PaperImperium (@ImperiumPaper) / X

PaperImperium

11.8K posts

PaperImperium

@ImperiumPaper

Economics Lead at @megaeth. Views and opinions my own.

Joined July 2021

Pinned
PaperImperium
@ImperiumPaper
May 23
A major unforced error in crypto is treating technical dashboards as financial dashboards. Nowhere is this as obvious as with TVL of lending protocols. TVL is NOT a substitute for accounting! Let’s look at TVL defined as “Value of all coins held in smart contracts of the
60K
PaperImperium
@ImperiumPaper
Oct 26, 2025
I’ll take the other side of this. Equities are not well suited to perps. 1) Equities perform best when held over a longer period. If you’re holding for at least a year, the tax rate is lower for equities 2) If the equity has a dividend, you’re giving it up if you’re long. This
Flood
@ThinkingUSD
Oct 25, 2025
Equity perps now live through the main front end Expect single name stocks (NVDA, PLTR, HOOD, TSLA etc.) to get listed soon as well. The home for all of finance.
179K
PaperImperium
@ImperiumPaper
Aug 31, 2025
This is a clear signal that @StoryProtocol is DOA. You would never do an $82m buyback when your core business is doing $40k/year in revenues unless you saw no way to invest that money in the core business. It’s an admission that $82m isn’t enough to turn the business around
Story
@StoryProtocol
Aug 30, 2025
Update: Over the past 24 hours, the Story Foundation has executed 2,976,175 USDT in buybacks as part of the $82M buyback program. We will continue to provide periodic updates on the progress of this buyback program, which runs through November 16, 2025.
87K
PaperImperium
@ImperiumPaper
Sep 9, 2023
Replying to @ConcernedApe and @Jesterdysphoria
Living with Krobus IS perfection
54K
PaperImperium
@ImperiumPaper
Sep 21, 2025
I love Uniswap, but let’s be honest. UNI tokenholders are financing much of the volume. Zero revenue goes to those tokenholders. People aren’t bear posting Uniswap The Product. They’re bear posting Uniswap The Investment.
Hayden Adams 🦄
@haydenzadams
Sep 21, 2025
Always funny to see people bear post Uniswap Meanwhile volumes are at all time high exceeding $1T/year for the first time Reg env massively improved And many exciting things on the horizon :)
39K
PaperImperium
@ImperiumPaper
Mar 13, 2024
What are we even doing here if custodians are better than a smart contract
31K
PaperImperium
@ImperiumPaper
Oct 11, 2024
MKR has been down only since the rebrand announcement, losing 33% of its market price. Normally, this isn’t a huge issue. It’s just crypto being crypto. But Rune is borrowing against his MKR, and is now withdrawing large amounts from governance staking to shore up his positions
83K
PaperImperium
@ImperiumPaper
Jan 12, 2025
How did Maker go from $216m annualized revenue two months ago to $62m today? It’s actually pretty simple! We’re seeing the flip side of the exact same coin. Anyone who follows fixed-exchange currencies, banks, and stablecoins should be familiar w these mechanics 1/n
Sam MacPherson
@hexonaut
Nov 19, 2024
absolutely printing rn
103K
PaperImperium
@ImperiumPaper
Aug 7, 2025
As a longtime Maker watcher (and often critic), I am absolutely shocked by this @SPGlobalRatings for Maker-Sky 1) B- is deep in junk territory, implying S&P assigns >12% chance of default within 3 years 2) Sky is reposting, which suggests lack of understanding what B- means
Sky
@SkyEcosystem
Aug 7, 2025
S&P Global Ratings has published the first ever credit rating for any stablecoin system: Sky Protocol.
46K
PaperImperium
@ImperiumPaper
Sep 3, 2025
Ethena should just fork Pendle at this point. It’s not as if the tokens have an integration moat - they expire every few months. Fairly easy and more assured of profits than a new chain or other ventures
Ethena Ecosystem
@Ethena_Eco
Sep 2, 2025
. @ethena accounts for 70% of @pendle_fi's $10B+ TVL. Higher.
63K
PaperImperium
@ImperiumPaper
Jul 8, 2024
Replying to @AffectiveAutism and @micsolana
Clinton, W, and Trump all born within 3 months of each other
12K
PaperImperium
@ImperiumPaper
Jul 22, 2025
Am I to understand that someone borrowed $10m unsecured at 18% APY to buy the stock of a company whose sole business is holding ENA, which it can only liquidate 1) after it begins to vest in 12 months and 2) with permission from Ethena Foundation, the controlling shareholder?
kain.inx
@kaiynne
Jul 22, 2025
I’ve invested in *checks notes* 7 different un/undercollateralised lending products. Finally one is working. @WildcatFi has cracked it. We just used our pool to take a large position in the recently announced ENA pipe deal.
61K
PaperImperium
@ImperiumPaper
Mar 27, 2025
Today we see @Optimism staking 20% of their ETH (earned from sequencing fees) through custodian BitGo. This is the first time an L2 has staked or invested their ETH of any size to my knowledge. Arbitrum has a pending proposal to deploy ETH into their DeFi ecosystem.
12K
PaperImperium
@ImperiumPaper
Aug 12, 2025
I’ll leave other commentary to others but if USDC is the gas token, doesn’t that mean Circle can brick any address by blacklisting then w USDC? Other tokens would still be stuck. This is a major reason why chains using only a freezable stable as gas seem like poor value prop
Circle
@circle
Aug 12, 2025
Introducing Arc, the home for stablecoin finance. @arc is an open Layer-1 blockchain purpose-built to drive the next chapter of financial innovation powered by stablecoins. Designed to provide an enterprise-grade foundation for payments, FX, and capital markets, Arc delivers
00:00
25K