we'll help you get connected with other builders, find where to stay or live, and invite you to our weekly events, whitepaper reading sessions, hangouts, and dinners.
You'll get immersed, see what this place is really like, and we think you'll choose to stay. But regardless, as a member of our community, you'll be welcome to come back whenever you'd like.
All it takes is a quick 5 minute application. We'll be accepting a small number into our first cohort (<10) to make sure we get this right.
And as always: this is completely free, and supported by the sweat and tears of our contributors (and at the malaise of their employers). There's no cost, just show up.
Applications open now, so head over to check it out:
passport.sgbuidl.com
Can’t believe it’s already been 6 months since 2024 started. We’ve been working on a lot of very exciting things and I wanted to take some time to share some of the upcoming things that we’re working on!
1/ 🏡 SG Builders Lounge
I’ve always been a strong believer in physical, curated gatherings and events as a way to building a strong community, and am very happy to announce that we’re partnering with the @solanafm team to present the SG Builders Lounge!
Located in the heart of Chinatown on Sago St we’re super happy to open this up to the SG Builder community: maps.app.goo.gl/d1tCuutwqnjp…
We’re looking to create this into a community hub where crypto in Singapore comes to gather and meet. Founders and builders can come here for anything from casual gatherings to serious technical project deep dives. We’ll be publishing some more thoughts around this so stay tuned!
2/ 🤖 SG Builders Telegram Bot
The people have spoken! As more and more members of the community are looking to host events for the community we’ve needed better ways to organise for the group. As part of this we have the generous time of the @AirfoilStudio team who are helping us build out a SG Builders telegram bot.
This bot will start out small but will allow for community members to quickly create events, curate their attendance and collect payments. Additionally, all members of SG Builders will now be able to see all events in one single place (think Luma + official events + community organised ones)!
3/ 📝 Updating Applications Process
One of the main reasons things work within the community is due to curation. Part of our process currently involves a number of steps to understand each individual and how they fit within the community.
Whilst we continue to experiment on what works best one big change we are going to be doing going forward is requiring new applicants to be referred by existing community members. We will still have our existing process for those new people that are brand new to Singapore so fear not of being left out!
4/ 🎉 Token 2049
Events, events, events! It’s going to be a crazy week of ETH Singapore, Token 2049, Breakpoint and F1 all jammed into one. Given the success of last year’s events we’re exploring how we recreate it for this year. Let’s dive in!
First off, we’ll be doing our events sheet again with our public telegram group. We’ll be partnering with selected community partners and curating the crowd for high quality connections (think builders and founders)
Secondly, given the amount of people reaching out to do events with us we’ll be matching projects with other cohosts/sponsors. We’ll also be partnering with a team to do media (photography and videography) and bundling it together for a bulk discount for the SG Builders community.
If you’re interested in any of the above please reach out!
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HEY! You're coming to Singapore for @token2049, @SolanaConf, @ETHGlobal Singapore, FarCon Asia, or any of the 700+ side events next week!
We love Singapore, and we're so excited to welcome you here.
So we wrote a couple thousand words on everything you need to know about SG 🇸🇬
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🥳Exciting news
We're delighted to share that we now support Solana!
Our institutional users can seamlessly access @solana, an innovative L1 decentralized blockchain with high throughput and low transaction fees.🚀
Facilitate connections within institutions and this thriving ecosystem:
✨Create MPC wallets supporting all SPL tokens
🌐Build your wallet system on Solana using Safeheron API
🔐Tailor transaction policies governing all operations on Solana anytime & anywhere
👥Streamline business operations on Solana
Release new potential with Solana on Safeheron
blog.safeheron.com/blog/prod…
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⏰ Join us on April 11th at 9AM EST for a session on @MetaMask Snaps with,
- Host: @AlexJupiter23 from MetaMask
- @jaysprakash from @silencelabs_sl
- @blocksaurus1152 from @Safeheron
- @adeets_22 from @usecapsule
buff.ly/3PV47gE
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🎊Securing Web 3.0, CertiK to Join Panel at HK Web 3.0 Spring Summit
Leading smart contract auditing firm @CertiK will participate in a panel focusing on Web 3.0 security. The forum aims to discuss the "Trend in Web3 Wallet and Key Custodian Security and Compliance".
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🎁Unlock the Magic of Event Participation with Exclusive Gift Distribution!
Dive into our online webinar and win $300 airdrop!
📌Rule
1️⃣Retweet and like this tweet.
2️⃣Join the event. luma
lu.ma/9px6oxgj
Fill out the survey after the event ends.
3️⃣lucky winners will be announced on March 8th.
Don't miss this chance🙌
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🎉"Web3 Security Frontlines 2024" will be held🎉
・Online(Zoom)
・February 22, 2024, 11:00 - 12:30 UTC
・English🗣(Japanese subtitles available)
・Cohost:@OneKeyHQ @SlowMist_Team @Safeheron @GoPlusSecurity @Beosin_com
・apply here⏬
luma:lu.ma/9px6oxgj
To further explore and share the latest developments and challenges in Web3 security, the "Web3 Security Frontlines 2024" event will bring together top security companies from the industry, including KEKKAI, Goplus, Beosin, SlowMist, SafeHeron, and OneKey, to discuss cutting-edge topics and solutions in Web3 security.
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What’s #ConnectingWeb3? Dive into the ERC 4527 and gain some insights into users’ preferred safety features and the rationale behind them with @imTokenOfficial
📅18 Jan, Thursday
📍UE Square Office Tower, 83 Clemenceau Avenue, 10-05, Singapore 239920
meetup.com/ethereum-singapor…
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🎉 imToken #ConnectingWeb3 Meetup in Singapore!
Join us to learn to shield your assets from the heat wave with leadership from @imTokenOfficial, @Safeheron & @Beosin_com.
🗓️ January 18th, 19:00 SGT
Get ready to learn, network & snag merch! RSVP now 👇
lu.ma/ConnectingWeb3
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🥳Safeheron is delighted to share that we’ve joined the Alliance of Public-Private Cybercrime Stakeholders (APPACT).
Our unwavering commitment persists in contributing our blockchain security expertise to foster a safer digital environment. 🔒💻
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Peter Attia is the #1 longevity doctor.
He charges $150,000 a year to be his patient.
His 13-steps for a long healthy life:
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1/👋Introducing The Value Prop - an open database showcasing amazing use cases for blockchain technology. In less than 2 months & w the community’s help, we crowdsourced 300+ blockchain-based apps making a positive impact in the 🌎. Dive in at thevalueprop.io & read 👇
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🤩Exciting News
Safeheron will integrate @Scroll_ZKP 𝙎𝙊𝙊𝙉❗️
⛓️When @Scroll_ZKP mainnet is launched, our users can securely participate in this thriving ecosystem.
Look forward to joining in scaling Ethereum ⚒️ for billions of #Web3 users.💪
BTW, what’s Scroll?👇
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