Our team contributes to
@MakerDAO
, implementing >$2bn of RWA generating >$150M of annual revenues. We also advise
@VenusProtocol
@AngleProtocol
We know a thing or two about stablecoins
Today, we release our operating manual for decentralized stablecoins
We're excited to release an independent and hopefully comprehensive overview of the restaking landscape from our point of view
"Restaking and the Price of Trust"
We try to answer the qs:
1) What is restaking?
2) How does it affect the price of trust for capital providers?
How did MakerDAO do in 2022? A review of some of the key financial results. Many thanks to reviewers across the community and to the Strategic Finance Core Unit at MakerDAO for putting this together
We conducted the most comprehensive review yet of
@BlackRock
's first product, issued in partnership with
@securitize
, on public blockchains
BUIDL
BlackRock USD Institutional Digital Liquidity Fund, Ltd (Ethereum)
Excited to unveil our deep dive into the heart of
#DeFi
: The Maker 2023 DAO Retrospective, a 58 page long-form report on everything Maker.
Inside, we unravel the complexities and innovations of
@MakerDAO
, the current landscape, and the transformational Endgame Plan.
🧵/12
1/ We are delighted to publish our latest research note, "Risk Management Framework for DeFi Protocols".
We wanted to design a framework to help improve monitoring, management and disclosure of risks in DeFi
Steakhouse's
@sonyasunkim
, in collaboration with Lido DAO analytics contributors, recently proposed a framework for how
@LidoFinance
DAO could think about surplus management and puts forward an initial set of proposals and discussion points:
Introducing steakLRT
Today we’re launching the Steakhouse Resteaking Vault
A wstETH-based liquid resteaking token powered by Mellow and the Symbiotic resteaking middleware
Our goal is to prove that wstETH is a superior liquid asset buffer for resteaking
1/
building the first crypto-native gaap standards for protocols has been a significant accounting undertaking for the chefs at
@SteakFi
, which is why we are calling it:
SAFU: Steakhouse Accounting and Financial Undertaking 💯
fairly sure this is a brand new acronym 😂
Steakhouse is excited to announce that we'll be launching a flagship RWA-backed USDC MetaMorpho vault in partnership with
@MorphoLabs
!
The vault will allow suppliers of USDC to lend against RWAs - bridging real world yields with DeFi.
🧵
1/ We analyzed
@BackedFi
bIB01 in detail for
@MakerDAO
.
bIB01 is a tokenized version of the iShares $ Treasury Bond 0-1yr UCITS ETF.
The report =>
NB:
@SteakFi
bought some $bIB01
We saw major liquidations on one Morpho Blue market for ezETH/WETH
Thanks to
@MorphoLabs
's modular risk management, our vaults, such as steakETH or steakUSDC, are unaffected and remain, proudly, very boring
Always be maxxing
Boringmaxx
Yieldmaxx
Steakmaxx
Morphomaxx
Together with wizards from
@Dialectic_Group
, we are excited to announce the first edition of
"Benchmarks and performance attribution for DAO treasuries"
Can we learn from investment performance evaluation in traditional finance to help DAOs make better decisions?
1/ We just shipped two
@DuneAnalytics
dashboards to track T-Bills off-chain exposure of
@MakerDAO
. It's close to $2B.
Granular data, daily periods and all open-source. As you know, the revolution will not be reported quarterly, DeFi is not
@CreditSuisse
.
steakLRT has reached 2,000 ETH in 3h
At this rate it will reach 18k ETH in 24h, 6m ETH in one year
and if we launched five more steakLRTs we could reach 30m ETH in a month
Introducing steakLRT
Today we’re launching the Steakhouse Resteaking Vault
A wstETH-based liquid resteaking token powered by Mellow and the Symbiotic resteaking middleware
Our goal is to prove that wstETH is a superior liquid asset buffer for resteaking
Complete financial statements where you can drill down to each transactions/accounting entry. All open source on
@DuneAnalytics
.
The Revolution Will Not Be Reported Quarterly🧙
@SteakFi
🤝
@MakerDAO
Steakhouse is pioneering open and transparent finance with a mission to help DeFi succeed and flip TradFi
We partner with DAOs as professional CFO & ops partners, arming them with the financial intel to make gud decisions and the muscle to implement them
We've been at the forefront of the Tokenized T-Bills 💵 wave that is providing
#TradFi
yields 💹 with the composability of
#DeFi
. Today, we are shipping the Steakhouse Tokenized T-Bills Review 2023 📜✍️
Web version =>
PDF version =>
Our
@DuneAnalytics
tracks HHI of Ethereum validation to quantify Lido's positive impact on Ethereum decentralization
HHI is an index of market concentration. Bigger number = more concentrated
Thanks to our data chef
@sjuanati
and
@hildobby_
for the underlying data set
We're excited to announce that
@SteakhouseFi
will be joining the Tokenized Asset Coalition to help champion the adoption of public blockchains, asset tokenization and institutional DeFi
Latest research note from the kitchen:
Economic analysis of stETH in ETFs
POV of an ETP issuer looking at the economics of selecting stETH as an underlying asset
We investigated whether the use of stETH could provide robustness for ETP issuers from various angles
Steakhouse MetaMorpho trustlessness has been achieved internally with
@AragonProject
We already lead the curated vaults with a 7-day timelock
Now we want to iterate by removing trusted intermediaries from the guardian
@MorphoLabs
lenders should always be in control
Great to see
@VenusProtocol
getting $VAI at $1.00. 🍾
Still room to harden the peg and make the PSM more visible to avoid being above $1.00 and get more liquidity on
@PancakeSwap
🧵
Our research into
@MountainUSDM
and their novel USDM rebasing stablecoin has culminated in a comprehensive economic and legal review, that we are happy to announce today:
All Steakhouse
@MorphoLabs
vaults are now secured with an
@AragonProject
DAO
Along with a 7-day timelock, on-chain dual governance protects vault users
This mitigates potential attack vectors that vaults w/o guardians and with short time locks are exposed to
We are happy to publish our overview of
@fonbnk1
, an innovative Kenyan airtime minutes to stablecoins provider for millions of mobile users
Africa has leapfrogged adoption of mobile payments and we were interested to dive deeper into how stablecoins integrate in this model
1/ Introducing our first annual Steakhouse Year in Review: 2023! Here’s a timeline of some of the things we were up to last year
It’s been a great year and we’re excited for what’s to come in 2024!
Announcing the (informal) MakerDAO ALCO PPG.
Like regular bank ALCOs but with memes and Dune dashboards instead of suits and guesswork.
Featuring guest star Prof. Moorad Choudhry:
@AesPoker
of
@SteakhouseFi
annoucing the
@MakerDAO
RWA Grand Prix. 1,000,000,000$ to be invested in tokenized money market funds. Competition opens August 12th.
Introducing USYC/PYUSD market to Steakhouse PYUSD on
@MorphoLabs
Our MetaMorpho market was the first listing of
@PayPal
USD on a lending market on Ethereum
With
@Hashnote_Labs
USYC, our market is the most efficient venue for lending PYUSD
1/
@SteakhouseFi
is providing a source of real organic yield to
@PayPal
$PYUSD stablecoins by allowing DeFi to borrow PYUSD against bluechip collaterals (
@LidoFinance
stETH and
@BackedFi
tokenized T-bills).
Worth recognizing
@SteakhouseFi
and all the devs and contributors who helped get $VAI firmly back on peg. Looking forward to a bright future for og stables 😈
Chef
@dzidzoh
discussing the evolution of Real World Assets and
@SteakhouseFi
's role in helping out the community and providing transparency at
@MakerDAO
.
Dai now has almost $2bn in non-stablecoin real-world backing:
1. We recently published "Real-time Risk Metrics for Programmatic Stablecoin Crypto Asset-Liability Management (CALM)" on arXiv
A synthesis of some of the work we've been doing over the past few years on solvency and liquidity risk metrics for crypto ALM
Announcing the (informal) MakerDAO ALCO PPG.
Like regular bank ALCOs but with memes and Dune dashboards instead of suits and guesswork.
Featuring guest star Prof. Moorad Choudhry:
Wanna see transparency on the $2.5B of Treasuries exposure of
@MakerDAO
?📊
@SteakhouseFi
got you covered, one off-chain transaction at a time. 📔
Clydesdale =>
Andromeda =>
At
@SteakhouseFi
we support
@PayPal
PYUSD, the supervised stablecoin managed by
@Paxos
As part of our effort to promote supervised stablecoins, we curate a
@MorphoLabs
vault, steakPYUSD which offers permissionless yield
Do consider the risk profile of your stablecoins
When you create a situation where stablecoin issuers are incentivized to bid openly for a
@MakerDAO
PSM allocation
It turns out issuers respond by bidding
🫡🥩
Working with both
@MountainUSDM
and
@OndoFinance
, they have nothing to do with Terra/Luna.
Same assets as fiat-backed stablecoins. Giving back the yield makes it riskier? 🤡🇺🇸
last week, bloomberg published a piece on interest-bearing stablecoins, featuring myself and mountain protocol, which contained several errors and misrepresentations. this is my response
Did you know on
@MorphoLabs
borrowing USDC against wstETH is below 5%? And there is $15M of liquidity.
Only 2.3% borrow rate for PYUSD.
Is is time to refinance?
Our chefs have been cooking up research for the
@radicle
network, proposing ideas and frameworks for DePIN tokenomics design based on three pillars:
Incentives, rewards distribution and competition
aah we're respondiinngg
to the
@bankofengland
Discussion Paper on a proposed regulatory regime for stablecoins.
It's open until 6th February 2024, do respond if you have views.
Weirdly you have to reply in Cockney rhyming slang we don't make the rules.
We have published a Discussion Paper setting out the Bank’s proposed regulatory regime for systemic payment systems using stablecoins and related service providers:
Share your views on the regime by Tuesday, 6 February 2024:
New
@SteakFi
dashboard on
@DuneAnalytics
to follow evolution of the
@ethereum
ecosystem.
L1+Polygon+L2s (zk-layers 2 to come next).
What can we learn 🧵
look, you need to be more boring. you need to be listing easily liquidatable collateral, hitting the longest timelocks. these people are cooking. they're celebrating
@AragonProject
dual governance for lenders. you need to be boringmaxxing
It was a pleasure to work with
@DuneAnalytics
on this project to enhance transparency and visibility into the world of blockchain data
Our chefs, like
@sjuanati
, worked closely to share recipes, condiments and seasoning to make finance open and transparent for all Dune users
1/ 🚀 Introducing Owner Labels!
Dive deep into the "who" behind blockchain transactions with our latest feature, designed to revolutionize how you interact with blockchain data. 🧐🔍
Thanks to the brilliant Stonks module, nobody 'manages' the
@LidoFinance
treasury
On-chain actions executed through Stonks in a non-custodial setup, designed to be automatable
This illustrates the importance of trustless MetaMorpho setups
Steakhouse MetaMorpho Markets are guarded by its depositors, through a transparent, decentralized
@AragonProject
DAO
Any changes to our markets have to go through a 7 day timelock and depositors remain in control
sure we can say "those users were being degen and they got what they deserved" but gauntlet gave them the rope
what prompted them to raise the supply caps twice in two weeks?
no mention of what went in to this decision anywhere on the forums or otherwise that I have found
1/ What happens with the billions invested off-chain by
@makerdao
? Don't worry
@SteakhouseFi
has you covered with some very granular
@DuneAnalytics
dashboard.
It's not because it's off-chain that it should be opaque.
🧵
1/ Two weeks since launch, the
@SteakhouseFi
MetaMorpho Vault holds $7M USDC and there is $4M USDC liquidity to be lent against wstETH collateral.
Borrow APY? 1.91% 🤯
Let's dig into it a bit 🧶
@safetyth1rd
We have been working on this for a number of years, starting with
@MakerDAO
We also develop similar reports for
@LidoFinance
and other DAOs in accordance to common-sense accounting principles (SAFU, Steakhouse Accounting and Financial Undertaking)
How did MakerDAO do in 2022? A review of some of the key financial results. Many thanks to reviewers across the community and to the Strategic Finance Core Unit at MakerDAO for putting this together
Tune in to catch chef
@adcv_
:
- Stablecoin nerding and elements of a decentralized stablecoin
- Surplus management for decentralized protocols
- Working with institutions to embrace open protocols rather than closed boxes
- "It depends"
- More grilling tips
DAOversified Episode 3, featuring Chef
@adcv_
from
@SteakhouseFi
! 👨🏻🍳
Topics include:
• Steakhouse as a CFO for DAOs
• The Evolution of
@MakerDAO
• Onboarding Institutions and RWAs
• The Next Innovative Stablecoin (hint:
@BadgerDAO
👀)
For stablecoins technical design matters way less than
1) making something people want to use
2) pick: return to surplus, return to stablecoin users, alternative objectives
3) subject to hard constraints: solvency + liquidity
–
@SebVentures
at
@stable_summit
(2023, colorized)
USDA is the new stablecoin from
@AngleProtocol
with the first ever decentralized FX pair on-chain
EURA already dominates on-chain FX volumes for trades with USDC
with USDA, this pair can now take place with fully transparent on-chain reserves
1/ We are thrilled to introduce USDA, Angle's USD stablecoin! 🇺🇸
USDA will offer:
- a Savings solution 💰
- the same liquidity as USDC 💧
- anti-depeg mechanisms 🛡️
- borrow/leverage features 📈
Paired with EURA, USDA will boost onchain forex trading!
All you need to know🧵👇🏼
We're pumped to contribute to
@eBTCProtocol
in its mission of bringing stablecoin utility to Bitcoin on Ethereum!
As
@BadgerDAO
ecosystem expands, we’re excited to focus our expertise on the development and implementation of a novel type of DeFi primitive: a Bitcoin stablecoin
Are you ready to take the purple pill anon? 🟣
Announcing the official release of the eBTC dapp live on testnet.
Try It Now ➡️
Huge day as we’re that much closer to mainnet launch!
🧵
🚨🚨🚨 This is a drill 🚨🚨🚨
Today we test the defenses of
@MorphoLabs
and using the guardian feature.
Let's zoom on what is a guardian and how steakUSDC holders can protect themselves in a fully non custodial way.
🧵
The MakerDAO Digital ALCO meeting on Nov 16, 2023, reviewed the ALM Dashboard, showcasing a diverse asset portfolio including crypto-backed vaults, private and public credit, and stablecoins. The total assets amounted to 5318 M, with a focus on balancing exposure and returns.
Steakhouse Financial welcomes
@BIS_org
's efforts on a cryptoasset framework
As professional stablecoin nerds, we offer insights on the treatment of stablecoins & the BIS' stance on public blockchains. 🧵
2/ the first protocol we've fully mapped is
@MakerDAO
, which now has its own MakerGAAP open source financial statements produced w/
@DuneAnalytics
Accept no substitutes, only fully auditable txn hashes and financial transparency
Chef
@allan_kakai
is helping national legislative bodies in Kenya understand digital assets and develop comprehensive and balanced legislation to unleash productive potential in Kenya and East Africa
🫡🇰🇪
🏛️ REGULATION I Kenyan Parliament has given the
@BlockchainKenya
an EPIC task to craft the first draft of the Crypto Bill, paving the way for Virtual Asset Service Provider regulation! 🤝📊💱
Another poast with noats from
@stable_summit
in Istanbul
Do we really need truly decentralized stablecoins?
Chef
@adcv_
- Stablecoin trilemma is a bit of a psyops
- Decentralized stablecoins benefit the user rather than the shareholder
- We need more competition, more
Tokenized Securities [On-chain T-bills/ETFs] are going strong with over $220 Million Market Cap - almost all in the last 4-5 months!🔥
What's going on in the space - why it's booming, how it works, and what's ahead? 🧵⇩
Join the
@banquedefrance
conference on digital finance on November 15th, 2023 in Paris.
Our Chef,
@SebVentures
, will attend to discuss Tokenization of Real World Assets during a panel
we made a /cryptobanking channel on farcaster for the venn diagram intersection of
A) crypto enthusiasts
B) RWA enjoyers
C) accounting respecters
D) people on farcaster
look forward to hearing from both of you
However, RWAs as a proportion of total revenues at Maker reached all time highs by the end of the year, with ca. 600m DAI or >10% of protocol assets backed by real-world vaults
There’s only a few people in the world as deeply experienced in the realm of risk management for RWAs and stablecoins.
Don't miss
@0x_roo
, Chef,
@SteakhouseFi
, as he serves up some sizzling hot takes at the unStable Summit. Feb 28, ReelWorks Denver.
"Where did our name come from?"
We were founded during the Roman Republic in 100BC – the below mosaic was unearthed at our original HQ
Our founder, Steakdomus Pecuniarius, strongly believed in open and transparent finance and in public blockchains. We continue his legacy today
1/ Our vaults are currently the highest organic apy and the higher MORPHO token yield. There is a vault for everybody.
Bit let's dive in the differences 🧵