Investing @dragonfly_xyz Vos debes periculum pro buccellatum
New York, NY
- Tweets 9,846
- Following 3,290
- Followers 40,612
- Likes 70,709
This has to be some sort of power play, right? Like, you don't need to go to a restaurant to drink wine outside ...
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never forget that Kalshi is a team of little rats
I’m excited to announce our $185M Series C valuing Kalshi at $2B.
The round was led by Paradigm with participation from Sequoia, Multicoin, Peng Zhao, Neo, and Bond Capital.
People choose to work at Kalshi not because of the money we've raised, but because of our ambition: build the most important financial market on the planet.
Today, we celebrate our team and community who have taken prediction markets mainstream and made Kalshi one of the fastest growing companies in America.
What once felt impossible now looks inevitable.
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Working on Metaverse @ Facebook
Working on Crypto @ Stripe
Working on NFTs @ TikTok
Working on DAOs @ Google
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the kelsier / hayden davis saga just reinforces my view that a phrenology-based investment DD process would absolutely crush. if you can't look at this alcoholic mouthbreathing polish midwestern uncle face and immediately know not to do business with this man, that's on you.
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Did we win the Constitution? No.
Do we have a clear plan with what to do with the funds? Also no.
But let's not forget the most important part: we burned a bunch of ETH.
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I went to ETH Denver in 2018, 2019, and 2020 and I have never seen it even close to being this busy. Insane energy right now.
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i was supposed to moderate a panel at Token with someone from Kalshi, but they complained to the organizers about this tweet and got me booted 😭
god forbid a fella jape a bit!
so ... any good events happening Thursday AM in SG? 😇
strange that the kalshi team feels obligated to run around lying about the south park episode being dedicated to them when south park did a whole ep on kalshi years ago (???)
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“and he murdered your coins, folks. They were beautiful coins, some of the best, and I’ve seen many great coins in my life, believe me … he murdered them. They’re calling him Joe Bear-den — I’m not saying this, but people are saying — he’s a permabear — and it’s sick”
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While no one was looking, Metamask just started fucking printing. Making ~$170K / day in fees at $20MM / day in volume.
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strange that the kalshi team feels obligated to run around lying about the south park episode being dedicated to them when south park did a whole ep on kalshi years ago (???)
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feed rn:
>race war post
>usdh post
>race war post
>usdh post
>race war post
>milady
algo is cooked @nikitabier
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The biggest, most valuable land grab that no one is talking about in Ethereum is becoming a user’s default RPC endpoint
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In all truth, if you’re making investment decisions based on Kim K’s instagram stories, I’m not sure there’s any amount of investor protection that’s going to save you.
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stealing $10B in customer funds while cranked up and tweaking on street emsam: legal
buying one lil handgun while taking my (medicinal) crack: 25 yrs in prison
someone make it make sense!!!!
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Some personal news: I'm moving to Taipei in January after 10 years in the Bay. If you're in the area and want to grab boba and talk crypto, my DMs are open!
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Top takeaway from T2049:
* My bags are very good
* Everyone is building on my bags and the community is super strong
* Your bags are struggling to find PMF and a crisp narrative
* People are leaving your bags to build on my bags
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yes 👏 the 👏 USG 👏 used 👏 their 👏 secret 👏 quantum 👏 computer 👏 to 👏 steal 👏 $4MM 👏 BTC 👏 but y'all ain't ready for that tea sis 💅🍵
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This is a letter that we sent to our portfolio company founders and partners at @dragonfly_cap this morning. We thought it may be useful to a wider audience, so we are publishing it here to share with you as well 🫡
medium.com/dragonfly-researc…
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Probably should have gone with that internship 😅
Congrats to all the @coinbase folks today! Huge moment for the space.
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The @WSJ just published an article claiming that NFT transactions are flatlining, which appears to be totally based on incorrect data from Nonfungible.com (compare with on-chain @DuneAnalytics data). Did no one bother to check primary sources? Also why not $ volume?
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“So, Bitcoin … that’s an interesting word … because it’s *two* words. Bit and coin. Bit … like technology … like science … the future of our country … it’s ‘bit’. And coin. I’m not talking quarters! *laughs* I’m talking about coinage. What is Caesars. Muh-nay”
Here’s the last thing I’ll say about politics until the election
If Kamala Harris goes to Nashville and actually eloquently can explain how crypto and Bitcoin is the future and lay out a reasonable policy prescription for it, she wins the race
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did anyone take a break from gravedancing to sanity check this data? also OKX wallet suddenly disappearing one day (??)
let's use the "5 Whys" method to diagnose:
1) why did Binance's mkt share suddenly spike? because its volume suddenly spiked, not because it actually took mkt share
2) why did Binance volume spike? because it's all volume on BNB / BSC
3) why did BSC volume spike? because it's all Polyhedra Network (ZK), B2 (BSquared), and SkyAI
4) why these tokens? because they're launching airdrops to Binance Alpha Points holders
5) why would a Binance Alpha Point airdrop drive volume? because ... you get more alpha points by doing more volume through Binance Wallet
🤡🤡🤡🤡
Nobody on CT is talking about this, but Binance Wallet quietly became the global level MetaMask killer, ate the whole lunch of OKX wallet after its prolonged shutdown. Its market share just rips after launching of the alpha program, turned the wallet into a meme farming engine + token gated airdrop club + yield shovel
80% market share
4.3M new users in a week
It’s not just a wallet anymore, it’s the funnel
if you are founder looking for effective distribution you can't overlook this
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perps on equities are dumb
perps on equities won't work <- you are here
perps on equities won't last
perps on equities are too big
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Just checking in here. Not only have Tether shorts not made any money, they've also been:
* paying 8%+ carrying costs to put on the trade
* losing out on 3% short-term interest rates
* melting away in 8%+ inflation environment
down bad
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Do you think Dutch pundits in the 1600s were like “ok I get why joint-stock companies are *technically* cool, but I don’t get what all this stuff is for. You can’t do anything with it. At least I can *eat* millet and dried salted meat”?
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Sorry, but Curve wars are dumb.
1) These features should've been built into Curve natively from the start. A product miss has spawned this entire industry.
2) This glosses over Curve losing stablecoin swap mkt share. You're bikeshedding while the shed is burning down behind you
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VC-backed x-chain intent restaking ZK-FHE protocols that raised $45MM watching Binance list PNUT after two weeks
#Binance will list Act I : The AI Prophecy $ACT and Peanut the Squirrel $PNUT with Seed Tag Applied.
Read more 👉 binance.com/en/support/annou…
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me when Binance emails me to tell me that they're about to liquidate my 20x levered $PICKLE position
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they just added some weird … marble texturing to the X app icon??? what is going on man
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why does vitalik look like he's about to come up to you in the smoking area outside fabric and ask you for some sniff or if he can bum a filter for his rollie?
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Proposal to have a retro DeFi day where we all use Airswap, Kyber, IDEX, SAI, Dharma v1, DDEX, etc. for 24 hours
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Got a bit tired of the MEV handwringing, so took this post out of the drafts folder. I break down MEV, current solution landscape, and where I see things going 🤠 medium.com/dragonfly-researc…
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picking the stupid fat diabetic embryo so they grind harder 💪
Every parent wants to give their children more than they had. For the first time in human history, Nucleus adds a new tool to that commitment.
Welcome to Nucleus Embryo.
mynucleus.com/embryo/press
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Everyone is talking about DAO treasury management, but is anyone working on DAO bond issuances? Seems wrong that DAOs must sell equity and can't tap into credit markets, when they have strong cashflows and don't have the same anon problem as with decentralized consumer lending
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since apparently no one on CT can be assed to read docs, here are some quick @ethena fud takes:
“😡 it’s not a stablecoin!!”
👍 it’s not marketed as one
“😡 you can’t guarantee 27%! it’s a ponzi!!”
👍 it’s not guaranteed. 27% is just the current market rate
“😡 usde is fucked when eth tanks!!”
👍 it’s delta neutral
“😡 usde is fucked when steth depegs!!”
👍 collateral is split across 5 different LSTs. ethena can also support a 40% steth depeg and if steth fully collapses, all of defi is fucked anyway
“😡 usde is fucked when CEXs explode!!”
👍 collateral is held in custodians using OES reducing counterparty risk
“😡 usde is just terra again!!”
👍 usde is fully collateralized
“😡 uxd and lemma tried this and failed!!”
👍 uxd had counterparty risk via mango. lemma wound down b/c dex perps market was too small, but never lost any depositor funds.
“😡 usde is fucked when funding goes negative!!”
👍 funding has only been net negative 10.8% over past 3 years and only for very small periods of time, effective to a few bps / day. this is mitigated by the insurance fund, which also accrues buffer during periods of positive funding, potential risk tranching via gov token or staking in the future. this problem is also self-correcting as shorts close out vs. self-reinforcing.
“😡 crypto funding rates are unsustainable!!”
👍 cme bitcoin futures are bigger than binance, are also in contango and yielding an effective 14%. futures yield basis is positive the vast majority of the time as a proxy for the cost of capital.
“😡 usde is going to warp the perps market and lower funding rates!!”
👍 the tvl is capped to grow slowly and responsibly. also love that the worst case scenario is ethena being incredibly successful
“😡 people can just do this themselves!!”
👍 they do, but this is much more convenient, accessible, and composable with the rest of defi.
“😡 the auditors just get paid to give a stamp and move on!!”
👍 chaos labs is top notch, but this conflict exists for literally all auditors and underwriters. google “principal-agent problem”
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“what do you mean it’s an intent? like a limit order? like it’s my intent to trade a specific amount of a coin at a set price? how is that an intent? intentful how? what the fuck is so intentful about that?”
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why does this man look like he's about to tell me about chili's new 8 lunches for $8 special?
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just read this post … who wrote this copy??? I have never seen an English sentence like this:
protect cryptocurrency investments (???) so that black men who make them (???) know their money is safe (???)
how do you protect investments?? how is the money is safe??
Black men deserve a president who cares about making their lives better.
ALT Graphic detailing Kamala Harris's policy initiatives to support Black Americans, including forgivable loans for entrepreneurs, education, mentorship programs, investments in safety, and launching a health initiative. Blue background with white font.
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Crazy how in < 20 years, we went from "pirate everything, DRM is cancer" to "I will pay large sums of money for digital rights to this freely-accessible media"
The difference was P2P networks enabling free (as in speech) ownership vs. middlemen corporations extracting rent.
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not sure why anyone thought any differently ... the Robinhood docs are pretty clear that you're buying a *derivative* that is *not* redeemable for the underlying and not backed 1:1
you're just buying an OpenAI forward that Robinhood can redeem on your behalf at any point lol
These “OpenAI tokens” are not OpenAI equity. We did not partner with Robinhood, were not involved in this, and do not endorse it. Any transfer of OpenAI equity requires our approval—we did not approve any transfer.
Please be careful.
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I bet that mainstream media outlets are in large part responsible for turning people away from working in crypto. Instead of showing the innovation, they spent years writing about tiny shitcoin pumps and treating the whole space as some opaque casino bloomberg.com/news/articles/…
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while you were arguing about whether or not the matrixport intern nuked the market, some truly deranged people were trading $500MM of ConstitutionDAO on Binance
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Imagine thinking that one of the most instantly recognizable images of our modern age is not worth $220MM, but these random pieces of paper that you had never seen prior to this tweet are totally reasonably priced👌
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Look
If you had one chance
or one opportunity
to buy ETH under 2k
would you bid it
or just let it slip?
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If you think about it, Tron had it right the whole time: people just want to do cheap EVM shit with their friends
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1/ Respectfully, this data is totally wrong due to the different architectures of OS and ME. Because ME has all actions on-chain (bids, offers, cancels, sales) while OS only has sales and cancels, you need to filter txns in order to compare 1:1. In fact, OS txns > ME txns
Over the last 7 days, Magic Eden vs. Opensea had:
- 139K users on ME vs. 123K on OS (13% more users)
- 2.4M transactions vs. 404K (6x more txns)
- $162M GMV vs. $210M (77% of OS's volume)
Sources:
dappradar.com/ethereum/marke…
dappradar.com/solana/marketp…
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"it's ok, babe. it's not your fault. it happens to lots of guys"
"i'm sorry. i'm just under a lot of pressure right now"
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People in crypto are obsessed with building cathedrals, when the only thing that seems to be work are bazaars. You want WASM, you get EVM. You want beautiful multi-chain, you get a bunch of ad hoc bridges to PoS geth fork. You want self-custody utopia, you get CeDeFi.
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the market demands a blood sacrifice. probably don't need a virgin ... one of those streamer guys with the zoomer broccoli haircut would be sufficient
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The Treasury Dept has recommended a massive expansion of warrantless surveillance and power to sanction open-source software.
They are asking to expand the definition of "financial institution" to include:
- Virtual asset wallet providers
- Blockchain validator nodes
- Decentralized finance services
Many of the entities that could get captured by this are engaged merely in the publication of software and are not in any trusted or agency-like relationship with the users of their software
- Non-custodial wallet providers may simply be publishing wallet software.
- “DeFi service providers” may be merely publishing smart contracts and websites.
- Miners and validators are merely relaying transaction messages and republishing them into blocks.
None of these activities involve a legal or regulated relationship between the publisher of the software or data and the user of that software or data.
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1/ My first piece via Dragonfly Research is out today! In it, I examine liquidators, the actors working behind the scenes to help decentralized lending function, and getting handsomely rewarded for doing so to the tune of several million $ per year. medium.com/dragonfly-researc…
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if you're in your flop era goblin mode post-cringe post-rat no milady u r little >:) seed oil disrespecting adderall-enriched tradlife lindy rotator vote-escrowed sigma grindset, I want to hear more about what you're building! DMs open.
Thread 🧵 0/0
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please kill us giant solar flare
please kill us giant solar flare
please kill us giant solar flare
please kill us giant solar flare
please kill us giant solar flare
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He’s too modest to post this, but I want to give you a huge congrats to @tarunchitra on being the new spokesperson for Guangzhou Belly Beauty Devices LTD! It make beauty easy! Best new venture!
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kind of crazy to think that Tether could just buy Circle with profits from H1 alone
USDT: Tether Releases Q2 2024 Attestation: Reports Record-Breaking $5.2 Billion Profit In First Half Of 2024, Highest Treasury Bill Ownership Ever and Largest Ever Group Consolidated Equity At Almost $12 Billion
tether.io/news/tether-q2-202…
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Bitcoin has never been trapped because of 25 rare chinchillas
3.5 million ounces of gold is trapped because of 25 rare chinchillas undark.org/2020/10/12/chinch…
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we should make the value of assets go down and thus less attractive to borrow against imo
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The elites don't want you to get pregnant on Accutane b/c Accutane babies are OP and they're trying to gatekeep the power for themselves. Accutane babies can warp reality around themselves.
Greta Thunburg? Accutane baby.
SBF? Accutane baby.
Mr Beast? Accutane baby.
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Hoping this offering to @loomdart will revive the market
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If I were the US government, I would simply close the budget deficit by using my quantum computer to create more Bitcoin.
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in 2025, we’re not eating seed oils. we’re saying retard. we’re listening to blue monday in chinese. we’re transmuting our physical bodies into physical alpha and transcending to an ethereal plane. we’re going to honor our fathers and mothers. we’re going to live for 1000 years.
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Feels like more and more people are slowly waking up to the fact that NFT royalties are not *enforced* at a smart contract level and it's on exchanges to opt-in ... what's going to be the new equilibrium here?
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