WingRiders Governance Tokenの‌価格WRT

RT @HadickM: Interesting wrt to COIN valuation. Estimating that COIN's share of Reserve Income remains flat to Q1 (~53.5%) gets me to ~$1.2…

Interesting wrt to COIN valuation. Estimating that COIN's share of Reserve Income remains flat to Q1 (~53.5%) gets me to ~$1.29bn in revs to COIN. Using the same CRCL Net Rev multiple of 32.8x that implies that ~$42.3bn of COIN's ~$60.5bn EV (~70%) is due to this rev share agreement. It also implies, using some Wall Street estimates of the non-stablecoin revs (~85% of net revenue), that the rest of Coinbase's business is being valued at less than 3x net revenue - significantly below tradfi peers. So either one of three things is true, that there isn't a lot of (or at least outsized) demand in the market for non-stablecoin crypto exposure, the CRCL valuation will come down dramatically, or Coinbase needs to significantly re-rate upwards.

this is a good point i've seen it argued quite a few times that we value unilateral exit a bit too much wrt finality, the argument orkun is making is that statechains don't have provable key deletion. so users are never really sure if they can trust that they won't be rugged (e.g. the operator spends their funds with some previous owner) down the line rollups differ in the fact that the sequencer(s) have to build upon the latest checkpoint posted to bitcoin. full nodes will reject new state if they don't so after a commitment is posted and accepted into bitcoin, rollup users have a "finality assurance" that their tx won't be reverted and they can't be rugged wrt custody, statechains are effectively 2-2 multisigs between users and operators. if the operators delete the key from the previous owner, then the current owner has immediate ability to spend funds. if the operator goes offline, they can unilaterally exit rollups see users give up custody to middlemen known as operators. whilst they don't have custody of funds, they can keep operators honest through some fraud proof magic. basically if any operator is honest, they can withdraw funds (eventually). if not, funds are frozen but not "lost" there's way more too this but i'm sad today and don't want to write it all out. the tl;dr is that statechains and rollups are literally complete opposites on the tradeoff spectrum and orkun brought up this example because i'm turbo bullish statechains rn but it's worth pointing out the tradeoff spectrum different use cases for different users. may all l2s bloom and compete in the free market inshallah

RT @KurtWagner8: A motivating factor, we're told, is Zuck watched @elonmusk do pretty much whatever he wanted wrt politics & was rewarded.…

what do you see wrt prospects