Cosmo Jiang @cosmo_jiang Twitter profile | Pikagi

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Cosmo Jiang

@cosmo_jiang

3,272

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395

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Investor | Crypto x Consumer Internet PM @PanteraCapital | Founder @novariverxyz Liquid Podcast | Opinions are my own, not investment advice

https://t.co/fXi7sr4nQs

Joined January 2017

Don't wanna be here? Send us removal request.

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@cosmo_jiang

Cosmo Jiang

4 months

Tokens are a new form of capital formation If you believe this industry is going to mature, the logical conclusion is that protocols that have product market fit, good mgmt teams, and a path to strong unit economics will outperform Longer timeframe, the direction is clear

@dan_pantera

Dan Morehead

4 months

Will altcoins outperform bitcoin this bull cycle? This is a question we often hear. My colleagues @cosmo_jiang and @Erik_M_Lowe provide some perspective on this: I’ll help summarize below. Their analysis uses the two most-recent cycles when the…

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@cosmo_jiang

Cosmo Jiang

1 year

$STX I'm gaining conviction there is something special brewing in the @Stacks ecosystem This goes into my bucket of high-upside, early-stage ideas where a cultural inflection today in the #Bitcoin community and upcoming product upgrade will drive meaningful fundamental change

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@cosmo_jiang

Cosmo Jiang

1 year

Long $GMX @GMX_IO This idea checks a lot of boxes ✔️ Product users love ✔️ Growth in fundamentals is impressive, despite bear market ✔️ Valuation cheap on an absolute and relative basis ✔️ Upcoming catalysts In a few words - growing fast with big TAM, taking share, cheap /1

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@cosmo_jiang

Cosmo Jiang

2 years

#BAYC Investment Thesis As with any investment, I wrote this for myself before plunking down for a @BoredApeYC NFT. I've learned much more since. I'm sharing this to keep myself honest, seek feedback, and explain to TradFi friends why I'm so excited about web3/crypto. /1

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@cosmo_jiang

Cosmo Jiang

3 months

Nakamoto upgrade mainnet launch possible as soon as April 15th, before the latest BTC halvening estimate This is a major milestone and catalyst for the $STX investment thesis We recently shared a summary of our thesis with our partners

@Stacks

stacks.btc

3 months

Nakamoto Update: Launch Window Announced 🟧 Working Groups, core developers, and integration partners have come together to add further certainty to the Nakamoto release date. The Nakamoto upgrade has been narrowed to April 15 - 29, 2024. More info down below 👇

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@cosmo_jiang

Cosmo Jiang

2 years

$MPL Long: a deep dive into this gem 🧵 In addition to the math checking out (50x upside), its a great example of 🔹Blockchain delivering a better product vs legacy solutions 🔹Product market fit: real business with real world use cases and real cash flow @MapleFinance /1

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@cosmo_jiang

Cosmo Jiang

2 years

The upcoming Sui L1 by @Mysten_Labs has the potential to be a massive transaction settlement network solving for billion+ user and trillion+ transaction scale Proud and excited to play a small part in supporting that growth @novariverxyz @Globalcoinrsrch

@TheBlock__

The Block

2 years

Mysten Labs, creator of the Sui blockchain, closes $300 million raise led by FTX Ventures

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@cosmo_jiang

Cosmo Jiang

3 months

Lost in the $TAO technical fast-money trader pointless discourse is this key statistic AI engineers can make MORE money for comparatively less effort contributing to open-source Bittensor than they can working for OpenAI

@JosephJacks_

JJ

3 months

Bittensor has nearly surpassed OpenAI’s incentive output… > $1.3B / year in rewards paid to a decentralized and global ecosystem of AI model builders. Anyone can own Bittensor. Only a few misaligned few will own OAI.

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@cosmo_jiang

Cosmo Jiang

2 years

Look @maplefinance is back to originating loans and generating revenue again $MPL is starting to outperform again on this bounce Bottomline: Fundamentals do matter

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@cosmo_jiang

Cosmo Jiang

2 months

@Stacks @dYdX STX Valuation Framework Update

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@cosmo_jiang

Cosmo Jiang

3 months

$STX is unique in being the only liquid asset of size directly tied to this secular trend A simple relative valuation analysis would suggest meaningful upside potential

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@cosmo_jiang

Cosmo Jiang

3 months

$STX is unique in being the only liquid asset of size directly tied to this secular trend A simple relative valuation analysis would suggest meaningful upside potential

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@cosmo_jiang

Cosmo Jiang

17 days

DePIN is one of the most exciting manifestations of tokens as a new form of capital formation @GEODNET_ in particular has impressed me with its commercial traction and sound capital allocation policy Imagine building the largest RTK network, beating out its $30bn mkt cap…

@GEODNET_

GEODNET

17 days

We are proud to announce our new strategic investors: @coinfund_io @PanteraCapital @vaneck_us and @santiagoroel #gnss #Web3 #DePIN

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@cosmo_jiang

Cosmo Jiang

3 months

Gradually, then suddenly STX

@TychoOnnasch

tycho.btc

3 months

damn @stacks defi tvl on @DefiLlama broke $100m TVL for the first time 🔥 bitcoin defi protocols getting ready to absorb billions in btc liquidity post nakamoto and sbtc launch

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@cosmo_jiang

Cosmo Jiang

2 years

$LDO – this is a liquid token idea that I really like in the web3 space. With a grain of humility, I’ll admit confirmation bias in this post given I am sharing my analysis on how much I like @LidoFinance after the recent @a16z investment (but also makes it timely!) /1

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@cosmo_jiang

Cosmo Jiang

2 months

Valuations are based on future earnings expectations, not trailing People in crypto are often stuck in the past and reference trailing earnings b/c its measurable Stacks IS hard to use today. But block times accel 100x post Nakamoto. What could that mean for future earnings?

@tokenterminal

Token Terminal

2 months

@JJcycles @Stacks cc @cosmo_jiang curious to hear your take ✍️

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@cosmo_jiang

Cosmo Jiang

1 month

More and more examples of capital allocation in the wild Tokens are a new form of capital formation This industry is growing up, led by DAOs like @metaplex

@metaplex

Metaplex 🦾

1 month

8/ Today we're excited to announce that 50% of all protocol fees will be used to purchase $MPLX which will be sent to the Metaplex DAO. This includes all historic and future fees. More details will be shared soon.

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@cosmo_jiang

Cosmo Jiang

2 months

The crypto story of the last few years: 2022 = Bursting of speculative excess 2023 = Headwinds buffeting the industry 2024 = Headwinds becoming Tailwinds... across macro, regulatory, sentiment, and fundamental traction

@dan_pantera

Dan Morehead

2 months

I highly encourage you to read @cosmo_jiang 's writeup, Protocols With Fundamental Traction. "We believe we’re at an inflection point in this asset class – that traditional and more fundamental frameworks will be applied to digital asset investing."

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@cosmo_jiang

Cosmo Jiang

7 months

Thanks for the opportunity to tell my story @jonbma Dig in for the pitch on @dYdX - would love to hear any feedback/pushback And check out @Artemis__xyz for one of the most robust tools for any fundamental investor in crypto

@artemis__xyz

Artemis

7 months

Meet the Analyst of the Month: @cosmo_jiang ✨ Cosmo is Portfolio Manager at Pantera Capital where he's responsible for their liquid token strategies. He previously founded @novariverxyz , a crypto fund. Here are his learnings from 10+ years in TradFi and his pitch on @dydx 👇

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@cosmo_jiang

Cosmo Jiang

2 months

Trying to contribute in a small way to support the great teams cranking away, esp. @trustmachinesco @Stacks More on this from my partners @FranklinBi @dan_pantera in our latest blockchain letter

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The Absence of Bad Things | Pantera

panteracapital.com

@muneeb

muneeb.btc

2 months

Pantera Capital is a believer in Bitcoin L2s. @cosmo_jiang (Pantera) regularly shares his views on @Stacks L2 and is worth following for Bitcoin L2 alpha.

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@cosmo_jiang

Cosmo Jiang

2 months

Awesome STX dashboards created by the analytical minds of @gossamercap Look at this fundamental growth @Stacks

@signal21btc

Signal21

2 months

Stacks just crossed 1,000,000 Unique Wallets 👏 👉 Explore the @Stacks dashboard on Signal21 for more insights:

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@cosmo_jiang

Cosmo Jiang

9 months

Interesting opportunity to size up $GMX Big 15% pullback after fast-money "sold the news", as many have been trained to do this year Contrasts with reality of solid traction on v2 out of the gates ~$5mm ann. fee biz at 15x = $75mm value creation (on week 1 beta!) @GMX_IO

@cosmo_jiang

Cosmo Jiang

9 months

Over $10mm incremental TVL in less than a week with high utilization LPers achieving HSD%+ APRs Completely without any incentives - unlike any other perps DEX @GMX_IO v2 off to a good start

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@cosmo_jiang

Cosmo Jiang

1 year

An investment in $STX @Stacks comes down to: 1️⃣ Narrative shift expanding Bitcoin beyond just SoV 2️⃣ Fundamentals inflection, starting with Ordinals 3️⃣ Competitive positioning 4️⃣ Transformative Nakamoto product upgrade in 3Q Upside: >300% to $4 PT near-term... >25x in mega bull

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@cosmo_jiang

Cosmo Jiang

2 months

Interesting that everyone is so lost on memecoins that they're missing the monumental impact the Dencun upgrade TOMORROW will have ETH L2s are the biggest beneficiaries - ARB, MATIC, OP Expect huge decrease in costs, and an explosion in transaction volume

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@cosmo_jiang

Cosmo Jiang

1 month

STX stackers have been earning a roughly 4% yield year to date What happens post Nakamoto, less than a month away, when that rate doubles? @Stacks

@muneeb

muneeb.btc

1 month

Another benefit of Stacks Nakamoto release is that it will improve the BTC yield coming from consensus. There are currently some mining inefficiencies resulting in 30-40% lower BTC yield than the theoretical optimum. Nakamoto fixes this, resulting in higher BTC yield per cycle.

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@cosmo_jiang

Cosmo Jiang

3 months

Great on-the-ground read of fundamental developments, from one of the most important guys at the one of the most important Bitcoin conferences Momentum building for STX

@muneeb

muneeb.btc

3 months

Quick thoughts from Satoshi Round Table in Dubai: - The Bitcoin L2 session yesterday was the largest session I’ve seen here. Packed and 5 Bitcoin L2 projects there. - Today, multiple parallel sessions going on about Bitcoin L2s, BitVM, peg security, Bitcoin Defi etc. - BitVM…

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@cosmo_jiang

Cosmo Jiang

1 month

The future of AI usage favors open-source, and crypto is uniquely positioned to enable that. Looking at you Tao @opentensor @const_reborn Render @rendernetwork @JulesUrbach Akash @akashnet_ @gregosuri Thanks for the awesome survey @shangdaxu @sarahdingwang

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@cosmo_jiang

Cosmo Jiang

11 months

Fees picking up again with market volatility at @GMX_IO

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@cosmo_jiang

Cosmo Jiang

1 year

Still on sale for 9x trailing P/E, below its own historical average - pretty wild To the extent more CEX pullback plays out, we know where that volume is going @GMX_IO

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@cosmo_jiang

Cosmo Jiang

2 years

MPL Community Call - the communication by this team is incredibly on point. No punches pulled, just honest feedback on the market as they see it 📸Per request @qthomp @syrupsid @joe_defi @maplefinance

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@maplefinance

Maple

2 years

🚨 Community Call @ 2 PM EST 🚨 @syrupsid @joe_defi @0xcharlotte_ will cover the stability of our loan book and how the whole team continues to manage risk. We’ll also share more on @GenesisTrading joining Maple and the successful launch of xMPL. 🔗

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@cosmo_jiang

Cosmo Jiang

2 years

I decided to mint #OtherDeed and purchase more on secondary Let me tell you why I see 💪 5-15x upside and limited downside: A fundamental TradFi approach to valuing metaverse land NFTs - in this case #Otherdeed from the @OthersideMeta @BoredApeYC @yugalabs 🧵:

@OthersideMeta

Othersidemeta

2 years

Enter the Otherside: Minting for Otherdeeds will begin at 9pm ET.

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@cosmo_jiang

Cosmo Jiang

30 days

Jason has always been a top notch idea generator on VIC before he became known as @MapleLeafCap Digital assets are taking share from traditional portfolios Digital assets talent is leveling up their game to match the classic 2+2+2 finance bros Digital asset tools are iterating…

@bidclubio

BidClub

30 days

Announcing BidClub's founding members. BidClub is a membership-based investment-idea sharing platform for longer-form theses around publicly-listed cryptocurrencies. Now in closed beta and looking for our next cohort of members. Hit us up and recommend someone. Bid Smarter.

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@cosmo_jiang

Cosmo Jiang

6 months

Fundamental crypto investing with @jamesjho_ from @Modular_Capital James is one of my favorite investors to spar on liquid token ideas with, b/c he always shares sharp insight I recommend a full listen, but for the quick hits 🧵 :

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Liquid - Web3 Crypto Investing

Listen to Liquid - Web3 Crypto Investing on Spotify. Liquid is a series dedicated to web3 crypto investing, hosted by Cosmo Jiang and Joyce Yang. Each episode we interview portfolio managers and...

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@cosmo_jiang

Cosmo Jiang

2 years

TradFi Investment Process and Frameworks Applied to Liquid Web3 | Crypto | Digital Assets 👋 DMs open and all comments / feedback are welcome! 🙏 Grateful for the learnings Collection of my public investment theses below 🧵:

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@cosmo_jiang

Cosmo Jiang

2 months

Great to see a major DeFi stalwart take the next step toward returning value to tokenholders, congrats @UniswapFND The real readthrough here is to crypto at large - it is acceptable and encouraged to return value to tokenholders Tokens are a new form of capital formation

@eek637

Erin Koen

2 months

🧵 Biggest week in Uniswap Protocol Governance... ever? I just proposed a large-scale upgrade to the system. Specifically, I believe we should upgrade the protocol so that its fee mechanism rewards UNI token holders that have staked and delegated their tokens. 🦄

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@cosmo_jiang

Cosmo Jiang

2 months

One step closer to Nakamoto speeds

@StacksOrg

Stacks Foundation 🟧

2 months

The @Stacks SIP-021 Nakamoto Release voting period has ended, thank you to everyone who voted! Preliminary indications show strong support for the upgrade 🟧 SIP & Governance leads will review voting data and aim to share final results in 4 days via the channels listed below.

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@cosmo_jiang

Cosmo Jiang

3 months

The fundamentals support our conviction Users are already clamoring to use STX more Imagine what happens post Nakomoto upgrade in April when the chain is cheaper, more secure, and processes blocks ~200x faster 🏎️

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@cosmo_jiang

Cosmo Jiang

1 year

Investment DAOs are evolving I spoke with summoner @pet3rpan_ about how @HydraVentures_ is helping lead the charge on the Liquid podcast @Globalcoinrsrch 🎤 I recommend a full listen, but for quick hits 🧵 :

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Liquid - Web3 Crypto Investing

Listen to Liquid - Web3 Crypto Investing on Spotify. Liquid is a series dedicated to web3 crypto investing, hosted by Cosmo Jiang and Joyce Yang. Each episode we interview portfolio managers and...

open.spotify.com

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@cosmo_jiang

Cosmo Jiang

3 months

If you're a builder on Stacks or the Bitcoin ecosystem at large - please reach out, I'd love to chat If you have feedback, constructive or otherwise, also reach out - love to be kept on my toes and not get complacent Kudos, as always, to the builders making it happen @stacks 🤞

@cosmo_jiang

Cosmo Jiang

3 months

Nakamoto upgrade mainnet launch possible as soon as April 15th, before the latest BTC halvening estimate This is a major milestone and catalyst for the $STX investment thesis We recently shared a summary of our thesis with our partners

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@cosmo_jiang

Cosmo Jiang

1 year

Coinbase Institutional Survey on client ETH staking behavior Everyone can update their withdrawal models to nearly zero for the institutional bucket unstaking post #Shapella

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@cosmo_jiang

Cosmo Jiang

1 year

Ordinals are a meaningful inflection in how people view Bitcoin, and proof there is impetus to use Bitcoin as a base layer for creative functionality In 2 months, there have been >650k inscriptions and >$4mm network fees paid @bcrypt5 More on Ordinals:

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@cosmo_jiang

Cosmo Jiang

1 year

This excitement has galvanized developers to be part of this new design space. Examples include: Decentralized ID @bns_dao NFT Marketplaces @trygamma DeFi @ALEXLabBTC Zero-knowledge (zk) rollups Stacks co-creator @muneeb has talked to these and more:

@theBlockcrunch

BLOCKCRUNCH

@theBlockcrunch

1 year

@Stacks @muneeb Full ep includes how: - Ordinals is actually good for Bitcoin - Stacks can unlock the massive Bitcoin economy - and more! Watch here Spotify Apple YouTube

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@cosmo_jiang

Cosmo Jiang

1 year

4️⃣ Product Catalyst 🚀 Nakamoto upgrade expected 3Q23. Benefits include: o Security: sBTC native bridging from Bitcoin (DeFi!) o Throughput: ~5 second block time vs ~10 mins now (120x) o Supernets with EVM-compatibility This will unlock transaction density, innovation and fees

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@cosmo_jiang

Cosmo Jiang

2 years

All comments / feedback are welcome! DMs open I'm grateful to be here for the ride. Kudos to the @MapleFinance team and my many data sources: @Syrupsid , @joe_defi , @quinnmbarry , @qthomp @DuneAnalytics , @DefiLlama , @tokenterminal , @scottincrypto , @Globalcoinrsrch /21

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@cosmo_jiang

Cosmo Jiang

2 years

(D) Competition: @TrueFi .io, @goldfinch_fi , DeFi to real world lenders ( @centrifuge , @Aave , @MakerDAO ), big crypto institutions ( @Anchorage ) Nice landscape slide from @ClearChainCap below /20

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@cosmo_jiang

Cosmo Jiang

2 months

🌐We did a deep dive on @Syntropynet , an on-chain data management and data streaming for next gen solutions 🧠 David also went deep into the rabbithole on co-processors and trusted execution environments (TEE), which led him to @MarlinProtocol and @PhalaNetwork

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@cosmo_jiang

Cosmo Jiang

1 year

1️⃣ Narrative Shift Great investment returns are made catching the beginning of a major cultural shift That is happening right now in the Bitcoin community w/ the emergence of Ordinal NFTs and recognition of Bitcoin's long-term security problem @Stacks is a key beneficiary

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@cosmo_jiang

Cosmo Jiang

2 years

Gaming, increasingly the primary medium of social connectivity, will be a major catalyst for onboarding the next billion users into web3. That's why I'm so pumped to be a part of the @MetatheoryInc @Duskbreakers story🧵 @Globalcoinrsrch

@VentureBeat

VentureBeat

2 years

Twitch cofounder Kevin Lin’s Metatheory raises $24M for blockchain games

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@cosmo_jiang

Cosmo Jiang

1 year

Stacks is increasing as % of BTC Transactions, now up to 5% This compares to Optimism at 22% of ETH transactions, so still just a fraction but growing / getting there This will be key to track to see how much adoption it is getting

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@cosmo_jiang

Cosmo Jiang

1 year

First, what is Stacks: @Stacks is a decentralized network that supports smart contract programmability, enabling DeFi, NFTs and other applications. Transaction finality and security is tied to the Bitcoin network (or will be with the upcoming Nakamoto upgrade)

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@cosmo_jiang

Cosmo Jiang

1 year

For those keeping score, this also implies $ARB at 36% gross margin since inception Gross margins have been increasing over time, 40% in March and close to ~60% incrementals

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@cosmo_jiang

Cosmo Jiang

1 year

Value accrual

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@cosmo_jiang

Cosmo Jiang

1 year

$STX enables more complex transactions = higher fees = increased blockspace demand In other words, Bitcoin needs @Stacks , and the community is now rallying around that... and beginning to outnumber the toxic BTC maxis / purists 🙄 More well put context @NorthRockLP

@NorthRockLP

Hal Press

1 year

With the halving only a year away we have been thinking about how to position for what will be the largest theme in crypto over the next twelve months. We have spent several months looking for the best ways to get exposure to this theme and all roads have led back to $STX.

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@cosmo_jiang

Cosmo Jiang

1 year

None of this is possible without the continued great work from the dapps and dev teams: @muneeb @ryaneshea @JudeCNelson @StacksOrg @trustmachinesco @hirowallet @xverseapp @RuleBasedInvest @ALEXLabBTC @ArkadikoFinance @trygamma DMs open and all pushback / feedback welcome! $STX…

@cosmo_jiang

Cosmo Jiang

1 year

$STX I'm gaining conviction there is something special brewing in the @Stacks ecosystem This goes into my bucket of high-upside, early-stage ideas where a cultural inflection today in the #Bitcoin community and upcoming product upgrade will drive meaningful fundamental change

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@cosmo_jiang

Cosmo Jiang

1 year

Basic Stats: - $92bn trading volume, $120mm revenue growing 40% m/m (3Q22 ann., ETH-denominated) - $155bn volume, $211mm revenue growing >100% m/m (Nov ann) - $410mm liquidity in $GLP, growing >10% m/m - Top 5 highest revenue-generating protocols @CryptoFeesInfo @CryptoStats_ /3

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@cosmo_jiang

Cosmo Jiang

5 months

Gaming is one of the most exciting end markets across consumer media - this is not unique to web3, but web3 is uniquely positioned to enable it Grateful to be able to be a small part of the @MeritCircle_IO @BuildOnBeam journey 🙏

@MeritCircle_IO

Merit Circle

@MeritCircle_IO

5 months

. @MeritCircle_IO 🤝 @PanteraCapital We’re thrilled to share that we’re forming a strategic collaboration with industry-leading investor Pantera Capital 🌈 It’s with excitement that we can welcome the renowned fund as $BEAM holders and enjoy their support across the board.…

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@cosmo_jiang

Cosmo Jiang

2 years

DMs open and all comments / feedback are welcome! Finally - kudos again to the #bayc fam and my sources. I'm just grateful to be here for the ride. @BoredApeYC @CoinMarketCap @DuneAnalytics @smaroo @KingBow01 /24

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@cosmo_jiang

Cosmo Jiang

3 months

The Bitcoin ecosystem is having its moment We see it on-chain, in transaction fees and Ordinals inscriptions We see it in venture, with many L2s and dApps being built Momentum has built with this month's news 🌊 I expect this narrative to pickup further into the April halvening

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@cosmo_jiang

Cosmo Jiang

1 year

We can create a sensitivity table based on various outcomes Price Targets: 🔹 $4 near-term: if STX can get to 1% of BTC value post-Nakmoto (why not with >100x throughput) 🔹 $8 bull case: valuation parity with ETH L2s 🔹 $24 mega bull case: parity with Arb as % of ETH

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@cosmo_jiang

Cosmo Jiang

1 year

Insights from a China-based former @Bridgewater macro investor @simiao_li from @GMMaverickCap On the Liquid podcast @Globalcoinrsrch @skolemtech 🎤 I recommend a full listen, but for quick hits 🧵 :

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Liquid - Web3 Crypto Investing

Listen to Liquid - Web3 Crypto Investing on Spotify. Liquid is a series dedicated to web3 crypto investing, hosted by Cosmo Jiang and Joyce Yang. Each episode we interview portfolio managers and...

open.spotify.com

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@cosmo_jiang

Cosmo Jiang

1 year

Separately: Bitcoin is the ultimate censorship-resistant store-of-value However, the biggest bear case is that its security budget, due to the 4-yr halving cycle, is unsustainable Two solutions: - Add tail emissions (anathema to the community) or - Increase transaction fees

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@cosmo_jiang

Cosmo Jiang

1 year

GMX ~15% share of perps and back to taking >25% incr. share in April Thx though for all the good work @0xrelied - dataset just doesn't include the biggest player DYDX, which has been a share donor to the industry given its scale / slower growth Source: @tokenterminal

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@DeFiSurfer808

Surfer

1 year

Something I’ve been noodling on… Can GMX keep up with $eth in a proper bull given how fragmented the perps market is likely to be? Love gmx but maintaining 50% share of dex perps volume is probably unrealistic.

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@cosmo_jiang

Cosmo Jiang

1 year

Long $GMX Investment Thesis @GMX_IO DMs open and all comments / feedback are welcome! Critics especially welcome - what did I get wrong? ...or reasons I should be more bullish?

@cosmo_jiang

Cosmo Jiang

1 year

Long $GMX @GMX_IO This idea checks a lot of boxes ✔️ Product users love ✔️ Growth in fundamentals is impressive, despite bear market ✔️ Valuation cheap on an absolute and relative basis ✔️ Upcoming catalysts In a few words - growing fast with big TAM, taking share, cheap /1

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@cosmo_jiang

Cosmo Jiang

1 year

Valuation framework: How much value do L2s create relative to their base layer? STX is only 20bps of BTC Market Cap today This compares to EVM-compatible chains like ARB at 6.5% of ETH, MATIC 5.1%, OP 4.4%, and even FTM 0.7% ⭐ 3-30x upside potential using those comps

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@cosmo_jiang

Cosmo Jiang

2 years

Others have done good writeups on an overview of the business and how it works: @fat_mac2 , @0xScolio , @LoganJastremski , @PalmerBTIG , #Delphi_Digital , @BanklessHQ , @TheDefiant , @Blockworks_ I hope to build on that by overlaying a reformed TradFi analyst’s investor framework🧑‍💼/2

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@cosmo_jiang

Cosmo Jiang

2 years

This is the most bullish thing about $SNX, the return of founder @kaiynne and the incredible progress since then For any company (web3, web2, pre-web) it's all about how motivated are the founders and their team Hat tip @yidagao for teaching me the historical context

@overlyleveraged

CK

@overlyleveraged

2 years

Btw bullish founders still grinding after multiple bear markets and having his Optimism optimism validated @kaiynne

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@cosmo_jiang

Cosmo Jiang

1 year

📚 Background: GMX is a decentralized perpetual futures exchange. It facilitates leveraged trading on @arbitrum and @avalancheavax Others have done a great job explaining the protocol in detail incl @Riley_gmi This 🧵 focuses on the investment case: /2

@Ren_gmi

R🐮

2 years

A Full GMX Research Report

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@cosmo_jiang

Cosmo Jiang

3 months

Private equity approach to digital assets with @TheiaResearch @johnfromtheia John and Felipe are putting in work in small caps, using tools adopted from their time in MM PE I recommend a full listen, but for the quick hits 🧵 :

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Liquid - Web3 Crypto Investing

Listen to Liquid - Web3 Crypto Investing on Spotify. Liquid is a series dedicated to web3 crypto investing, hosted by Cosmo Jiang and Joyce Yang. Each episode we interview portfolio managers and...

open.spotify.com

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@cosmo_jiang

Cosmo Jiang

3 months

@artemis__xyz @DuneAnalytics @CryptoKoryo "If you build it, they will come" A key misunderstanding is how much development has gone into Bitcoin in anticipation of this moment, and how much more is on the way For a decade now, tirelessly being spearheaded by teams like @muneeb @renapshah @trustmachinesco @andrerserrano

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@cosmo_jiang

Cosmo Jiang

2 years

- Liquidity discount because transaction friction is high: it is non-trivial to buy an NFT. Consumer onramps are not straightforward (took me a week to navigate bank > @coinbase > @Metamask > @opensea ). This illiquidity discount will dissipate over time with better infra/tech. /9

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@cosmo_jiang

Cosmo Jiang

2 years

Some risk disclaimers: DYOR - Most NFT projects are cash grabs and likely go to zero. The downside case is 100%. - Pseudonymity and immutability have their advantages but also clear drawbacks - I'm not blind to the "these are just jpegs that aren't even on-chain" critics. /23

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@cosmo_jiang

Cosmo Jiang

2 years

Sidenote - @maplefinance has the best stablecoin-denominated yields at scale now that @Anchorprotocol is gone, and could be a share gainer even in this risk-off / deleveraging environment Looking at you #defi degens 👺 and #stablecoin farmers 👨‍🌾

@BanklessHQ

Bankless

2 years

What are the best yield opportunities in DeFi right now? - @maplefinance - @balancer - @ConvexFinance - @GMX_IO - @NotionalFinance - @ribbonfinance - @TokenReactor Get all the alpha from @BenGiove right here:

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@cosmo_jiang

Cosmo Jiang

1 year

@LadyofCrypto1 @DeFi_ARC @GMX_IO Big fan of both @defi_arc and @GMX_IO My views on why $GMX is super interesting as a token:

@cosmo_jiang

Cosmo Jiang

1 year

Long $GMX @GMX_IO This idea checks a lot of boxes ✔️ Product users love ✔️ Growth in fundamentals is impressive, despite bear market ✔️ Valuation cheap on an absolute and relative basis ✔️ Upcoming catalysts In a few words - growing fast with big TAM, taking share, cheap /1

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@cosmo_jiang

Cosmo Jiang

2 years

"Genesis said that running part of their loan book through Maple's infrastructure translates into lower operating costs by replacing traditional software tools with on-chain capabilities" @joshua_j_lim taking in my notes @maplefinance @syrupsid @joe_defi

@TheBlock__

The Block

2 years

Genesis is parking $75 million in capital into Maple’s Solana-based lending platform

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@cosmo_jiang

Cosmo Jiang

4 months

The most common question I get from investors - where's the fundamental growth? As we close out 2023, here are a few charts highlighting tokens with strong underlying growth across various sectors - blockspace, DEXs, consumer and AI

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@cosmo_jiang

Cosmo Jiang

2 years

(C) Why now? - High degree of misunderstanding given this is still early days of NFTs generally and BAYC specifically - @UMG 's collab announced on 11/11/21 was the specific catalyst for me (a media investment I follow closely) /8

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@UMG

Universal Music Group

2 years

NEWSFLASH: UMG’s next-gen label 10:22PM forms 𝐊𝐈𝐍𝐆𝐒𝐇𝐈𝐏, the First-Ever Group Consisting of NFT Characters from Bored Ape Yacht Club.🐒

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@cosmo_jiang

Cosmo Jiang

2 years

(A) Access to a community with - Founders: authentic, involved and responsive @CryptoGarga @GordonGoner @TomatoBAYC @SassBAYC - Culture: diverse membership that is happy, positive and supportive - Network: web3 creators who give early looks at projects (mostly NFTs right now) /3

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@cosmo_jiang

Cosmo Jiang

3 months

@artemis__xyz @StacksOrg @Stacks We've been longtime supporters of @Stacks and are more excited than ever It's great to see our thesis continue to play out as we've written about previously

@cosmo_jiang

Cosmo Jiang

1 year

$STX I'm gaining conviction there is something special brewing in the @Stacks ecosystem This goes into my bucket of high-upside, early-stage ideas where a cultural inflection today in the #Bitcoin community and upcoming product upgrade will drive meaningful fundamental change

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@cosmo_jiang

Cosmo Jiang

1 year

Ordinals Traction Continues to Grow - Even after initial hype, there is sustained ongoing demand - Attracting NFT studio powerhouses @YugaLabs @DeGodsNFTs - Marketplace launches @trygamma @MagicEden Note: this activity doesn't necessarily accrue to $STX, more a $BTC eco comment

@DuneAnalytics

Dune

1 year

Ordinals marketplaces have now seen: - $15.65m volume - 38.3k trades - 18.46k users Several players are now established in the space - including @OrdinalsMarket_ , @ordswap , @MagicEden & others Killer dash by @domodata 🧙‍♂️

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@cosmo_jiang

Cosmo Jiang

1 year

Where do NFT Marketplace take rates go long-term? That is one of the key questions in light of the @blur_io fundraise and impending airdrop $BLUR on 2/14 Some observations looking at NFT marketplace data 👇

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@cosmo_jiang

Cosmo Jiang

1 year

$STX has real value accrual - by staking $STX, "stackers" earn transaction fees via proof-of-transfer (miners bid for blocks) Stakers currently earn >8% yield denominated in BTC Fees are currently almost entirely from emissions, but % contribution from actual fees is increasing

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@cosmo_jiang

Cosmo Jiang

2 years

@Mysten_Labs Congrats and excited to support the team!

@cosmo_jiang

Cosmo Jiang

2 years

The upcoming Sui L1 by @Mysten_Labs has the potential to be a massive transaction settlement network solving for billion+ user and trillion+ transaction scale Proud and excited to play a small part in supporting that growth @novariverxyz @Globalcoinrsrch

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@cosmo_jiang

Cosmo Jiang

2 years

Unfortunate to see all the fallout from the $UST / $LUNA contagion Have to applaud founders/management teams who are willing to provide transparent timely feedback $MPL @maplefinance

@syrupsid

Sid Powell 🥞

2 years

We acknowledge concerns about UST/Luna exposures at funds. Maple borrowers are typically running CeFi arbitrages and HFT strategies not yield farming. Maple will keep lenders updated on anything we would want to know in their shoes.

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@cosmo_jiang

Cosmo Jiang

1 year

How do tokenholders make money? 💸 Capital returns! GMX returns capital to tokenholders = value accrual GMX distributes 30% of revenue, denominated in $ETH, to $GMX tokenholders Akin to tradfi dividends, except you get it block by block instead of 1x/quarter Currently 8%! /6

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@cosmo_jiang

Cosmo Jiang

2 years

🧠 Big Brain Frameworks from @theshah39 and @sansgravitas Great conversation with these guys from @jump_ on the Liquid podcast @Globalcoinrsrch @skolemtech 🎤 I recommend a full listen, but for quick hits 🧵 :

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Liquid - Web3 Crypto Investing

Listen to Liquid - Web3 Crypto Investing on Spotify. Liquid is a series dedicated to web3 crypto investing, hosted by Cosmo Jiang and Joyce Yang. Each episode we interview portfolio managers and...

open.spotify.com

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@cosmo_jiang

Cosmo Jiang

1 year

📢 Shoutout to the community - standing on the shoulder of giants who have written about @GMX_IO @xdev_10 @coinflipcanada @tanoeth @gmx_intern @FloodCapital @Riley_gmi @rektdiomedes @YoniJMel @crypto_noodles @crypto_condom @ChadCaff @AlgodTrading @gametheorizing @jamesjho_ /24

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@cosmo_jiang

Cosmo Jiang

2 years

Investment Setup: 🔹$50/token x 5mm circulating shares = $250mm market cap 🔹Valuation = 25x run-rate revenue 🔹Revenue +75% Q/Q or >10x annualized pace ⬆️Upside: 2-3x near-term to $165, and 50x long-term potential to $2500+ 🔻Downside: 50% to $23 /3

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@cosmo_jiang

Cosmo Jiang

2 years

Although TBH all you need to know is this TVL chart This is really the money shot @ScottinCrypto , @DuneAnalytics /12

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@cosmo_jiang

Cosmo Jiang

9 months

Over $10mm incremental TVL in less than a week with high utilization LPers achieving HSD%+ APRs Completely without any incentives - unlike any other perps DEX @GMX_IO v2 off to a good start

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@cosmo_jiang

Cosmo Jiang

9 months

GMX v2 released today, congrats to the @GMX_IO team on getting this shipped $1mm liquidity added in the first few hours w/o any incentives LPers getting >40% APR @tanoeth with the math Excited to see where volumes go from here! Long $GMX

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@cosmo_jiang

Cosmo Jiang

2 years

Some examples include: @jenkinsthevalet @TallyLabsNFT signed a deal with CAA to create media around their BAYC – the first plan is a “tell-all” memoir written by @neilstrauss (10x NYT Bestseller author), and those who license their BAYC will receive royalties (div yield!) /11

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@cosmo_jiang

Cosmo Jiang

1 year

L1/L2 Valuation Comps Table On a FDV/Fee or FDV/Transaction basis, doesn't screen cheap today, but note it is one of only a handful that is GROWING (vs many other ghost L1 chains) BTC is expensive - arguably the premium for higher security guarantee, which would extend to STX

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@cosmo_jiang

Cosmo Jiang

2 years

Long $MPL - undercollateralized lending @maplefinance

@cosmo_jiang

Cosmo Jiang

2 years

$MPL Long: a deep dive into this gem 🧵 In addition to the math checking out (50x upside), its a great example of 🔹Blockchain delivering a better product vs legacy solutions 🔹Product market fit: real business with real world use cases and real cash flow @MapleFinance /1

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@cosmo_jiang

Cosmo Jiang

4 months

Networks are flywheel businesses Flywheel has begun spinning faster STX

@muneeb

muneeb.btc

4 months

A bunch of new miners came online on Stacks recently with upgraded software; started doing 2-3x normal tx capacity. Mempool dropped down significantly. Wait until Nakamoto goes live and we get a 100-120x throughput increase. I cannot wait for Nakamoto launch.

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@cosmo_jiang

Cosmo Jiang

1 year

My favorite metric of quality of growth and a forward indicator of where growth can go is... ⭐ Incremental Market Share ⭐ On that basis, GMX is 20% share taking 30% incremental share Share gains have 🚀 accelerated in November /11

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@cosmo_jiang

Cosmo Jiang

1 year

Investment Thesis: 1️⃣ Trading perpetual futures in DeFi is a large and growing TAM 2️⃣ GMX has been and will continue to be a share taker 3️⃣ Fundamentals accelerating despite the negative macro 4️⃣ Product innovation will drive increased volumes 5️⃣ Valuation is cheap /7

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@cosmo_jiang

Cosmo Jiang

2 years

(D) Commercial rights = #composability and network effects - #BAYC is unique in that it gives commercial rights to the NFT holder. As a result, each owner is incentivized to maximize their own BAYC's value – and in doing so, accretes value to the total BAYC ecosystem. /10

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@cosmo_jiang

Cosmo Jiang

1 year

Ordinals crossed 1mm inscriptions in just over 2 months Source: @bcrypt5 @DuneAnalytics

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@cosmo_jiang

Cosmo Jiang

1 year

Ordinals are a meaningful inflection in how people view Bitcoin, and proof there is impetus to use Bitcoin as a base layer for creative functionality In 2 months, there have been >650k inscriptions and >$4mm network fees paid @bcrypt5 More on Ordinals:

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@cosmo_jiang

Cosmo Jiang

1 year

Thanks for the great discussion @bernardleong re: the @FTX_Official crash and @DCGco @GenesisTrading situation The facts have evolved quickly, but the main takeaway remains the same - None of this impacts crypto's multi-year arc toward enabling innovation 🚀

@analyseasia

Analyse Asia

1 year

[New Video Episode Release] Fresh out of the studio, Genesis' potential insolvency & FTX collapse with @cosmo_jiang & our host @bernardleong , #cryptocrash #ftxcollapse via @YouTube

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@cosmo_jiang

Cosmo Jiang

2 years

Observation: the trouble befalling centralized actors is bullish for DeFi adoption This is esp. relevant for the high-value US consumer, who is most accustomed to trusting institutions and least likely to have used DEXes before Long $GMX, $DYDX, $CRV, $CVX, $MPL et al.

@GCRClassic

GCR

2 years

Your funds are not safe on the vast majority of exchanges and protocols My biggest losses in 18/19? Exit scammed by insolvent exchanges and unscrupulous actors squeezed [HitBTC, ChaoEX, BaseFex, EMX] The incentives for various actors in this space change as liquidity dries up

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@cosmo_jiang

Cosmo Jiang

1 year

3️⃣ Competitive positioning Stacks is the most developed system on Bitcoin today: • 30k smart contracts deployed • 500k addresses (>4k daily active) • 3mm cuml transactions (>11k daily) • 28th largest project by devs per @ElectricCapital (more than any other bitcoin project)

@MariaShen

maria

1 year

1/ Time for the 4th annual @ElectricCapital Developer Report! This year we are also proud to launch -- showcasing the data behind the report. We analyzed 250m code commits and 300+ people contributed to this year's report. Let's dig in👇

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@cosmo_jiang

Cosmo Jiang

2 years

🏦 Crypto HF @_perceptive is quietly iterating on market-neutral strats during the current bear 🧠 Thoughful convo with @alicryptonite on the Liquid podcast @Globalcoinrsrch 🎤 I recommend a full listen, but for quick hits 🧵 :

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Liquid - Web3 Crypto Investing

Listen to Liquid - Web3 Crypto Investing on Spotify. Liquid is a series dedicated to web3 crypto investing, hosted by Cosmo Jiang and Joyce Yang. Each episode we interview portfolio managers and...

open.spotify.com

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@cosmo_jiang

Cosmo Jiang

3 months

@TheSpartanGroup @kyleellicott Stacks is the best positioned to seize this moment It is effectively the only generalized smart contract blockchain that, post Nakomoto, will be secured by Bitcoin finality - just look at devs This contrasts with Ethereum L2s, where there's many strong teams competing for share

@KenTheRogers

Kenny Rogers 🟧

4 months

Yesterday, @ElectricCapital dropped their annual Developer Report, a comprehensive look at developers in the crypto industry. Let's dive into some of the data around @Stacks developers and what I think it means for the ecosystem now and moving forward to Nakamoto and sBTC 🟧

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@cosmo_jiang

Cosmo Jiang

6 months

Big fan of the work being done by these teams to leverage crypto's superpower, token incentives, to address acute problems in the large growing AI end market TAO @opentensor @const_reborn @shibshib89 AKT @akashnet_ @gregosuri RNDR @rendernetwork @JulesUrbach

@veradittakit

paul.nft

6 months

Read how artificial intelligence intersects with cryptocurrencies! @PanteraCapital h/t @dychen3

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