The Tinkering SocietySolving Fractured Liquidity with Size Lending
Most successful first generation DeFi products were pool-based. Aave struggled to get traction with a P2P model (as ‘EthLend’) until they conceptualized their pool-based model with variable rates. The aggregated liquidity and simplicity (along with a confluence of DeFi Summer hype and low interest rates) built Aave into a product currently valued at more than $1B. Recently, we’ve seen order book DEXs like GMX and dYdX thrive where we once only had pool-based DEXs like Uniswap. And yet lending...
The Tinkering SocietyMilestones Towards a Long Position
As mentioned previously, I believe crypto-specific blow-ups and forced liquidation is behind us. Yet the gm Portfolio is in cash with the thesis that crypto will go down with the rest of the public markets should the economy enter a recession and public equities suffer a bear market. Here are some things we are monitoring as milestones along a way towards taking long positions in crypto: 1. Yield curves steepen (un-invert). Currently, the US Treasury 2-year/10-year and the 3-month/10-year spr...
The Tinkering SocietyFair Launches and Neutrality
Are fair launches really that equal? And, if not, how can we improve them?(Fair) Launch CodesTo add context, here’s a quick primer on the concept. These are token distribution models which are designed to favor no individual or group. There are no founders’ allocations, seed round, or ICO that provides preferential coin or token access. Yearn.Finance is a prime example. Zero $YFI was allocated to presales or ICOs, or even the founder. Early distribution was primarily shared out between the fi...
We’re builders and thinkers on a mission to further develop the crypto ecosystem through protocol research and incubation.
The Tinkering SocietySolving Fractured Liquidity with Size Lending
Most successful first generation DeFi products were pool-based. Aave struggled to get traction with a P2P model (as ‘EthLend’) until they conceptualized their pool-based model with variable rates. The aggregated liquidity and simplicity (along with a confluence of DeFi Summer hype and low interest rates) built Aave into a product currently valued at more than $1B. Recently, we’ve seen order book DEXs like GMX and dYdX thrive where we once only had pool-based DEXs like Uniswap. And yet lending...
The Tinkering SocietyMilestones Towards a Long Position
As mentioned previously, I believe crypto-specific blow-ups and forced liquidation is behind us. Yet the gm Portfolio is in cash with the thesis that crypto will go down with the rest of the public markets should the economy enter a recession and public equities suffer a bear market. Here are some things we are monitoring as milestones along a way towards taking long positions in crypto: 1. Yield curves steepen (un-invert). Currently, the US Treasury 2-year/10-year and the 3-month/10-year spr...
The Tinkering SocietyFair Launches and Neutrality
Are fair launches really that equal? And, if not, how can we improve them?(Fair) Launch CodesTo add context, here’s a quick primer on the concept. These are token distribution models which are designed to favor no individual or group. There are no founders’ allocations, seed round, or ICO that provides preferential coin or token access. Yearn.Finance is a prime example. Zero $YFI was allocated to presales or ICOs, or even the founder. Early distribution was primarily shared out between the fi...
We’re builders and thinkers on a mission to further develop the crypto ecosystem through protocol research and incubation.
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Ethereum will not be a core position in the gm Portfolio anytime soon. Why not?
First, it’s too big already with a current market cap of around ~$215B at the time of writing. It will certainly perform well in a bull market and may be the safest crypto of them all, but it’s much harder for a wave to move an aircraft carrier than a sailboat.
Second, everyone will have Ethereum in their portfolio. Where is the fun in that?
Ethereum may be a part of the gm Portfolio eventually, but only late in the bull cycle.
Ethereum will not be a core position in the gm Portfolio anytime soon. Why not?
First, it’s too big already with a current market cap of around ~$215B at the time of writing. It will certainly perform well in a bull market and may be the safest crypto of them all, but it’s much harder for a wave to move an aircraft carrier than a sailboat.
Second, everyone will have Ethereum in their portfolio. Where is the fun in that?
Ethereum may be a part of the gm Portfolio eventually, but only late in the bull cycle.
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