DkNinja

Crypto Ape + Degen Troll

[DkNinja @DkNinja21]

@duonine That's a lot of words of being completely wrong

[DkNinja @DkNinja21]

@elonmusk Oh dear... The CEO of twitter thinks operating a public platform with user generated content is just about hosting costs. 😅

[DkNinja @DkNinja21]

@MichaelHyatt @Techgnostik @elonmusk That is literally not a balance sheet and lists income and expenses, lol

[DkNinja @DkNinja21]

@binance @FirstDigitalHQ Does the collateral come with a certificate of confiscation from Beijing?

[Merlin @TheMerlinDEX]

Merlin will be launching in the next few days, are you ready to quest for $MAGE?

Permission-less. Immutable. Capital-efficient liquidity architecture.

Merlin is the new paradigm of DEXs, only on @zksync 🧙‍♂️

[DkNinja @DkNinja21]

@Todd_Spence I can print a high def replica of the Mona Lisa any time I want, does that make Mona Lisa worthless?

Since when was owning art about making the art unable to be replicated? The only thing that matters is that it isn't counterfeit, whether it's digital or physical.

[DkNinja @DkNinja21]

@SGCFinests @cryptosandicos @Todd_Spence 1. When you buy a physical painting, the artist still owns the copyright.
2. A physical painting can also be easily replicated. Counterfeits exist both on and offline.
3. OpenSea and Rarible can stop displaying your NFT on their website, they cannot delete your NFTs.

[DkNinja @DkNinja21]

@LunaCorgi_ It's not a misconception, I've made plenty of posts explaining already so I won't repeat myself. It's the denial that's getting old.

[DkNinja @DkNinja21]

1/ For those of you following the collapse of $IRON / $TITAN on #Polygon, here’s my take on what happened. Fair warning, this is a long thread. @IronFinance @fraxfinance

[Clam Island @clam_island]

Clam NFT presale is live!

Captain Nacre and Diego will guid you through the process.

Good luck!

https://t.co/qSJVNVLfHM

#DeFi #BSC #NFT #Collectibles

[DkNinja @DkNinja21]

@profNFA This is no different from $TITAN or $FXS insofar as their partial collateralisation role is concerned. What happened to $TITAN can happen to $LUNA if the liquidity of $LUNA falls too far short of being able to collateralise $UST.

[DkNinja @DkNinja21]

@profNFA $LUNA can allow redemption of 1 $UST against $1 worth of $LUNA instead of a specific amount of tokens, because it is in control of its own tokens (i.e. it can just print more to compensate). That means $UST is collateralised by the the entirety of the available $LUNA liquidity.

[DkNinja @DkNinja21]

@profNFA But, none of this changes the fact that $UST is collateralised by $LUNA.

[DkNinja @DkNinja21]

@profNFA The difference is that $LUNA has more use case, so it's possible for external buy pressure to help alleviate some of the sell pressure from $UST redemption. That's the reason why $LUNA focuses so much on use case.

[DkNinja @DkNinja21]

@NoMoreBear1 Well that was an incredibly ironic comment

[DkNinja @DkNinja21]

I seem to have offended some $LUNA / $UST fans. Let me make this clear. The "balancing algorithm" for $UST uses $LUNA as its collateral. It is literally the exact mechanism used by any collateralised stablecoin.

[DkNinja @DkNinja21]

Dress it up however you like, UST is collateralised by LUNA. This shouldn't even be arguable.

[DkNinja @DkNinja21]

Let me ask this - what do you think you're doing by burning LUNA for UST, with the promise that you or anyone else can burn UST for $1 of LUNA later, if you are not putting up LUNA as collateral for UST?

[DkNinja @DkNinja21]

Now let's flip the question. Think of FRAX at 0% CR. When you burn $1 of FXS to mint 1 FRAX, with the promise that you can burn 1 FRAX for 1 FXS later, how is that different from UST / LUNA?

[DkNinja @DkNinja21]

@profNFA Theoretically you could be 50% undercollaterised and still holding peg, IF there is no mass sell off / redemption of the stablecoin.

[DkNinja @DkNinja21]

@profNFA Also, the underlying asset losing value doesn't necessarily break the mechanism. It's when mass exit follows that event, causing the collateral to become insufficient to prop up the peg. That's when a bank run happens.