1/ An important experiment in the future of crypto is now underway:
Grassroots, open-source community
VS
More centralised, VC-backed project

Yep, its $YFI vs $MTA. This could get spicy - I’ll break it down:

2/ Both projects want to claim a huge role in the ecosystem.
As one YFI hodler put it: "to be the de facto settlement asset for all financial activity in crypto, if not the world".
How?

3/ They let you build 'better' stablecoins - ones which automatically earn interest.

Why hold DAI or USDC when you can hold yCRV or mUSD, which passively earn interest? (& trading fees for yCRV)

Both aim to be the standard. But...there can only be one standard.

4/ YFI was surprise-launched by @AndreCronjeTech as a 'valueless 0 supply token, with no pre-mine, no sale, we don't have any of it'.

MTA has raised 2 rounds of funding; investors include @zhusu's 3 Arrows & @AlamedaResearch of @FTX_Official fame. https://twitter.com/kyled116/status/1285881883876683778

5/ Why is this important?

Well, to be the standard requires liquidity & adoption. So will exchanges adopt yUSD or MUSD for their customers?

Well... @zhusu naturally has an idea https://twitter.com/zhusu/status/1287370571483762689 that fellow MTA investor @SBF_Alameda can get behind

6/ This is a benefit of having strong investors. There's nothing wrong with it.

Having VC's sitting on a nice 20x does bring problems though: especially when a bag of 3 million MTA coins is suddenly unlocked & dumped, despite not appearing on any public vesting schedule.oops

7/ $YFI has had controversy too: @AndreCronjeTech has some beef with a previous business partner. But Andre, like Satoshi (& without the 7% mine) already gave up all control - he isn't even one of the 6/9 multi-sig owners https://twitter.com/AndreCronjeTech/status/1285427748761198594 Yay decentralisation?

8/ Well, decentralisation has problems too. Each decision for $YFI (like emission rate, voting rules etc.) is subject to hot debate at https://gov.yearn.finance/ . There are disagreements, and choices take time.

But... because no one is in charge, everyone is in charge.

9/ This means that everyday, an army of contributors volunteer to build the product & grow the community. It's now voting to perhaps set aside 5%, to pay Andre, & security auditors, etc. in the future.

But is a centralised single company just better?

10/ That is why this is incredibly exciting to watch. YFI is moving incredibly fast - soon you will be able to earn interest passively on any token (& it looks like LINK will be first, by popular vote).

The team at MTA isn't sitting still either, of course

11/ Why is this important for crypto as a whole?

I'd like to hope the decentralised, community-led underdog wins...

But the best product will win. As it should.

Tether is a great product (seriously). Having a team of devs is great...

My money is that a community is better.

12/ For the record, I’m a big fan of @zhusu & @SBF_Alameda, both as people, and as great investors who contribute to the space. This isn’t a knock on them.

Tweets like https://twitter.com/zhusu/status/1286964023850762240 just needed some context

Devs - build on YFI. CEX's... DEX's will, r u scared?

@Rewkang @devops199fan @TrustlessState @defiprime @DegenSpartan @QWQiao @tannedoaksprout @SimpelAlpha @mrjasonchoi