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Sam MacPherson
CEO @phoenixlabsdev - contributing to ⚡️Spark⚡️. Previously Protocol Engineering @SkyEcosystem (MakerDAO at the time)
Global, neutral infrastructure requires a decentralized stablecoin at its core.
@SkyEcosystem's USDS is uniquely positioned being still primarily collateralized by onchain ETH/LST CDPs.
The subDAO system (ex. @sparkdotfi) will soon solve decentralized governance.
Aug 13, 02:52
The stable end game for stablecoins will be systems like Maker/Sky with overcollateralized CDPs. These systems will have broad token ownership and permissionless usage.
But we need a huge amount more decentralized economic bandwidth in the form of ETH and BTC at much much higher prices.
We are working on the latter. Then we will work on the former.
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Sam MacPherson reposted
One of the most important themes in the next 12 months will be widening crypto credit spreads to falling risk free rates, discussed 45min in the link below.
DeFi in the last cycle lived in a vacuum with no real connective tissue to legacy fixed income markets. Now as rates fall and crypto native spreads widen there are a variety of vehicles through which dollars will effortlessly enter DeFi on a scale that dwarfs 2021.
I expect to see several ETPs on the underlying and DATs focused on raising accretive debt financing to deploy into DeFi in order to monetize the spread. This will be a $50-100b TradFi to DeFi carry trade.
Some tokens are mechanically levered to this trade:
$AAVE $PENDLE $SPK $SYRUP being the most obvious
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Part of the issue with all-or-nothing BTC maxis is that there is a reasonable chance the tech side will fail (PoW, security budget, etc).
The next SoV candidate is clearly ETH, so you should at least be keeping a hedge.
Aug 9, 00:51
if you want to keep your money this time around remember that ETH rn is a momentum trade not money
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Ratings are a great step towards merging TradFi and DeFi. Onwards to just "Fi".
Props to @SteakhouseFi for the work they are doing.
Aug 8, 04:27
Credit ratings compress complexity into clarity. In TradFi, they turn products into usable inputs. Unlocking liquidity, reducing search costs, and enabling scale.
For the first time, a stablecoin system has crossed that threshold. That stablecoin is @SkyEcosystem USDS
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