Eric Chen

The proliferation of infinite worthless tokens has ironically created a return to the PvE conditions of old. Back then, there were only a few coins to buy, period (remember solunavax?). Now, only a few coins are worth buying... primarily $HYPE, $ENA, $SOL, $PUMP

I have been following @phtevenstrong since mid 2021 before I even created this account... Since then over the course of my time here on CT he has become one of my closest friends... I can think of no one with more combined integrity and intelligence and deep understanding of defi... In all that time I always wondered whether he would eventually start his own defi project, and now he has finally done so! I am immensely proud to be helping back @mezzanine_fi and insanely excited to watch it get built and eventually change the world of yield-maxxing :) Encourage you to follow the account so you can stay updated as things progress! 💪💪💪

What if I took all the protocol, yield, stablecoin, and defi knowledge I've accumulated over the last half-decade and started building the platonic ideal of a yield-focused protocol? What if we already had >$150M in early TVL commits? What if @mezzanine_fi? Q1.26

Interesting watching the market gradually figure out the dynamic between $SHADOW and $X33

I think people can tell this is big, but are not properly understanding just how big. If successfully executed (and team has strong track record), this is the most significant development in defi since the creation of the original primitives (dex, lending markets, etc.)

The difference in 2024 returns between liquid funds that own these and not are massive.

Have neglected socials as 4Q has been absolutely manic, but beginning to slow down trading activity. Will find time to post more thoughts into year-end, but as a preview, core spot longs are $HYPE and $ENA for the foreseeable future. Also significant farming allocation as always.

$BTC and $SOL are firmly consensus longs right now. It often pays to be contrarian, but this is not the time. Bitcoin is by far the dominant narrative and obvious choice for the tradfi/institutional crowd; Solana is the anointed "tech" pick. Don't get cute; don't fight the flows.

One advantage crypto natives have maintained over the tradfi big boys has been the ability to frontrun the Monday open (Tuesday this week with the holiday); this will go away as institutions adapt but enjoy it while it lasts.

$ETH spot ETFs approved. Maintain long disposition - market was overly skeptical heading into the event and after the immediate post-news PvP resolves likelihood is high that this resolves upward.

Positioning should be aggressive into the event; never any guarantees but quite EV+ to be long $ETH on medium time frames. Separately, maintain the stance that rising tide doesn't necessarily lift all boats this time around. Important not to leak value to empty narrative plays.

Tepid market leading up to a big day for $ETH. Fears of ETF rejection in spite of everything that has transpired over the past few days still overhanging a CT still plagued by bear market PTSD. All outcomes besides rejection are positive to varying degrees

Reminiscent of the infamous cointelegraph intern tweet that bottomed $BTC. If so, time to get properly risk on again after the post-1Q chop. Many calling for alt szn out of muscle memory, but think it's likely majors just keep outperforming.

May might not end up being as boring as we thought...

Metanova's 1Q24 letter is out. @MetanovaCapital/metanova-capital-2024-1q-letter-f6284a30bdc8" target="_blank" rel="nofollow noopener">medium.com/@MetanovaCapit…

Happy halving day. Tough to pinpoint exact bottom but starting to scale back into core longs. The more time that passes where btc grinds sideways the more the wall of worry around a halving dump is scaled. Destination remains the same, just searching for the optimal path.

That being said, best of luck to the @marginfi team going forward; we may be back once the dust settles.

In light of the marginfi drama circulating today it was a clear decision to offboard remaining funds from the platform. Risk inherent in lending platforms is everpresent, and amplified during times of operational / leadership chaos. No need to wear this risk for some extra points

@jvb_xyz @1000xPod The list may be short but it exists - plenty of defi stuff very active these days - from the OGs like aave and maker to newcomers like ethena. Pendle is in between eras but on fire lately. Perp dexes like hyperliquid and aevo doing significant volumes too.

Is there ANYTHING in crypto other than memecoins and L1s? Shill us projects to discuss @1000xPod No pie-in-the-sky stuff. Something with real traction please!

With a productive 1Q wrapping up it's time to start game-planning the second stanza of 2024. Metanova is positioning firmly in the monolithic camp with foundational portfolio positions in the Solana, Aptos, and Sui ecosystems. Further details to come in the 1Q note.