Max Bronstein @max_bronstein Twitter profile

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@NPWSIreland

@SparksterMorgan

@00jjang00

@Respira_YA

@brhym31540

Max Bronstein

@max_bronstein

3 years

GM

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Max Bronstein

@max_bronstein

4 years

Laser eyes on CNBC is the epitome of “crossing the rubicon”

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Max Bronstein

@max_bronstein

3 years

"With Ethereum it's the underlying blockchain. So, Ethereum has two things - you can use it as a payment system, you can use it as a store of value." "So Ethereum and Bitcoin are different. Bitcoin to me is just a store of value." — Carl Icahn

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Max Bronstein

@max_bronstein

3 years

1/ I’m incredibly excited to announce that I’m joining the Synapse Protocol core team in their mission to build the most widely-used and built upon cross-chain communications network. I’ll be joining as COO to head up growth, strategy, and operations.

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Max Bronstein

@max_bronstein

3 years

It’s time for the rush

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Max Bronstein

@max_bronstein

5 years

1/ Q1 2020 will be etched into financial history as the time where worries about buybacks, cheap liquidity, and exorbitant leverage came to roost. Bitcoin wasn’t immune either, falling 11.67%. And while fear is high, reports of Bitcoin's death have been greatly exaggerated.

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Max Bronstein

@max_bronstein

2 years

The market, and specifically Wall St, heavily undervalue the size of Coinbase's ventures portfolio. CB Ventures allocated into near every crypto deal throughout 2019 (during my time there) — present. Assume avg check size of $100k and you have a multi billion $ portfolio.

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Max Bronstein

@max_bronstein

3 years

OV (open interest in BTC terms) approaching 160k BTC — historically we've spent very little time at these levels. Aggression coming from retail venues, meanwhile institutional venues are skewed bid side. Beachball under water at this rate.

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Max Bronstein

@max_bronstein

5 years

I’m excited to share that I’ve joined the Institutional Coverage team at @coinbase , where I’ll be onboarding financial institutions and helping them cross the chasm into the crypto economy. With just $7 billion in AUC secured by @CoinbaseCustody , the fun is just getting started!

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Max Bronstein

@max_bronstein

3 years

On the bright side, a lot of $ETH is being burned tonight 🔥

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Max Bronstein

@max_bronstein

2 years

Think $SOL is one of the most asymmetric bets today Criticisms that were more true at the peak are comfortable to make down 95% + The root causes of its issues — alameda/sam — are gone and as Ethereum's roll-up vision accelerates, Solana will be the main monolithic challenger

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Max Bronstein

@max_bronstein

4 years

The opportunity cost of not holding $BTC on Ethereum is incredibly high, participants in the $sBTC pool on @CurveFinance are being paid over 1% a day to be long Bitcoin.

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Max Bronstein

@max_bronstein

4 years

1/ Small life update: last friday was my final day at @coinbase ! I’ll always be grateful for the opportunities I was afforded to make a meaningful impact on the space, including the ability to drive forward institutional adoption and funding early stage DeFi teams.

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Max Bronstein

@max_bronstein

2 years

ETH staking pays higher interest than t-bills. Few.

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Max Bronstein

@max_bronstein

2 years

The contra-signal we all needed. We’re much closer to the end than we are the beginning folks.

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Max Bronstein

@max_bronstein

4 years

Market is underestimating how many new users the NFT space is onboarding

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Max Bronstein

@max_bronstein

3 years

1/ Cross-chain bridges have quickly become necessary pieces of infrastructure for the multi-chain world. Tens of billions in bridged volume, applications and assets moving cross-chain, the trend is clear. Want to learn more about each bridge? check out the resource 🧵 below.

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Max Bronstein

@max_bronstein

5 years

Why would you short a currency that the entire world has to bid at some point? The $60 trillion in dollar denominated debt is effectively a $60 trillion short position.

Anthony Pompliano 🌪

@APompliano

5 years

11/ If we see the US flood the market with dollars to weaken the dollar, it wouldn't surprise me to see someone take a run at a massive short against the dollar too. Soros broke the pound on Black Wednesday. If we see high inflation, the incentive is too big for no one to try.

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Max Bronstein

@max_bronstein

3 years

Every @fundstrat interview starts with the same intro: Narrator: “Well Tom, it looks your call for an everything rally was correct” Tom: “yep”

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Max Bronstein

@max_bronstein

2 years

The irony is that the we just recently reached the “why does anything need to be built on-chain?” phase of the bear market. Well, a global, transparent, and trustless financial system seems like a good use case.

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Max Bronstein

@max_bronstein

3 years

My parents immigrated to the US from Russia and Ukraine. In an effort to help protect our homeland and combat authoritarianism, I'm going to match donations up to $25k. DM your donation and I'll match 🇺🇦

Ukraine / Україна

@Ukraine

3 years

Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT. BTC - 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P ETH and USDT (ERC-20) - 0x165CD37b4C644C2921454429E7F9358d18A45e14

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Max Bronstein

@max_bronstein

2 years

Not long before “betting” is a prominent vertical within every L1/L2 ecosystem. Expect sports betting dapps to drive meaningful blockspace demand in the not so distant future.

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Max Bronstein

@max_bronstein

5 years

1/ I just published ‘Decred Governance: An Iterative Approach’ which includes analysis on the @decredproject 's PoW/PoS consensus, upcoming DAO-controlled treasury, Politeia, skin-in-the-game decision making, and much more.

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Max Bronstein

@max_bronstein

3 years

Thankful to be a part of the @coinbase family on such a momentous day! It’s just the beginning for $COIN

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Max Bronstein

@max_bronstein

4 years

I just posted a @UniswapProtocol proposal to add the @synthetix_io SNX/ETH pool to the $UNI liquidity mining program. Voice your support if you'd like to see it added ⚔️

Add SNX/ETH pool to list of pools eligible for UNI rewards

SNX is an important collateral asset within the DeFi ecosystem, it currently secures nearly $150 million USD worth of synthetic assets on Ethereum. Greater liquidity for SNX makes it easier for...

gov.uniswap.org

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Max Bronstein

@max_bronstein

5 years

1/ Today marks a big step for the mainstream adoption of cryptocurrency. @Dharma_HQ is now officially public, meaning anyone can earn interest or take out a loan against their crypto from anywhere in the world. No bank account or credit checks required.

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Max Bronstein

@max_bronstein

4 years

The all-time high no one is talking about: BTC/Gold

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Max Bronstein

@max_bronstein

4 years

1/ Excited to share our second post on Unexpected Values, “Crypto Dollars and the Evolution of Eurodollar Banking,” in which we discuss the world's growing need for dollars and how different crypto dollar models are positioned to service this demand.

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Max Bronstein

@max_bronstein

4 years

Transaction fees as a % of Bitcoin's block reward have increased 5x since the halving, from 3% to 15%.

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Max Bronstein

@max_bronstein

3 years

GM

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Max Bronstein

@max_bronstein

4 years

Crypto is having a major reflation moment — soon to be on par with, and likely exceed, the 2017 boom. Notable metrics include: • Ethereum tx count • Bitcoin holders with =>1 BTC • DeFi users going exponential, standouts include: @UniswapProtocol @synthetix_io @1inchExchange

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Max Bronstein

@max_bronstein

2 years

I will simply continue to build the future of cross-chain infrastructure until morale improves

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Max Bronstein

@max_bronstein

4 years

Last time ETH realized less volatility than BTC on a monthly timeframe was right after the halving/right before DeFi summer.

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Max Bronstein

@max_bronstein

6 years

{Thread} 1/ The more I think about the decentralized financial system, the more I think that 'Relayers' are one of the highest leverage business opportunities in the blockchain space

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Max Bronstein

@max_bronstein

5 years

MakerDAO but with $BTC would be a breakout product

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Max Bronstein

@max_bronstein

3 years

1/ There is a great deal of embedded optionality in ETHBTC. If (*when*) $ETH flippens $BTC, I find it more likely that the relationship holds rather than quickly falls apart. That would be too easy for the market, everyone is accustomed to believe in alt/btc mean reversion.

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Max Bronstein

@max_bronstein

3 years

The effects catalyzed by one of the most influential people in the world when it comes to climate change condemning PoW are probably not short-lived. It’s in mainstream consciousness now. Narratives take a while to shift.

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Max Bronstein

@max_bronstein

6 years

1/ @MakerDAO growth has been astounding, some numbers: — 19,600 unique addresses — 20% monthly growth — 76m $DAI outstanding While the end goal is to get $DAI into the hands of those who most need a stable asset, today, the system is primarily used as a means for easy leverage

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Max Bronstein

@max_bronstein

5 years

Excited to share "Unexpected Values," a new blog run by myself and @AviFelman , where we'll be covering a broad range of topics centered around capital markets and tech. Check out our first post, "An Overview of the Cryptocurrency Derivatives Landscape."

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Max Bronstein

@max_bronstein

2 years

Asset swaps are just the tip of the ice-berg when it comes to cross-chain use cases — a crucial primitive, but demand for blockspace encompasses much more. Cross-chain NFTs, smart contract calls, and really any generic data will let developers really take it to the next level.

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Max Bronstein

@max_bronstein

4 years

If we learned anything, it’s that options are DeFi’s next breakout category.

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Max Bronstein

@max_bronstein

2 years

1/ Sentiment thread for the personal journal:

Max Bronstein

@max_bronstein

2 years

The contra-signal we all needed. We’re much closer to the end than we are the beginning folks.

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Max Bronstein

@max_bronstein

4 years

There are two positions in this market: 1. Long BTC trend/gamma 2. Long BTC mean reversion via ETH and DeFi

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Max Bronstein

@max_bronstein

3 years

Hypothesis: the staunchest critiques of Bitcoin almost always stem from a generational divide given it’s much harder for older generations to appreciate the ramifications of the Information Age.

Balaji

@balajis

3 years

Any attempt to “seize” Bitcoin in a time of rampant inflation would be a recipe for civil unrest.

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Max Bronstein

@max_bronstein

4 years

The two most underappreciated pieces of DeFi infrastructure are the @synthetix_io mintr contract and the @compoundfinance governance module. With these primitives, any DeFi project can bootstrap a community via token distribution and have governance capabilities at launch.

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Max Bronstein

@max_bronstein

5 years

Crypto is neither a risk-on or risk-off asset. Holding crypto is being long uncertainty. Nothing about negative real interest rates, currency wars, abundant capital, and massively discounted growth screams stability. Crypto is purely a conduit to a future we can't predict.

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Max Bronstein

@max_bronstein

4 years

This is incorrect, high Tether borrowing costs are a function of high perpetual funding and futures basis on USDT margined products, not because people are hedging Tether risk.

Raoul Pal

@RaoulGMI

4 years

Interesting to see that Tether borrowing costs are spiking. Looks like people are hedging Tether risks as I suggested. Makes sense if you are worried, but getting pricey. Not sure if borrow costs are same elsewhere.

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Max Bronstein

@max_bronstein

3 years

Something is cooking over at @SynapseProtocol — slick new landing page, also an impressive $3B in bridged volume to date.

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Max Bronstein

@max_bronstein

5 years

1/ @MakerDAO ecosystem is rapidly maturing and Dai continues to be the most preferred stable coin in #DeFi — 14,400 address — 20% monthly growth — 325 million in originations While Dai is still primarily used for leverage, it’s becoming the bedrock of #DeFi lending platforms

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Max Bronstein

@max_bronstein

6 years

Blockchains are eating the financial system. I put together a post detailing why decentralized financial services are more desirable and outlined a number of innovations currently being brought to market.

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Max Bronstein

@max_bronstein

5 years

1/ Some thoughts on why Bitcoin-backed lending has been, and will likely continue to be, a large driver of institutional participation in the crypto ecosystem

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Max Bronstein

@max_bronstein

4 years

The chase for yield in DeFi will only continue to grow exponentially. $3.5 billion USD locked in DeFi, nearly $15 trillion locked in negative yielding debt.

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Max Bronstein

@max_bronstein

4 years

In retrospect, it was inevitable

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Max Bronstein

@max_bronstein

5 years

1/ Amidst a sea of volatility and rapid re-allocation to safe haven assets, crypto markets have been relatively unfazed, if not even a bit bolstered. In fact, there are a number of macro tailwinds set up to produce new demand for an alternative financial system.

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Max Bronstein

@max_bronstein

3 years

The fetishization of "profit maximalism" is likely crypto's largest long-term threat

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Max Bronstein

@max_bronstein

5 years

BTC’s “collateral economy” is much larger than ETH’s — BTC is the primary form of collateral for derivative markets that have cleared more than $1 trillion in annual trading volume. Similarly, Genesis Cap shows time and time again that BTC is the best collateral for crypto loans.

Chris Burniske

@cburniske

5 years

@MustStopMurad @saifedean @coinbase 6/ My opinion: $BTC should lean into this, just as $ETH has. The burgeoning "collateral economy" around $ETH is amazing to watch, and allows ETH as a SoV to extend its utility far beyond what it could hope for as a pure MoE.

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Max Bronstein

@max_bronstein

4 years

Current market structure looking extremely similar to mid-to-late 2016. Over 44% of UTXOs haven't moved for at least 2 years and just under 97% of all UTXOs are in profit. Simply put, holders that have waited this long have little reason to sell until we are much higher.

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Max Bronstein

@max_bronstein

4 years

The irony when crypto is the financial market that requires actual analysis.

Dave Portnoy

@stoolpresidente

4 years

For all my #Crypto friends I am studying you. I am learning the way you think, breathe, exist. And when my giganto brain has figured you out I will re enter the market and conquer you and then lead you. Until then I watch, study, observe and soak it all in.

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Max Bronstein

@max_bronstein

1 year

Continue to find this to be true today. We've coalesced around two primary ways to build a scaled blockchain, modular vs monolithic. Ethereum is far ahead with its rollup vision, but Solana is emerging as the best differentiated competitor.

Max Bronstein

@max_bronstein

2 years

Think $SOL is one of the most asymmetric bets today Criticisms that were more true at the peak are comfortable to make down 95% + The root causes of its issues — alameda/sam — are gone and as Ethereum's roll-up vision accelerates, Solana will be the main monolithic challenger

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Max Bronstein

@max_bronstein

2 years

Launched our very first cross-chain NFT use case, nearly $10 billion in total bridge volume…and we’re just getting started.

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Max Bronstein

@max_bronstein

5 years

We're looking for a "Head of Stablecoin" to lead the USDC initiative and help bring open financial services to the mainstream. You'll be overseeing an asset with global distribution and a market cap of nearly $500 million! DMs open.

Not found - Coinbase

Coinbase is a secure online platform for buying, selling, transferring, and storing cryptocurrency.

www.coinbase.com

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Max Bronstein

@max_bronstein

4 years

1/ Too much of the market's focus on DeFi has been about price, rather than the feature that gives many of these tokens intrinsic value: earnings. Annualized DeFi earnings are up nearly 150% on the year, standing at $42 million USD today.

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Max Bronstein

@max_bronstein

3 years

Market cycles, when we’re all most confident at the peak, and most fearful at the trough. The wiping of speculative excess in this most recent cycle’s darlings is a good enough signal as any for transitioning to the next phase. Also, @parsec_finance good product.

Will Sheehan

@wilburforce_

3 years

TIME cascading liquidation in progress

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Max Bronstein

@max_bronstein

5 years

Today's mining difficulty adjustment is expected to be the 3rd largest downward adjustment in Bitcoin's history. Interesting to note, three out of the last four largest downward adjustments marked local bottoms. Source:

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Max Bronstein

@max_bronstein

3 years

Has anyone produced a written long-form investment case for $JEWEL? maybe @blknoiz06 or @satsdart know. High-level thought is DeFi as a mechanism to finance actual economic growth makes much more sense within a game/virtual world than it does in the meatspace.

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Max Bronstein

@max_bronstein

2 years

1/ Thread on app-chains and their implications for bridges/cross-chain messaging networks like @SynapseProtocol . TL;DR: the proliferation of app-chains will drastically increase demand for bridging.

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Max Bronstein

@max_bronstein

4 years

The power of on-chain cash flow: over 58% of the circulating $SUSHI supply is locked in xSushi earning a double digit annualized earnings yield. Coins being accumulated on centralized exchanges and moved into on-chain yield bearing contracts is a welcome development.

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Max Bronstein

@max_bronstein

4 years

1/ A lot has been said on BTC's performance during bouts of equity volatility, but not as much on how BTC would perform during bouts of FX/currency volatility. With global currency vols off historic lows and a huge wave of new debt, fireworks are coming to the currency market.

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Max Bronstein

@max_bronstein

3 years

ETH2 staking has turned $ETH near deflationary prior to EIP1559

mhonkasalo

@mhonkasalo

3 years

4.08 million ETH staking. This is $11.3 billion & 3.5% of the total supply. In the past 3 months, growth of 1.08 million ETH. During the same time period the total ETH supply has grown by 1.18 million. Almost the same growth rate right now.

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Max Bronstein

@max_bronstein

5 years

1/ One of crypto's most common misnomers is this claim that UX/design is the greatest impediment to adoption. What's lacking is demand for end-products, not a useable interface. For services that users actually want, yes, UX/design is the fuel needed to scale.

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Max Bronstein

@max_bronstein

2 years

We simply enjoy the bridge

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Max Bronstein

@max_bronstein

6 years

DAI Borrowers on @compoundfinance : Why are you borrowing DAI at 21% when you could generate new DAI through @MakerDAO at 2.5%? Leading theory is that you have one of Compound's supported ERC20s and are using the money market as a "synthetic multi-collateral CDP." Is this right?

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Max Bronstein

@max_bronstein

6 years

Token Curated Registries are an extremely novel crypto system with strong applications in the media industry. I wrote up a primer on what they are and what makes them important!

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Max Bronstein

@max_bronstein

6 years

Has anyone started or is in the process of starting a pure #DeFi fund? Chasing alpha by: — Arbing stablecoins — Taking high conviction bets on @AugurProject — Providing liquidity on @UniswapExchange — Staking in PoS networks General thought is that it’s too early and illiquid

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Max Bronstein

@max_bronstein

5 years

1/ Interesting to see DeFi being built on @tezos , specifically a stablecoin a la MakerDAO, arguably the first break out use case. Two unique design decisions: no global settlement and focus on $XTZ as single collateral type.

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Max Bronstein

@max_bronstein

2 years

For those asking, no @berachain is not real. And it’s definitely not an EVM-compatible blockchain built using the Cosmos SDK and is mostly definitely not launching this summer on a brand new Proof of Liquidity consensus engine.

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Max Bronstein

@max_bronstein

5 years

1/ Bittersweet life update: Friday was my last day at @Dharma_HQ . It's been an awesome journey and I couldn't be more confident that @NadavAHollander , @brendan_dharma , and team are well on their way to connecting crypto finance to the mainstream.

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Max Bronstein

@max_bronstein

5 years

It seems inevitable that companies offering access to DeFi services will have to pay gas on behalf of users — both from competitive advantage and ux perspectives. Assuming Ethereum's financial markets grow, this seems akin to projects holding $ETH as a reserve currency in 2017.

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Max Bronstein

@max_bronstein

4 years

The strongest DeFi gainers — $SNX $KNC $REN $LEND $BNT — have displayed a strong anti-correlation to both Bitcoin and Ether since June 1st. Also coincides with a downward trend in Bitcoin realized volatility.

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Max Bronstein

@max_bronstein

3 years

Contrary to popular belief, crypto dollars strengthen the dollar’s reach and relevance by broadening access and creating new investable/yield opportunities.

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Max Bronstein

@max_bronstein

3 years

working on something new 😏

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Max Bronstein

@max_bronstein

2 years

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Max Bronstein

@max_bronstein

3 years

A tale of two cities.

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Max Bronstein

@max_bronstein

6 years

1/ Today, @DharmaProtocol takes a big step in becoming the easiest place to borrow and lend cryptocurrency We're taking #DeFi 's favorite asset — DAI — and wrapping it in #DeFi 's best user experience Our early users can now borrow DAI at .10% APR!

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Max Bronstein

@max_bronstein

5 years

Long Vietnam. Incredible food, views, and strong coffee culture

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Max Bronstein

@max_bronstein

3 years

This is the most comprehensive spreadsheet I've seen on the cost to bridge across chains. Out of 196 possible routes, the number of times each bridge was used: (two bridges can be used in route) @SynapseProtocol - 101 @terra_money - 83 @Allbridge_io - 49 @wormholecrypto - 40

Kuro

@KuroXLB

3 years

bridging spreadsheet is done, these are what I've found to be the best routing for slippage/fees and liquidity please feel free to comment on the sheet if you think a particular routing is better, I'll be updating somewhat frequently

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Max Bronstein

@max_bronstein

2 years

Dogechain on Synapse, much wow 🐕

Synapse Labs

@SynapseProtocol

2 years

1/ Synapse has integrated @DogechainFamily into its cross-chain messaging system and value bridge, making it the 17th blockchain interconnected by Synapse! Synapse users can now seamlessly bridge between Dogechain and a wide variety of other chains.

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Max Bronstein

@max_bronstein

4 years

It feels like we’re not far away from managing our traditional asset portfolios on-chain, alongside our crypto holdings. Liquidity was always the main issue, but now with liquidity mining, @synthetix_io can quickly build out these markets like they did with gold (sXAU).

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Max Bronstein

@max_bronstein

6 years

Interesting #DeFi arbitrage opportunity available today: — Borrow $USDC from @DharmaProtocol Lever at .1% APR — Sell for $DAI at $.98 on the dollar; ~2% spread — Lend on @compoundfinance for 2.24% APR You can join the Dharma Lever waitlist here:

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Max Bronstein

@max_bronstein

5 years

The next “paradigm” of global easing will see central banks mask internal woes by attacking other currencies, a natural byproduct of a global economy with siloed monetary regimes. Dare I say, Bitcoin fixes this.

Central banks are locked in currency wars they cannot win

Lowering interest rates to support economies has created a domino effect

www.ft.com

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Max Bronstein

@max_bronstein

4 years

3/ While leaving during a period of hyper-growth is bittersweet, I’m extremely excited for the next chapter, and hope to share more details soon.

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Max Bronstein

@max_bronstein

5 years

In the latest Dharma Markets Report, I wrote about new trading strategies that have emerged to take advantage of a nascent financial system. We cover: — Token pair trading — @UniswapExchange short straddle — Staking yield arbitrage

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Max Bronstein

@max_bronstein

6 years

1/ A quick session of #DeFi Mythbusters: Most people were under the assumption that there were many users borrowing Dai through compound because it was a way for them to access 'synthetic multi-collateral dai' with their idle ERC20s

Max Bronstein

@max_bronstein

6 years

DAI Borrowers on @compoundfinance : Why are you borrowing DAI at 21% when you could generate new DAI through @MakerDAO at 2.5%? Leading theory is that you have one of Compound's supported ERC20s and are using the money market as a "synthetic multi-collateral CDP." Is this right?

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Max Bronstein

@max_bronstein

3 years

Finally took the time to revamp my blog. With so much development happening in the space, I’m excited to get back to publishing my thoughts more regularly:

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Max Bronstein

@max_bronstein

4 years

Signs of froth are indistinguishable from signs of adoption. h/t @zhusu

Mike Shinoda

@mikeshinoda

4 years

#NFT update. Someone bid $10k USD on my piece (thanks!). And some folks are still confused about what this is. The short answer: an experiment. (more below)

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Max Bronstein

@max_bronstein

6 years

$DCR hashrate up ~50% to begin 2019

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Max Bronstein

@max_bronstein

4 years

Few understand that BTC, DeFi, Metals/Miners, and Dollar volatility will be the best performing portfolio of the decade.

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Max Bronstein

@max_bronstein

4 years

It's unlikely that the ETH currently farming UNI will be sold into stables, farming participants that don't want ETH exposure were already hedged. If anything, those hedges come off and we see a small rally. New ETH farms or re-allocation to DeFi blue chips seems most likely.

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Max Bronstein

@max_bronstein

6 years

Ethereum's valuation just reached parity with Juul's. Not investment advice, but I don't see a large community of developers building out groundbreaking vaping apps

Inside Juul Labs — how the vaping giant hooked its users and became a $15 billion company

Juul Labs is now dominating the e-cigarette market. CNBC gets a rare look inside Juul and talks to the founders, James Monsees and Adam Bowen, to hear how the company is facing its challenges while...

www.cnbc.com

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Max Bronstein

@max_bronstein

4 years

Yesterday's $COMP launch showed just how far DeFi's composability and programmability have come. • Launch a financial market in minutes with @UniswapProtocol • Route orders through every DEX/AMM via @1inchExchange • Swap stablecoins instantly through @CurveFinance

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