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기분좋은 마곤
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기분좋은 마곤
🎒Escape Velocity Escape velocity is the speed required for an object to escape its center without further acceleration. (High math, difficult) Backpack Tokenomics has been released. (Link) To sum up my thoughts, the team must now embark on a different valuation game from existing crypto projects. As set forth in the tokenomics, the clear goal of an IPO and its predecessors (RWA onboarding, license, bank, card) are designed to have a value greater than dilution. This provides a baseline for even those unfamiliar with crypto to intuitively calculate the potential increase in Backpack's valuation. The era of valuation methods that rely on ignoring the narrative, or relying on a backer's involvement, or on applying high standards to fragmented aspects of the equation, is passing, as evidenced by the desperate FDVs of altcoins. This suggests the advent of a "normal" valuation approach, not a new one. And Backpack seems to have set the bar for tokenomics at the most rigorous level I've ever seen to maintain that standard. Early token holders on exchanges like BNB, OKB, and MNT (bitdao) have generated price increases of tens or hundreds of times. Why were they able to do so? The answer is simple: because they are CEXs. What is the most valuable business across all sectors of the crypto industry? The issuers of stablecoins, where distribution channels are becoming increasingly important? I still think it's exchanges. While BNB is the best example, the announcement of the utility of the next tokenomics will be even more crucial to overcome the ultimate slump of CEX tokens like OKB, MNT, and BGB. In my opinion, Backpack is the first exchange token since FTX, $FTT, to be properly established. I bet on Perpdex's business model and scalability this cycle, and luckily, I discovered Backpack. I've always talked about this with my subscribers and friends: I'm not saying Perpdex is easy or CEX is difficult. They're both difficult, with different target audiences and growth strategies. The only difference is our perception of the business model. Backpack is playing a completely different game than Perpdex. This feels like the first time I've properly written about Backpack. Let's wait for the utility. Fock it🎒
OKB
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기분좋은 마곤
We're building an infrastructure that encompasses USD customer funding accounts in the US, EUR in Europe, JPY in Japan—every currency on every major payment network imaginable. ㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡ All of this requires enormous time, effort, blood, sweat, and tears. We've spent the past three years, brick by brick, building the foundation of an international company and product. If we're lucky, this could be our lifetime commitment. ㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡ The objective conditions for this structure to work are clear: The value of the additional growth generated by unlocking new tokens must always exceed the resulting dilution. As long as this condition holds, we can continue to grow by distributing tokens directly to our most active users. ㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡ Until the company goes public or a similar equity exit event occurs, the team will not gain any wealth from this project. The team will only enjoy the rewards after they have earned access to the world's largest and most liquid capital markets through their own efforts, and only after the value created by the Backpack community from now until then has been reflected in the company. ㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡ We either go big or go home. ㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡㅡ Not just a simple time limit, investment, or narrative making for unlock. It is just triggered by clear valuation up critera, IPO by "normal" web2 style.
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기분좋은 마곤
The article I read today that most recently answered my question was "Why Did Bitcoin Crash? The Answer Is Hong Kong Hedge Funds." Original text 😐 One-line summary? This decline isn't a simple panic; it's a leverage collapse involving ETFs, options, and global macro. Hong Kong hedge funds invested heavily in BlackRock's IBIT call options, using yen carry trade funds, and OTM (Out of the Money) call options with a large price discrepancy, believing Bitcoin would skyrocket in the short term. They then went bankrupt. 🤐 Why is this a problem? 1. Expected a Bitcoin rebound, but price recovery failed. 2. Yen carry trade environment worsened => increased borrowing costs. 3. Simultaneously held a position in silver. 4. Added leverage to recover losses => worsened the situation. 5. Ultimately, margin calls and forced liquidations occurred. 6. Massive IBIT selloffs => triggered a sharp drop in Bitcoin prices. 👮‍♂️But why didn't anyone know? Because they only traded Bitcoin ETFs, not on-chain transactions. +) This didn't happen before the spot ETF was approved, but CME options existed. Because CME options were futures options and were settled numerically, there was no need to buy or sell Bitcoin. The current issue is that ETF options are based on the spot Bitcoin ETF as the underlying asset. Therefore, the options and the spot ETF are matched 1:1. If the price fluctuates and the delta or gamma shifts to one side, the MM must buy or sell IBIT spot. => However, because this trade was OTM, there was no need for the MM to buy a lot of IBIT when the hedge funds took the trade. (When the MM sells the option, they buy IBIT spot for hedging, but since the delta is already small, there's no need to buy a lot.) => However, as the price of Bitcoin falls, the MM's IBIT holdings become excess inventory. Therefore, they must mechanically sell all the IBIT they bought during the decline. (The OTM moves further away, the gamma decreases, and the delta decreases to zero, achieving delta neutrality.) (for) => It was quiet when buying, and when selling, it fell without even time to figure out why. I think it was good when Grayscale was locked in and couldn't get out. Also, the reason no one was able to sell was probably because liquidity thinned after 1010.... But still, I thought, "Isn't this enough to get out?" 😎 Of course, this is a hypothesis, but it feels clearer than Michael Burry's hyperliquid-silver RWA-Bitcoin collateral..? Both probably played a role, though... Anyway, after seeing this incident, I knew the importance of RWA, but honestly, I wondered if it was a bit necessary. But seeing this, I think it's right to integrate ETFs and options on-chain. ;;;;;;;
IBIT
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