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A brief primer on Korean exchanges
As of today, there’s 4 exchanges with KRW on/off ramps:
1) Upbit
2) Bithumb
3) Coinone
4) Korbit
Notice they’re all spot exchanges since crypto derivatives exchanges are illegal in Korea (We’ll circle back on this one)
1/
So turns out retail crypto trading in Korea has fallen off a cliff. longhash.com/en/news/3222/So…
Exchange volumes are way down. We've come a long way since the kimchi premium. Choice quote:
AY retweeted
🔥We are hosting the Web3 Growth Summit on Nov 29th.
This event unites Web3 builders to share strategies on GTM, community growth, user acquisition, and branding.
Register below
⬇️
lu.ma/2u19l68u
AY retweeted
there’s an invisible class of products being built on solana, that nobody will see coming.
🧑🤝🧑 scrappy, small, product-centric teams
🧠 not distracted by cross-chain
💰 minimal funding, no flashy party rounds
⚔️ forged in heated competition
🧙♂️ multi-cycle builders with wisdom
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The way these sell offs end is when sellers run out of coins.
Sounds obvious, but the key is to ignore where buyers step in.
AY retweeted
y’all aren’t bearish bearish, you’re just greedy
like you don’t think this market actually goes to 0 or whatever
you want a *decent* pullback from here so that you can buy the lows before the real fun starts
allow me to remind you, you’re only ever as good as your recent trade. if you didn’t find a way to catch the most recent rally; the size of pullback doesn’t matter. you’d still find a way to f*ck it up next time too
so instead of recognizing that you’re neglecting the objectivity of the market and biased due to how you are individually positioned for the market, you beg for it to allow you a “more comfortable” approach
wait hold on, I don’t think you understand…
you’re begging for the market to put in Lower Highs on the Weekly for the first time in 2 years, consolidate beneath previous cycle ATHs for 3 months only to breakdown instead, and $ETHBTC strength for the first time in 2 years to be a fluke…all so that you can buy -10% lower?
and then you expect the market to miraculously continue infinitely higher thereafter?!?!
I’m convinced you do not understand context.
If this post comes off as arrogant, consider it tough love. I said what I said.
AY retweeted
What an insane day.
After being live on Solana for nearly 2 years, Drift launched its genesis airdrop today.
1/ >50% of the airdrop was claimed today, with ~12M DRIFT used to stake as collateral in Drift (25% of the drop!). With our cross margin model $DRIFT can be used as voting power and margin within Drift.
2/ The 6-hour bonus claim period was a huge success, with only 20% claimed in the first 6 hours. 2.8% of the airdrop was forfeited from paperhand sellers and will be redistributed back to holders & the community.
3/ Our post-airdrop retention metrics couldn't be better. TVL grew to $350m post launch, volumes stabilizing at >$150m. Revenues are pumping.
Things that we could have done better:
- Coordinate CEX vs DEX timings. Bybit had its launch slated for two hours earlier to avoid clashing with another launch, causing confusion. Unfortunately we have no real control over the timings here, but ensuring things match up is a focus for us.
What's next for us?
This is the start of huge growth journey for Drift. We have an extremely ambitious roadmap and we're not stopping until we get to #1 perp exchange in crypto.
Volatility is always expected at initial launch, but we're confident in our vision and execution moving forward, with a renewed focus on community - new and old.
Onwards and upwards 💜
AY retweeted
speculation is the first and most potent use case of crypto, and this is a GOOD thing
intellectually dishonest of those who have gained wealth, power, and fame via crypto to frame speculation as an illegitimate or unproductive use case
speculation powers the engine of growth
AY retweeted
never hire crypto natives.
go to the banks. find the executives. the VPs. the oldest ones, the wisest ones, those who exude longevity. the former consultants, perhaps. the wearers of suits and watches. make sure they have never interacted onchain. and then poach them. give them decision-making power. do this quickly, without caution. they have been there and done that. trust their opinions, never verify. they are wise and in charge and will bring with them mass adoption the likes this industry has never seen.
this is how crypto wins.
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Significant fear in the market, while prices find footing in reasonable ranges and excesses get flushed, is the setup for eventually going higher 🫡
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Funding rates back at 6%
If you study the history you will know that funding rate negativity is extremely rare, does not persist frequently, many reasons for this
The fud is entertaining though
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1/ Today we announce the launch of @aoTheVentures at $35M in committed capital towards projects building on ao. 🎊
1/ We’re thrilled to announce @aoTheVentures: a 10 week incubator for building on @aoTheComputer, with $35M in committed capital from leading investors @FactionVC, @DistributedG, and more.
The program will start on April 23rd, and you’ll be able to pitch to funds including @a16zcrypto, @1kxnetwork, and @cbventures on demo day in July.
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How it is possible that Ronin is the second most used blockchain and still seems to be slept on?
How is it possible that Ronin is the third most used blockchain right now but seems to still be slept on?
It’s because we’ve onboarded a totally different cohort of users than other chains.
Our strategy is unique. Players first. Real adoption.
Games and apps that work. No gimmicks.
The trilemma that we’re solving is around how to make applications that are technically novel, fast paced and fun, and profitable to both build and use.
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Volatility. Your open positions disappear before your very eyes.
You avoid looking at your fill prices.
Checking your new, reduced account balance is a non-starter.
You feel like you should trade, but can’t bring yourself to risk another loss. The defeat is all too recent.
How is everyone making millions on memecoins, yet you can only muster losing on leverage?
“They won’t keep their money,” you smugly reassure yourself, despite not making any money in the first place.
You open Twitter.
PnL screenshots. Bear memes. Bottom tick entries.
You feel the need to tweet about the market. Are you reassuring yourself, or your so-called audience? Doesn’t matter.
Dust off ole reliable, and with an outsized sigh, summon the strength to eke out one more lie as you hide the liquidation emails from your inbox:
“Still comfy in spot.”
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People don't truly understand the impact of $DEGEN ...until they use Farcaster and get tipped.
That dopamine hit you get when you score your first tip ever.
Validation? Maybe. Fun? Definitely.
Eitherway, you find yourself coming back for more.
That's how the flywheel starts.
