Kovanent

Crypto since '13. Ex mid-curver, now proudly on the left. Journal. Not Financial Advice.

[Kovanent @KovanentKrypto]

The biggest challenge Ive had investing in disruptive technology is the risk of disruption it faces iteself

[Dan Go @CoachDanGo]

One of the most underrated protein sources on the planet is Greek Yogurt.

I like to add fruit and sprinkle in psyllium husk to boost the fiber and micronutrients.

High protein + fiber plus micronutrients. Eat it as a snack or a breakfast.

[Owari @OwariETH]

When u roundtrip your bags so bad u start saying at least ur healthy n shit

[Rand Group @randgroup]

As real as it gets

[BORED @BoredElonMusk]

Basically how every startup calculates ARR.

[cotton @cottonxbt]

Wealth is just how much of your time actually belongs to you

[The Best @TheBestqueenx]

👏👏

[Dad Jokes @Dadsaysjokes]

Always say yes to a quick 30 minute drink with your buddy.

Those 90 minutes could be the best 6 hours of your life.

[Kovanent @KovanentKrypto]

this is huge!

[Kyle Samani @KyleSamani]

The litmus test for if an on-chain equity is a real equity:

If *you* can transfer it back and forth to TradFi without incurring a taxable event

[Kovanent @KovanentKrypto]

Oooffff 75% buyback rate $stonk

[Trap @TRAPJNR]

Hmm notice anything different?

@LaunchOnSF $STONK

[Kovanent @KovanentKrypto]

It's like a gift, you know? It's like I can't control it.

[Kovanent @KovanentKrypto]

The fascinating thing about this is that the assumptions are very conservative.

USDE supply will only hit as high as it did last cycle (15B)
The yield will only hit 12% (much lower than 16% avg seen last cycle)
The multiple will only be 40x instead of HYPE's 150x and CRCL's 50x

And that takes us to $0.81 PT

Insane! $ENA

[Bera🧧🐂 @beracap]

We just ran some numbers on $usde for $ena - usde supply is the main catalyst for Ethena price and it's growing rapidly right now.

We also factored in the btc price and it's effect on usde supply and Ethena price again.

The first part is where we factored in the supply and funding:

$0.25–0.30: Usde $10B, but funding remains average.

$0.35–0.50: $10B USDe + a genuine bull funding environment, roughly 10–15% protocol revenue yield..

~$0.55–0.80: USDe starts moving toward/through $15B and the 15% take becomes credible/active while funding remains strong.

~$0.80–1.10+: $15B is sustained, protocol revenue yield resembles a very strong historical bull environment, and the market simultaneously gives ENA ~40–50% of HYPE’s cash-flow multiple.

Our assumption of 40x multiple is still lower than 50x+ of CRCL, and ~150x of HYPE. We assign discount to HYPE's multiple as earnings are cyclical.

What I love about this trade is they you can have realistic maths based targets and not just some fugazi numbers made out of thin air.

This is probably the highest confidence trade you'd come across in current market.

Remember this is purely maths based and does not price in the euphoria and shilling. So in real you can 1.5x - 2x the price targets.

[Kovanent @KovanentKrypto]

Because last cycle there wasn’t an all-asset alt szn which the market was accustomed to in previous cycles, there has been some extra PTSD with hodling.

However, given how assets are moving this cycle, esp defi, I think the alts are gonna moon tf in a way we haven’t seen in a long while.

Bring back 2021

[Kovanent @KovanentKrypto]

@yasu0x1 @beracap The 70% discount is applied to $ENA's multiple with the assumption that revenue durability is about 70% worse than $HYPE's due to ENA being more cyclical.

[Eddy @EddyXBT]

‘Make sure you take profits to avoid getting hit hard when the market moves down’

Me taking profits:

[Kovanent @KovanentKrypto]

😱😱