1/6🧵I have to share my excitement with my @photofinishgame family and the rest of the world. Yes it's possible to start from the bottom and eventually make it to the top.I'm not close to the top yet, but I'm definitely confident that I will reach it. I started back in season 6👇
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https://t.co/9vM9EQHORE
OMG doing a come back from almost 2 months off and look at that: Patron of the Realm from @Zedge_ORE took 🥇in the TTC Gallop! So happy to see this because the dad is Stayer of the North from our own stable.
⚡️STRIKING VICTORY, THUNDER'S LEGACY⚡️
#RDSARMY
https://t.co/seJhI27HNv
Meeting setup with @Layer_33_
Excited to see what the @compoundORE team can cook up with @Layer_33_
The first step of solving a problem is admitting you have one and I think everyone is there…
The second step is fixing the problem and while it seems hard… I actually think this is very doable by creating the right market incentives.
In the spirit of building openly and crowd sourcing ideas… the obvious solution is we need to incentive staking on independent validators… don’t ask people to do make it dumb not to do it. I will happily pledge 2% of protocol revenue from @compoundORE to the effort, especially if the @Layer_33_ team can help me find a way to do an airdrop just to my customers who stake on independent validators… the more sol you stake, then the greater your chance at winning.
I will also pledge 2% of my revenue from my @photofinishgame digital horse race track to also supporting the decentralization of solana.
Once people see this working they will have a choice of whether to work with companies supporting decentralization and solana or those that stay silent. It’s one thing to stay silent when no solution is on offer… it’s another when you have an elegant solution to reward your own customers for doing the right thing… and when your competitors are doing it… it would be bad business not to do it.
Expect more details in the next week or two once the dust settles from @SolanaConf
@compoundORE the future home of no click $ORE compounding with self-repaying zero interest $USDC advances (without liquidation risk) continues to make nice progress. Project is on dev net and we had a kickoff call with our auditors, who agreed to bump us to the front of the queue because they’re also @ore-pilled and share the vision of what we’re building. Unclear if we will be able to launch a fully audited project by @SolanaConf but we surely will try and it seems increasingly likely that this will be live and usable by all of you before the ball drops to mark the end of 2025.
@compoundORE now stands at 550 followers, so good progress for a week but still a lot of wood to chop. Hopefully our educational content combined with $ORE giveaways will help us reach the rest of the community before launch day.
As we don’t believe @compoundORE needs a token, in fact we strongly feel it will be better without one as we can focus on $ORE deposits as our only stakeholder we feel it is important to offer something better.
That something better is going to be mining-as-a-service. We’re patterning with Refinor and @nftimm to mine using a portion of protocol revenue to mine on behalf of our $ORE depositors. Those that have been with us for over a year will benefit from regular mining dividends. We look forward to flushing out this program as we get closer to launch. Prior to launching this program I will be learning in public using his program with fully audited results… link below.
While mining dividends seem cool, what really excites me is the chance to work with artists to build a collective around @ore. Taking a portion of protocol revenue to commission 1/1 works that we can fractionalize and airdrop to our customers. Unlike the mining airdrops which require a one year test, these “art-drops” will be available the moment you join. To manage administrative burden, there likely will be a minimum deposit size but the goal is to help create as much good art as possible and share it with as many people as possible.
Art is also a great way to help illustrate how much bigger $ORE can be… it need not only be a SoV for @solana. I will be partnering with artists from solana as well as @ethereum and @BNBCHAIN to lay the groundwork for our future multi-chain protocol.
Early conversations with artists like @NoBanksNearby from $SOL and one of my longtime favorites from collecting on $ETH since 2020 @GabrielJWeis have already indicated that they’re interested.
I would love to now crowdsource the application process to more artists and the truth is you can be active on any chain. $ORE will ultimately go wherever there are consumers needing a SoV.
As an added incentive to participate - @compoundORE will offer four winners 0.25 $ORE each. The only requirement is to retweet this, follow @compoundORE and post your art below.
Now is the time to be non-consensus and right. We’re building a new future SoV so we have a shot at building the world we want to live in. To me that world has more great art and so nothing would make me happier than merging that desire with @compoundORE’s mission. Look forward to seeing tons of great art and commissioning many pieces for the @ore community. I’ve already reached out to a dozen top artists and early indications are this idea has legs and being one of our early depositors will get you access to some amazing and potentially rare “art drops”
So after yesterday's introduction to the fundamentals of @ore mining, today's educational seminar courtesy of @compoundORE - future home no click $ORE compounding and zero interest USDC advances without liquidation risk - is on where to start after getting $ORE-pilled.
As was the case yesterday, as an extra incentive to help spread this content I put a few hours into creating on my way back from Europe today, we will be doing a solo $ORE giveaway for retweeting. To be eligible you must all follow @zedge_ore and @compoundORE.
Okay so with the boring stuff covered... let's set the stage for what we're going to be talking about today. You've just been $ORE-pilled and you have $10k to invest and you're curious should I buy spot and stake or should I mine or do both or something else. Something else could be providing liquidity on @MeteoraAG etc but for now we will ignore than and just focus on the buy vs mine decision and touch a little on the go vs wait decision.
For today we will assume you have $10k to invest, $ORE is $150 and you earn 20% with compounding when you stake vs 100% when you mine (no compounding). As a reminder you pay a 10% tax when refining your mined ore... but the yield you get from holding unrefined mined ore is already refined and thus does not result in a tax when you claim.
So below I've put together a nice table showing you how much $ORE you have buying spot vs mining and refining after various amounts of time and mining premium. As a reminder, mining returns as so attractive many people are willing to mine at a premium to spot (myself included - doing 3 sol a block as I write this patiently waiting for the @photofinishgame miner to launch).
It should be common sense that our goal should be to get as much $ORE as possible for our $10k. To answer what is optimal you need to know both what your time horizon is and how expensive it will be to mine.
There are lots of good tools to figure out how expensive it is to mine (ore dot monster is a good new one I stumbled across from @oredotmonster). Below is a screenshot of what I look for... $235 production price and $191 spot price or a 23% premium. From spending a lot of time in the mines that is a pretty good price, especially for a large motherlode with around 200 ore and a low absolute price for ore (we were at 500+ not long ago so good time to stack up).
Bottom left there is a heat map showing the outcome in terms of number of $ORE you end up with after holding various amounts of time buying spot vs mining at various premiums. Mining is all about taking the long view so for now we will talk about the return for waiting a year (though I've included 0 to 24M in each figure so pick whatever you want)
In our example, your $10k buys you 67 ore at a $150 spot price. This ore compounds to 81 ore after 12 months. If you could instead amass an unrefined ore position for the same price then you would be better off after waiting 2 months (your 100% yield would more than offset the 10% refining cost). If you wait the full year, then your 0% permium unrefined ore position would leave you with 127 ore after refining. It is quite hard to mine for spot... perhaps some people can do it and the smaller the amount you need to invest the more selective you can be... if we instead say you mine for a 20% premium to spot, like current conditions and where I am generally mining, then you start out with only 50 ore... a lot less than buying spot. You pay a premium to get your ore and a tax to refine it... it really only makes sense to mine if you have long-term conviction in ore and the liquidity to not need to access your ore for awhile.
In this 20% premium example, you start to breakeven by month 5 and by month 12 you have 106 ore. Ending the year with 106 ore vs the staker with 81 gives you a nice margin of error. We will get into that more in the post below
You know the drill - all you need to do for your shot at a solo $ORE courtesy of @zedge_ore and @compoundORE is follow us both and retweet the below message on how to navigate the decision to buy spot and stake or to mine. Receipts for the winner will be posted tomorrow
One $ORE bounty for successfully adding to the @zedge_ore research roadmap outlined below. Please help retweet to get the word out to the @ore community
Just awarded our second winner @Squirrelingtonn
I wasn’t expecting to do another giveaway so soon but @ThirdTimeIan silently shipped Lightning Races overnight.
1 ore in 48hrs to someone who retweets below tweet and follows @compoundORE. 2 winners of we cross 1k followers.
After spending nearly twenty years in finance, @ore is the most fun I’ve ever had professionally. I spent the first third of my career as a quant within investment banking at @GoldmanSachs advising Fortune 500 companies and the next two thirds reinventing myself helping setup and invest in venture and buyout firms globally. Been a student of investing for much longer than that… it’s fascinated me since I was a child and crypto always tickled my brain the same way… it made my ask the hard questions of what really is money and how do we rebuild financial markets.
I’m truly devoted to helping usher @ore into the next level of greatness and feel fortune to be in the right place at the right time… right network to build a team, right knowledge to understand the opportunity and the right resources to finance it personally.
I truly believe I need to earn your trust each day and always give more than I take. I aspire to have over 50% market share within $ore defi and to do that I need to operate differently. While I’m not ready to offer you the products to deliver on that mission, I can offer you access to my research for free… the work I do to inform my own thinking on @ore.
As a reward for those that help me help the community, I will happily give one $ORE to anyone who inspires items on my research roadmap. If I’m willing to spend over ten hours on your idea then you are helping me give away something tradfi would have to pay >1000x to generate.
We win not by gatekeeping great ideas and work but rather by open sourcing them so more can learn for themselves and build their own conviction. It’s both the right thing to do and good business. A successful business career has always taught me to give more than I take… so long as you give 10x more than anyone else whether it’s your customer/boss/peers/subordinates… they will all run through walls to help your succeed
To all new @photofinishgame players, there is a way you can get 100 Breeding reports every seasons and be part of the Executive Club. You need to acquire 20 PFP and there is only 386 available, that mean only 19 more people can join. @solanamobile
Season 35 is here.
@photofinishgame just crossed $25M in all-time sales, and Season 34 brought in 800 new stables.
This isn’t a flash in the pan — the ecosystem is compounding.
The next era starts today.
@solanamobile@thecrowntoken#virtualhorseracing
Congrats to @ElderRacing on a rare 7 stars pref SS- in RDS. He looks to be a solid contender for the Gallop.
Stayer of the North can't wait to be cheering for him on the track 😉
https://t.co/PVuyexw0w6
1 cover left for Stayer of The North, @zedge_jpeg took 3 last night who will get the last one ? I have mares ready to go with him. If you want to dip toes in RDS I can loan you one and just pay cover.
https://t.co/sgo4TEMMZ0