Drake Evans is hiring
@DrakeEvansV1
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founder @AgoraDollar . economics & code. formerly: fraxlend author @fraxfinance , engineer at @ADP
New York, NY
Joined January 2014
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Pinned Tweet
Tomorrow I'll be speaking at the NY Federal Reserve Bank about Blockchains, Digital Assets, and the future of regulation.
I'll be joined by
@CampbellJAustin
of Zero Knowledge Consulting
@TuongvyLe12
of
@baincapcrypto
@gordonliao
of
@circle
and Scott
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I'm sorry but jacking interest rates to 200% via governance is a rug. Changing the fundamental terms of a loan (10x interest rate) in a single transaction is very bad and we should call it out.
Very sympathetic to protecting protocol integrity but rugging is not the way
Spell proposal to implement similar mechanism FXS had. Seems Mich gonna have to find a way to pay this one down too.
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Lot of talk about fraxlend today, some of it incorrect. Since Fraxlend is my baby, lets dig into this pool to talk about why I think things are not as bad as they seem & some of the unique features of Fraxlend that protect lenders (+ some alpha for liquidators)
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To try and save his Fraxlend position, Mich is borrowing even more against his Aave position and depositing more CRV as collatera... suggesting he doesn't have the stables for it.
And Fraxlend utilization still sits at 100%, so it will 2x its APY every 4 hours...
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👀
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I feel like its worth mentioning that the CRV Fraxlend pair is IMMUTABLE. So to everyone saying that its impossible to build permissionless, trustless lending markets you are just wrong.
At
@fraxfinance
we have always believed this.
I'm sorry but jacking interest rates to 200% via governance is a rug. Changing the fundamental terms of a loan (10x interest rate) in a single transaction is very bad and we should call it out.
Very sympathetic to protecting protocol integrity but rugging is not the way
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🚨 Solidity devs, we need to have a heart-to-heart. The overuse of modifiers in Solidity is an anti-pattern 🙈
One day, we'll cringe, looking back at our code. Here's why:
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When
@Nick_van_Eck
told me he wanted me to help him build a better digital dollar I thought he was crazy. It would be an impossible task to unseat the duopoly. A few months later we closed a seed round led by
@dragonfly_xyz
. This is the story of why I’m building
@AgoraDollar
We are thrilled to announce that we have raised a $12 million Seed round, led by
@dragonfly_xyz
.
Agora is building next-generation payments and asset infrastructure for the transmission of value on blockchain-based rails.
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Ok as promised some MEV alpha.. AND there's still money on chain. (Yes I left a little for you anon)
Explanation and example code in 🧵:
(plus why flashbots discord is dead)
Despite what you’ve heard long tail MEV still accessible to smol guys, will drop some alpha tomorrow 👀
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This is a great opportunity to go into a little more detail on the design of the Fraxlend Oracle. Thread below on my favorite oracle design out there (and one that has inspired more than one project):
🧵🧵🧵
out of all the
@fraxfinance
lend markets, the frxeth/eth LP seems to have the most complex pricing mechanism, using a uni v3 twap + chainlink + curve pool w/ staleness and min/max bounds
so if you want to fetch the price of frxeth/eth as fraxlend sees it you need to.... what?
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I'm incredibly excited to finally be able to talk about what I've been working on for the last few months and to bring a better digital dollar to market.
@AgoraDollar
will change crypto forever.
We are thrilled to announce that we have raised a $12 million Seed round, led by
@dragonfly_xyz
.
Agora is building next-generation payments and asset infrastructure for the transmission of value on blockchain-based rails.
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@john_c_palmer
Literally any half decent grocery store? And the meat isn't bottom barrel boars head nonsense
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To celebrate the imminent launch of Fraxlend and the completion of the
@fraxfinance
Defi Trinity, we're giving $50k of awards to Fraximilasts who help secure the protocol
💥 Fraximalists,
@fraxfinance
is entering the arena with a $50,000 $USDC prize pool for their security auditing contest.
Wardens will be competing to secure Fraxlend: A permissionless lending platform.
Start submitting rare bugs now:
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Real recognize real 🫡.
@denett_eth
&
@samkazemian
been working on this since uni v3 came out. Short impermanent loss, leverage in both directions and AMM 🤯. Nobody is ready
Honestly, BAMM is probably the biggest innovation in DeFi since crvUSD.
DeFi will quickly produce more innovations than TradFi ever did
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Is it just a matter of time before all LPs stop pairing against ETH? Just doesn't make sense when you have to give up ETH staking yield.
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Been through 20+ audits, I can personally recommend all these folks:
@devtooligan
@SpearbitDAO
@trust__90
@code4rena
@0xMacroSecurity
If it wasn't obvious to you before, it should be now - don't get audits from Certik.
Here are some much better alternatives - teams in this space that have proven to be honest and audit at the highest quality:
-
@trust__90
-
@trailofbits
-
@ChainLight_io
-
@devtooligan
-
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So to recap:
1. Isolated lending markets protects lenders & borrowers
2. Non-borrowable collateral protects lenders & borrowers
3. Interest rate changes are slower than CT has been describing
4. Dynamic Debt Restructuring reduces risk for lenders & volatility for borrowers
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Now lets talk about one of the unique features of Fraxlend that protects lenders and borrowers: Dynamic Debt Restructuring. In the case of bad debt, Fraxlend immediately adjusts the virtual price of fTokens, which keeps the pool functioning properly and prevents panic.
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Are there any lending platforms written like AMMs? What I mean is relies on balances, optimistic transfers, maybe even callbacks inside? Was looking over uniswap code recently and there is no reason why I can’t turn fraxlend into an AMM
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First lets talk some basics, Fraxlend pools are isolated lending pairs. This has 2 important implications that significantly reduce risk for lenders and borrowers: 1. Any issues with collateral or bad loans are isolated to individual pairs 2. Collateral cannot be borrowed
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However it is important to realize that in practice the rate of increase is much slower as utilization never reaches exactly 100% and even a small step down slows the increase dramatically. See the below: at 99% ⇒ 1.87x, at 95% its 1.44x
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@adamscochran
Sorry didnt mean to imply bad intentions, the docs used to use 4 hours as a hypothetical on some diagrams. But we only ever deployed with 12 hours iirc.
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👀 some never before seen gas optimization coming to mainnet soon™️
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How is this counter intuitive though? In order to scale stablecoins you need demand from buyers/holders to outpace demand from minters/sellers, and of course this is ultimately what drives the profitable unit economics described.
Unlike traditional products where price changes
Been thinking about stablecoin growth for years now and just came to this counterintuitive thesis:
To grow a stablecoin, it’s more scalable to have profitable unit economics than just organic 0-cost demand.
A stablecoin protocol can scale up infinitely as long as the cost of
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✅ Love Good Documentation?
✅ Love On-Chain Governance?
✅ Love DAOs?
@fraxfinance
is getting ready to publish documentation for the new fully on-chain governance system and we want to know what you want to see in the docs!
Tell us here:
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Unlike most lending protocols, both of these calculators react to market dynamics WITHOUT governance intervention. We believe letting the market set the rate is better than a team making a governance proposal every time markets shift (since its pretty slow)
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For all my foundry homies: friendly reminder git submodules is not a package/dependency manager and npm allows you to add packages via github url and has all those nice features that we love about package managers like versioning and lockfiles
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@Sabnock66
honestly readability for new users should be top priority when choosing var names imo
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I might have to get a ticket to
@permissionless
to see
@samkazemian
put everyone else to shame
If this happens, that would literally make
@Permissionless
the coolest crypto conference ever, and I’ve been to probably over 100 conferences in my life.
If anyone out lifts my SBD at Permissionless they'll get something BIG! LFG! 💪
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In typical lending markets, when bad debt occurs there is an immediate exodus as lenders try to withdraw capital faster than others. In Fraxlend, the pool immediately socializes losses across all lenders. This helps keep markets liquid and prevents tainted pools.
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Random Foundry Tip: (inspired by
@PaulRBerg
)
Invoke foundry commands with custom profiles like this:
profile testing forge test -w -vvv
Just add the following line to your bashrc or zshrc file
function profile() { export FOUNDRY_PROFILE=$1 && "${@:2}"}
And dont forget to add
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people really out here telling me they have 4-6 years of experience with foundry 😃
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@pablo_veyrat
@fraxfinance
@SushiSwap
Supports different interest rate modules, dynamic debt adjustments (no bad debt causing bank run), no fees on frax pairs, also supports custom "term sheet" style pairs with borrow/lender whitelists, under collateralized loans, maturity dates and custom liquidation fees
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This specific pool uses a PID controller for interest rates. In layman terms, when utilization is high, interest rates increase using a multiplier and decrease when utilization is low.
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The rate of interest increase is controlled by two parameters: the utilization rate & the rate half-life. For the CRV market, the half-life is 12 hours. This means that at 100% utilization, the rate would double every 12 hours.
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This is what they said about javascript too
I love the EVM - my life's work is attached to it.
But I don't believe for one second that the EVM will be the final word in smart contract platforms.
In fact, I'm skeptical about its relevance in its current architecture even a decade from now.
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Read more about the system here:
And follow me for tweets about solidity, mechanism design, and macro economics
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After the CRV price action and cascading liquidations some lending protocols were left with bad debt. Its worth dusting off this thread from last year walking through the mechanisms that protected Fraxlend from these risks during market actions over the last few days.
Lot of talk about fraxlend today, some of it incorrect. Since Fraxlend is my baby, lets dig into this pool to talk about why I think things are not as bad as they seem & some of the unique features of Fraxlend that protect lenders (+ some alpha for liquidators)
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@0xcuriousapple
Double ultra wide is the life ser, one has vscode, the other has two windows up. I also have a third for notes on the bottom and the iPad for sketching
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A lesson in governance incentives. Happy outcome
@OlympusDAO
, together with
@fraxfinance
, has distributed $9m in incentives to addresses delegating TRIBE during the Fuse reimbursement votes.
Here are the final results 👇
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Say it louder for the folks in the back please!!
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@JackLongarzo
How are you going to just leave off fraxlend from this discussion? Heres what we did that solves the trilemma: Make the contract immutable, build a mechanism that actually responds to market dynamics (even extreme ones), isolate pairs so bad collateral doesnt risk all lenders.
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A great conversation with
@LoganJastremski
on all things stablecoins
We are entering the Stablecoin 3.0 era with
@AgoraDollar
!
Last week, I got the opportunity to catch up with
@DrakeEvansV1
, the CTO of Agora.
Our wide-ranging conversation touched upon:
- The cold start problem
- How stablecoins help the USA
- Exchanged backed stables choosing
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The dynamic debt restructuring takes place when liquidators make a “clean liquidation”, i.e. When the liquidation results in a 0 collateral balance for a borrower. To incentivize liquidators to protect the protocol, they receive an extra 1% fee when making a clean liquidation.
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Some people have pointed out that this means the rate will quickly rise, however, there has been a bit of exaggeration on the details so I want to correct the record.
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There are 15 collateral types, including Curve LP tokens against which you can borrow Frax, see the full list here:
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M12 for days at my house
when guys become dads they’re sorted into one of these four houses like in harry potter
2K
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@odysseas_eth
Execution is the hard part not the idea. If you really think the idea is indefensible through better execution a VC will just find a competitor after you launch anyway
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I believe that digital dollars will grow 10x and that current incumbents treat users worse than banks. I also believe that there are a billion people out there who need access to dollars. I know we have a compelling vision for the tools and products we can build to support a
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@pcaversaccio
It’s leftover from when calldata length wasn’t checked and forgetting a param would default to 0 address. Rookie mistake and waste of gas in current code
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@fraxfinance
validator performance 💯
Solo stakers are missing their slots mainly because they don't show up (=are offline) and are not reorged significantly more often than other (arguably bad) validators. Same applies to Rocketpool.
The actual surprise is Coinbase, though.
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Im sorry but *most* of the performance improvements from rewriting some JS tool in rust is from the re-architecture not some magic inside rust. Applies to golang or any other language people say is "faster"
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Ok now lets take a closer look at the CRV market. The Curve team was the unfortunate victim of a 0-day exploit in the vyper compiler and as a result of some market dynamics the utilization of this pair is hovering near 100%
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@odysseas_eth
Ser, choose a language which is cheaper to hire devs and offers faster development. Rust is great but a bad allocation of scarce resources.
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@crypto_condom
Oracle uses CEX (chainlink), hacker cannot dump on chain as there is no liquidity to do so and obviously cannot dump on a CEX because stolen funds.
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If you:
1. have FXS voting power
2. Care about Frax ecosystem at all
Please vote in this proposal
to add a gauge for the Swaap V2 pools.
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You can read more about the different types of interest rate models Fraxlend uses here:
Most are using the Variable Rate V2 but the CRV pair uses the original Time-Weighted Variable Rate
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I love to see more people hopping onto the dynamic debt restructuring. Its a huge step forward and I think it makes things much better! Fraxlend does this and while we've never had bad debt, the socializing of debt reduces risks for lenders and keeps the pools operating
Below is my public pitch for Grace protocol, a new cross-margin lending protocol designed to be maximally resilient at scale.
If you are able to offer significant contributions to this project, let me know.
𝐋𝐞𝐧𝐝𝐢𝐧𝐠 𝐩𝐫𝐨𝐭𝐨𝐜𝐨𝐥𝐬 𝐚𝐫𝐞 𝐮𝐧𝐚𝐛𝐥𝐞 𝐭𝐨
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Much better
Words cannot express my rage. At a “Greek” restaurant and I ordered a menu item called “classic greek salad.” This is not that.
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@danrobinson
Im going to ruin the fun for you guys because the replies are hurting my head. **The second order is not in the same units as the first**. Therefore, the relative sizes of the orders are a function of the ordering themselves.
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Frax Twitter compromised, most likely internal compromise at X because I know for a fact the account was locked down
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This is very interesting and is inline with my general thesis that public blockchains will remain incredibly important, even for regulated DeFi/ on chain CeFi.
The most convincing counter argument comes from my good friend
@CampbellJAustin
. The biggest problem with public
1/ We collected data on 60+ G20 central bank blockchain projects…
This will sound like an April Fools’ Day joke... but it’s not:
Crypto’s biggest skeptics are EVM-pilled
Some reflections + a link to the data in thread 👇
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Entire
@fraxfinance
team just got nerd-sniped on a call about frawswap multi-hop routing optimization
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Love
@jp_koning
writing but comparing smart contracts to robots is a flawed analogy.
**Smart contracts are not autonomous they are user operated**
SCs are much closer to guns. Unlike a robot, if you walk away from a gun/SC nothing happens until a user takes action.
"I didn't launder the cash, your honor. The robot did."
My latest 👇
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So what am I to do? I guess I'll just have to write a bot for you anon. So here is my *simple* and *dumb* liquidator bot you can literally run right now:
Just update your .env file and run on a loop for some juicy MEV
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@BlackRock
USD institutional digital liquidity fund for the contract enjooooyers 👀 ticker is $BUIDL might be the best part
Congratulations
@BlackRock
and
@Securitize
on the launch of the BlackRock USD Institutional Digital Liquidity Fund!
This is another great milestone for the tokenization of assets!
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@MacroMate8
@AaveAave
It would be nice if they didnt need governance though, it IS possible to create permissionless, trustless lending markets. At some point we have to ask ourselves if we aren't just recreating tradfi on-chain and at what point regulators are going to realize.
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I’ll be in Dubai all week!
Reach out to discuss how AUSD can become a part of what you’re building!
Meet the Agora team in Dubai this week
@token2049
!
@Nick_van_Eck
and
@DrakeEvansV1
will be meeting with developers and businesses, as well as speaking on various panels throughout the week about our digital dollar AUSD.
Who is integrating AUSD for growth? 👇
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@0xArbiter
Well I think three things are important here:
1. Does the change fundamentally change the terms
2. The amount of time users have to react to a change
3. The size of the change
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Write your tests in solidity they said it will be fun they said.. 30 mins to compile nbd
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Damn I wonder if anyone is working on a liquid staking derivative who knows how to make bribing positive ROI?
1/N:
@LidoFinance
's key value prop is stETH's deep liquidity. But it spends 48M $LDO (~$72mn) per year to sustain that. LDO treasury has ~$260mn. LDO needs to start bribing and owning $CVX
@ConvexFinance
for it to get onto a path of sustainably maintain deep stETH pools.
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I first heard about Bitcoin in 2012, I was 21, studying Biomedical Engineering & Economics at Vanderbilt and some people I knew were talking about buying Bitcoin (cliché I know). I saw the utility as a central bank hedge, but I had just finished reading The Intelligent Investor
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Video of the conference is up at the link below, my panel starts at 4:15:45
Tomorrow I'll be speaking at the NY Federal Reserve Bank about Blockchains, Digital Assets, and the future of regulation.
I'll be joined by
@CampbellJAustin
of Zero Knowledge Consulting
@TuongvyLe12
of
@baincapcrypto
@gordonliao
of
@circle
and Scott
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Incredible talk by
@ameensol
@0xzak
@ThaniaCh
discussing all things privacy pools, ZK proofs, legal compliance and more
@EthereumDenver
If you are at
@EthereumDenver
come by the main stage today at 5:50pm to hear what we hope will be a very interesting discussion on privacy pools with
@ameensol
and
@0xzak
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The irony of course is that truly free markets usually trend toward monopolies which are closer to monoliths than modular
Monolithic = centrally planned
Modular = free market
Free markets win every time.
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@MonetSupply
Are you asking us to ship slower or have more tradfi exposure via RWA? 😜 Jk you know ilu and how much you care for Frax ecosystem
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The feeling is mutual ser.
@Charlie_Pyle
is an incredible builder and also a great person.
This will be a good one.
@DrakeEvansV1
is one of the best I've met in DeFi — core architect of
@fraxfinance
's Fraxlend, an extremely sharp thinker, and an all-around nice human.
Can't wait to see this go-live
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If you're at
@token2049
in Dubai next Thursday, I have a feeling this panel will get interesting. Come see me try and get
@paoloardoino
,
@leptokurtic_
,
@Nick_van_Eck
, and
@mcarrica
argue, I mean chat, about the future of stablecoins
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Come get a head start on the 6x $500 bounties
@DappHero
is offering at
@EthereumDenver
during this
#nocode
workshop presented by
@DennisonBertram
#loconoco
#nocode
#ethDenver
#Ethereum
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Ok ok I need forge to stop compiling all my files on 1 change. I cant take this anymore Everyday I'm rebasing & building from source Everyday I forge test & whole project compiles. I can't take this anymore man I have over-tested, by a lot. It is what it is Can devs do something?
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Taking my brain out of code is painful. You spend time molding your brain into every crevice of your code, you can feel it in your bones. Then inevitably you have to do something else and now your body feels weird and talking is annoying.
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@SwaapFinance
is full of big brains! Really impressed with the v2 pools and everything
@CyrillePastour
and team have built! I believe this is the only place passive LPing makes sense and that these pools will open up great volume for $FRAX
🤝 SWAAP x FRAX 🤝
We're proud to build Swaap v2 with top-tier DeFi partners: our proposal for the
@fraxfinance
community is live 🙌
The plan is to add a Swaap v2 FRAX/ETH pool (once live) to the FXS gauge controller.
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Yes!
@Boring_Crypto
work on Kashi was the first place I saw the PID controller for rates & the first place I saw immutable lending. When researching lending, Kashi was my favorite. Unfortunately, isolated markets & PID controllers both do not perform well in small markets
@DrakeEvansV1
@fraxfinance
An immutable lending system was delivered by
@Boring_Crypto
to
@SushiSwap
in the form of Kashi in early 2021.
Those ideas are replicated by Fraxlend.
These P2P markets had special difficulties in scaling to higher TVL because of low supply of lending tokens. 1/2
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@EdgarArout
When people are repulsed after you step on a public soapbox and spout repulsive shit. That's not cancel culture
Cancel culture is when someone takes comments out of context and applies their own (incorrect) intentions to them in an effort to misrepresent and hurt you
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This is by far the best resource on understanding gas costs for developers
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PSA: if you use EST, PST etc year round to describe your time zone, half the year you are wrong.
EST: Eastern Standard Time (UTC -5, fall/winter))
EDT: Eastern Daylight Time (UTC -4, spring/summer)
ET: Eastern Time (whatever time is currently being observed)
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@DeFi_Made_Here
@fraxfinance
If you want leverage you unwrap your borrowed LP token and swap away the asset you don’t want for the one that you do want
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+1 for
@leviathan_news
My favorite source of daily defi alpha are
@leviathan_news
and
@todayindefi
Both are massively under followed tbh.
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1. Modifiers introduce unnecessary ambiguity. Deciphering when a modifier executes its code (before OR after the function) demands diving into the definition. This is far from ideal and violates clean coding principles by increasing cognitive overhead for the reader.
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