Read on Twitter
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: 
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?
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.
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
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
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
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.
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?
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
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.
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?
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
