I wanted to find a way to explain the difference between
@UMAprotocol
's oracle design and feed-based price oracles without straw-manning or being disrespectful.
How did I do?
People are tired of chasing airdrops. They're tired of quests. They're tired of points.
People are excited for Oval because it's an actual innovation.
The first product of its kind, Oval can literally print money for blue chip protocols, and it's dropping tomorrow.
Launching an intents-based food delivery app.
You, the user, will order pizza.
Fillers (delivery people we're exploiting) race to buy a pizza and run it to your front door.
The first one there gets reimbursed + a fee.
Now raising at a $5 bil valuation.
LayerZero is showing that they have no respect, if not outright contempt for the idea of decentralization.
They frontran Lido's governance to deploy unofficial $wstETH, their security is a 2/2 multisig and they literally use Google as their oracle.
I'm watching Hasu get more pissed off in real-time as he edits his comment re: LayerZero's "sketchy sales tactics".
For web3 to build unstoppable, permissionless systems, thoughtful debate must come before marketing campaigns. Marketers please remember this!
New oSnap proposal is live.
$ACX holders are voting in a committee to grow
@AcrossProtocol
's community.
If this passes, oSnap will assert the transaction data to UMA's Optimistic Oracle, then trustlessly execute it onchain.
Lending protocols lose hundreds of millions of dollars to MEV.
It's time to capture that value.
Built with
@chainlink
Data Feeds and Flashbots, Oval is now live. 🥚 🧵
Stargate volume has crashed following the L0 airdrop announcement.
@AcrossProtocol
is now number one fast bridge by a huge margin.
Across is the fastest and cheapest bridge. This was always gonna be the final outcome.
I want to clarify this number:
1. OEV is hard to quantify. The reality could be much, much more.
2. If ETH was a little bit higher when this went out it would have been 69 million and I’m sorry I couldn’t give that to you.
Oval is live. 🥚
Out there >$100M of MEV is going uncaptured.
Most of this value is created by DAOs.
Our job now is to educate delegates, write proposals and start capturing the first MEV for DAO treasuries.
Lending protocols lose hundreds of millions of dollars to MEV.
It's time to capture that value.
Built with
@chainlink
Data Feeds and Flashbots, Oval is now live. 🥚 🧵
Looking for someone who can design a strip for a team of basketball playing gorilla NFTs. Price not really an issue.
This isn’t a category on Fiverr so artist recommendations welcome.
UMA’s Oval teaser is as viewed as the Arbitrum Airdrop announcement.
Oval isn’t an airdrop.
It’s incredible that something so deep and technical is getting this much traction.
PUMPED to be chatting to the legendary
@cryptofishx
on today's community call.
What do degens want to know about
@traderjoe_xyz
?
Wen $10 JOE?
Wut veJOE?
Drop 'em and I'll ask. 👇
Catch us in the
@float_capital
Discord at 4pm UTC+2.
"The trouble is not that we don't understand human rights. The trouble is that one day we decided that some people weren't human."
@rappler
's
@patevangelista
already the highlight of
#GIJC17
The next 12 months will be the biggest ever in the history of
@UMAprotocol
.
@AcrossProtocol
too.
Last week we wrapped a team offsite in Portugal and aligned on our strategy for the rest of the year.
Here is the biggest alpha I'm allowed to leak:
Trust the team
Across, UMA
What does MEV capture mean in real terms? Take
@compoundfinance
.
In 2022 they earned $7.6M. That year Oval would have captured $27.4M.
Imagine getting 4x your revenue with no code changes.
Oval is designed to capture the massive amounts of MEV created by lending protocols.
Currently this value is lost to actors who contribute nothing to these protocols.
We believe that if a protocol creates value, they should be the ones to keep it. 🥚 🧵
Ya know why
@AcrossProtocol
was always gonna win over Stargate?
Because bridging sucks. Its existence implies bad UX.
The endgame of bridging is to be abstracted away from the user, and flow through the fastest, cheapest route.
That route is definitively Across.
Lending protocols lose hundreds of millions of dollars to MEV.
It's time to capture that value.
Built with
@chainlink
Data Feeds and Flashbots, Oval is now live. 🥚 🧵
Across hit a NEW ATH for daily volume, days after the last ATH.
Across v3 is the best bridging solution on the market.
It's powered by intents and secured by UMA's Optimistic Oracle.
Feb 22 - Across V3 launch
Feb 24 - Across Bridge ATH daily volume
Across V3's intents-based bridging is working. Our bridge just hit its ATH of $48M in daily volume, and V3 only just launched 😎
A year ago Across didn’t get the clout it deserved.
We had pioneered intents but they weren’t in the public consciousness yet.
Now every team is spinning up their own intents architecture and wants what we have.
The next few months really are gonna be fun.
Tl;dr on the call with
@cryptofishx
.
This team is shipping big and fast and are building a massive interconnected set of projects with huge potential.
Not financial advice but stack $JOE to the max yo.
Lot of newcomers in the UMA ecosystem after the Oval launch. 🥚
Before Oval was pioneering MEV capture, UMA's Optimistic Oracle was securing DeFi blue-chips.
The $UMA token is key to that security.
Read on to learn how. 🧵
A lot of you have been asking for updates on Oval integrations.
Alpha coming soon.
In the interim, I asked ChatGPT to visualize how the talks were going. 🥚
Big news:
I've officially gone blue chip and joined the team
@UMAprotocol
.
That means I get to help grow the Optimistic Oracle – literally the most powerful blockchain oracle ever built.
Plus I get to work with absolute legends like
@hal2001
and
@TokenArchitect
. Not bad.
@RGAMeyer
describes 'vendetta media' – politician owned media set on dumbing down democracy, which only cares about democracy and law when the opposition gets caught. The rest of the panel starts laughing because it's such a well known phenomenon.
#TC2020
Across has been crushing Stargate lately, so we see lots of fud saying we better watch out for Stargate v2.
My brother in Christ, you have no idea what
@AcrossProtocol
is cooking up next.
Very cool.
@vegaprotocol
about to launch an EigenLayer points market modeled on credit default swaps.
For a mechanism like that you’d need something like UMA’s Optimistic Oracle to resolve markets after the airdrop.
Hint hint.
✅ The EigenLayer Points futures market is on track to be approved ✅
@eigenlayer
Voting will close in 16 hours ⌛
Should the approval be finalised, the market will activate tomorrow at 11:00 UTC 🏴☠️
Biggest honeypot yet dropping in about 2 hours.
~$850 in risk free ETH.
Just send a liquidation bundle to the Oval RPC instead of straight to MEV-Share.
More details in the 2nd post. 👇
Ready to become the first liquidator to use Oval?
We're running a Capture the Flag competition to test Oval liquidations.
Submit bundles to liquidate test honeypots and win. 💰
Starts on Monday, Feb 19th.
The brilliance of Oval is that it works today.
Other theoretical solutions require changing oracle infrastructure or changing actual protocol design to limit MEV exposure.
Maybe they'll consider that for Aave v4 but Oval can capture the value bleeding out right now. 🥚
0x17 hit $25k last night.
Up from $400 in just over a month, remember?
What was the most Gigachad next step they could take?
Starting over.
They've transferred out their >6,000% $JOE day trading gains and re-entered with $70.
Outstanding move.
I joined UMA because
@hal2001
and
@Melissa_Aquinn
wanted to build a world-class marketing organization.
Now we're adding FOUR new marketing roles for
@UMAprotocol
and
@AcrossProtocol
.
See the jobs below and tag the strongest DeFi marketer you know.👇
There are only 2 days left until the egg cracks, and we can see inside what
@UMAprotocol
has been building for months.
This is one of the most successful marketing campaigns in recent times. My congratulations to
@CampbellEaston
and
@BrittanyMadruga
.
Here is my grain of sand 🙂
UMA's Optimistic Oracle and oSnap now secure more than $1 billion.
We're grateful to our incredible partners for helping us get this far.
We're showing that for bridging, governance, prediction markets and more, optimistic verification is the safest, simplest solution.
By now we all know that lending protocols lose money to OEV when they liquidate positions.
The last 30 days have seen a surge in liquidations.
So how much OEV has been extracted from each protocol on mainnet?
Let's make a top-5 list:
Peak $UMA had a 2 billion dollar market cap.
oSnap is about to take
@UMAprotocol
beyond our all-time high TVS. All that value accrues to UMA holders.
Imagine what's going to happen in the next bull-run.
Super exciting to see oSnap live on
@arbitrum
!
oSnap leverages
@SnapshotLabs
and
@safe
to let DAOs vote gaslessly, with decentralized onchain execution.
Literally the best tool for voting if you want engagement from real users. 💪
This is what an A+ team looks like.
No weak links.
No drama or infighting.
These guys wake up every day and deliver at the highest level.
@float_capital
delivers faster and better than teams five times our size.
Massive things are coming. Just wait.
Years ago I broke my gf’s favourite vase.
When she saw, she broke down in tears, so I blamed the dog.
“I won’t be mad if it was you,” she said.
I confessed. She threw a shoe at me and I slept on the couch for a week.
That’s why I will never admit to Sybil farming.
I’m telling you, these Spaces keep getting better and better.
Huge thanks to
@EpochIsland
,
@ZacharyDash
, and
@PSkinnerTech
for the invaluable conversation today. I’m very bullish.
If you missed it, no worries. Tune into the full recording below. 👇
Gm.
Daily reminder that
@StaniKulechov
and
@AlamedaResearch
have invested in
@float_capital
.
Daily reminder that we have the best dev team in DeFi.
Daily reminder that we have the best community in DeFi.
WAGMI. Without a doubt.
Building a Web3 hamster racing protocol?
Use
@UMAprotocol
as your oracle for validating race data on chain.
We're working on a hamster specific quick start guide.
Please stop DMing the UMA team to ask about Huevos Rancheros.
The team has a longstanding policy of not commenting on new technology until it has passed audit and is production-ready.
We cannot and will not confirm anything before a formal announcement is approved. 🥚
Across v2 was a bridge. Across v3 is a seamless interoperability layer.
It's the thing that makes bridging invisible.
Attract users from any chain with Across+.
Make any DEX crosschain with the Across Settlements System.
Most interoperability solutions rely on message passing for cross-chain transfers. This is extremely difficult to do quickly, affordably and securely.
What if there was another way?
1/ Introducing Across V3 ✨
Last week we raided the
@CV_Labs
Blockchain Hub in
#CapeTown
.
Really awesome hanging out in the city’s first
#blockchain
coworking space.
Keen to see what game changing projects are gonna spring out of here in the coming years.
Tomorrow
@IAmChrisMaree
and I join
@DaoChemist
to talk about Oval and the state of MEV.
Oval is the first-ever MEV capture tool for lending protocols and can add tens of millions to annual revenue.
Might even have some private alpha to share. 🥚
Been single for a couple of months now. The hardest part is talking to someone for a few days, letting your guard down and learning they own Cardano. Literally happened three times now.
We need to talk about how bullish the Across LTIPP proposal is for
@arbitrum
.
If it passes,
@AcrossProtocol
will cover 95% of the costs of bridging to Arbitrum.
With Across+ builders would be able to attract liquidity from other chains, straight into their protocol, with a
Another Oval market has gone live on
@MorphoLabs
. 🥚
@gauntlet_xyz
has deployed a lending market
@TheTNetwork
’s $tBTC & $USDC.
Oval will capture OEV created by the market, to clear bad debt and increase yield for lenders.
Like it or not, what's happening on
@Arbitrum
is real governance. Excitement. Disappointment. Gossip. Greed. Accidentally delegating to the wrong address.
This is how DAOs work and the Arbitrum DAO is working.
There have been many impressive oSnap integrations recently.
The latest,
@DFXFinance
is definitely a project worth keeping an eye on.
Plus they're old frens of UMA. Catch our Space today to learn more. 🧠
In the next few months you'll see:
◆
@AcrossProtocol
dominating non-farming bridge use
◆ oSnap v2 going live
◆ Multiple major DAOs integrating oSnap
◆
@ForeProtocol
going live using UMA
This team hasn't stopped for months and it's all coming together.
MEV Capture is game-changing technology.
No point system, so you haven't heard about it yet.
UMA's Oval would have added 50% to
@aave
's all-time revenue. Substantially more for
@compoundfinance
.
Great deep dive by
@desh_saurabh
and
@tumilett
. 👇🥚