Txn chaining

#Cardano has a EUTXO model that helps parallelize txns

This can lead to txn colliding for same access

Most Dapps use batchers to avoid this i.e group txn as one offline with multiple I/O. This has some issues but

There is another solution

Batcher issues:

Permissioned Execution

Batchers can collaborate to make your funds inaccessible or create censorship

MEV

Batchers order the txns which can allow them to extract MEV from users, eg batch Buy orders of x coin & sell it for higher price

DAO or SPO Batchers

If batcher dapps got sanctioned on Cardano like Tornado Cash, majority will be forced to comply

Obsifucation can help and add friction, but not an elegant solution.

So, the way batchers scale vertically, chaining does horizontally

Txn chaining

Conceptually similar to Input Endorsers, you create a batch of chained txns

You send txn 1 UTXO to mempool, the pending UTXOs can be used for next txn

This is even before it all goes on-chain, so a virtual chain of UTXOs which gets confirmed onchain later

Removing the dependency on who can touch a transaction i.e permissionless

Faster: Cardano finality takes a few mins, you can use your funds instantly with batching. Low latency

Things that are unclear or potential issues

How the throughput and fees would be affected, batching is a very efficient process and results in small size

Also, while latency is low for chaining, the finality could take longer and result in a diff form of MEV

You can read the unrolled version of this thread here: https://typefully.com/utsavusheth/SRyzFXm

1/ 🌕🔺 #TERRAVAX Narrative

Ethereum drove the narrative - ICOs, Defi, NFTs, Defi 2.0, Metaverse

This is changing, new narratives now form on #TERRAVAX

A 🧵 on how #TERRAVAX will set the course of the industry :

2/ We look at :

• Terra <> AVAX partnership
• Narratives for Q2'22

Let's level 🔺 to the 🌕



3/ Avengers have assembled : @avalancheavax and @terra_money have made a Multi-Bn commitment to collaborate & grow together 

With initial, 

100M of AVAX bought by @LFG_org for AVAX-UST reserve
100M AVAX <> Terra treasury swap 

https://twitter.com/el33th4xor/status/1512114037202423810?s=20&t=306-ISkoM0tkKZqktdcdOA

4/ Native $UST minting 

@LFG_org's 100M reserves used to create a AVAX-UST pool, this pool will be used to Mint & Redeem UST natively on AVAX. This pool will grow to bn+ dollars, with $Terra and $AVAX incentives 

https://twitter.com/stablekwon/status/1512291566617956352?s=20&t=306-ISkoM0tkKZqktdcdOA


5/ This partnership provides :

$LUNA with $UST adoption & peg stability
$AVAX mns in rewards & bns in liquidity

Both get community and users!

6/ Major Narrative for Q2'22

1. Stablecoins
----- Next thread ------
2. GameFi
3. Bridges



7/ Stablecoins

Since crypto is volatile, it is inconvenient to use as money in daily life. Stablecoin changes this and will drive mass adoption

Stables have grown exponentially in last months, and we are escape velocity now

A primer on stablecoin :
https://twitter.com/maestroatcrypto/status/1512113508669743108?s=20&t=zxeurnPX8PU48RbLUmH0RQ


8/ Catalysts :

Regulation

Centralized Stables (USDC, USDT) have a MC of $150B (85% Market Share), with regulatory pressure across the globe, we see a massive push for decentralized alternatives

https://twitter.com/jchervinsky/status/1494041969533853700?s=20&t=2Y7YwRiMhSxcsO_o-8dA7Q

9/

DIE $DAI:

Stables like $DAI need 2-3x collateral to mint, so it limits scaling and thus $DAI added RWA. They use a bridge btwn Onchain <> RWA with a novel tech called "Trust me bro" & centralized DAI 

MC since Nov'21 peak:
DAI : +6%
UST : +518%

https://twitter.com/lucasvo/status/1385022089611157505?s=20&t=S-15tm9cP83N-aAYcZ1NOw

10/ 

Incentive Programs

Luna, Near & Frax have billions in treasury to incentivize usage. They are using it to diversify treasury, provide boosted rewards for liquidity & for real-world usage

https://twitter.com/stablekwon/status/1491714834534068225?s=20&t=SCUycujpkedC1QKiqxXrZw


11/

Stablecoin leverage

MIM's degenbox was the most popular Leveraged Stablecoin Yield Farming platform, Dani's back with a bang and we can expect even more leveraged strategies. Starting with 80% apr on DAI

wen UST? @danielesesta

https://twitter.com/danielesesta/status/1512671355140988929?s=20&t=cYP5S4FioQhLo1b2g3KnpA


12/

Liquidity as a service

There are protocols which gives bribes to provide liquidity to their coins. A lot of infrastructure has been built around this which has originated from the curve wars - LaaS is  everything

@crypto_condom

https://t.co/4tZiBpO62M

13/

Biggest things to watch out for :

Curve multi-chain bribes :

https://twitter.com/CurveFinance/status/1512539715215536129?s=20&t=LA28_ZAwQ1sypaQvma30WQ

FRAX accepts the bitcoin standard

https://twitter.com/stablekwon/status/1512365048999526407?s=20&t=LA28_ZAwQ1sypaQvma30WQ

$PTP wars

https://twitter.com/CryptoSeq/status/1500423522761519106?s=20&t=LA28_ZAwQ1sypaQvma30WQ

$JOE wars 

https://twitter.com/traderjoe_xyz/status/1510717935454756866?s=20&t=zxeurnPX8PU48RbLUmH0RQ


14/
Follow me as I discuss the other big narratives and strategies to earn
2. GameFi
3. Bridges

https://twitter.com/utsavusheth/status/1512237633052999681?s=20&t=S-15tm9cP83N-aAYcZ1NOw

--------- END ---------

A 🧵 on #TERRAVAX stablecoin narrative, not spam:
 

@stablekwon @el33th4xor @kevinsekniqi @zhusu  @KyleLDavies @novogratz @terra_money @LFG_org @CryptoHarry_ 

@thedefiedge @CurveFinance @vector_fi @traderjoe_xyz
@NerdHerder_Dani @SJohn_Nahas @luigidemeo @_patrickogrady  


@FaridRached @cgcardona @das_connor @NikhilChatu @encycloplydia @AVAXDaily @CommunityAvax  @Avax_News @Avalanche_Space@AvalancheJump @hodl_gap


#LUNA #AVAX #BTC #cryptocurrency #LFG

🌕🔺 #TERRAVAX : Native UST

@stablekwon announced that $UST can be minted on $AVAX natively, is this parasitic to $Luna or it accrue value to $LUNA?

A 🧵 addressing this 👇🏽 :
 
https://twitter.com/KyleSamani/status/1512296825683857409?s=20&t=YMnGXcR40Tqpe4iq8Y7k9w

2/ Here is my previous thread on $LUNA <> $AVAX and its implications:

https://twitter.com/utsavusheth/status/1512237633052999681?s=20&t=rPfOxJd_auvBQ2sUmT25FQ

3/ Native $UST on $AVAX enables a decentralized native coin in the ecosystem, the question is on how does this accrue value to $LUNA holders. Let's understand the mechanism for this to work proposed by @jump_ for BTC <> UST and now AVAX <> UST.

https://twitter.com/stablekwon/status/1512291566617956352?s=20&t=Z0_-SUiIgL5bL82B0tgAjw


4/ 

How it works:

1. $UST through $LUNA burn
2. Create a Pool BTC <> UST & AVAX <> UST
3. Trade BTC -> UST for $1:$1
4. Trade UST -> BTC for 1$:$0.98

https://twitter.com/terra_money/status/1506736478449127425?s=20&t=cGcu5i4-dQldaZC4kkljTA

5/ UST can be redeemed for 2% fees which accrues value for $LUNA!

The pool is designed to backstop UST during a crisis like May'21 crash, redemption of $UST is profitable when the peg is below $0.98. This pool will keep getting bigger and sucking $AVAX off the market

6/ So how value accrual for minting?

For $LUNA,

1. Adoption of $UST
2. Backstopping 1$ peg
3. 2% redemption fees

For $AVAX,

1. Native Stablecoin
2. $AVAX goes up

Thus, $AVAX and $Luna to the 🌕

------ END -----

A 🧵 on Native UST : $AVAX <> $Terra 

@KyleSamani @stablekwon @luigidemeo @KanavKariya @CryptoHarry_ 

#TERRAVAX #LUNA #Terra #AVAX #Avalanche

Please like, RT and follow if you found value. I write about $Luna, $AVAX and $Eth ecosystem

The AVAX 🔺 ecosystem is set to 🚀 this year, the biggest catalyst for this is Gamefi

"During a gold rush, sell shovels", here is a 🧵 on why $PTP will be the shovel for GameFi rush :

My previous 🧵 on AVAX Bullcase 👇
  
https://twitter.com/utsavusheth/status/1511239151152033792?s=20&t=Gvcm_D4I9RX-hnNZINDKXw

Quick background :

@Platypusdefi - an #Avalanche native next generation stableswap, with value similar to @curvefinance :


• High efficiency(low slippage)
• High liquidity
• High yield(fees/emissions/bribes)

However, their USP is single sided staking and easy UI/UX

About $PTP :

Price : 3.4$
Supply MC - 72M$ (7% of CRV)
FDV - 1BN (Distributed to to $PTP holders)

Here are a couple of reasons why I am bullish on $PTP :

1. $PTP wars
2. Alt Pools
3. Platopia - Gamefi
4. Subnets & bridging


1. PTP wars:

$PTP has a ve-model, where you can earn 
boosted rewards (>20%) by locking $PTP 

Similar to curve wars, many protocols fight over the control over the boosted reward, governance bribes and for liquidity.

https://t.co/XSkKAQCA4f

The PTP wars are getting heated, two major players now control ~25% of the circulating supply and have locked this coins forever!

@vector_fi : 3.2M PTP (16%) 

@echidna_finance : 1.8 M (9%)


@CryptoSeq
https://twitter.com/CryptoSeq/status/1500423522761519106?s=20&t=EBX4j3MuN7Ucvk9M6zRaAw

@vector_fi is hailed as convex of AVAX , they are accumulating PTP exponentially and locking it forever. 

When they win the PTP wars, we will see the VTX (vector) wars where protocol compete for VTX for an indirect control of PTP

@_acap_acap
https://twitter.com/_acap_acap/status/1511060867441340416?s=20&t=eG4IgkXdGqT12U3JoteUuA

2. Alt Pools

It's Stablecoin season!

Decentralised stables have grown to >30Bn$, @terra_money & @fraxfinance being the star performers with bns in treasury.

They are major player of curve wars and the PTP team has recently partnered with them 👀 

https://twitter.com/Platypusdefi/status/1511344657040658434?s=20&t=b9VeZFt4_xZnH7F5-kgzPQ 

3. Platopia -

Defi is extremely complicated, how it goes when USDT is deposited to curve 3pool:

Convert 2/3 to USDC+DAI-> Deposit-> Get LP Token-> Stake -> Get CRV-> Lock using CVX-> Get cvxCRV-> Stake -> Get CVX-> Lock-> Votium bribes

WTF?   

https://bit.ly/3uT5dxW

DEFI is complicated but so are games, gamification of Defi or #GameFi is a fun way to learn and make these systems work.

PTP are enhancing their great UI/UX through gamification, they are creating Platopia with an in-game economy to makes defi fun:)

https://bit.ly/3Johb8k

Why is this huge?

$AVAX is the gaming chain, lots of new games released everyday with have an in-game economy which needs interoperability of assets with other games and chains (subnets) 

In this gold rush of GameFi, PTP can be the shovel

https://twitter.com/KyleLDavies/status/1510810092131651587?s=20&t=8f0_AmSuWM9w9azkrB9Gwg

4. Subnets and Bridging

AVAX games are being built on app-chains - subnets, you need to use bridges to go from one to another.

For these bridges, the primary asset except AVAX are stables and you need to frequently tap into stable pools like $PTP

https://twitter.com/utsavusheth/status/1511239168667516930?s=20&t=8f0_AmSuWM9w9azkrB9Gwg


Subnets would fragment liquidity into 100s of chains, all competing with each other. Do we see a Subnets entering the PTP wars? 👀

That would be bullish, least to say 👀

With AVAX growing very fast, the ecosystem will grow even faster!

---- END ----

A 🧵 on $PTP finance and GameFi :

@zhusu @KyleLDavies @DeFianceCapital @Arthur_0x @cmsholdings @BenqiFinance @avalancheavax @el33th4xor @kevinsekniqi @jayks17 @thedefiedge @AVAXDaily @CommunityAvax @Avax_News @Avalanche_Space @AvalancheJump 

Please Like, share, follow and leave feedback if you found value:)

You can read the unrolled version of this thread here: https://typefully.com/utsavusheth/dJAEKJh

A 🧵 on how Merge will make NFTs extinct:

NFTs are the hottest thing since 2021,your favorite celebs with Apes and Punk Pfps. But,

NFTs are more than that and @Pak's merge is an evolution and extinction of NFTs how we know it :

 https://trends.google.com/trends/explore/TIMESERIES/1649244600?hl=en-GB&tz=-330&q=nft,BTC&sni=3 

2/ Quick background :

Murat Pak's Merge at 92M$ is the highest sales by a living artist for a single artwork. It also has seen one of the highest number of participants in the NFT space with ~29K unique buyers

How is this piece unique tho?  

https://twitter.com/Gemini/status/1468943516105510914?s=20&t=R92L-7bIDg6hwYfCDgZdSA

3/ Merge is unique in 3 ways:

1. Walled gardens : Most NFT collections have artificial scarcity, Merge aimed to be inclusive with an infinite mint

2. Not JPEG : Merge is an onchain art work and it shows that NFTs can be much more than PFPs and collectibles

4/

3. Utility: When you play merge, you become eligible to be a part of Pak's work and artists of ASH's vibrant ecosystem


https://twitter.com/muratpak/status/1507071028526206987?s=20&t=R92L-7bIDg6hwYfCDgZdSA

5/ What is merge tho?

It is an Onchain NFT with visuals like planets, with a 'mass' and unique 'traits. These NFTs act as a tokened access to hordes of artist in the ASH ecosystem

Merge is an NFT, a game, an ecosystem:

https://twitter.com/muratpak/status/1465360503400718342?s=20&t=spq4jwCsKcKnhBu9P7rKJA

6/ How to merge:

The concept is simple, merge your masses and burn it all

However, it is more fun that. The rules for merging are

https://twitter.com/muratpak/status/1468108841711816707

https://twitter.com/LandieNft/status/1511268605241049090?s=20&t=BYVGAqe9mNIyCr-sVr3BsA

7/ Why are we merging?

The merge S01 has started and reward is Matter* NFT, each unique with different rarities

*Matter will be burnable NFT and a part of the ASH ecosystem, at any time you can burn them and receive $ASH. More Matter burnt, more value

https://mass.black/

8/ Where are we?

Merging has begun, we have burnt ~4k NFTs already and the floor price has gone from 0.08 to 0.28 ETH and S01 has started this week.

Long way to go before we burning ~25K NFTs, get in now :)

https://twitter.com/muratpak/status/1511472710232256516?s=20&t=NAFbz5KC0ISuXDzTiiZ6XQ

--- END ---

A 🧵 on how Merge will make NFTs extinct:
 @murutpak @richerd @pranksy @TOROBCHE9888 @ShortsHoward 

@URN__ART @NFTSiblings  @niftygateway @tweezers0xffff
#pak #merge #NFT #ethereum


You can read the unrolled version of this thread here: https://typefully.com/utsavusheth/Hj7HOiW


A 🧵 on why $AVAX could explode:

Some massive developments happening on Avalanche right now :

1. Technical Analysis
2. Avalanche Multiverse Program & Subnets
3. Super Pruning
4. Bridging

1. Technical

Over the past months, AVAX has been one of the only chains which has shown strong resilience :

Avg Total Value Locked at ~15B(10% of ETH)

Avg TPS at ~ 850K (75% ETH)

Price action : Forming an ascending triangle with solid consolidation for ~3 months


2. Avalanche Multiverse

Avalanche Rush was the most successful incentive program in defi, with TVL increasing from $312M to ~$15B

They have launched an even bigger fund "Multiverse" worth ~400M right now, to incentivize growth of subnets

https://twitter.com/avalancheavax/status/1501217040752910336?s=20&t=vQU2DF92rmOWtLMUjtfa7g

Subnets

Avalanche acts as a Layer 0 (Atom/Dot) for a set of independent chains (subnets) with the same validator set as avalanche.

Subnets are actively developed by the Ava Labs team and theyare highly customizable and we will see 100s of types of subnets. 

Subnets propose to be a hassle free way for protocols to run their own chains, with near 0 fees and instant finality. These subnets are Avalanche's plan to scale horizontally and infinitely

https://t.co/YhCldwI2oz

Each Subnet needs 100s of validators, they would incentivize people to run nodes. Each new validator locks 2000AVAX, which creates a scarcity that pushes the price up

Additionally, all subnet nodes have to be Avax nodes, this improves the security of the system.

The Multiverse incentives are providing rewards to users to use Subnets which can house 100s of Million users today and kick-starting a new leg for AVAX ecosystem.

These incentives would be used for 4 key fields :

1. Gaming
2. NFTs
3. Defi
4. Enterprise Chains

1. Gaming

Subnets have near 0 fees and instant finality which is perfect for games, thus AVAX has attracted the best Web3 games (@DefiKingdoms @PlayCrabada @penguin_defi) 

Each of these games have more users and TVL than most blockchains. 

shorturl.at/jtwCY

2. NFTs

AVAX has one of the best community in crypto but NFTs haven't taken off yet (<1% of ETH Volume), with the multiverse incentives for gaming and NFT marketplace, we could see a new wave of NFTs being built on AVAX which could create a thriving NFT ecosystem. 

3. Defi

I predict the Multiverse incentives would focus on 
a. cross-chain interoperability protocols - @AaveAave @wormholecrypto @StargateFinance
b. Liquidity drivers/dex -@CurveFinance @Platypusdefi @pangolindex

4. Enterprise Chain

Subnets can be created to be in compliance with local regulation (KYC/AML. This would help compliant defi products like @aaveaave arc and enterprises to build onchain protocols e.g. the recent partnership with Deloitte

shorturl.at/eDKU3

Super Pruning

The biggest limit to AVAX TPS is state growth (storing all txn in database), if this limit is increased the protocol would become unstable. However, with pruning only part of the state is stored and it solves the problem. 


Pruning is done offline currently, due to which you lose out on staking rewards, so this process has to be done online.

This is the idea of 'Super Pruning' which we could see going live some time this year, pushing AVAX and all it's subnets to do 10x more TPS. 

Bridging

The AVAX-ETH native bridge is one of the most popular and efficient bridge in crypto, we will see a similar AVAX-BTC bridge and probably more.

With native wallet 'core' bridging and using subnets seamless and instant.

https://cutt.ly/AD6C5T5

----- END ------------

You can read the unrolled version of this thread here: https://typefully.com/utsavusheth/iADUDJq

Crypto can set you free:

In the financial casino, it is easy to forget - Crypto wasn't created to make you rich. It was created to set you free

The recent geopolitical issues(🇨🇦🇷🇺) makes us rethink about our existing system and how to break free

A 🧵 on Digital Freedom :

1/22

Here is my previous thread on Digital Sovereignty and why do we need to own our money and items :

https://twitter.com/utsavusheth/status/1491773137926561792?s=20&t=-u5XUKyj6Syw97Ee8mkeJQ

2/22

Two issues that prompt this discussion :

1. Canadian response to the trucker protests
https://bit.ly/3C1vTA4

2. Russian Invasion of Ukraine
https://bit.ly/3BWIbtr

Too often we get bogged down into group think, into discussing the right/wrong parties.

3/22

What we need to think is the human cost of these decisions. The Ukranian govt action in the political discussion is up for debate. 

However, what isn't up for debate, is what happened to Ukranians was wrong. So many innocent lives altered forever!

https://bit.ly/3th456I

4/22

Let's think about an average Ukranian:

Sitting in his home, enjoying the beautiful house that he built, which took nearly 10 years of earning. But it was worth it! He found his dream house, with a small pool and a garden in this beautiful neighborhood

5/22

His son can go to the best schools which he could never afford growing up poor. His mesmerized by how lucky he got with life.

Suddenly, he hears a loud crackling sound of a fighter jet speeding above his roof. The Russians had invaded the country, and he just had hours!

6/22

He starts planning to fly everyone out to kazak and to remain till this is all over. He starts calculating all the money he has to start his new life:

Real Estate worthless, Stocks can't withdraw, Bonds/FD nearly worthless - 90% of all his money is gone.

7/22

In case, Russians were successful he would never see it again.

He still has some money in gold & cash, cash which is declining in value every day by 10-20%. He needs to get out of the country fast enough before everything he has is dust

Real story :
https://bit.ly/35ClezC
8/22

New Order comes in: No men can travel out of the country. 

Your wife and kid need to go alone with a bag of cash & gold in a foreign nation.

There are a 1000x things that can go wrong here, and we need to save ourselves from such a misfortune

9/22

It is real, losing everything in an instant! This has happened countless times - during Syrian Civil War, Crimean Annexation, Iran-Iraq, and on on .....

While the Ukranian govt was handcuffed by the situation, we have Canada using force on its citizen.

10/22

In Canada, the govt chose to freeze the assets of protestors, they went ahead to allow banks to trace individuals who would support the cause and asked them to freeze their assets if necessary. For an average joe, that is 95% of his networth and his income frozen.

11/22

Why does this happen?

The problem is a central point of failure, many things could go wrong - due to greed, lust for power, money, beliefs, etc. 

The underlying assumption is that the central entity - govt is infallible- stocks/FDs/Currency all make this assumption.

12/22

Can BTC & Crypto help?

The aim is to decentralize or remove such central points of failure. Create an opt in system with predefined rules which are incorruptible (Hint:Code is law)

Can someone own more crypto then you? SURE! This doesn't give them any special rights tho

13/22

This makes a democratic, open, incorruptible system!

How can you actually help tho? 

There are multiple ways :

Store of Value : If your currency is crippling, you might want to exchange it for dollars, also keep some in reserve always for emergencies.

14/22

But USD is also just a currency at the end of day, another centralized system. So this is where you can choose a true Internet Native Currency - Open Borderless System- Bitcoin!

Can BTC survive a WW3 drop? Not sure, but it is one of the best bet we have.

15/22

Currency : Cryptos including stablecoin (USD) or BTC can be used for exchanging goods and money transfer

Safety : Hiding a digital wallet in an adverse situation is much easier than hiding cash & gold

Privacy : A pure p2p transfer would be intractable and provide safety 

16/22

Banks or Cash isn't private either, the numbers could be tracked and the govt could track you.

Donations : Crypto can be used to transfer money globally, Ukraine has set up crypto wallets to receive donations. So have various individuals & orgs

https://twitter.com/coinbureau/status/1497877457126445060?s=20&t=-u5XUKyj6Syw97Ee8mkeJQ

17/22

Crowdfunding : Raising crowdfunds using centralized platforms is a disaster, the govt can steal your money. E.g GofundMe in Canada. Crypto has a unique ability to band together individuals through NFTs and Daos
https://bit.ly/35w72YO
Vs crypto
https://twitter.com/Ukraine_DAO

18/22

We need a global infallible system, to save us from the worst. An escape hatch if shit goes bad.

For people who can't afford it, we need them on the chain to get those donations through. 

Let me know better alternatives

https://twitter.com/naval/status/1497003797377290254?s=20&t=-u5XUKyj6Syw97Ee8mkeJQ

19/22

Crypto isn't perfect, BTC price could fall, some centralized cryptos can be corrupted, hacks etc.

These problem aren't inherent, crypto is just an Idea and it can be shaped in any way. You can Build on it or you can put your faith in these failing systems.

20/22

The future isn't limited to just use as cur , remote work with global money could help needy living in refugee camps. Form communities to remotely solve issues.

If you still think it is useless, check your financial privilege

https://twitter.com/gladstein/status/1397336885920366596?s=20&t=-u5XUKyj6Syw97Ee8mkeJQ

21/22

#crypto #bitcoin #shardeum #cryptoukraine #freedom

Further reading : 
https://twitter.com/punk6529/status/1494444624630403083?s=20&t=7s0jxE2ChyHHhqbxFkeSHA

22/22

You can read the unrolled version of this thread here: https://typefully.com/utsavusheth/ZKjNUED