PraxisVeritas.io (praxisveritas)

great article about the sopranos https://www.nytimes.com/2021/09/29/magazine/sopranos.html

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@bankless, @rsa.eth Just listening to the weekly rollup, you guys have the mechanism for Ethena mixed up. To issue USDe, they are first long stETH and neutralize the price changes by shorting ETH perps. Not always, but the market bias is to be long ETH, so shorts are usually paid. That’s the source of yield.

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You can get to an order of magnitude approximation of market cap by squaring daily active addresses. Try it, it also fits Metcalfe’s Law intuition. For 20k ETH, which would be >2Trln mcap you would be averaging 1.4mln daily actives. Not a daunting task.

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Did you know that you can get to an order of magnitude estimate of BTC and ETH market cap by squaring daily active addresses? With L2’s rising in prominence maybe this breaks down, BUT you can do a sanity check on your price targets this way.

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