Dan Elitzer

It's 2024

If the name of your new project includes 'bit', 'block', 'coin', or 'chain', please try again

Crypto’s AirTag Moment: Unlocking Mass Adoption with Web Proofs

How zkTLS will revolutionize airdrops, incentives, and marketplaces

https://www.nascent.xyz/idea/cryptos-airtag-moment

Sony is launching an Ethereum L2 using the OP Stack & joining the Superchain

Coinbase, Worldcoin, Sony... large cos who can bring millions onchain all choose @Optimism
https://www.coindesk.com/tech/2024/08/23/sony-electronics-pioneer-behind-walkman-starts-own-blockchain-soneium/

Frankly, I'm surprised MIT didn't find more backdoor ways to work around the Supreme Court ruling and effectively keep affirmative action in place

I'll be very interested to see whether other elite universities show similar results with this year's incoming class

Full post here:

nascent.xyz/idea/yup-open-social-aggregation

We support @nir.yup.io, Vernon, and the @yup.io team in building a bridge from siloed content to a vibrant, free-flowing, and adaptable open social web

If you're considering joining us, the answer is: YUP!

Yup also expands monetization opportunities

Beyond ads, open social platforms offer direct revenue options, such as tips via community currencies, referral fees, interactive elements, and content creation rewards

Yup will be at the center, aligned with the interests of creators

Yup's benefits extend beyond open social platforms, enabling creators to spread their content and reputation across all social media

It positions Yup as a true hub for digital identity and content aggregation, helping creators link their identities and build cohesive audiences

Enter Yup: the social aggregator

Just as 0x & 1inch unified DeFi liquidity, @yup.io aims to unify social liquidity

Creators link their identities and publish across platforms, increasing the availability of quality content and easing experimentation with new networks

However, today's reality is different

Most of the content we follow still lives on platforms like Twitter, Instagram, TikTok, and YouTube

Open social protocols haven't reached critical mass, and fragmentation makes it hard for creators to build cohesive identities and audiences

Web2 social infrastructure led to $Ts in economic activity

Now, it's being rebuilt w protocols like Farcaster, Lens, ENS, XMTP, OpenRank & Zora

Open social infrastructure can enable new social experiences, providing users & creators with more choice

Crypto and web3 are unbundling the web, rebuilding it with open protocols

We've seen this in DeFi with open, composable, and resilient financial infrastructure

Now, this transformation is happening with social platforms, reshaping how we create, consume, and connect

We at @nascent are thrilled to announce our investment in @yup.io alongside our friends at @ideocolabventures.lens & @dwr.eth

We share a vision of the exciting and powerful role open social platforms will play in the future of how we connect, create, learn, and earn

Thesis and post 👇

Whatever law established the Do Not Call registry really needs to be updated to include bans on text messages too

I’m getting multiple texts every day from candidates from both parties and it just makes me hate them all

There's nothing quite like the anticipation and excitement of diving into beta features and discovering all the ways they'll revolutionize your workflow

Nothing like trying to send an international wire to remind you that crypto UX is freaking amazing compared to the legacy banking system

9 times out of 10, the founder being a jerk to their competitors in public is insecure and knows they’re getting their ass kicked

Pointing out where your product is better is fair game, but it’s pretty obvious to most observers when legit competition crosses into sour grapes

Assume a faulty block was proven via an optimistic rollup’s fault proof system. What happens for all the other users that then take actions based on an invalid state? Does the chain just get reset to the block prior to the invalid tx?

Tradfi got T+1 settlement? It’s not single-slot finality, but not bad!

Wait, we’re not counting blocks?

T+1 minutes? No?

T+1 hours? Still no?

T+1 days?!

Yeah, clearly no use cases for blockchains…

I'm excited about where we're heading and think we should both celebrate and continue to explore and push at the edges

But let's make sure we continue to have open conversations about the new risks and heightened stakes

🫡

The tighter linkage sUSDe creates between demand for leverage on CEXs and rates across DeFi is incredibly powerful and represents a major inflection point in the industry

Along with the BTC ETFs (hopefully followed soon by ETH ETFs), we're entering a significant new phase

This isn't without risk though!

When funding rates on CEXs start coming down from their dizzying heights, there's going to be unwinding across the board

This is likely to create a stress test on these markets and supplies of stablecoins that were being deposited in them

Over time, I would expect significant adoption of these isolated lending markets with lots of looped borrowing, bringing the rates paid to DAI, GHO, or LUSD depositors in such pools much closer to the sUSDe yield rates

And just wait until Morpho gets going with Morpho Blue and some MetaMorpho vaults for DAI deposits and sUSDe collateral! Anyone can do it, but there are probably some experienced risk managers already working on this...

Right now, all the liquidity is concentrated in a single bucket, resulting in 99% utilization at a similarly high collateral factor.

But if depositors wanted to reduce their risk and demand more collateral per DAI borrowed, it seems likely sUSDe depositors would still be happy.

You can see here how the rate paid to DAI depositors has naturally been growing and is already over 20% APY

Look at how nicely that's been climbing!

But guess what?

There are other lending protocols out there that are PERFECT for isolated lending markets, namely Ajna and Morpho

And being permissionless, Ajna got an sUSDe/DAI lending market live Day 1!

https://twitter.com/delitzer/status/1759621602432766107

What tools do we have? Lending markets!

Aave can onboard sUSDe as collateral and Maker can offer it as a vault

In Aave's case, if they add it as full collateral in their main pool, it may pull up borrowing costs across the board, so an isolated market may make sense

A 40-50 point APY difference is too much though

One way this closes is that CEX lending rates seem unlikely to persist at these levels for long (it is hard to fade the ETF inflows though...)

But this is DeFi! We have our own tools...

Stablecoin issuers like Maker, Aave, and Liquity don't need to raise the rates they pay their holders directly

They can at least partially rely on the trust they've built in their systems over years

That trust premium will allow them to maintain slight lower rates for now