Ignas | DeFi

1) everything has a price 2) decentralized stablecoin backed by Ethereum Foundation would have strong branding power. There is big demand for low volatility store of value. ETH, BTC, ZEC are too volatile and USDC/USDT have centralization risk. DeStablecoins can't scale though so for BOLD to scale ETH price would need to pump. Sure it is a leverage based system but I believe this volatility could be good for the system as more traders would be onchain etc.

@DefiIgnas 1) how does one acquire liquity? 2) how does the demand for eth pump?

Make Ethereum Foundation acquire Liquity and $BOLD stablecoin. Mint loads of BOLD with $ETH collateral. Demand for ETH pumps. Pair everything with BOLD in Defi. Replace USDC. Everyone wins.

@LucaNetz @Fibonacci69 Chad! Forever grateful

@Fibonacci69 We airdropped $1.6b to people actually. Lol. The $100m was in reference to the abstract community who had only been around for 6 weeks.

Nick O'Neill says Luca Netz didn't get recognition for the $PENGU airdrop because Hyperliquid did a bigger airdrop. "Luca Netz was wondering why a lot of people weren't crediting him for airdropping people $100 million. Well, Hyperliquid airdropped $1 billion to people and then continued to pump the $HYPE token and build one of the most profitable business models in existence online." "There's a little bit of a distinction between what Luca Netz is building over Pudgy Penguins and HyperLiquid, a company being acknowledged by the New York Stock Exchange owners (ICE), suggesting that it's going to be larger than NASDAQ because it's so freaking massive." "I'm an investor in HyperLiquid. I bought more today, but I'm pissed off because I don't own enough. I only have like 30 grand of this. I was slightly concerned when I saw Tristan Thompson shorting $HYPE, but I got in his replies and I said, 'You boy about to get wrecked.'"

@duonine Yes it is not for all but for defi Decentralized store of value and collateral. Compliments eth as an asset.

@DefiIgnas But the model can't scale, especially if ETH falls.

@levelsio Luxury hotels in western countries or major cities not worth it. But in Asia and especially luxury resorts are great. Regen in Phu quoc island in Vietnam or Ritz carlton in Lankgawi are too examples.

Agreed, and I can prove that luxury hotels are mathematically literally very bad value For the amount of "more" money you pay for this luxury, you should be getting way way way more than you actually get (as measured by ratings) Aman should have an average rating of 9.5 but in reality barely hits an 8 on average, so they simply cannot produce the "luxury" experiences they are trying to market and brand themselves for It's essentially all smoke and mirrors, and reflects my experiences completely, you pay 10x more and get either 0.5x-1.5x more (eg many times 2x worse, sometimes a bit better) not 10x better! Other luxury chains are slightly better but none of them even get close to a 9 rating with the famous Ritz-Carlton being especially bad: its average rating is a 7.68 for a median price of $549/night, terrible! Real value can be found with Okura, Minor, Melia and even Marriott. Okura is interesting because well known as luxurious but median only $143/night So as I always say, luxury is mostly a scam, it doesn't exist and you're best off spending much less for much better value (and often better experiences too) Source: my new site stats page hotelist.com/stats

@0xcyp EF has no balls.

@DefiIgnas now that's a proposal i could support

Or not bullish. No one cares lol

BIP-110 could be bullish for Bitcoin Ordinals. The soft fork blocks new inscriptions for ~1 year. No new BTC NFTs get minted in that window. But everything inscribed before stays onchain forever. So the existing NFTs become the only supply, for as long as the fork stays in place.

Suddenly I really want CLARITY act to pass. Fuck these bankers. Paying 0.01% yields on deposits while lending out holders' money and getting bailed out by tax payers when they fuck up. Seriously, stablecoins isn't how we imagine crypto winning when BTC launched, but banks losing this battle would be awesome.

@serpinxbt without ownership the rules can be changed any moment

@DefiIgnas I don't think the token needs to represent ownership of the devco, I think the token needs to be value inherently. that's the issue

Rarible’s brand sold to IMPOSSIBLE !excluding the $RARI token! IMPOSSIBLE now owns the marketplace and RaribleX SaaS, including marketplace fees. $RARI still governs the treasury and RARI Chain, but the treasury is 'nearly depleted.' This is exactly the scenario $AAVE holders were worried could happen to Aave. So until tokens give full ownership, crypto will suck. Some already do and those are worth bidding. $RARI is down 88% in a year and trades at $2.4m market cap.

@SmallCapScience approve budgets

@DefiIgnas What do these Foundations even do? Literally nothing.

The Arbitrum Foundation is asking the DAO for ~$43.5M to fund another year of operations. - $16M in RWAs/stablecoins - 1,740 ETH (~$3.5M) - and 230M $ARB (~$24M). 230M ARB is ~3.7% of total supply. For a year. Meanwhile the DAO made $23.49M in revenue in 2025. So the Foundation is operating at 2.3x DAO revenue.

@hilmarxo chains are cost, not profit centers.

@DefiIgnas repeat after me: "chains are cost, not profit centers."

@paddi_hansen .@cryptotaxpt

What an EU-Wide Crypto Tax Could Actually Look Like 🇪🇺 For quite some time, there have been rumours and calls for EU-wide crypto taxes in Brussels as part of efforts to create new EU own resources. Until now, however, there has been very little detail on what such an EU-wide crypto tax might actually look like. Politico now reported on a leaked Commission services paper, circulated ahead of next week's Council discussions on the EU's next long-term budget, that provides the first detailed insight into the options currently being explored. The paper discusses two possible models: 🔹 A crypto transaction tax (example: 0.1% on crypto transaction value), with CASPs potentially acting as collection and reporting points 🔹 A tax on realised crypto capital gains The Commission estimates a transaction-based model could raise roughly €3-4bn annually, while a capital gains approach could generate around €1-2.4bn depending on market conditions. At the same time, the paper highlights major hurdles: → Unanimous approval by all Member States would be required. → A harmonised EU tax base would first need to be established. → Reliable DAC8 reporting data will only start becoming available from 2027. → Activity could migrate outside the EU or into DeFi and self-custody wallets → Crypto market volatility makes revenues difficult to forecast. Interestingly, the paper suggests that stablecoins used as a means of payment should likely be excluded from a transaction-based tax, and notes that capital gains taxation would generally not apply to stablecoins. The document will be discussed alongside possible new EU own resources based on digital services and online gambling. Of the three, crypto taxation appears to face the greatest technical, legal and implementation challenges. Importantly, this is not (yet) a legislative proposal. But it is the first time we are seeing concrete details on what potential EU-wide crypto taxation could look like and how the EU is thinking about its implementation. A short personal take: The substantive political, legal and operational challenges outlined in the paper make me hopeful that EU-wide crypto taxation will not become a near-term policy priority. Also, I think one cannot underscore the likely behavioural response to such a tax enough. Any transaction-based crypto tax would likely accelerate migration towards non-taxed channels (e.g. DeFi, self-custody, non-EU players) and/or non-taxed assets (e.g. stablecoins). In practice, imo, that would significantly reduce the revenue potential on which these projections are based.

@AvgJoesCrypto What are you saying? The bear market will end next month!

@DefiIgnas Fairly safe to assume that not a single blockchain is profitable once you account for all the hidden offchain costs. Not sure this bode wells for the bear market to end anytime soon…

@tomwanhh @0x_Abdul good one

@0x_Abdul @DefiIgnas 1. Transaction Fee 2. Timeboost 3. Treasury Management 4. Arbitrum Orbit License Fee

@ImperiumPaper what would be the impact of it?

If I still worked in governance, this is where I’d say, “Sure. We can provide this budget, but your board of directors is now elected by the DAO since the DAO pays for everything.”

@poopmandefi @moo9000 come on :) DAOs dont work this way

@DefiIgnas @moo9000 What if they vote no ? What will happen lol

Operating budget ($27.6M USD): - $14.81M Technical: sequencer/validator infra, audits, bug bounties, hosting, block explorers, RPC, analytics - $10.40M G&A: salaries, contractors, legal, insurance - $2.38M Marketing: dev relations, events, media outreach Ecosystem budget (244.9M ARB, ~$25.6M): - Grants programs (Trailblazer, Audit Subsidy, Arbifuel, DRIP) - Strategic team support (Pendle, Ostium, Cow Swap, Instadapp, others) - Community deals (ApeChain was the standout) - Institutional outreach (Robinhood, BlackRock, Franklin Templeton, Circle, Securitize, Paxos) Not covered by this ask is Offchain Labs, whose contract ends Jan 2027 and will come back for a separate ask.

@DefiIgnas What exactly does the arbitrum foundation do that costs >$40m/yr?

This is what my AI says: Four revenue lines into the DAO treasury. - Sequencer fees. Users pay gas in ETH on Arbitrum One. The sequencer collects gas, pays Ethereum L1 for data availability (cheap since Dencun blobs went live March 2024), and the net flows to the DAO. Biggest line by far. - Timeboost. Arbitrum's MEV auction, live since 2025. Searchers bid ETH every 60 seconds for the right to a 200ms 'express lane' that orders their transactions first. Auction proceeds to the DAO. Real but smaller than sequencer fees. - Arbitrum Expansion Program (AEP). When other chains use Arbitrum's stack under the BSL license (Apechain, XAI, Treasure, Orbit chains), they pay a percentage of their sequencer revenue back to ArbitrumDAO. The chain-as-a-service line, growing as more L3s launch. - Treasury yield (ATMC). ETH staking and OTC operations on treasury holdings. Not chain revenue strictly, but the treasury earns on its own balance. The $23.49M 2025 revenue is mostly sequencer fees with contributions from Timeboost and AEP. ARB holders never receive a direct fee share.

@DefiIgnas how does the arbitrum dao make revenue?

@JoestarCrypto yeah exactly. The ownership rights are not protected by most tokens.

@DefiIgnas This explain why most people don't trust alts and why there are underperforming