Felipe Montealegre (IFS) @TheiaResearch Twitter profile | Pikagi

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Felipe Montealegre (IFS)

@TheiaResearch

3,833

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Investment team at Theia // Posting about the Internet Financial System (IFS)

New York, USA

https://t.co/rOlkPmZONY

Joined April 2022

Don't wanna be here? Send us removal request.

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@TheiaResearch

Felipe Montealegre (IFS)

1 month

OH at SBC: What is this fundamentals campaign you are on and why are you trying to ruin things for everybody? 🫡 I had a great time talking valuation first principles with @LoganJastremski on his podcast. Thank you for having me on.

@LoganJastremski

Logan Jastremski

@LoganJastremski

1 month

When will the Crypto Markets return to fundamentals? @TheiaResearch , the Managing Partner of Theia Capital, and I discuss this very topic of how the majority of blockchain investors operate on the greater fool theory and the need to return to common sense We speak to: -

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@TheiaResearch

Felipe Montealegre (IFS)

1 year

@Culture_Crit We are so back

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Felipe Montealegre (IFS)

24 days

Metaplex: A Beautiful Cap Table Transition (or Why You Want Liquid Funds on Your Cap Table) Metaplex raised $46M from Jump, Alameda, Multicoin, Allen Iverson, and Michael Jordan at the end of 2021. Read that sentence one more time. Multicoin is an excellent liquid token holder,

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Felipe Montealegre (IFS)

1 year

We are excited to announce an investment in @TeamUnibot Unibot allows you to trade on Uniswap through a Telegram bot — regular trades, private RPC node trades (to avoid MEV), and limit orders The team is quickly building out integrations with additional DeFi protocols

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@TheiaResearch

Felipe Montealegre (IFS)

2 years

Brilliant tokenomics model at Trader Joe. Would love to see more protocols adopt the daily USDC dividend strategy — makes it easy to value and onboard traditional investors @traderjoe_xyz

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@TheiaResearch

Felipe Montealegre (IFS)

8 months

This is the exact right answer from @TeamUnibot Unibot holders receive ✔️ 80% of Unisol supply ✔️ 50% of recurring revenue from Solana trades Sola traders receive ✔️ 20% of Unisol airdrop A little bit of dilution for a good reason

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@TheiaResearch

Felipe Montealegre (IFS)

1 month

We should not value ETH and SOL based on cash flow unless we want them to go to zero. You can't build a reasonable valuation for ETH and SOL based on fees or MEV as both will trend asymptotically towards zero. We should abandon the idea that L1s can justify anything remotely

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@MikeIppolito_

Mippo 🟪

1 month

The more I think about RWAs, the less I understand the value for end users or blockchain networks. For end users, I've always viewed settlement assurances as the value prop (strong guarantee that inbound transactions won't get reversed). With RWAs that benefit doesn't exist

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Felipe Montealegre (IFS)

23 days

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@TheiaResearch

Felipe Montealegre (IFS)

5 months

We are excited to announce an investment in @vertex_protocol Shout out @TraderNoah who led sourcing and diligence, and built the most beautiful underwriting notebook you have ever seen.

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Felipe Montealegre (IFS)

3 months

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@TheiaResearch

Felipe Montealegre (IFS)

9 months

We are excited to announce an investment into @lyrafinance Thesis: Options are coming to the Internet Financial System and Lyra is going to lead the way Prediction: Lyra V2 will be able to take ~10% market share from Deribit over the next ~3 years

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@TheiaResearch

Felipe Montealegre (IFS)

4 months

@Rainmaker1973 It’s survivorship bias. There were 100 plants that tried to survive outside and you see the strongest one thrive in the concrete. You only have your one mid strength plant inside. It would die in the concrete. Get ten plants, give them radioactive tap water, and pick the winner.

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@TheiaResearch

Felipe Montealegre (IFS)

1 year

1) Unibot X launched today We have had enough time to see stable fundamentals on the initial TG bot product Time for a model update🍿

@TeamUnibot

Unibot

1 year

Unleashing Unibot X. Now LIVE to the public 🦄🤖 Designed to take your trading to the next level, Unibot X is a Unified Trading Terminal that surpasses the boundaries beyond our current Telegram offerings. Start here: More info below👇

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Felipe Montealegre (IFS)

3 months

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@TheiaResearch

Felipe Montealegre (IFS)

1 year

Have you been following the @GainsNetwork_io upgrades? The team has not stopped shipping over the past few months ✓ Lookbacks and guaranteed order execution (v6.4) ✓ Upgrade to fee design in May (v6.3.2) ✓ NFT bot and oracle optimization (v6.3.1) GNS is playing to win

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Felipe Montealegre (IFS)

9 months

Theia is excited to announce our investment in @metaplex ✔️ Metaplex built *the* NFT token standard on Solana ✔️ 99.9% of NFTs on Solana are minted through Metaplex ✔️ Metaplex is earning $30M of run-rate cash flows Shout out to @kzlee51 for leading diligence on this one

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@TheiaResearch

Felipe Montealegre (IFS)

2 months

. @KaminoFinance took 72.5% market share on Solana's lending markets in <12 months. It's a huge lead in our industry's most exciting ecosystem. All they need to do now is focus and widen the moat, and that's exactly what the team is doing with Kamino's Road to $10B.

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@KaminoFinance

Kamino

2 months

Introducing Kamino's Road to $10B

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Felipe Montealegre (IFS)

9 months

1) @metaplex is the leading digital asset protocol on Solana ✔️ Metaplex built *the* NFT token standards used on Solana ✔️ On-chain programs for creating, selling, and using digital assets ✔️ 99.9% of NFTs on Solana are minted through Metaplex ✔️ >130M mints and 15M+ collectors

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@TheiaResearch

Felipe Montealegre (IFS)

1 year

A few thoughts on the @GainsNetwork_io grant application We believe they deserve the full 7M ARB Grant from the @arbitrum DAO

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Felipe Montealegre (IFS)

9 months

1) We are consistently impressed by @TeamUnibot The team recognized an opportunity in the growing number of traders on Solana And launched @UnibotOnSolana We believe this is a good move that will increase DAUs and revenue while deepening Unibot's moat

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@TheiaResearch

Felipe Montealegre (IFS)

1 month

💯. Everybody is underestimating onchain finance because they conflate the quality of the assets we have onchain with the quality of the financial infrastructure. If we brought stocks, bonds and real estate onchain through a Circle custody model (possible today with regulation),

@dankrad

Dankrad Feist

1 month

What we want is a value based DeFi sector. The difference between finance (positive sum) and a casino (zero/negative sum) is whether there is underlying value in the traded assets.

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Felipe Montealegre (IFS)

3 months

I am leaving Brussels feeling optimistic about the future of our industry. We spent the entire week speaking to intelligent and competent teams building the future of onchain finance in good faith. These teams are not focused on narratives or complex mechanism designs built to

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@TheiaResearch

Felipe Montealegre (IFS)

2 years

@StackerSatoshi Good piece. Would add that SOL held by Alameda is likely to be locked up during bankruptcy procedures, which may take a couple of years. Also statistic on Solana TVL being down ~50% is primarily based on SOL being down by that amount, so not really a point about activity

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@TheiaResearch

Felipe Montealegre (IFS)

8 months

We would like to share an active model on @lyrafinance This model will help you understand the magnitude of the Lyra V2 opportunity Please consider the live model an alpha product — open it on desktop and understand the backend may break

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@TheiaResearch

Felipe Montealegre (IFS)

1 year

1) We are excited to announce an investment in @HoudiniSwap Houdini Swap allows users to send private transactions within and between blockchains

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@TheiaResearch

Felipe Montealegre (IFS)

11 months

The quality of teams building Solana defi is phenomenal. We had high expectations and these teams blew them all away. 180 median IQ Appreciate all the intros @mrgnalt

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@TheiaResearch

Felipe Montealegre (IFS)

9 months

Seven Conclusions from the @Delphi_Digital Year Ahead for Infrastructure Report 🧵 This is one of the best reports put together by our industry each year. I would recommend reading the entire report. A few snippets below —

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@TheiaResearch

Felipe Montealegre (IFS)

5 months

@david_perell East of Eden from beginning to end

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Felipe Montealegre (IFS)

1 year

How is @GMX_IO v2 doing? 1. Open Interest is balanced That's good because the entire protocol fee structure was designed around balanced OI Credit to @0xrelied and @SniperMonke01

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Felipe Montealegre (IFS)

1 year

1) Most DeFi upgrades are replacements. Think of Uniswap or Synthetix — the idea was to transition all TVL and volume from v1 to v2 GMX is a bit different. We expect GMX v1 and GMX v2 to coexist. GMX v2 will add a slippage fee that does not exist in v1 Uniswap Migration

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@TheiaResearch

Felipe Montealegre (IFS)

11 months

1) Arbitrum's STIP proposal funded 20 teams with 50M But ~30 teams that passed the vote will not receive funding due to an accident of the governance process We believe it is better and *cheaper* to fund ~50 teams with $75M than 20 teams with $50M

@TheiaResearch

Felipe Montealegre (IFS)

11 months

Arbitrum governance is thriving Proposals are thoughtful and constructive Delegates are focused and involved Good industrial policy could 2x or 3x ARB valuation The risk I see is too little spending Supporting teams (and enticing new ones) is well worth 20 or 40bps of dilution

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Felipe Montealegre (IFS)

5 months

. @lyrafinance did not build for any particular market narrative They built a powerful engine and massively expanded the design space for onchain options So now they can easily build products to fit any market environment Lyra is an options and structure products Gigafactory

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@derivexyz

Derive (formerly Lyra)

5 months

Today, Lyra is announcing tokenized derivatives yield on EigenLayer. Restakers on @swellnetworkio , @ether_fi and more will be able to earn 10-50% APY on their LRTs by utilizing a new primitive that tokenizes basis trade and covered call strategies. Let’s unpack ↓

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Felipe Montealegre (IFS)

8 months

Unibot team is hard working, thoughtful, and honest They have consistently done the right thing for holders, consumers, and community A little bit of dilution for customer acquisition is fine Let's keep this hockey stick going

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@TheiaResearch

Felipe Montealegre (IFS)

8 months

This is the exact right answer from @TeamUnibot Unibot holders receive ✔️ 80% of Unisol supply ✔️ 50% of recurring revenue from Solana trades Sola traders receive ✔️ 20% of Unisol airdrop A little bit of dilution for a good reason

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Felipe Montealegre (IFS)

5 months

A few takeaways from @Delphi_Digital 's The Rise of Ethena 🧵 This is by far the best research on @ethena_labs on the market and it is one of the best research reports I have ever seen in the industry. It is a balanced take of the potential, risk and economics around Ethena

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Felipe Montealegre (IFS)

5 months

A few takeaways from @Delphi_Digital 's outstanding primer on Modular Lending 🧵 Prediction: Over 40% of lending will happen on Modular Lending platforms by the end of 2025. Modular lending opens up meaningful design space for long-tail assets and structured products.

@Delphi_Digital

Delphi Digital

@Delphi_Digital

5 months

The Next Phase of DeFi Money Markets? DeFi’s lending sector has been sluggish, attributed to complex multi-asset lending pools & gov-driven project decisions. Our latest report explores the potential of modular lending products - unraveling features, designs, & implications 🧵

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Felipe Montealegre (IFS)

1 year

[1,2] @TeamUnibot appears to be undergoing rapid customer acquisition [3,4] Unibot fundamentals are at all-time highs Recent fundamentals bring P/E to 6.4x Are they sustainable? Our original thesis below

@TheiaResearch

Felipe Montealegre (IFS)

1 year

We are excited to announce an investment in @TeamUnibot Unibot allows you to trade on Uniswap through a Telegram bot — regular trades, private RPC node trades (to avoid MEV), and limit orders The team is quickly building out integrations with additional DeFi protocols

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Felipe Montealegre (IFS)

1 year

1) Have you been following the decentralized stablecoin market? @ethena_labs is building USDe, a stablecoin backed by a long stETH position and a short ETH position (executed on a CEX) We believe this is a robust design for a scalable stablecoin

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Introducing Ethena Labs

It is time to provide a scalable crypto-native form of money to enable a truly decentralized financial system.

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Felipe Montealegre (IFS)

1 year

1) GMX is a fundamental value token. You can build an investment case around GMX that would look familiar to anyone at a private equity or hedge fund We are excited to partner with @samuelmandrew from Crypto Clarity on building that investment case

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GMX: An Example of Fundamental Value

The Investment Case for GMX Token

samuelandrew.substack.com

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Felipe Montealegre (IFS)

20 days

I had a good conversation this week with somebody who aligned with me on most core issues around fundamentals, learning the hard concepts, focusing disproportionately on financials, value of building a good reputation, etc. Then I realized its because he believes in the industry

@TheiaResearch

Felipe Montealegre (IFS)

2 months

Good morning to everybody building the onchain financial system

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Felipe Montealegre (IFS)

1 year

Great thesis on @AcrossProtocol by @tumilett A tl;dr [1,4] Bridges should continue to grow with EIP4844 and new L2s [2,3] Bridge aggregators will continue to take share driving market share gains for Across Great data by @Artemis__xyz below

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Across - The bridge winner in the one year horizon

This is a post I quickly wrote with my thoughts. It is not structured and should be treated as a draft of a longer piece I have planned of putting out, but I just wanted to share some stuff now.

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Felipe Montealegre (IFS)

1 month

The team at @derivexyz is an example of courage and persistence. They have been building single-mindedly towards programmable derivatives onchain since the dawn of onchain finance >4 years ago. They started with a large cohort of peers that wanted to solve a difficult and

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@derivexyz

Derive (formerly Lyra)

1 month

Yesterday, we were Lyra. Today, we are Derive. Tomorrow, derivatives change forever. 🐎

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Felipe Montealegre (IFS)

5 months

When everybody is talking about market volatility but you hardcoded your @costcodogsol holdings at 1.50

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@TheiaResearch

Felipe Montealegre (IFS)

5 months

Why I am still long @costcodogsol 🧵 🌭Deep value opportunity given divergence between intrinsic value (1.50) and market price (0.02) 🌭 Unique real world asset play among Solana blue chip memes 🌭 Upcoming catalyst with 4th of July festivities

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Felipe Montealegre (IFS)

1 year

@TeamUnibot is going through S-curve adoption A large portion of active retail traders will be using Unibot or another DeFi UX by the end of the year The single best metric to track this hypothesis is returning active users — Unibot hit an ATH of 1,255 yesterday

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Felipe Montealegre (IFS)

1 year

1) Congratulations to @aerodromefi and @wagmiAlexander on an incredible launch ✓ $170M TVL in one day ✓ Aerodrome is the largest DEX on @BuildOnBase We tried to buy in size OTC but veAERO holders are loyal holders 😭🫠

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Felipe Montealegre (IFS)

1 year

Exciting news coming out of @lyrafinance (1,2) Lyra's team pioneered the option's AMM (3,4) We believe they can build an efficient hybrid orderbook-AMM Bringing the options market into DeFi at scale (5) And the new tokenomics look great

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Les Cowboys Fringants Ici Bas Guitar Cover

www.youtube.com

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Felipe Montealegre (IFS)

2 years

@nntaleb Nassim’s razor: pick an industry with 80% volatility, be loud on down cycles, block people on up cycles. Good asymmetric status strategy

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Felipe Montealegre (IFS)

1 year

1) @DuneAnalytics does not stop shipping. We spent countless hours building a python codebase that allows us to explore data and build underwriting models. And we still find ourselves doing most of our data work on Dune. The product is too good.

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Felipe Montealegre (IFS)

6 months

Metaplex is a well-oiled machine @metaplex consistently ships products that improve the Solana NFT experience for consumers and developers The team is thoughtful around strategy and positioning while giving back to the broader community Read this thread. Look at these numbers.

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@metaplex

Metaplex 🦾

6 months

1/ Metaplex March Round-up 🦾 TLDR: - 98M NFTs minted, 2nd highest monthly total - 720k unique signers (ATH) - Metaplex released Core, a new standard for digital assets - 50% of protocol fees will be converted to $MPLX and contributed to Metaplex DAO

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Felipe Montealegre (IFS)

1 year

1) Liquidity Book on @traderjoe_xyz is our favorite way to place buy and sell limit orders. Instead of paying slippage (significant for us) we earn fees This difference has meant +30-50% on a few of our investments

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Felipe Montealegre (IFS)

3 months

I don't want 10T of market cap I want 100B of cash flow

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@cburniske

Chris Burniske

3 months

Progress update to $10T [███████-----------------------] 23%

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Felipe Montealegre (IFS)

27 days

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Felipe Montealegre (IFS)

1 year

Good analysis is only half the battle. Building good headspace and character in difficult markets is harder and more important than good analysis. I find this poem by Kipling to be uniquely relevant. If you can keep your head when all about you Are losing theirs and blaming it

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Felipe Montealegre (IFS)

2 months

Pls send more good liquid tokens as well. The industry is currently set up to TGE tokens without PMF or revenue at high valuations. Liquid funds need to earn 5 - 10x to attract capital and that means we can't buy most TGEs. So pls more good tokens or lower valuations.

@JasonYanowitz

Yano 🟪

2 months

My biggest takeaway from this chat: Crypto is over allocated to venture, under allocated to liquid. That’s about to shift in a big way. @TusharJain_ and @HindiRay

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Felipe Montealegre (IFS)

1 year

[1-3] Organic growth at @TeamUnibot continues to outperform our upside case [4-6] P/E valuation appears reasonable esp. if user churn remains low Our original thesis below

@TheiaResearch

Felipe Montealegre (IFS)

1 year

[1,2] @TeamUnibot appears to be undergoing rapid customer acquisition [3,4] Unibot fundamentals are at all-time highs Recent fundamentals bring P/E to 6.4x Are they sustainable? Our original thesis below

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Felipe Montealegre (IFS)

1 year

Great weekend to think through @GMX_IO v2 fees (1,2) We continue to believe GMX v1 and v2 will coexist as they target different parts of the market (3) v1 is for large, consensus BTC and ETH buys (4,8) v2 is focused on long-tail assets, balance OI, and contrarian trades

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Felipe Montealegre (IFS)

1 month

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Felipe Montealegre (IFS)

1 month

. @Polymarket has led polls and prediction models on large moves (e.g. Biden's resignation) but lagged these same polls and models on smaller probability updates (e.g. recent favorable polling for Trump has increased his probability to +10 on Silver's model). We expect this trend

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@TheiaResearch

Felipe Montealegre (IFS)

1 month

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Felipe Montealegre (IFS)

1 month

There is nothing new under the sun. We are mirroring Silicon Valley after 2001. Fundamentals paradigm is pulling us in like a supermassive black hole. @LoganJastremski Youtube: Spotify:

@TrustlessState

DavidHoffman.eth 🦇🔊

@TrustlessState

1 month

So riddle me fcking this DA is going to 0 Execution is going to 0 MEV is going to 0 Then where tf we getting economic sustainability from??

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Felipe Montealegre (IFS)

5 months

@engineers_feed Atmospheric oxygen levels so we can live through the return of prehistoric insects and arthropods

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Felipe Montealegre (IFS)

1 year

Solana's recent protocol upgrades? There is a good @Delphi_Digital report to get up to speed for anyone who has been watching from the sidelines Covers — 1,2) Firedancer 3,4) Tinydancer 5,6,7) Jito & MEV 8,9,10) Isolated fee markets

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Solana the Monolith - Delphi Digital

Solana is not just about slapping some expensive hardware on a blockchain and calling it a day, but rather, how do we optimize software to best take advantage of performant hardware?

members.delphidigital.io

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Felipe Montealegre (IFS)

1 year

Knowing how to use @DuneAnalytics is a superpower for anyone focused on liquid token data and fundamentals. It is much better than excel. But it can be a bit overwhelming to learn for investors who don't have experience with SQL. I was there. I believe this is the best way to

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Felipe Montealegre (IFS)

2 months

Good morning to everybody building the onchain financial system

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Felipe Montealegre (IFS)

1 month

We are not a serious industry until this problem is solved. If there is an equity entity that accrues revenue ahead of the token, then the token is not worth much. Any news that reveals this type of conflict should send token price down 90%. Markets should enforce good behavior.

@0xBalloonLover

venture apologist

@0xBalloonLover

1 month

we'd love to send revenue to tokenholders (who we are dumping on) if it weren't for that terrible gensler guy, really a shame we have to keep it in the labs entity

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Felipe Montealegre (IFS)

1 month

You can build a model for value accrual based on MEV but you need to consider (i) ecosystems need to focus on minimizing MEV asymptotically towards 0 (ii) applications will take the majority of what is left with @LoganJastremski

@KyleSamani

Integrated Kyle e/acc

1 month

It is impossible to use software all day every and experience 0 marginal cost of software And concurrently believe that blockchain Tx fees (data + Tx fees) will not asymptotically approach 0 Therefore the only value capture mechanism for an asset ledger is MEV

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Felipe Montealegre (IFS)

10 months

. @heliuslabs technical writer is Solana's Hemingway Why don't more researchers write this way? This piece on Priority Fees is short, to the point and easy to understand. It gives me everything I need in a few minutes.

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Priority Fees: Understanding Solana's Transaction Fee Mechanics

Learn about Solana's transaction fee mechanics, priority fees, and how to implement them programmatically

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Felipe Montealegre (IFS)

1 year

We don’t invest in protocols that have both token and equity This is because we believe that two classes of ownership lead to misaligned incentives Example — VC has equity and speaks to the team every week VC makes sure the team has plenty of equity to align incentives The

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Felipe Montealegre (IFS)

5 months

Why I am still long @costcodogsol 🧵 🌭Deep value opportunity given divergence between intrinsic value (1.50) and market price (0.02) 🌭 Unique real world asset play among Solana blue chip memes 🌭 Upcoming catalyst with 4th of July festivities

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Felipe Montealegre (IFS)

7 months

Consensus: The Internet Financial System has perps and doesn’t need onchain options Reality: The next ~18 months will see the buildout of a large onchain options market And several billion USDC of market cap for those that build it

@itseneff

Nick | Derive

7 months

Options in crypto have been shackled by low liquidity, limited products, and most crucially, limited imagination. @lyrafinance is changing all of that, it’s simple mathematics

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Felipe Montealegre (IFS)

1 year

1) Circle's Cross-Chain Transfer Protocol ('CCTP') is likely to put serious pressure on bridge profitability, at least in the near-term. Bridges are a complicated piece of the Internet Financial System's investment landscape — exciting bull case offset by a scary bear case

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Felipe Montealegre (IFS)

6 months

We are excited to announce an investment in @MidasRWA Why do you have USD yielding 0% in your bank account when the US Government is willing to pay you over 5%? Because fiat rails are expensive and inefficient There is no reason to ever earn less than the risk free rate onchain

@MidasRWA

Midas

6 months

1/ Introducing the Midas Protocol and the innovative $mTBILL to the DeFi landscape! Today, we're thrilled to unveil Midas, our pioneering asset tokenization protocol, alongside the successful raise of $8.75M co-led by industry titans @BlockTower , @hiFramework , and @HV_Capital .

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Felipe Montealegre (IFS)

1 year

Incredible listen. There are a lot of good 'behind the screen' materials on infra but not a lot of good 'walk your dog and listen' materials on infra and I fully expect Uncommon Core to fill the gap 🙏TY @jon_charb @hasufl

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How will Rollups Decentralize? Proof-of-Governance and more

In this episode, we explore Jon’s journey into crypto and our mutual passion for research and the writing process. We then give an overview over the key area...

www.youtube.com

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Felipe Montealegre (IFS)

7 months

Unibot 🦾 $30M of cash flows per year back to @TeamUnibot token holders (excluding token tax) vs. $65M FDV (Almost) All coming from meme tokens on Solana

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@KyleLDavies

Kyle (3/AC)

7 months

The biggest project of this cycle will not be a meme. Product market fit always trumps memes. The centibillion dollar opportunity is for the biggest service provider of memes, the aggregator of memes, with the highest memes under management.

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Felipe Montealegre (IFS)

7 months

Unibot generated $20M of volume and earned $180K of cash flow to token yesterday. They have earned $860K of cash flow to token holders over the past 7 days. @TeamUnibot continues to build additional products We expect the UI market to grow to cover ~40% of DeFi volumes over time

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@TheiaResearch

Felipe Montealegre (IFS)

7 months

Unibot 🦾 $30M of cash flows per year back to @TeamUnibot token holders (excluding token tax) vs. $65M FDV (Almost) All coming from meme tokens on Solana

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Felipe Montealegre (IFS)

1 year

. @blockworksres has one of the best teams in the industry They are smart, focused, and hungry to consistently produce A+ analysis Can’t wait to see what type of insights they bring through their new analytics product

@blockworksres

Blockworks Research

1 year

Introducing Blockworks Analytics A singular destination for real-time data-powered insights. Want reliable, transparent, and impactful protocol statistics to make better investment decisions? This is it 👇

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Felipe Montealegre (IFS)

11 months

Fantastic time speaking with @0xBoxer at @DuneAnalytics convention

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Felipe Montealegre (IFS)

7 months

If Uniswap implements a fee switch, it will could become the highest revenue application in our entire industry A *quick math triangulation shows Uniswap trading at ~500-600x P/E With a *reasonable best case* at 120x P/E That's much better than Uniswap without a fee switch

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Felipe Montealegre (IFS)

1 year

Not Financial Advice. Theia has a position in Unibot. TY @xcurveth and @whale_hunter_ for help and data

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Unibot X Overview Tutorial

Start trading: https://unibot.app/xWebsite: https://unibot.app/Telegram Chat: https://t.me/unibotportalTelegram Bot: https://t.co/oJO4UkihvsTutorials: learn....

www.youtube.com

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Felipe Montealegre (IFS)

1 year

3) Unibot hit ~ 2,040 users yesterday ~1,740 returning users ~300 new users Unibot has consistently hit over 1,500 *returning* users ❗️ More users than GMX + Kwenta + Gains. We have PMF 🤝 Still a small portion of total DEX users. There is room to grow TY @tokenterminal

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Felipe Montealegre (IFS)

1 year

1) I am honored to partner with Jason Hall and John McNiff on Methodic Capital We decided on the name Methodic to signal the highest standard of fiduciary responsibility, risk management and attention to detail And that's what we will deliver

@CoinDesk

CoinDesk

1 year

JUST IN: @methodiccapital is launching the Methodic CoinDesk ETH Staking Fund, which aims to offer investors exposure to spot $ETH price and staking yields. @sndr_krisztian reports

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Felipe Montealegre (IFS)

1 year

5) At $200M market cap Unibot is trading at 12.5x earnings The market leader in an exciting category with 100%+ growth Is trading like a low-growth, low-quality TradFi company ✓Software: 100x ✓Tobacco: 14x ？Unibot: 12.5x ✓Trucking: 12x OG Thesis:

@TheiaResearch

Felipe Montealegre (IFS)

1 year

We are excited to announce an investment in @TeamUnibot Unibot allows you to trade on Uniswap through a Telegram bot — regular trades, private RPC node trades (to avoid MEV), and limit orders The team is quickly building out integrations with additional DeFi protocols

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Felipe Montealegre (IFS)

1 year

The good thing about being a long term investor in @TeamUnibot Is that the team ships an impressive new feature every ~2 weeks Today — ✓ key trading ✓ Limit orders (incl. SL and TP) Where will this product be in 6 months?

Join the club on friendtech

www.friend.tech

@TeamUnibot

Unibot

1 year

Unibot x FriendTech is LIVE 🦄🤝🤖 Trade your @friendtech keys for FREE with Unibot for the next 5 days. We have exclusive features that you won't find anywhere else right now: Limit orders, key trading without a FT account, and more to come tomorrow 🔓 Use our free & instant

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Felipe Montealegre (IFS)

1 year

All in one place ✓dYdX: 2bps maker and 5bps taker ✓GMX v2: 5bps open + funding fee + borrow ✓Kwenta: 2bps maker + 6-10bps taker + borrow ✓GNS: 8bps open + 8bps close + borrow ✓GMX v1: 10bps open + 10bps close + borrow ✓LVL: 10bps open + 10bps close + borrow

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Felipe Montealegre (IFS)

2 months

Beautiful sankey by @sui414 on the solver auction market. It's the entire market in one diagram. 1) Starts with Cowswap, 1inch Fusion and UniswapX 2) Labels and sizes every solver 3) Labels and sizes every liquidity source

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Felipe Montealegre (IFS)

1 year

We do not invest in protocols that have both token and equity Incentives matter This industry is complicated enough without misaligned incentives between VC and token It's better if everyone is in the same boat 🫠

@TheiaResearch

Felipe Montealegre (IFS)

1 year

We don’t invest in protocols that have both token and equity This is because we believe that two classes of ownership lead to misaligned incentives Example — VC has equity and speaks to the team every week VC makes sure the team has plenty of equity to align incentives The

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Felipe Montealegre (IFS)

4 months

A wrong idea in consensus is an unstable Jenga tower waiting to fall as evidence removes supporting blocks. The idea that options — one of the oldest and most widespread instruments in financial markets — won't work onchain is one of these ideas. Lyra will pull the last block.

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@derivexyz

Derive (formerly Lyra)

4 months

$120m+ in volume over 2 days and $20m+ in TVL with the launch of LRT deposits. Just getting started.

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Felipe Montealegre (IFS)

1 year

New Tool (for us) — Gecko Terminal @GeckoTerminal is like DEX Screener but has a slightly better UI. You can look up any token on DeFi and see every single trade and candle. Also has granular overall DEX, Pool, and PoR data but we use it for the DEX Screener functionality

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Felipe Montealegre (IFS)

2 months

. @TusharJain_ is right about MEV determining intrinsic value for L1s and L2s and I think we all know it deep down. The entire industry is working to trend fees and data availability costs towards ~0. We just don't want to imagine the consequences of Tushar's theorem.

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Felipe Montealegre (IFS)

2 years

@luigidemeo Internet Financial System @cburniske

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Felipe Montealegre (IFS)

11 months

We can be a difficult client. We frequently find ourselves working at the edge of the Internet Financial System and need our providers to operate at the highest level. We recently found @FordefiHQ and recommend it to every liquid fund we know.

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Theia Chooses Fordefi’s MPC Wallet to Pursue Small Cap Token Investment Strategy

We’re excited to announce that Theia, a blockchain investment fund, has chosen Fordefi as their MPC wallet to support ongoing multi-chain token strategies.

blog.fordefi.com

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Felipe Montealegre (IFS)

5 months

@david_perell When a child first catches adults out -- when it first walks into his grave little head that adults do not always have divine intelligence, that their judgments are not always wise, their thinking true, their sentences just -- his world falls into panic desolation. The gods are

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Felipe Montealegre (IFS)

1 year

At this rate, we may need to post another model update tomorrow Looks like $22M in annualized revenue (excl. tax fees) for @TeamUnibot Our previous model update (posted this morning):

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@TheiaResearch

Felipe Montealegre (IFS)

1 year

[1-3] Organic growth at @TeamUnibot continues to outperform our upside case [4-6] P/E valuation appears reasonable esp. if user churn remains low Our original thesis below

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Felipe Montealegre (IFS)

1 month

We had a great time discussing liquid markets, fundamentals, MEV and a few of our favorite positions on @0xResearch Appreciate @tripleboccaccio and @smyyguy for putting this one together

@0xResearch

0xResearch

1 month

The latest episode of 0xResearch is LIVE! 📻 @TraderNoah and @TheiaResearch joined us to discuss: - Liquid vs private markets - Reconciling fundamentals with valuations - Malicious MEV - And more! Links below ⬇️

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Felipe Montealegre (IFS)

1 year

Synthetix is moving its token economics towards a revenue and earnings model (i.e. fundamentals model) [1,3] Synthetix is earning a significant amount of revenue [4,5] ... but issuing even more in token incentives [6] Can SNX earn more in revenue than it issues in tokens?

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Felipe Montealegre (IFS)

5 months

A few takeaways from @magicdhz 's outstanding primer on Loss Versus Rebalancing ("LVR") and AMM economics🧵 LVR explains LP profitability, CEX-DEX arbitrage and validator economics It's the most important, least understood concept in the onchain economy

@blockworksres

Blockworks Research

5 months

1/ Loss versus rebalancing (LVR) is arguably the biggest (application layer) problem for DeFi on Ethereum. Traditional AMMs are inefficient, and for the next generation of AMMs, the alpha of AMM design is LVR.

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Felipe Montealegre (IFS)

5 months

Me and the boys checking on @costcodogsol every morning

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Felipe Montealegre (IFS)

5 months

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Felipe Montealegre (IFS)

1 month

Businesses that sell products to customers and earn revenues. Every single industry comes to the same conclusion.

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@TrustlessState

DavidHoffman.eth 🦇🔊

@TrustlessState

1 month

So riddle me fcking this DA is going to 0 Execution is going to 0 MEV is going to 0 Then where tf we getting economic sustainability from??

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Felipe Montealegre (IFS)

1 year

1) Class action against Uniswap dismissed This is even better than Grayscale for the future of the space Key point: Misuse of software doesn't create liability for devs

@larryflorio

Larry Florio

1 year

Another day, another nice court citation for crypto! Today, the class action lawsuit against @Uniswap and others was dismissed Why? In part because misuse of software doesn't itself create liability for the devs

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Felipe Montealegre (IFS)

1 year

2) Unibot fundamentals ✓ Between 1,500 and 1,700 daily active users ✓ $16M in sustainable earnings (excl. tax fees) ✓ ~12.5x P/E on a growing product These are terrific numbers for Unibot's TG bot. We expect them to grow with Unibot X

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