Seoul

@seoul

115 Following

478 Followers

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Something's cooking over at @dune.eth 👀

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5/ Dashboard @dune.eth Dashboard: https://dune.com/seoul/usd1 CA: 0x8d0D000Ee44948FC98c9B98A4FA4921476f08B0d

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3/ Competitive Landscape The stablecoin market is already crowded with established players like $USDC & $USDT and newcomers like $USDe Without a clear yield-sharing model or transparent fee structure, its main differentiator is the Trump brand and the narrative surrounding it.

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4/ Will it make it? Without clarity on yield distribution, fee structures, or user incentives, USD1 feels more like a statement than a product for now. Still, it’s worth watching. The real question: Can political narrative and branding compete with product-market fit in 2025?

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2/ Big Picture Play (?) @worldlibertyfi’s move aligns with a broader trend of increasing US involvement in crypto: 🔹Appeals to institutions through regulatory alignment 🔹Signals legitimacy with implied government backing 🔹Keep USD-backed stablecoins under US oversight

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0/🧵USD1 or USDone? World Liberty Financial just launched a new dollar-pegged stablecoin: $USD1 However, details around yield and fee structure still remain unclear. Is this just another stablecoin, a strategic push, or a high-profile money grab wrapped in stars and stripes?

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1/ Deployment USD1 is currently on Ethereum and BNB Chain with ~$3.5mm minted on each. Despite the official announcement, the project isn’t fully live, and only 8 addresses currently hold $USD1 Wintermute appears to be spearheading liquidity with Bitgo providing custody

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8/ Dune Dashboard & Article 📊Dashboard: https://dune.com/seoul/cmp 📝Article: Compound Bends the Knee: Shifting Towards Morpho & Polygon for Survival (https://seoulcalibur.substack.com/p/compound-bends-the-knee-shifting)

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7/ Final Thoughts With this partnership, Compound may be ceding control of its ecosystem and capital. The real winners? Morpho, Gauntlet, and Polygon at Compound's expense. However, with limited interest in the vaults, the true impact remains unclear. Only time will tell.

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6/ Future Fee-Split? For now, Compound keeps 100% of vault revenue. However, the proposal hints at a future fee-split meaning Gauntlet could claim a share later. With Gauntlet and Morpho's influence, another vote could introduce a fee switch with little resistance.

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4/ The Reality: Who Benefits? When taking a closer look, concerns emerge: 🔹@gauntlet allocates Compound’s capital 🔹Morpho benefits from Compound’s liquidity 🔹Polygon gets a TVL boost Meanwhile, Compound fronts $1.5mm with uncertain returns.

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5/ Red Flags: Conflicts of Interest 🚨 Gauntlet cast 27.6% of votes on its own proposal 🚨 Major delegates voted with no public commentary 🚨 Early votes from previously inactive delegators

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2/ Overview Compound, once a DeFi lending powerhouse, has faced increasing competition from Aave, @morpho, @euler. To stay relevant, it’s partnering with Gauntlet and Morpho to launch vaults on Polygon with $1.5mm in $COMP incentives matched by $1.5mm in $POL

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3/ The Pitch: A Win-Win? On the surface, this move appears to benefit Compound: ✅ A new revenue stream ✅ Leverages Aave's deprioritization of Polygon ✅ Could lead to further partnerships

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1/🧵 Compound Bends the Knee? Since launch, Compound’s Morpho vaults have earned just $31 despite $1.5mm in COMP incentives. Is it a strategic adaptation or a risky gamble for Compound? Let’s break it down ⬇️

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Check out the @dune.eth dashboard for a closer look at the numbers behind @worldlibertyfi's recent $550mm in token sales. 🔗 https://dune.com/seoul/wlfi

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Perhaps they don't like free money 🤷 Likely they are unfortunately not aware.

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Covered @kaitoai for @ournetwork. Nearly 68% of the allocated airdrop remains unclaimed. Make sure to claim yours before it’s too late! Dune Dashboard: https://dune.com/seoul/kaito

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This year I built a Dune dashboard to track cbBTC on Base and other blockchains https://dune.com/seoul/cbbtc

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This week I built and updated a Dune dashboard to track $cbBTC across Base, Ethereum, and Solana. This dashboard offers a comprehensive view of $cbBTC's performance and various metrics. Dashbaord: https://dune.com/seoul/cbbtc

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