📝 Tips from a DeFi Degen

AuthorAuthor

Arvind Krishna & Aakash Athawasya
August 10, 2022

Namaskara! This is your favourite Doodhwala, the Rahul Dravid to your VVS Laxman. Oh what a test match that was! 🥲

Here’s what we got for you today:

  • We spoke to a Crypto Degen about his crypto BETs

  • Still fresh Doodh!

  • Taaza Tweet Of The Day

The BIG BET a DeFi Degen is making

We’re simple people.

We have our garam doodh with some Parle G.

But every now and then we like to make a big degen bet. Even try some Oreos.

The thing is, we don’t know that much tbh.

So, what do we do?

Pretend to know everything?

Lol, no. We ain’t no crypto influencer.

Instead, we ask our degen DeFi friends.

Friends who spend hours snooping into DeFi protocols, Discords, and in deep corners of Twitter.

Friends who know their stuff.

Friends of the Doodhwala.

We’re calling this segment — Doodhwala’s Desi Dosts (DDD, like the battery, but better!)

And one such friend is - Shivanshu Madan (Shiva)

Here's a bit about Shiva:

• Work - Consultant (SaaS startup) by the day, Crypto degen by the night?• Education - MBA from UMich, undergrad from IIT Roorkee• Fun - Binging Netflix, cooking, or watching Chelsea play

Oh, and he writes threads on — DeFi, NFTs, and Web3 in normal speak. Not technical mumbo jumbo.

We caught up with Shiva about the current state of the crypto market and the BIG bet he’s making!

Here’s the full convo:

🍼 First off, serious question: How do you take your doodh?

I like my doodh full of coffee (and/or) protein.

🍼 What's a part of crypto that's got you excited?

I think what gets me most excited is that we’re way too early in Crypto.

We are still building the foundational structures of how the on-chain economy would be run.

We’re still exploring which token models work best for the currencies, which blockchain network offers the most benefits – security, speed, etc. – for developers to build on it, what on-chain governance models are the most decentralized yet efficient, and so on.

As the narrative goes, “We’re speed-running the history of finance and governance in Web3.”

This opportunity to be a part of building something that could define how the entire world operates 10-15 years from now is what keeps me glued to my screen 247.*

🍼 Notice how he barely mentioned the price? Yeah, that’s a real one! In it for the innovation fo sure ✊

🍼 What big crypto bets are you making?

Two of my biggest bets right now are Ethereum & Frax.

🍼 Why Ethereum tho?

The Merge is right around the corner, and I don’t think the market has completely priced that in yet. Miners put huge daily selling pressure on ETH.

At the peak of the market, this amounted to ~$40MM ETH being sold every single day. The Merge will make all that selling pressure disappear.

Even if the impact isn’t immediate, I believe it is ETH that will lead the market’s turnaround.

Plus, with all the unfortunate hacks on the other chains and bridges, the demand for Ethereum’s security is bound to go up.

🍼 And what’s with Frax?

Stablecoins are usually in higher demand during bear markets, but the Giga brains at Frax are building an entire resilient economy around their Stablecoins.

Here are the constituents of the Frax Economy:

Currency, Liquidity, Lending – their ecosystem contains all the important aspects required for a financial economy. Best part? Everything is on-chain and verifiable unlike the shady world of TradFi.

🍼 Oh and Shiva has written a detailed thread on Frax, read it here.

Who's gonna benefit from the bear market and who's gonna be wiped out?

So far, the projects that have survived the bear market are the ones that have committed teams, good tokenomics, and products with actual use cases.

Projects lacking in any one of them have sunk or are on their way down. The market crashes have thrown all the Ponzi schemes & bad leverage out of the system.

🍼 Finally, Which crypto Twitter accounts are you keeping an eye on regularly?

There are a lot of good Threadooors on CT right now. Some of my favorites are:

🍼 You can keep a track of all of Shiva’s musings here.

Give him a 👋 and let him know the Doodhwala sent ya!

If you want us to do more of these interviews, let us know by replying “TALK MORE” to this email!

Still fresh Doodh:

Our doodh does not expire, in case you were caught up last week, here’s what went down:

Taaza Tweet Of The Day

That’s all for today bhaiyo aur bheno! Naale Sigona!

Yo! Our legal and financial advisors (aka our good ol’ conscience) have asked us to add this boring disclaimer.

None of what you read here is financial advice. We aren’t here to get to buy or sell a crypto. We’re only here to tell you what’s up in crypto today and make you laugh. So, if you screwed up on a trade, that’s on you G. Stay safe in the markets.