Liquidity providers (LPs) want to allocate capital to a position that is passive and offers attractive upside. Historically, being an LP for on-chain fixed income based on yield stripping has offered neither of those things. It has always (1) offered an unattractive return profile versus just keeping the provided assets…

The Fed is Tightening, but the Ethereum Network is Tightening More The most under-discussed impact of the Merge (Ethereum’s switch from Proof of Work to Proof of Stake) is that it creates an equivalent of a “Risk Free Rate” (RFR) for Ethereum. This is probably the most meaningful impact in…

demystifying a new pool for DeFi liquidity providers The Big Picture Before going into detail, here is a high-level summary of how being a Space Pool LP (e.g. providing sP-wstETH/wstETH liquidity) compares to some relevant benchmarks in multiple market action scenarios. It’s important to note here that the below statements are assuming that…

A Bright Future for Humanity This is part 2 of a three article series. The first one discusses and justifies Toby Ord’s estimate that the human race has about a 1 in 6 chance of destroying itself in the next 100 years (a large portion of that article is functionally…

I’ve seen a couple folks tweet stuff along the lines of “ETH is the internet bond,” which it’s not — but it could be. Below I describe: (1) What yield curves are and why they matter, (2) How we could make yield curves for crypto economies, and (3) A crude…

Heuristics are good for decision-making, because we are bad at making decisions. In fact, heuristics are better for decision-making than we think they are, because we are biased to think that we are better at decision-making than we actually are. This, ultimately, is the value of moral codes. Having a…

This is going to be a series of three articles. The first (this one) discusses and justifies Toby Ord’s estimate that the human race has about a 1 in 6 chance of destroying itself in the next 100 years (a large portion of this article is functionally a summary of…

Let’s hope so. To frame this conversation, I am not a vegan. Like most people, I just eat meat because I like it. But veganism is fascinating. It falls into a category of social movements where one side of the debate are morally motivated, passionate warriors for a cause attempting…

(Without all that metaphysical hooey) Let’s try to walk through some basic moral reasoning without any metaphysical baggage, predicated on the idea that action is belief — which is to say that I am less trying to convince you of these moral statements than I am trying to convince you…