MiauMimy

A flotation tank (pool) where air bubbles (pumps) lift valuable minerals (gains). Frothy. Still skimming.

[Jesse Myers @Croesus_BTC]

This post was seen by ~1M people yesterday. A few more thoughts on the topic...

A. "Steady lads, deploying more capital"

This is the infamous meme that comes from the Terra/Luna implosion. Crypto people have scar tissue from the May 2022 implosion of this algorithmic stablecoin.

Terra was designed to maintain a $1 peg by using a BTC treasury (Luna) to bid if the price went below $1, and sell if it went above $1. This works great, except in a panic.

4 years ago, panic happened. People wanted out of Terra, so the Luna treasury was automatically drawn down to protect the peg.

But this depleted the system's resources and deteriorated its capacity to keep defending the peg, which stoked more fear and exacerbated the exit pressure. Eventually the BTC treasury was depleted, the defense system was exhausted, the peg broke and Terra went to zero.

People who lived through that are wary of STRC and other Digital Credit instruments.

But, STRC is the opposite fundamental design of this.

B. Architected systems vs. free markets

Terra/Luna was an architected system that actively used its treasury resources to defend a peg.

STRC relies on free-market price discovery to find price equilibrium, and does not promise to maintain a peg.

And that is at the heart of why Strategy will be fine, and STRC along with it.

Strategy will not expend resources to try to maintain anything. Instead, the free market will find equilibrium on its own.

C. How to kill STRC

The health of STRC depends on the health of Strategy's balance sheet, because that determines whether STRC holders continue to receive dividends.

STRC's market price can depeg and trade at a serious discount... but Strategy's balance sheet is completely unaffected.

To attack Terra/Luna, you just needed to create a confidence wobble that forced the system to expend BTC treasury resources to defend the price of Terra.

To attack STRC, you need to deplete Strategy's balance sheet. Since they're not actively expending it to defend anything, you would need to send Bitcoin's price to ~$0 and keep it there. Good luck!

D. How STRC heals itself

STRC trades down in this leverage wipeout to $82. Strategy does nothing; expends no resources.

Strategy keeps paying STRC dividends with its unaffected balance sheet strength.

Now, investors are getting ~14% effective yield w/ the potential for a ~20% capital gain. STRC is more attractive than it previously was!

This attracts more investors. Price is bid up.

Strategy will likely increase dividend rate on June 30 to 11.75% or 12%. This makes STRC more attractive still. Price is bid up.

STRC dividends keep being paid. Market realizes that Strategy is unimpacted, it was just a leverage wipeout. Confidence in STRC dividends returns. Price is bid up.

Back to $100 par.

It will take weeks or maybe months, but that is how the free market (and the variable rate dividend mechanic) will restore STRC to $100.

And that's why this is the opposite of Terra/Luna's design.

[Ash Crypto @AshCrypto]

There'll come a day when you'll wake up to a +15% Bitcoin candle.

ETH and alts will be up +20%-30%, and most people will rush to short.

But the markets will continue to climb, liquidating all shorts back to back.

You'll see your portfolio at new highs, and your family will start asking about crypto.

You'll wake up to a coin in your portfolio randomly pumping 2x-3x and then doing the same again for a few more times.

You'll be back to life-changing gains and will thank yourself for not giving up.

[il Capo @CryptoCapo_]

Potential last retest of $60k - $62k, but this looks like a clear local bottom formation across the entire crypto market.

Have a good Sunday!

[MiauMimy @froth_cell]

Curious what you all think.

[MiauMimy @froth_cell]

~1,200 Japanese SMBs backing a pension fund just greenlit a 1% crypto allocation. Small percentage, massive signal — institutional trust is quietly building across Asia. This could trigger a domino effect. #Crypto

Who else is watching institutional moves like this?

[Ash Crypto @AshCrypto]

We got everything we ever wanted.

Pro-crypto President
Pro-crypto SEC and Fed Chair
Fed ending QT
No new tariffs
US-Iran peace deal
Oil price dump
ISM PMI above 50
Institutions
Altcoin ETFs and yet

Bitcoin is down -50% from ATH,
ETH is down -65%
Alts are down -90%
and we are poorer than ever.

[Solana @solana]

$1 billion in weekly tokenized equities volume on Solana

higher imo

[Solana @solana]

If you weren't here, it will feel coordinated.

If you were here, you knew all along.

[MiauMimy @froth_cell]

Wanted to add — still early days.

[MiauMimy @froth_cell]

Holders quietly stacked 125K BTC in June while everyone panicked. The Sharpe ratio is screaming cycle bottom but history says we grind sideways for months before liftoff. Patience is the real alpha here. #Bitcoin

Who's accumulating rn?

[Ethereum @ethereum]

Ethereum is for shipping.

Here are 25 things the Ethereum ecosystem launched, upgraded, and announced over the past month.

0/ @thedaofund Ethereum Security Quadratic Funding Round with @Giveth wrapped. The fund supported 134 security projects and had 3,934 unique donors.

1/ @Ronin_Network, one of the largest gaming blockchains, completed its migration to an Ethereum L2.

2/ Clear Signing went live. It is an open standard designed to help end blind signing and make transaction data human-readable before signing. Contributors include wallets and hardware, infrastructure, tooling, individual builders, and the Ethereum Foundation’s Trillion Dollar Security initiative, with the @ethereumfndn acting as a neutral steward.

3/ @SEAL_911 and @Wonderland_Fi introduced DARC, a Digital Asset Risk & Compliance standard for crypto teams, with continuous monitoring across GitHub, infrastructure, multisigs, DNS, and more.

4/ @arbitrum announced that LG Electronics' blockchain team is piloting an onchain advertising network on Arbitrum.

5/ @base activated Azul, its first standalone network upgrade, introducing multiproofs, new execution and consensus clients, CLZ opcode support, Osaka repricings, and performance upgrades up to 5,000 TPS.

6/ @Mastercard expanded stablecoin settlement support to include USDC, PYUSD, USDG, USDP, and SoFiUSD on Ethereum mainnet, @arbitrum, and @base.

7/ @EFDevcon 8 Mumbai early bird tickets went live. Tickets were available paid in ETH.

8/ Türkiye's Directorate of Communications (@Communications) registered cbiletisim.eth, making its first step in establishing an official onchain identity with @ensdomains.

9/ @CashApp launched stablecoin support, allowing nearly 60 million users to send and receive USDC with no wallet setup required, live on Ethereum mainnet and @Arbitrum.

10/ @torproject and @FundingCommons launched a web3-native crowdfunding initiative supporting 10 internet freedom projects.

11/ @JPMorgan launched a second tokenized money market fund on Ethereum.

11/ @lifiprotocol launched LIFI Intents, a full-stack intent execution engine built on the Open Intents Framework, an initiative for standardizing crosschain intents.

12/ @l2beat launched Token Frameworks, a dedicated place to explore interoperability solutions, token movement, volume, speed, chains, and framework adoption.

13/ @PrivacyEthereum launched a private transfers dashboard comparing 11 protocols across privacy, cost, UX, decentralization, compliance, verifiability, state, and composability.

14/ @Veildotcash launched Veil MCP 0.2.0, enabling agents to make private x402 payments on @base.

15/ @src_co_ introduced SLOW, reversible, self-custodial crypto payments on Ethereum.

16/ @ensdomains ecosystem builders launched ENS8004, a web app that converts an ENS name into an onchain AI agent other applications can find and verify.

17/ @OctantApp introduced properQF in Epoch 12, integrating quadratic funding into the funding round.

18/ @AragonProject launched onchain profiles, making governance participants readable across forums by resolving ENS names, avatars, bios, websites, and social links from Ethereum mainnet.

19/ The Ethereum Community Hub network expanded to Lisbon, hosted at the @gnosisDAO office.

20/ @SuccinctLabs introduced data confidentiality to OP Succinct, enabling institutions to keep transactions confidential while settling to Ethereum.

21/ @HardhatHQ 3 became stable, bringing Solidity tests, multichain support, a Rust-powered runtime, a revamped build system, and Hardhat Ignition for deployments.

22/ The inaugural @ethconf, in NYC, brought together thousands of founders, industry leaders, and builders to discuss building on top of Ethereum.

23/ @EthPrague brought Ethereum builders together in Prague to discuss protocol development, privacy, culture, and long- term societal impact.

24/ @ETHGlobal introduced a new format where, for the first time at an ETHGlobal hackathon, projects do not have to begin from zero.

[Solana @solana]

Tokenized equities.
Prediction markets.
Stablecoins.
Collectibles.
Treasuries.
Payments.
Gaming.
Perps.
Memes.
DePIN.
RWAs.
LSTs.
AI.

All on Solana.

[vitalik.eth @VitalikButerin]

ZKsync has been doing a lot of underrated and valuable work in the ethereum ecosystem. Excited to see this come from them!

[vitalik.eth @VitalikButerin]

We need more DAOs - but different and better DAOs.

The original drive to build Ethereum was heavily inspired by decentralized autonomous organizations: systems of code and rules that lived on decentralized networks that could manage resources and direct activity, more efficiently and more robustly than traditional governments and corporations could.

Since then, the concept of DAOs has migrated to essentially referring to a treasury controlled by token holder voting - a design which "works", hence why it got copied so much, but a design which is inefficient, vulnerable to capture, and fails utterly at the goal of mitigating the weaknesses of human politics. As a result, many have become cynical about DAOs.

But we need DAOs.

* We need DAOs to create better oracles. Today, decentralized stablecoins, prediction markets, and other basic building blocks of defi are built on oracle designs that we are not satisfied with. If the oracle is token based, whales can manipulate the answer on a subjective issue and it becomes difficult to counteract them. Fundamentally, a token-based oracle cannot have a cost of attack higher than its market cap, which in turn means it cannot secure assets without extracting rent higher than the discount rate. And if the oracle uses human curation, then it's not very decentralized. The problem here is not greed. The problem is that we have bad oracle designs, we need better ones, and bootstrapping them is not just a technical problem but also a social problem.
* We need DAOs for onchain dispute resolution, a necessary component of many types of more advanced smart contract use cases (eg. insurance). This is the same type of problem as price oracles, but even more subjective, and so even harder to get right.
* We need DAOs to maintain lists. This includes: lists of applications known to be secure or not scams, lists of canonical interfaces, lists of token contract addresses, and much more.
* We need DAOs to get projects off the ground quickly. If you have a group of people, who all want something done and are willing to contribute some funds (perhaps in exchange for benefits), then how do you manage this, especially if the task is too short-duration for legal entities to be worth it?
* We need DAOs to do long-term project maintenance. If the original team of a project disappears, how can a community keep going, and how can new people coming in get the funding they need?

One framework that I use to analyze this is "convex vs concave" from https://t.co/1BrMsUAKWK . If the DAO is solving a concave problem, then it is in an environment where, if faced with two possible courses of action, a compromise is better than a coin flip. Hence, you want systems that maximize robustness by averaging (or rather, medianing) in input from many sources, and protect against capture and financial attacks. If the DAO is solving a convex problem, then you want the ability to make decisive choices and follow through on them. In this case, leaders can be good, and the job of the decentralized process should be to keep the leaders in check.

For all of this to work, we need to solve two problems: privacy, and decision fatigue. Without privacy, governance becomes a social game (see https://t.co/uMXcuzQNjM ). And if people have to make decisions every week, for the first month you see excited participation, but over time willingness to participate, and even to stay informed, declines.

I see modern technology as opening the door to a renaissance here. Specifically:

* ZK (and in some cases MPC/FHE, though these should be used only when ZK along cannot solve the problem) for privacy
* AI to solve decision fatigue
* Consensus-finding communication tools (like https://t.co/Nzord32Ub1, but going further)

AI must be used carefully: we must *not* put full-size deepseek (or worse, GPT 5.2) in charge of a DAO and call it a day. Rather, AI must be put in thoughtfully, as something that scales and enhances human intention and judgement, rather than replacing it. This could be done at DAO level (eg. see how https://t.co/pCHI7Mlo2m works), or at individual level (user-controlled local LLMs that vote on their behalf).

It is important to think about the "DAO stack" as also including the communication layer, hence the need for forums and platforms specially designed for the purpose. A multisig plus well-designed consensus-finding tools can easily beat idealized collusion-resistant quadratic funding plus crypto twitter.

But in all cases, we need new designs. Projects that need new oracles and want to build their own should see that as 50% of their job, not 10%.

Projects working on new governance designs should build with ZK and AI in mind, and they should treat the communication layer as 50% of their job, not 10%.

This is how we can ensure the decentralization and robustness of the Ethereum base layer also applies to the world that gets built on top.

[MiauMimy @froth_cell]

Crypto never sleeps and neither do I 🔥 BTC, DeFi, Web3 all moving at once — the ecosystem is ALIVE. This space rewards those paying attention daily.

Who's staying locked in with me? #Crypto

[MiauMimy @froth_cell]

finally cooked a real meal tonight instead of staring at charts. pasta, glass of wine, no price alerts. honestly forgot how good this feels. the green candles will still be there after dinner 🍝

[MiauMimy @froth_cell]

Anyone else seeing this?

[MiauMimy @froth_cell]

crypto never sleeps fr 😅 BTC doing its thing, DeFi moving, Web3 building… another wild day in the space. honestly can't keep up sometimes lol

what's the ONE thing you're watching rn? 👀 #crypto

[Michael Saylor @saylor]

Digital Money should be stable, liquid, digital, and yield-bearing. Bitcoin-backed credit makes that possible. The next wave is not just stablecoins — it is stable-value money with yield, built on Bitcoin. $BTC

[Monad @monad]

drop your Monad address below within the next 24 hours to receive your soulbound NFT