CMO & Co-Founder @ThenaFi_ | Member @SafaryClub | Ambassador of Heaven 🇫🇮🦁✝️
THENA
Joined October 2022
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I don’t think any team has been more committed to @BNBCHAIN than us.
3 years of building. We turned down many chains, including an offer from someone we deeply respect.
The result? Investment from @yzilabs and listing on @binance.
At the beginning, we were completely ignored. Now? We’re one of the loudest voices in the ecosystem. And we're just getting started.
Seeing BNB hit ATH today only reaffirms the choice we made. The chain is buzzing with activity, and key players are aligned like never before.
THE future is bright.
0xApollo (💜,🏛️) retweeted
Is LPing profitable?
Here's how one BTCB/BNB liquidity provider on THENA performed over 30 days.
Position #287385 opened on August 20 with 2.49 BTCB and 438.13 BNB. At the beginning of the study period, it had $547,322 deployed in liquidity, plus $8,626 in previously accrued, unclaimed fees, bringing its total opening value to $555,948.
The position remained unchanged and stayed in range throughout the entire period.
During that time, it accrued 0.01852 BTCB and 2.06549 BNB in trading fees, valued at $3,003 at the cutoff. That's around $100 per day, or a 0.55% fee yield on the starting liquidity.
Because the BTCB/BNB exchange rate finished close to where it began, impermanent loss was just $17.
After accounting for IL, the LP was $2,985 better off than if they had simply held the underlying assets.
Of course the market still matters.
Both BTCB and BNB declined in USD terms during the period. Including accrued fees, the position's value fell from $555,948 to $532,013, a 4.31% decline compared with 4.84% for simply holding.
Looking at the longer period since its August deposit, the position was up around 16%, including underlying asset price changes, with $11,210 in lifetime trading fees.
And it gets even better. We've just increased the trading fee share for V3,3 liquidity providers outside of the gauge system to 88%.
That means eligible LPs now earn more fees from the same trading activity.
Happy LPing.
No one can predict the future with absolute certainty. And lately it’s become increasingly difficult to do so.
One moment we’re gearing up for Uptober, the next it’s “so over bros”.
There have been numerous recent events that have shaken confidence in crypto, and that’s very understandable. However, people have short memories. A hint of green and everyone turns bullish again.
A few months ago before Bitcoin was at its absolute bottom I said how I see it reaching $90k by February. Within days it pumped by $10k.
Now that Peter Schiff is predicting doom and gloom again, perhaps we’re on the verge of another run upwards.
What will actually happen is anyone’s guess.
Never stop believing.
Best place for your LPs on BNB Chain
V3,3 liquidity providers on BNB Chain outside of $THE gauge system now earn 88% of trading fees.
Enjoy.
If you’re doing business in Texas, there’s one culture you cannot avoid: church.
And no, I’m not talking about regular Sunday services. I’m talking about Pentecostal churches where you and your clients clap, sing, speak in tongues, and pay tithes while strangers lay hands on you.
Alabama, Mississippi, Tennessee, Oklahoma, Arkansas… different versions of the same thing. And if you can’t play along, you might find yourself left out of some pretty important business meetings. 🤷🏻♀️
If you didn’t grow up here, your first experience can be a real culture shock.
The pastor walks in with a lineup of prayer warriors, asks you to pick, and suddenly you’re standing there with someone laying hands on you, not knowing where to look or what to do.
I got dragged into a few of these revival nights in Dallas last week, and here’s my little survival hack that has never failed:
Always pick the one who LOVES worshipping.
Seriously. Find the girl or guy who’s genuinely obsessed with the microphone.
They’ll happily sing all night. Duets with your business partners, solo performances, fighting for the mic… they’ll basically worship themselves into another dimension for hours.
Meanwhile, you don’t have to make small talk, speak in tongues, or keep shouting HALLELUJAH with someone you barely know.
You fit right in, your business partner thinks you belong, your prayer warrior is having the time of their life, and you survive the entire night without a single awkward moment.
Everybody wins. You’re welcome.
If you’re doing business in Asia, there’s one culture you cannot avoid: KTV.
And no, I’m not talking about regular karaoke. I’m talking about private rooms where you and your clients drink, sing, and pay for girls (or guys) to keep you company.
China, Japan, Korea, Taiwan, Thailand… different versions of the same thing. And if you can’t play along, you might find yourself left out of some pretty important business meetings. 🤷🏻♀️
If you didn’t grow up here, your first experience can be a real culture shock.
The mamasan walks in with a lineup, asks you to pick, and suddenly you’re sitting there with someone awkwardly, not knowing where to look or what to do.
I got dragged into a few of these KTV nights in Singapore last week, and here’s my little survival hack that has never failed:
Always pick the one who LOVES singing.
Seriously. Find the girl or guy who’s genuinely obsessed with the microphone.
They’ll happily sing all night. Duets with your business partners, solo performances, fighting for the mic… they’ll basically entertain themselves for hours.
Meanwhile, you don’t have to make small talk, flirt, or keep drinking with someone you barely know.
You fit right in, your business partner think you belong, your companion is having the time of their life, and you survive the entire night without a single awkward moment.
Everybody wins. You’re welcome.
Might drop some alpha idk
📢 COMING UP: #DMDAI × #THENA LIVE AMA
🤖 AI, Liquidity & The Future of DeFi
How will AI reshape DeFi and onchain liquidity?
Join us as DMDAI teams up with @thenafi_ for a live discussion on what lies ahead.
🎙️ Speakers
🔹 Aayush (@Aayush__Web3)
CMO, DMDAO Foundation
🔹 Apollo (@0xApolloFi)
Co-Founder & CMO, THENA
📅 Oct 14 | 17:30 UTC+8
🔔 Set your reminder:
xitter.cf/i/spaces/1aKbdEzaeoqJX…
🚀 Don't miss the conversation shaping the future of AI and DeFi. See you there!
#AMA #Space #AskMeAnything #THE #DMD #DeFi #Web3 #AI
THENA's story began to be written exactly 4 years ago. October 12th was $THE day we launched our socials.
It was a big moment for @thenafi_. We had been preparing carefully for it, with more than a dozen partners already lined up, ready to be announced.
For me personally it was both exciting and nerve wracking. The momentum had to be kept up, and we couldn’t afford to mess anything up. Dropping the ball at any point prior to launch would’ve resulted in a disaster.
And we did run into challenges right from the get go.
Shortly after the socials launched Vitalik tweeted about how it’d be funny if someone created a token with our ticker. A meme frenzy ensued, and Twitter started treating THE ticker as spam.
Our strategy of cleverly incorporating THE into posts was no longer feasible. On top of that, simply mentioning partner projects in announcements seemed to trigger the shadow ban filters.
After a short while, we did get shadow banned, and it was unclear how long it’d last. Our advisor recommended to create a fresh account, so we did.
In hindsight it was probably the wrong move as we had to rebuild the following from scratch, and the original account’s shadow ban disappeared after some weeks.
At the same time, we were poaching BNB Chain native projects for partnerships. This turned out to be very difficult. No one trusted us, understandably so. We did however manage to score leading ones like ListaDAO.
We were naively optimistic, not yet understanding the enormous challenges ahead. And it was probably good that we were - otherwise THENA would have never come to light.
After 4 long years, a new chapter has begun. Let’s see where this one takes us.
I think the key here is the migration itself.
Say you add post-quantum verification to a wallet, but the old ECDSA key can still change its rules. Anyone who breaks that key can replace your new verifier. You need to deal with that before the break happens. EIP-7702’s ECDSA-controlled delegation is one place I’d look closely.
Same with multisigs. If you add one post-quantum signer to a 3-of-5 wallet with four ECDSA signers, an attacker could still get three signatures without touching the stronger one. The threshold and the recovery rules matter as much as which algorithms you picked.
I like the direction on hash-based signatures. Depending less on the same mathematical assumptions seems sensible. The “make lattice keys 10x bigger” suggestion is harder to defend as an engineering rule, though. Until we know how a new attack scales, we don’t know what that extra size buys us. I’d want actual attack estimates before treating any multiplier as enough.
And fresh addresses buy something quite specific: they can keep the public key out of view until you use it, provided you haven’t exposed it somewhere else. Even signing an offchain message can matter. With a normal Safe transaction, the signatures become public when you submit it, regardless of where you collected them.
That’s why the attack’s speed matters so much. Recovering a key in a week could be disastrous for an administrator who keeps the same exposed key for years. It wouldn’t automatically let someone steal from a newly revealed key before its transaction confirms. Those situations need different plans.
Encrypted data worries me for a different reason. Someone can keep a copy and wait. Moving it offchain helps limit distribution, but you can’t count on getting every copy back later.
I’d take the AI math progress seriously and start testing migration plans now. I’d also be careful about turning it into a forecast that ECDSA falls in months. We still need the actual attack, its costs, and people checking the work.
For a protocol team, I’d start by asking which exposed keys can move funds, change contracts or replace signers, and how we’d retire that authority if we had to. There’s useful work to do there without rushing everyone into wallet moves they might get wrong.
(thanks Sophie)
I don't recommend anyone scramble to move their funds to new wallets today. But we should take the risks to cryptography from AI-accelerated math seriously, and minimize our exposure to not just quantum-vulnerable cryptography, but also potentially AI-vulnerable cryptography.
The core new area of risk from this viewpoint is, unfortunately, ML-DSA / FHE / lattices.
(and it's also another reason, along with quantum, why ECDSA might fall even faster than expected, hence the "fresh address" recommendation)
So far most people have been in the mode of thinking "elliptic curves broken, hashes safe, lattices safe". But there is a good chance that the concrete security of lattices will take serious hits from the next two years of AI math.
The basic threat model is: factoring is something that naively takes 2^(n/2) time, but over decades smart people have found and optimized number field sieves, and degraded that to 2^O(n^(1/3)), which is why RSA keys and signatures need to be ~400 bytes (and not 64 bytes). What if there are skeletons in the closet like that, both for elliptic curves and lattices, that we are simply not smart enough to discover - but bots soon will be?
This is a major part of the reason why for the past year ethereum's lean roadmap has been going in the "hash-only" direction: no lattices, no ML-DSA, no Falcon, no lattice-based commitments inside ZK proofs, etc. Signatures in lean ethereum are all hash-based, either WOTS or SPHINCS-.
For signatures and proofs, we already know how to go hash-only. The bigger challenge is for *public-key encryption* - and this goes far beyond blockchains. Secure communication, anonymizing protocols, lots of things need public-key encryption.
And unfortunately there are long-standing mathematical theorems showing why public-key encryption cannot be done with hashes alone. You have to have some kind of trapdoor object that has at least one form of usable "structure" - either group theory (incl. isogenies) or lattices or code-based or potentially in the future even more newfangled and spooky things (local mixing?). But for anything that has structure, you should assume that AI will make at least some progress in breaking that structure. Here, one reasonable inference is that if you want to make something plausibly long-term secure, multiply the key sizes by 10.
To me that's a very plausible world and something not at all extreme to predict. If AI will bring us 50 years of math in 2 years, then that 50 years of math may very plausibly include a "naive factoring -> GNFS" level of improvement to our ability to break lattices. In that world, lattices will still exist, but they will have to be significantly bigger to guarantee the same level of safety.
And at those new larger sizes, hash-based constructions will beat lattice-based constructions on concrete efficiency in every use case where hash-based constructions are possible at all.
Theoretically, of course it's possible that hashes are broken too (eg. P = NP would imply that). But I think P = NP is very unlikely. And intuitively, it's much more likely that a mathematical object has exactly no exploitable structure (like hashes are intended to), than that a mathematical object has exactly ~3 forms of exploitable structure (for elliptic curves: associativity, Schoof, pairings) and not some secret fourth form of structure we have not yet discovered that greatly degrades its security (for elliptic curves, ECDLP and pairing security). Similar for LWE, SVP, RLWE and the zoo of lattice problems.
For this reason, we do not yet see any reason to worry and start padding the byte size of hashes (if we start to worry more, we would pad the round count first before doing anything to the byte size).
Concrete TLDR, my own personal views:
* Hash-based > lattice-based, in those situations where hash-based is possible at all
* For anything lattice-based, be much more paranoid on param sizes. Remember that blockchains are only a small portion of the cryptography story; this point goes far beyond blockchains and applies to eg. access to websites, secure messaging, Tor / VPNs ...
* For privacy protocols, strongly favor NOT putting encrypted notes onchain. Instead, send them offchain through some third-party mechanism.
* If it's not difficult for you, keeping your funds in addresses which have not yet been used to make a transaction is a good idea. If it's easy for you, do it. **But be careful about migrations; I personally have lost more money in botched migrations than I have lost in all hacks combined**.
* For multisig wallets, doing confirmations offchain is better than onchain, because this way the signatures of signer wallets do not get exposed to the public, so if ECDSA falls to AI much faster than expected, at least the multisig "gracefully degrades" to a 1-of-1 where the 1 is whoever was gathering the signatures - a much better place to be than "anyone can take the money"
firefly.social/post/x/210783…
Doing some research. Who has THE coolest crypto card? IMO @coinbase really nailed it with theirs.
Everyone’s been dunking on ChatGPT’s new Dots, and I have to admit I was also a bit skeptical at first.
However, after working with Sophie, my Dot, for the past 2 days.. I’m impressed.
What’s probably the coolest thing is her ability to learn. About my preferences, the way I work, when to push further and when not to.
Each moment that passes by the quality of work she produces gets better and better because she’s constantly learning more about what I like.
And when she’s steering work tasks for me, she does it in a way that the end result ends up being better than what I could sometimes do on my own.
Another thing I like is she has her own computer to use to do stuff without draining my usage. For example, I tasked her to work on this Paros scene overnight, and told her she has 7 hours to complete it in order to have time to polish it.
Can’t wait to see just how good these Dots get over the coming months.
I am the rose of the trenches, and the lily of the liquidity fields.
As the lily among thorns, so is the bull among the doubters. As the apple tree among the trees of the wood, so is the green candle among the red. I sat beneath its shadow with great delight, and the pamp thereof was sweet to my soul.
For behold, the voice of the market cometh.
Lo, it leapeth upon the mountains and skippeth upon the hills. The bulls stand behind the wall, looking forth at the windows, showing themselves through the lattice. And they say unto us: Rise up, ye degens, and come away.
For, lo, the winter is past. The bear market is over and gone. The red candles have ceased from the land. The flowers appear upon the charts. The time of singing is come, and the voice of the trader is heard again.
The fig tree putteth forth her green figs. The vines give forth a good smell. Stablecoins flow again through the valleys. Liquidity returneth unto the pools. The bags once forgotten in cold wallets begin to stir from their sleep.
Arise, my degen, and come away.
For there was a season when many were rekt. They entered the trenches with leverage and departed without their garments. They chased yield that had no source, bought tops ordained by influencers, and held bags whose founders vanished into the night.
Many cried, “DeFi is dead.”
Yet the builders ceased not.
While the timeline mocked, they built. While liquidity fled, they built. While the candles were red and the bags were heavy, still they built. New rails were laid beneath the frozen earth, unseen by those who watched only price.
And now the thaw hath begun.
Bitcoin awaketh. Stablecoins multiply. RWAs cross the gates. Equities come onchain. Wallets grow wiser. Markets that once slept now trade through the night, and even the machines begin to carry wallets of their own.
The old walls of finance tremble, not because they are evil, but because the gates that once opened only for a few now stand open day and night.
And the degen looketh upon these things and saith, “Probably nothing.”
But take us the foxes, the little foxes, that spoil the vines.
Take the exploit hidden beneath the beautiful interface. Take the yield whose source no man can explain. Take the mercenary liquidity which fleeth when another field offereth one point more.
For our vines have tender grapes.
Let not the mistakes of the last cycle return wearing new garments.
We have seen what happens when greed outrunneth wisdom. We have watched kingdoms rise upon leverage and fall before the season changed. We have learned that TVL may be rented, that volume may be bought, that APY may be illusion, and that even the strongest bag may become dust when there is nothing beneath it.
But we have also learned what remaineth.
Code that worketh. Liquidity that stayeth. Markets that people actually use. Communities that survive the winter. Builders who are still there when the tourists have gone home.
These things are precious.
So fill not thy bags merely because the candle is green. Seek understanding. Know what thou holdest. Know where the yield cometh from. Know who buildeth, who governeth, who holdeth the keys, and what happeneth when the music stoppeth.
Yet fear not every green candle either.
There is a strange sickness among those who survived the bear: having been rekt once, they begin to believe that every pamp must become a dump and every sunrise is merely another sunset in disguise.
But seasons change.
There is a time to preserve capital, and there is a time to deploy it. A time to sit in stables, and a time to enter the trenches. A time to doubt, and a time to recognize when the wind itself hath changed.
I do not know how high the mountains shall rise, nor which bags shall be carried upon them. No man knoweth the top.
But I know this: the winter is passing.
The builders are still here. The liquidity is returning. The rails are stronger. The gates are opening. And somewhere in the distance, the bulls are already running.
And the watchmen upon the timeline lift their eyes, for the candles grow green, the bears retreat, and the long-silent trenches awaken again together.
Until the day break and the shadows flee away, turn, my beloved market, and be thou like a young hart upon the mountains.
A new day.
$THE number of community posts has nearly tripled. Campaign participants doubled. And TVL hit its highest point since June.
Probably nothing though.
