CEO of Term Labs @term_labs. Ex-bond trader at Capula & Jefferies. Federal Reserve alum. Harvard Law J.D.
- Tweets 388
- Following 1,005
- Followers 1,841
- Likes 340
Pinned Tweet
Proud to announce our $5.5m Strategic Round led by @electriccapital with participation from @MaelstromFund, @Arete_xyz, @Deltabc_fund, @_inceptioncap, @BlizzardFund and others.
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Season 1 of Term Finance is wrapping soon. You – our community – made it real, proving that fixed-rate lending in DeFi isn’t just a dream. We’ve come far together, but this is just the beginning. [1/5]
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Kevork Mourad performance art, imbuing new meaning to “fractional” ownership with @bryanbrinkman @ido_eth @young8uddha @ItsAdamtastic
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1/ DeFi's rate swings are unlike anything in modern financial history.
In just 2 years, DeFi rates have changed more than TradFi did after the:
- 70s oil crisis
- Black Monday
- Tech bubble
- 2008 crash
- Covid
This volatility is a major barrier to institutional adoption.
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Thrilled to have presented @TermFinance at @a16zcrypto CSX Demo Day! Bringing institutional-grade fixed-rate lending on-chain.
Grateful to @jasonrosenthal, @blauyourmind, @liz_harkavy and the entire CSX team for helping us perfect our protocol design and go-to-market strategy.
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1/5 Incredibly excited that @term_labs will be joining @a16zcrypto's CSX Fall 2024 cohort! As co-founder, I'm humbled by this opportunity and a16z CSX's participation in our recent strategic funding round. It's a powerful validation of our team's hard work and vision.
Thrilled to announce Term Finance's selection for @a16zcrypto's CSX Fall 2024 cohort and their participation in our recent strategic funding round! We're honored that our mission of bringing stability to DeFi lending is being recognized.
Can't wait to dive in, meet with industry leaders, and receive hands-on guidance from the a16z CSX brain trust as we build our next chapter.🏗️
First time hearing about Term? Start here --> dashboard.galxe.com/quest/te…
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As DeFi evolves, it's time to rethink how we talk about yields.
We've been chasing headline APRs without asking the right questions:
- Real yield vs. token hype?
- Does it scale?
- Is it sustainable?
- Impact of fees & slippage?
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Post-token launch reflections
As a @MaelstromFund portco, it was only natural that we re-read @CryptoHayes article "PvP" as we prepared for launch. Here are the lessons we distilled -- what we took to heart, what we avoided, and what guided our decisions👇
What to DO: (bit.ly/41PjLR9)
Product First <-- useful product with real users is the only true “secret sauce”
Make your community rich <-- launch early and at a valuation where “your users/token holders get rich as your project becomes successful.”
What to AVOID:
High FDV Launches <-- Delayed Launch = Hard Crash, at the expense of the community that buys in
Expensive CEX Listings <-- burns treasury to rent short-term attention
One-sided MM Deals <-- trades unlocked tokens for short-term liquidity, with hidden terms and misaligned incentives
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Incredible week at @token2049 Singapore! My highlights:
▫️ Joined panels w/ @puffer_finance & @re alongside brilliant minds in DeFi
▫️ Insights: Family office crypto interest surging, but DeFi adoption varies globally
▫️ Amazed by 700+ side events - the energy was electric!
▫️ Key takeaway: Global South leading in DeFi adoption
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🌏Asia is a big part of @term_labs strategy! Excited to connect through your favorite communities in Korea, Japan, and Great China -- more coming soon!
Learn about our DeFi journey here:
🇰🇷🔗
bit.ly/4iM3vWX
🇯🇵🔗
bit.ly/3FMuYJr
🇭🇰🇹🇼🇸🇬🔗
bit.ly/3XET1jT
DeFi市場の最大の市場規模を獲得する可能性がある固定金利市場。そのリーディングプレーヤーが @term_labs
元ウォール街、弁護士のバックグラウンドを持ったファウンダーがこの市場に切り込んでいます。今後のトークンローンチも控えている？👀
CEOインタビュー▶︎piped.video/sH0EriFqhZE
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Open-ended, variable rate lending protocols are designed to keep utilization between 80%-90% to maintain a liquidity buffer for redemptions.
As a result, only 80%-90% of the borrow rate is actually passed onto the suppliers, less additional protocol fees.
Term Finance stands out, as the auction rate you see is the exact rate you receive as a lender, without any dilution or additional fees. 👇
Massive 🤯: $9.1M in demand - largest auction ever on Term!
This was only possible thanks to our amazing collab with @usualmoney and valuable input from the community.
Auction cleared at 13.0% fixed rate! 📈
View bids & offers: tinyurl.com/2cwtbmpe
For borrowers:
✅ Locked fixed rates
✅ Certainty for farming
✅ Keep earning Pills
✅ Sleep easy
✅ Earn Term auction points
For lenders:
✅ Double-digit fixed rates
✅ 116% overcollat. - reduced depeg risk
✅ Earn 1 Pill per day
✅ Earn Term auction & lending points
Community is 💪. Onward!
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The road ahead is long, but with your continued support, the backers who share our vision and the grit we’ve shown, the potential shines bright. Onward to Season 2! [5/5]
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What does Election Day mean for crypto asset markets?
Read on for a data-driven analysis, the results will surprise you! 👇
🎢 Election Year Bitcoin Boom? 🗳️📈
With the 2024 election two weeks away, @dionchu, CEO of @term_labs, breaks down BTC’s post-election patterns and explores how shifting crypto regulations could drive a Q1/Q2 rally.
Subscribe for the full analysis 🚀
the-edge.xyz/p/election-year…
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2/ Alongside support from angel investors @will__price, @econoar, @MikeSilagadze and @KoppKnows of @ether_fi, @Crypto_McKenna, @djchaudhry_, @DeFi_Dad and @Nomaticcap of The Edge Podcast, @TakayamaJoe, @xxstevelee, and more
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ETH borrow rates hit 17% overnight! 📈
And this isn't the first time. The market has seen 4 surges of similar or greater magnitude within the past month.
Term Finance: lock in fixed rates, avoid liquidity squeezes.
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🫡to @tn_pendle and @blocmates for highlighting how @pendle_fi PT holders can leverage their assets on @term_labs to 'loop with certainty'.
@ 1:23
PENDLE
On the spot with the one and only @tn_pendle of @pendle_fi fame.
Big 2025 incoming.
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3/ Term is the first on-chain fixed-rate lending protocol to operate effectively at institutional scale with over $100M of loans serviced through protocol and 7-figures clearing consistently each week.
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Markets today are grim, but we’ve seen darker. We started our careers on Wall Street in the depths of the financial crisis – and came out stronger. We founded Term when FTX fell and markets crumbled, digging in with the support of partners aligned for the long haul. [4/5]
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DeFi lending today is chaos. We’re here to change that. Fixed rates cut through the noise – and our $250M in loan volume tells us we’re on the right path. Together, we’re building a steady foundation that can one day rival, even exceed variable-rate lending onchain. [2/5]
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At Term, we're committed to radical transparency:
- A clear focus on base yield
- Scalable, predictable outcomes
- Fees clearly stated up front
- No surprises - what you see is what you get
DeFi deserves better. Let's rethink how we talk about yields.
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4/ The funds raised will be used to grow the protocol as well as accelerate Term’s roadmap to streamline borrowing and lending with features such as looping, passive lending, automations and real-time alerts.
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2025 is our moment – TradFi is knocking on DeFi’s door and DeFi is maturing. This year, we plan to expand to new chains, forge major DeFi partnerships, and grow vaults – offering more access and options – aiming for $500M, then $1BN in loans. But nothing good comes easy. [3/5]
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5/ Achieving Term’s mission of bringing stability and certainty to on-chain lending requires an engaged community of users who value open and transparent DeFi lending, but also appreciate the predictability of traditional term loans.
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What are you waiting for, anon?
Price history shows post-election periods have historically been strong for $BTC (+20% first month, +230% in 4 months). With increased regulatory clarity potentially ahead, this cycle could be interesting. DYOR, but the data speaks for itself.
What does Election Day mean for crypto asset markets?
Read on for a data-driven analysis, the results will surprise you! 👇
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Blessed to have support from a team that "gets" the bigger picture 🙏
Fixed-rate lending plays a crucial role in traditional finance, especially when it comes to pricing other financial products.
Yet, most DeFi lending platforms still operate with variable rates.
That's why we're excited to have @term_labs in our @a16zcrypto CSX Fall 2024 cohort!
@dionchu and @bwelch13 are building a new decentralized lending protocol inspired by sealed bid auctions in traditional finance to bring scalable fixed-rate lending onchain.
Note: @term_labs is not available in the US or accessible to US people.
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"Nascent fixed income markets are poised to grow as financial institutions, now facing less regulatory resistance, enter global crypto markets." - @perkinscr97
Fixed income is here @term_labs. Institutions are next.
coindesk.com/opinion/2024/11… via @coindesk
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Retail rotation into @doodles (de-centralized, community governed, no VC), while whales exit. Battle lines being drawn between VC-backed vs. community run projects?
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People complain about instant liquidations in DeFi lending, in stark contrast to CeFi lending outfits that afford the “courtesy” of delayed margin calls. Great article from Bloomberg on what happens when things go wrong.
1/ UBS - loses $860mm
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Been following @phtevenstrong since DeFi summer, personally thrilled to finally see a walk-through by the one and only "Calculator Guy" on Term Finance.
New to Term? Check out this video from the GOAT of DeFi tutorials @phtevenstrong.
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BTC holding range and trading near recent peaks DESPITE massive deleveraging (as evidenced by declining perp funding rates). Bullish.
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1mm USDC against sUSDE locked for a 3mo term...not a bad start for this new market!
Term’s USDC / sUSDE auction is now closed.
$1M matched @ 9.50% backed by SUSDE versus $1M total supply.
Subscribe to calendar bit.ly/3XSOjxS
Newsletter Sign up term.finance/newsletter
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10% real yield on ETH? 👇
The first LRT auction on Term is now closed - 4 week wETH / weETH
73 wETH matched at a rate of 9.85% backed by @ether_fi LRT weETH vs. 196 wETH total supply.
Subscribe to calendar bit.ly/3XSOjxS
Newsletter Sign up term.finance/newsletter
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2017 BTC cycle:
Dec '17 to Dec '18 recovering Dec '20 ==> -83.4% peak to trough; 1 year to bottom tick; 3 years to recover prior peak
Current Drawdown:
Nov '21 to ??? recovering ??? ==> -71.9% (as of Jun '18); winter is here; watch core CPI and the FOMC for the bottom
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Was a pleasure speaking on the pod! Let’s do it again soon.
Great time discussing term lending & @term_labs's term finance
Term is a great product, with clear PMF
@dionchu is ex tradfi chad, with clear insights about the space, where term is going and how everything is going to unfold
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PSA: you bank at the mercy of arbitrary and capricious gatekeepers. Just use DeFi.
news.bitcoin.com/ripple-ceo-…
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Check out my new NFT on OpenSea! opensea.io/assets/0x4cd0ea8b… via @opensea
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Couldn't have said it better myself!
Integrating auctions into DeFi lending?
It’s a complex process that requires a deep understanding.
Let’s simplify it with @term_labs.
A thread.
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RWA meets DeFi Lending
Term Finance, @matrixdock, and @chainlink break ground on a first-of-its-kind RWA lending market
Today’s $STBT (Short Term T-bill Token) auction marks the FIRST EVER (on-chain) fixed-rate loan backed by permissioned real-world assets using oracles powered by @chainlink Proof of Reserves
Through this amazing collaboration with @matrixdock and @chainlink, Term Finance bridges the gap between DeFi lending and an expanding RWA market that is projected to reach $16T by 2030. #RWALending
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I'm bullish! If you're curious why, I share my thoughts below (link)
notion.so/Thoughts-on-CC0-cd…
1/GM.
Today, we’re announcing that @moonbirds and @oddities_xyz are moving to the CC0 public license.
We believe this move honors and respects the values of the internet and web3 and starts a new and important phase of the project. 🧵...
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@term_labs we're building the first and only scalable fixed-rate borrow-lend protocol onchain.
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Compare v 5%+ fixed borrow on competing protocols 👀
Mainnet Deploy..................................✅
First Full Term Auction.....................✅
Public Mainnet Launch.......Soon(TM)
$20k USDC borrowed @ clearing rate of 3.5% backed by @LidoFinance wstETH. More supply available @ 3.5%
Full details: docsend.com/view/hdmd5tzuymp…
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2/ Term and other fixed-rate protocols bridge the gap by making DeFi rates predictable—paving the way for greater institutional adoption of DeFi.
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3/ Since launch, Term has:
- cleared over $150mm in fixed rate loans
- integrated with permissioned RWAs, and
- onboarded major funds, foundations and treasuries
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Join the Coinshift team and I today as we discuss fixed rate liquidity management in DeFi!
💣 Bringing Fixed-rate Liquidity to Treasury Management 💣
We're excited to host a Twitter Space with @term_labs!
Join @pray_eth, @qubiton_eth and @Term_labs's Co-Founders @dionchu & @bwelch13 on Thursday, 27th April, at 4 PM UTC!
Set your reminder 👇
bit.ly/3L9yMU8
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[Phone rings, heard from the OR]
[wife, anesthesiologist]: ‘Do you know about $UNI and $AAVE?! [colleague] says fee switch is coming.’
[me, DeFi founder]: pauses, smirks …Retail is here. #DeFiRenaissance
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Same risk as being a direct user of 1) Term, 2) Aave, 3) YearnV3. See links to each below. Liquidity for withdrawals is subject to available reserves. Past performance not indicative of future results.
docs.term.finance/protocol/r…
aave.com/docs/concepts/risks
docs.yearn.fi/developers/sec…
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Was an honor to speak with @0xCoinshift and their community!
Listen to @dionchu, CEO and co-founder of @term_labs, discuss Treasury Management and the need to bring Fixed Income onchain with our frens @0xCoinshift.
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3/5 Bootstrapping a new DeFi primitive is incredibly challenging. We're grateful for our existing backers who've gotten us this far. Excited to have a16z CSX join us, bringing their vast network and expertise to help tackle these challenges head-on.
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5/5 To our early believers, supporters, and the wider DeFi community: your faith in our vision has brought us here. Stay tuned for updates as we embark on this exciting new chapter.
And if you're new to Term, you're still early 👉 app.galxe.com/quest/term
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Term is paving the way for institutional adoption of DeFi by bringing predictability and stability to DeFi, at scale.
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2/5 Our mission at Term Finance has always been clear: bring much-needed stability to DeFi lending through fixed-rate, fixed-term solutions. Achieving this requires building new primitives that don't yet exist in DeFi.
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Which usually means it's not forthcoming. The market assigned some tail risk of a 100bp hike today which is being priced out. Best guess is market will settle in 1600-2000 range for ETH
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@term_labs fixed-rates mean fixed-rates 👇
An upcoming Executive Vote will introduce a new set of parameters changes across different vault types.
Detailed information about these adjustments is provided below:
Proposed Parameter Changes:
• ETH-A: Decrease the Stability Fee from 15.25% to 13.25%
• ETH-B: Decrease the Stability Fee from 15.75% to 13.75%
• ETH-C: Decrease the Stability Fee from 15.00% to 13.00%
• WSTETH-A: Decrease the Stability Fee from 16.25% to 14.25%
• WSTETH-B: Decrease the Stability Fee from 16.00% to 14.00%
• WBTC-A: Decrease the Stability Fee from 16.75% to 14.75%
• WBTC-B: Decrease the Stability Fee from 17.25% to 15.25%
• WBTC-C: Decrease the Stability Fee from 16.50% to 14.50%
• DSR: Decrease the Dai Savings Rate from 15.00% to 13.00%
• Spark: Decrease the Effective DAI Borrow Rate from 16.00% to 14.00%
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How to earn double digit yield through @term_labs 🧵
Term’s new wETH / wstETH auction is now closed.
40.851E matched @ 2.43% backed by @LidoFinance wstETH.
Subscribe to calendar bit.ly/3XSOjxS
Newsletter Sign up term.finance/newsletter
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4/5 I'm particularly looking forward to collaborating with industry leaders on crucial aspects like tokenomics and go-to-market. The insights we'll gain from the entire a16z crypto team will complement the expertise of our current advisors and partners.
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Bond King Gundlach of @DLineCap is ditching variable rates for fixed. 👀 How’re you managing your on-chain lending, anon? Time to lock in those rates?
Jeffrey Gundlach on July 31 Fed Day shares with @ScottWapnerCNBC his outlook for 150 bps of fed funds rate cuts by a year from now, allocating from floating to fixed rate, his expectation of recession and a world on the cusp of major change.
piped.video/watch?v=i9ID9J3W…
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Crypto Twitter offended that the market is up in the face of "recession"...my only reaction is that Crypto Twitter must be grossly underinvested #staylongandstrong
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The next wave of adoption is being built decrypt.co/106707/starbucks-…
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