Ororys🔺(no hope arc)

The first Avalanche Summit I’ve attended is finally over. Not gonna lie — I’m wiped out, but one thing’s for sure: I’ll be at the next one. Big shoutout to the team for such a dope event — it was an awesome time from start to finish. Super happy I finally got to meet some amazing humans like @Dyslexsickk, @Browncappp, @xrpant , @ulaireattea13 , @DrGryzzly, @mrmocket, @cocktail3306, @Bayo0x, @Ol_DirtyKamtar, @0xNasta, @piweb_ , @0xWichita ,@CryptoMad89… and probably a few more I’m forgetting. By the next summit, I’ll make sure my English is way more on point 😅 Oh, and I also realized I might need to change my username… not the easiest one to pronounce in English 😭 See you soon 🫶

Maybe instead of always chasing new buyers, we should focus on giving current holders a reason not to sell.

Pitch done. It’s time to conquer @avax fully. If you want @TheGrottoL1 to win, wear your fuckin Bobs.

Just published by first game on @TheGrottoL1 Frogger inspired, your job is to help Bob get to work for his shift through increasingly dangerous traffic. You might think the median is safe, but watch out for Greg! Free to play enterthegrotto.xyz/games/bobs-com…

We are announcing a strategic investment in and partnership with @AvaLabs, the company dedicated to advancing the adoption and scalability of the Avalanche ecosystem. The aim of the partnership is to support the @avax ecosystem’s growth and adoption. By aligning Avalanche’s

RT @Grayscale: $AVAX mode activated 🔺

@Wrathtank_avax @TheGrottoL1 Man, this is an absolute beauty. I could never switch again.

@Ororys @TheGrottoL1 Bro low key that was one of my absolute favorites ahaha

new pfp who's this ? @Wrathtank_avax @TheGrottoL1

Avalanche is built for business. Business meaning any team that needs control over its own network. Enter @TheGrottoL1, a growing indie gaming platform on Avalanche. 🧵

RT @clubhashcash: Join HashCash Club for as little as 4 $AVAX and start mining today!

Thank God I had two spots to put these two beauties in. @clubhashcash

I'm a big mining enthusiast now. Thanks @clubhashcash

@0xSmitty This Franco-Turkish artistic collaboration is magnificent.

Very interesting indeed!

@DylanLeClair @grok résume moi ce post en français

Strategy bought an eye-watering $3.38B of BTC over the past two weeks ($1.25B + $2.13B). Plenty of takes on these moves, but I want to provide some color on what they're doing to the capital structure, which I find to be especially notable. Firstly, STRC is obviously having its moment in the sun. $119M two weeks ago, $294M this past week—all while STRC stays pinned within 1% of face value. This $STRC issuance has been in tandem with a large amount of $MSTR ATM . What does this mean, and is this accretive for shareholders? Most MSTR was sold between 1.0x-1.10x mNAV. This is accretive in net asset terms, however with market cap below the value of BTC holdings, in isolation, it would be negative to BTC/share. However, Saylor is intelligently pairing the MSTR ATM with the STRC ATM. STRC was ~14% the size of MSTR issuance over this period. In BTC per fully-diluted share terms, despite selling of common with BTC below market cap value (while indeed above 1.0x in enterprise value terms), BTC per fully diluted common shares increased over the past two weeks —up 0.4% on the year. So, indeed accretive, but in my view, the bigger story is the focus on deleveraging the convertible bonds to focus on attaining "amplification" through prefs instead. If we assume constant 92K BTC for consistency, from the start of the year to today: Converts (less USD) as % of BTC: 9.67% → 9.18% Prefs (less USD) as % of BTC: 9.19% → 9.36% Strategy has flipped its outstanding convertible debt with notional prefs, which of course never come due in principal. In just one year. Why is this being done? Strategy's team has made clear they see the perpetual pref (dubbed "digital credit") as the big idea. The fact that prefs can IPO, with ATMs attached, with no maturity cliff speaks for itself. But I believe there's an additional motivation potentially: minimizing the gamma effect convertible debt has on the credit spreads of the prefs. If you correctly view the convertible bonds as debt + an equity call option, at $400 MSTR the weighted delta on the converts was approximately 73%. The market effectively viewed Strategy as having ~$2.18B of effective debt with ~$6.06B that would become equity. This is rough back-of-napkin math, but you can use Black-Scholes to input the convertible bond strikes and first put dates, you can approximate a delta for each bond. In aggregate, you get a weighted average delta. So yes, while technically $8.2B of debt has been outstanding for almost a year, the market doesn't treat this as 100% debt—it probabilistically moves with MSTR stock price. When BTC fell sharply in November and MSTR (as well as all other BTC proxies) followed, the stock price falling essentially partially 'de-equitized' the converts. A move from $400 to $150 is sort of like ~$2.5B more debt becoming senior to the prefs. The delta of the converts—their sensitivity to MSTR price—changed. This change in delta is called gamma. The point here is that it wasn't necessarily just BTC NAV itself contracting that changed the profile of the prefs in the eyes of some credit investors. It was BTC price moving MSTR price, which impacted the likelihood of conversion of the converts, which impacted the assumed senior liabilities above the prefs. With the massive purchases in recent weeks, it's clear that Strategy is diligently deleveraging the converts off the balance sheet (relatively), which means the convert gamma will have minimal—and eventually no impact on pref credit spreads. Having no convertible bonds senior to the prefs should not only improve absolute credit spreads but should diminish credit spread volatility, as the volatility of the size of the assumed senior liabilities above the prefs goes away entirely. This should make prefs like STRC even less volatile, reinforcing the strength and efficiency of the system further. So to answer the question: yes, this mix of STRC and MSTR issuance is accretive in BTC Yield terms, but I think the bigger story here is the deleveraging of the balance sheet (relatively) of convertible bonds, and it's shifting the focus to pref-style "amplification"—exactly as the MSTR team has stated. The USD reserve is another recent shift worth noting. It looks to have further dampened credit spread volatility in the prefs by quieting market concerns around dividend coverage and immediate capital raising needs. Congrats to the Strategy team on having notional prefs surpass converts in just one year. Wildly impressive.

I don't understand how, but I almost saw nothing of the drama of the last 48 hours on AVAX. Touching grass really has its good points.

Team1 Mini Grant To The Grotto ☠️🔺 We are happy to support @thegrottoL1 with a Team1 ‘Builder Mini Grant’ of $10,000. Before ever launching Team1, one of our plans was to set up a mini grant program to support community members with great ideas. In 2025 we launched a regional

Is this the AVAX logo ?

@Wrathtank_avax Congrats bro

I am an Avalanche L1 blockchain founder.

We are live on mainnet after many months of development thanks to the esteem customer service of @AvaCloud and the hard work from friends of the community. A special thank you to @snapss, @xrpant (sorry about the wrapper), @ChrisFusillo, and everyone that helped contribute to

Lmao stop shipping Wrath this is too much

For those who like to release music and create, @TheGrottoL1 is your home. Sell your music and maybe a dev will throw it into a game!