Trading crypto and collecting digital art. Class of 2017. @BIC_dao
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People are wondering why tokens with buybacks aren't re rating on the news its because that premium is already baked into those tokens. What needs to re-rate are the projects with high fees that have not turned on buybacks yet that are likely to
As speculators we can probably change our metrics of choice from solely revenue to token holders and expand that to fees generally with the assumption that every credible crypto project will eventually turn on buybacks
Projects will probably start gaining attention and momentum by teasing future buybacks
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As speculators we can probably change our metrics of choice from solely revenue to token holders and expand that to fees generally with the assumption that every credible crypto project will eventually turn on buybacks
Projects will probably start gaining attention and momentum by teasing future buybacks
*SEC STAFF ISSUES FAQS ON CRYPTO ASSET SECURITIES LAWS APPLICATION
*SEC STAFF: TOKEN BUYBACKS ON FUNCTIONAL PROTOCOLS DO NOT CONSTITUTE MANAGERIAL EFFORTS
*SEC STAFF: LIQUID STAKING TOKENS ARE DIGITAL COMMODITIES OR TOOLS, NOT SECURITIES
*SEC STAFF: MAINTENANCE, ENHANCEMENTS, SYSTEM GRANTS NOT CONSIDERED ESSENTIAL MANAGERIAL EFFORTS
*SEC STAFF: PROMOTING CRYPTO UTILITY WITHOUT PROFIT CLAIMS GENERALLY NOT AN INVESTMENT CONTRACT
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“Most liquid allocators are meaningfully undersized to Ethena when considering the scale of the opportunity”
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The way to think about Ethena TAM/SAM is to imagine the total future market cap of stablecoins, what % of that market will seek yield, what % of those seeking yield want more than SOFR, and that’s how you calculate the Ethena opportunity. I anticipate it will be in the hundreds of billions in the not so far out future.
There is no other team that has done better risk management, earned consistent yield above SOFR, has more distribution, and is better capitalized than Ethena.
There are very, very few projects in crypto with as much potential upside as Ethena.
$ENA is one of the primary beneficiaries of more trading activity leading to higher yields and in turn reflexive growth of USDE and now with this expansion their serviceable addressable market expanded massively. In my opinion most liquid allocators are meaningfully undersized Ethena when considering the scale of the opportunity. Just as a reminder there are only 4 stablecoins which have real scale, network effects, and distribution and USDE is one of them (and I think the top one outside of USDT and USDC)
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*SEC STAFF ISSUES FAQS ON CRYPTO ASSET SECURITIES LAWS APPLICATION
*SEC STAFF: TOKEN BUYBACKS ON FUNCTIONAL PROTOCOLS DO NOT CONSTITUTE MANAGERIAL EFFORTS
*SEC STAFF: LIQUID STAKING TOKENS ARE DIGITAL COMMODITIES OR TOOLS, NOT SECURITIES
*SEC STAFF: MAINTENANCE, ENHANCEMENTS, SYSTEM GRANTS NOT CONSIDERED ESSENTIAL MANAGERIAL EFFORTS
*SEC STAFF: PROMOTING CRYPTO UTILITY WITHOUT PROFIT CLAIMS GENERALLY NOT AN INVESTMENT CONTRACT
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van retweeted
$ENA is one of the primary beneficiaries of more trading activity leading to higher yields and in turn reflexive growth of USDE and now with this expansion their serviceable addressable market expanded massively. In my opinion most liquid allocators are meaningfully undersized Ethena when considering the scale of the opportunity. Just as a reminder there are only 4 stablecoins which have real scale, network effects, and distribution and USDE is one of them (and I think the top one outside of USDT and USDC)
Ethena is partnering with @Binance as our first venue for the extension of the basis trade into equity perpetuals, one of the most exciting updates to the USDe collateral backing since launch.
This expands the addressable market of underlying collateral from $2.5 trillion of crypto to $150 trillion+ of real-world assets.
As part of the partnership, bStocks will serve as tokenized spot collateral, hedged with Binance USDT-denominated equity perpetuals - the same delta-neutral structure Ethena has securely executed across crypto assets since inception.
Importantly, Binance provides lower ADL priority for eligible delta-neutral accounts including Ethena's, adding another layer of risk mitigation for USDe holders.
Binance equity basis has averaged ~11%+ annualized over the past 6 months, while open interest has grown on average ~30% per month in the last 3 month period.
We expect the market opportunity size for equity perpetuals to far exceed the $15b+ of crypto perpetuals captured by Ethena last cycle.
Allocations begin today.
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van retweeted
equity perp open interest grew 30x in one year
the tokenization supercycle now runs through ethereum:0x57e114b691db790c35207b2e685d4a43181e6061
Ethena is partnering with @Binance as our first venue for the extension of the basis trade into equity perpetuals, one of the most exciting updates to the USDe collateral backing since launch.
This expands the addressable market of underlying collateral from $2.5 trillion of crypto to $150 trillion+ of real-world assets.
As part of the partnership, bStocks will serve as tokenized spot collateral, hedged with Binance USDT-denominated equity perpetuals - the same delta-neutral structure Ethena has securely executed across crypto assets since inception.
Importantly, Binance provides lower ADL priority for eligible delta-neutral accounts including Ethena's, adding another layer of risk mitigation for USDe holders.
Binance equity basis has averaged ~11%+ annualized over the past 6 months, while open interest has grown on average ~30% per month in the last 3 month period.
We expect the market opportunity size for equity perpetuals to far exceed the $15b+ of crypto perpetuals captured by Ethena last cycle.
Allocations begin today.
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its just the best stablecoin idk what else to tell you
Ethena is partnering with @Binance as our first venue for the extension of the basis trade into equity perpetuals, one of the most exciting updates to the USDe collateral backing since launch.
This expands the addressable market of underlying collateral from $2.5 trillion of crypto to $150 trillion+ of real-world assets.
As part of the partnership, bStocks will serve as tokenized spot collateral, hedged with Binance USDT-denominated equity perpetuals - the same delta-neutral structure Ethena has securely executed across crypto assets since inception.
Importantly, Binance provides lower ADL priority for eligible delta-neutral accounts including Ethena's, adding another layer of risk mitigation for USDe holders.
Binance equity basis has averaged ~11%+ annualized over the past 6 months, while open interest has grown on average ~30% per month in the last 3 month period.
We expect the market opportunity size for equity perpetuals to far exceed the $15b+ of crypto perpetuals captured by Ethena last cycle.
Allocations begin today.
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free
🚨 CryptoPunk V1 #2294 was sold for Ξ9.000 ($24,118) on OpenSea marketplace
from: jpegszn.eth
to: 0x1f0...23E22
Punk profile: v1cryptopunks.com/details/22…
Etherscan: etherscan.io/tx/0x690ca514df…
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I won a CryptoPunk for $225 and I still can't believe it.
I'd been following FWA since v1 back in July. When v2 rolled out, I watched the ETH backing the first Punk dropping daily. By Saturday it was down to 1 ETH. The odds were getting very favorable, and the math said somebody was going to hit it soon.
So I'm sitting on the couch thinking, why not. I spun 13 times, mostly reclaiming ETH or stacking $FWA. Down to the last 0.1 ETH that I put in the wallet for the day, I spun once more for 0.0855 ETH.
CryptoPunk #3498 pops out. Dark mohawk, horned rim glasses. One of about 8 with that exact combo out of all 10,000. (And apparently this was a 1 in 10k chance at the time!)
Pure dumb luck. But luck shined on me that day, and I'm grateful. Thank you @Rhynotic and @token_works. Legends!
My shiny new Punk going in the vault. I'm not selling.
My wife thinks I'm nuts, but Punks are going to rip.
Long-term believer.
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We're proud to support original creators worldwide.
Collab with @superelmerds, creator of Running Away Balloon meme.
ALT meme art @superelmerds + meme text @smoke_theartist
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