@Defichain
is the god chain of defi. it's all of defi on one chain.
Defichain is designed to be able to replicate any successful defi project on any other chain, all in one place.
it seems rather unknown, so let me tell you what I think it is.🧵
DeFiChain provides decentralized finance services
#DeFi
for both
#Bitcoin
and
#Ethereum
. It's 100% community-driven and fully open-source, with 14,000 Community Masternodes having complete control over the system.
I collect OMB for the art.
I hold OCM for the insane upside potential and out of respect for the tech contributions to the ordinal space. I'm new to OCM, many will follow. This is a wave about to swell to gigantic proportions.
!RISE
@OnChainMonkey
felt like writing up some of my investment theses for 2024; and shill them a little. so here a little thread about two ordinal projects and two defi projects:
1) OMB
@OrdinalMaxiBiz
2) OCM
@OnChainMonkey
3) Defichain
@defichain
4) Sovryn
@SovrynBTC
@dcshelton
@defichain
$dfi is indeed performing terribly, and that is really shitty for the ppl deeply invested. but it is great for those looking for deeply undervalued projects with good fundamentals, offering once in a lifetime entry points.
yo
@defichain
community, dropped two draft proposals, to help speed up the dusd repeg operation.
a proposal to swap up to 30% of the CF into DUSD:
a proposal to mint up to 10% surplus of dCrypto and to swap this surplus into DUSD:
Ordinals and BRC20s were just the beginning.
@SovrynBTC
to create an interoperable ecosystem of VM environments connected to bitcoin via BitVM (or optimized taproot).
Not just art and memes, Sovryn aims to bitcoin into the settlement layer of humanity, period.
Does Bitcoin seem frozen in time? Other chains have smart contracts, scaling layers, rollups - and Bitcoin?
Introducing BitcoinOS: a superlayer of interoperable rollups turning Bitcoin into a global operating system.
Innovation is coming to Bitcoin!
#BitcoinOS
Link⬇️
there is some superficial drama, a depegged stable, some fud and some nervous community members atm.
but the entire chain works beautifully and that's what matters.
the drama just means that this is the best opportunity for your entry anon.
with the
@QuantumCatsXYZ
q4 campaign, many are researching the idea of doing things with bitcoin, the prospect of bitcoin L2s, BitVm and rollups.
if you are researching these things, you ought to meet the
@SovrynBTC
community and their vision.
'Deconstruction' := breaking something down into parts to discover its true significance, which is supposedly almost never exactly what the author intended, nor fully inherent in the original.
some of what
@defichain
currently offers: borrowing stables against bitcoin and ether, leveraging, diversifying into stocks, shorting stocks, etc.
afaik, there is no other chain offering all of this in one single place.
I look at defichain, and I see
@Uniswap
,
@MakerDAO
, and many other of the best defi projects all wrapped into one beast of a chain. with a market cap deeply undervalued in comparison...
ordinals are quickly eating up the market share of NFTs
defi is next
I expect
@SovrynBTC
to eat up most of the defi market share (together with frens
@ALEXLabBTC
,
@LiquidiumFi
, &c)
utility will gravity back to
#Bitcoin
are u wedded to an altcoin community? have a fresh think
Want to year
@EdanYago
unmasking SatoshiVM on the spot?
Listen from 1:03:05
Interested in BTC defi and rollups? You've the right interests. Got mislead into investing $savm? Happens to the best of us. That's ok. Check out
@SovrynBTC
, built by those who really know their stuff.
problem that defichain solves: defi is fragmented over multiple chains, requiring different kinds of base layers and programming languages.
cross-chain bridges are hard, creating weak spots and liabilities. they break.
so why not replicate all of defi under one dome?
so, it's already a one stop place for all of your defi: there are 1000x degen opportunities one finds on ether and sol, as well as everything for smarter money, such as traditional stocks.
by being a multi-layered single chain, defichain can replicate all of defi together in one place, making defi use-cases seamlessly connected without the need for cross-chain bridges.
fuck me.
happy for those in the
@defichain
community that are kosher, but I'm so fucking angry at the same time.
literally one day after swallowing the biggest loss in years, after spending two weekends writing proposals trying to help. fuck this.
In order to support the
@DeFiChain
community’s repeg mission, today the Cake Group Board has unanimously approved a purchase of $DUSD, using 20 million $DFI.
Purchases will be sequenced over the coming days.
The sum of the $DFI to be utilized in these transactions was part of
"expect additional announcements from partners working on BitcoinOS with us."
who could be the secret partners of
@SovrynBTC
, working on BitcoinOS with them?
some group with BitVM and/or rollup expertise?
@ZeroSync_
?
@TaprootWizards
?
@build_on_bob
?
wen announcement?
2024 is a landmark year - for
#Bitcoin
and for Sovryn.
Roadmap phases overview:
🟧 First, the groundwork:
We'll introduce more staking rewards. In addition to the current $BTC rewards, we will add $SOV to stakers.
See the next tweet in the thread where we discuss all the
Such exciting stuff!
This isn't just enabling VMs on bitcoin; building these under the wing of
@SovrynBTC
ensures interoperability from the get-go.
Not building isolated bubbles and then struggling w bridges; but a growing fully interconnected bitcoin-based infrastructure!
Does Bitcoin seem frozen in time? Other chains have smart contracts, scaling layers, rollups - and Bitcoin?
Introducing BitcoinOS: a superlayer of interoperable rollups turning Bitcoin into a global operating system.
Innovation is coming to Bitcoin!
#BitcoinOS
Link⬇️
3) Defichain
@defichain
investment thesis 2024: if either defi does well or if the trend continues of crypto-native ppl becoming more financially literate in 2024, then defichain will do extremely well.
@mkuegi
@GrowthGuyWeb3
@DanielZirkel
@federbua
💯
first make sure that everything that has been built is working fine and is in good standing, before moving on.
DUSD will repeg, but time matters, and timing matters, a slow community bleed during a bullish phase makes any wassmsmsm pointless.
@DeFiChainLabs
a stablecoin is 20% economics and 80% psychology. you roll this out in a way that minimizes big impact events; I think that's a grave mistake. should've done exact opposite: big announcement, time to publicize onset, then big swaps, visible green moves that instill faith/trust
@ComputerKraut
@defichain
I agree, it's surprisingly invisible.
many projects are all talk and little walk; defichain seems to be a lot of walk without enough talk.
you a crypto degen? don't know about this boomer world of stonks?
diversify in $MSTR on
@defichain
, currently getting a discount too.
you're a defi degen on top? addicted to yield? well you can get your apr if you enter an $MSTR-dUSD LM pool.
a world of stonks for degens
my bull case for $MSTR. don't forget with a company you're partly investing in management team execution
@saylor
, the CEO/CFO and team have executed truly class moves over last 3.5 years. a) bought BTC on leverage (initially higher than current 1.33x)
the OCM community jumps our for its rationality. take the move from ethereum to bitcoin: when a community is able to do ‘the right thing’, regardless of obstacles and the work, this is a clear sign of a high degree of intelligence and a low level of bias in a community.
1/
Tomorrow is another big day for Sovryn's Bitocracy!
SIP-0074 & 0075 are going to a vote on Monday, Feb 5th at 9 AM UTC. It's your time to weigh in on the future!
Last call to review and make an informed decision.
Check out the details in the thread below ⬇️
2) OCM
@OnChainMonkey
investment thesis 2024: if any of sat rarity, ordinal theory, tech aspects of ordinals or porting events from ethereum to bitcoin correlate with value, then OCM will do extremely well.
where there is intelligence and the ability to execute, there is a high chance of being ahead of the market and that's what I found, on so many fronts. continued communication will make the crowd catch up with the value OCM genesis already holds under the hood.
!RISE!
OCM
@OnChainMonkey
is symbolic of the crypto-world that grew out of bitcoin. It’s a full embrace of the digital and the generative, made by simple rules.
A neatly self-organized community, rewards, missions, elements of the addictive, and mutual respect and positive vibes.
defichain has the potential of becoming the god-chain of defi. one finds the best use cases of defi (dex, borrowing against crypto, synthetic stocks) all bundled in one place and crystalized into its own L1 chain. ppl are fading these two factors.
OMB gives visual expression to the crypto-anarchism from which bitcoin was born, a tribute to the analog and to human uniqueness.
OCM gives visual expression to the crypto cultures that were for many the way into bitcoin and the full embrace of generative digital culture.
yo
@defichain
community, dropped two draft proposals, to help speed up the dusd repeg operation.
a proposal to swap up to 30% of the CF into DUSD:
a proposal to mint up to 10% surplus of dCrypto and to swap this surplus into DUSD:
Are ZK Rollups on Bitcoin Even Possible?
I'm pretty sure most of you are looking for answers to this burning question.
I'm going to explain everything you need to know about the Possibilities of ZK Rollups on Bitcoin in this thread below.
Don't Miss 🧵
this strategy of getting to know the communities, is also my weakness as investor btw: when I start to like a community too much, this creates bias. I try to mitigate this by being always part of multiple communities, but the bias remains there.
@Mmoeloe
this will allow Sovryn to create DLLR pools, solving DLLR demand shortage.
then Sovryn can re-release the kraken that's called Zero. the world will not know what hit them.
(backstory: borrowing DLLR against btc was too popular earlier, and had to be put on chains momentarily).
one sees a trend of crypto-ppl learning more about investing and the power of diversification; defichain offers the best access to stocks for crypto natives (I stumbled on defichain because of my interest in bitcoin defi, but stayed for the stocks).
I’m not smarter than the market generally speaking, but getting to know the communities well gives a type of insider knowledge and the informed conviction needed to hodl.
it's very easy to explain the current undervaluation and how these factors will dissolve (such as a depegged stable that is slowly repegging). pace of building is amongst the highest I have seen anywhere.
And yet they are monkeys. Symbolic of degen culture and not taking oneself too seriously.
It's as if each monkey looks at its holder or future buyer like "what the fuck are you doing?"
@louishliu
It surprises me how people can omit RSK from these sorts of lists, especially given the protocols that exist there (
@SovrynBTC
) and are being built (
@FameGuild
).
Also check out the 2.5M grant that Rootstock offers to attract new developers.
OMB,
@OrdinalMaxiBiz
, is emblematic of the crypto-anarchic culture out of which bitcoin was born.
It's a counter-digital culture, the analog in digital form, like bitcoin itself (which is, in many ways, physical cash brought to the digital world).
*In defense of OP_CAT: on cooperativeness and emergent coordination in BIB debates*
A thread in defense of enabling OP_CAT.
It's part of a longer article written for the
@TaprootWizards
Quest 4. Co-author:
@JOOSTbtc
Longform article:
🧵
@ercwl
's infographic lists experts Heilman, Linus & Poelstra as supportive of OP_CAT
John Light, a bitcoin researcher who studies these sorts of changes, can be added to that list
I'm seeing a pattern amongst experts with rel neutral starting points...
sovryn is a protocol on
@rootstock_io
. the sovryn community has bitcoin-oriented ideas and values central. it offers a killer use case of borrowing a stable against bitcoin and there are exciting rumors of building its own bitcoin L2 (mentioning rollups and bitvm in connection).
In this way, OCM is symbolic of the core strengths of the crypto communities that popped up around bitcoin, a social phenomenon as striking as bitcoin itself.
Each monkey a manifestation of the same rules. OCM reflects the creative power of iteration and recombination, out of which so much is currently built. Each OCM an expression of systematicity, and the surrounding project executed with an eye for each little detail.
NFT liquidity will continue to flow into ordinals. during the ‘ordinals are dead’ phase, the OMB collection rose to the top and interest in the collection increased immediately as interest in ordinals increased.
When collecting ordinals, one tries to be ahead of the connoisseurs and history books.
In the art world, it’s about the emergence of styles and art movements that last, and being ahead in finding the most paradigmatic instances of these styles and movements.
the fact that it's not just a protocol but its own chain, means that the governance truly means something and gives control not found anywhere else: governance is not just of a protocol, it’s of the entire L1, giving control over fees, inflation, development, etc.
*An introduction to the draft bitcoin proposal to enable OP_CAT*
This brief thread is part of a longer article written for the
@TaprootWizards
Quest 4. Co-author:
@JOOSTbtc
.
Longform:
defichain offers unparalleled versatility in defi use cases, unparalleled security (with some of the usecases based in simple op_codes), and unparalleled value in its governance.
@SirWhiteRussian
Here is my secret hope:
@uzyn
breaks away from Bake and returns full throttle to the Defi on Bitcoin narrative for
@defichain
, for example, creating a new wallet much like
@xverseApp
, enabling ordinals (via
@Ordzaar
), bitcoin bridges, and easy access to DFI staking.
@prasannavl
the motivation for adding an EVM layer were:
- interoperability
- attract development by ext parties
there's now a building on bitcoin boom; could
@defichain
, as expressive bitcoin fork, focus on interoperability with bitcoin defi and attract bitcoin dev projects?
a good way to criticize it is to create your own 'possible worst case scenario' and see what it looks like. I think the dcrypto system is way stronger than many give it credit for. feel free to dm me your worst case scenario's as well, if u want.
Each OMB is handcrafted, showing a unique human touch.
No rules, no leadership. OMB is a movement☢️going back to the very roots of bitcoin and expressive of the culture that says fuck you to the existing financial order.
the collection proved itself in a way that no other collection has; and no other collection will have the chance to prove itself in this way until there is the next bearish lull. lowest risk, highest upside (if any collection will match BAYC bull valuations, it will be OMB).
@LENART_NFT
@defichain
because of a problem with one of the stablecoins on the chain, and some internal problem with one of the centralized service providers, I guess.
it's as if ethereum is being panic dumped because one of the stables and a service provider for it have some issues. it's irational
note how everyone in the ordinal space respects OMB. try following some OMB community members and one will see one’s feed become more interesting, with a mix of degens, bitcoin culture, art lovers and outright thought leaders.
OMB is a movement.
for me, the art is the most interesting of any largish ordinal collection; the uniqueness of each OMB makes it the very best pfp collection, ppl can identify with the unique OMBs, making them hodl. the art contains commentary that's accessible (having a kind of Banksy vibe).
pledge 30% of the community fund to defend the peg. let it be another permanent support mechanism, offering something that offers strong psychological support, potentially costless, is easy to explain to newcomers (the variable interest thing is harder to understand).
@TheCryptoDog
$SOV. would be good to have u back as a SOV bull again. for you a winning trade, for the world a contribution to hyperbitcoinization. win-win.
these are some of focused bets of a random anon. dyor. nfa. this is crypto, so don't be too serious and don't forget to diversify, stay healthy and have fun in 2024.
@BTC__Bacon
27 mil dfi in the pool, only 6 mil dfi needed to bring dfi-dusd pool to peg. you'd hopefully get some frontfrunning and so would need even less. put the dusd in the fund, could have a dfi buyback program when dusd is stable. don't see why ppl would be against this
"The purpose of introducing proof of stake to this bridge model is to provide a way for anyone to participate in the bridging process, provided they have enough stake to meet the qualification threshold."
(for those who like to hunt alpha,
@lightcoin
is a
@SovrynBTC
contributor)
- execute a dfi->dusd swap from the CF at the time of future swaps (so weekly) when dusd < 0.95$;
- swap however much dfi is needed to get dfi = 1$, using the calculation behind the swap calculator ();
- execute this only when <30% of the CF contains dusd.
if stacks continues to manage to communicate the value of being based in bitcoin, then ppl will (re)discover sovryn and it will do well. the ordinal developments are helping turning 'building on bitcoin' into a powerful meme. it has a high chance of having the wind in its sails.
@mkuegi
the APR is based on fixed chunk of DFI inflation right?
when DUSD goes closer to peg, one can expect DFI to pump, making the APR for the bonds shoot up like a mfer right, while at same time riskiness goes down?
these bonds will kick dusd's ass thru the $0.8 to $1.0 stretch
so 30% of the fund (containing 27m dfi) = 8.1m dfi would be pledged to defend the dusd peg. effects of this depend on market and frontrunning.
consider some scenarios:
great accessible and simple information that is nevertheless in touch with the most exciting developments.
go beyond your large influencers and podcasters, it's the honest, due diligence, smaller accounts where you find the real alpha and/or insights
congrats
@TheArtOfTomas
!
@federbua
@SirWhiteRussian
so there is 115M DUSD that seems unbacked, which currently has the value of around $10M.
the other graph, where it says that $4.8M is needed, is about pushing pools to 1$?
anybody bored enough to confirm?