Togbe
@Togbe0x
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this weekend's spicy dish
$7 million supplied in morpho is only secured by an EOA and available to rug by the "risk curator"
all supporting exit liquidity for a stablecoin LST with a 4-year lock up
the story of an unusually risky lending market
tbh that isn’t even the most egregious thing I’ve seen in defi lending world this weekend
do we do another spicy Sunday write up?
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We did it. Vitalik now knows about Aave. But he doesn’t think Aave does loans. So we are still early lol
@Togbe0x
@0xgunboats
@llamaonthebrink
Aave is good and I'm very grateful that it exists, but it doesn't offer you what almost any normie will have in mind if you tell them you are offering "loans".
See this from 2020:
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so the guy activist investooor his way to getting a fee switch on compound?
and in the process exposed and embarrassed a bunch of professional delegates and a dead governance process?
What am I missing lol
looks like humpy and compound reached a truce
- humpy will cancel proposal and drop the +500k in comp tokens
- comp will share fees earned with with comp holders
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Aave v3 fork on a new chain. What could go wrong?
Introducing our website, we invite you to set off your adventure with us -
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"our users are responsible and will manage their own risks"
the users:
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Coindesk found out what was in the Uniswap Wells notice.
SEC saying LP contracts are securities, Uni an unregistered exchange and the wallet/site a broker.
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have been touching grass and working on some big initiatives in your favorite DAOs but had to come back to laugh at the "risk curators" on Morpho who have hardcoded their cbBTC market oracle to the BTC / USD price
Steakhouse, BA and Gauntlet are all clowns for this one
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So to summarize
Best case: MakerDAO has been paying through the nose for an arranger that’s giving them below market returns, with high fees and none of the required reporting.
Worst case: gigantic hole in MakerDAO balance sheet.
Neither of those seem great lol
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This how you know some people in DeFi don’t actually use DeFi
There isn’t a profitable arbitrage here
1mo avg rates are the same and current morpho pool is at 90% utilization so any borrowing spikes your rate
Not to mention massive difference in size, rate vol and security
Analysis of borrowing costs of USDC against wstETH. You would assume rate arbitrage as you can (and should) move from one to the other easily.
I don't expect everyone to do it but just 1-2 sophisticated whales would be enough.
Why are they leaving money on the table?
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@llamaonthebrink
Vitalik: I’m worried about the ouroboros yield
Also Vitalik: look at the annual rate you can get by betting on long tail events
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Aave will soon have one of the largest restaking systems and the only one that insures actual value on chain so far.
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one reason $AAVE trades at such a discount is that a non trivial amount of supply and liquidity is put up as backstop to the protocol
in the event this has to get monetized, token price not going to look pretty
any forward cash flow analysis has to take this into account
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Dynamic controller rates set by an algorithm have been duds in DeFi so far
RAI has no traction.
Liquity v1 doesn’t work in high rate environment
crvUSD rates are wild and had many parameter adjustments
Morpho has to result to weird idle liquidity games
Did I miss any?
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Redeem DAI for USDS to get extra Sky points and from the new Sky Stars. USDS earns extra Sky to start. Stars also have their own points and tokens with the first Star being Spark so you’ll also get extra Sky and extra Star points putting USDS in Spark.
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Hate to break it to the EF but this is what people pay block space for
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meanwhile, Aave DAO service providers are diligently working on how to add cbBTC in a safe manner which includes deep due diligence for Aave users
that's the difference between professional service providers that work for users and consultants who are after a quick buck
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I guess Humpy saw the Aave fee switch proposal, realized he had a huge bag of a useless governance token and decided to be the change he wanted to see in the world.
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when you're the largest application on ethereum but vitalik doesn't even know your name
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a lot going on right now but some quick update on secondary peg status of popular stuff
weETH
off peg because liquid vault Uniswap liquidity got eaten
ezETH
off peg a lot over last few hours but trending back
sUSDe
off peg by few % but headed back
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tbh that isn’t even the most egregious thing I’ve seen in defi lending world this weekend
do we do another spicy Sunday write up?
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and maybe it is a fundamental mental model thing
vitalik says aave doesn’t do loans it does leverage positions and CDPs. But that’s all a loan is?? When you buy a house with mortgage that is a cdp with house as collateral. All loans are leverage imo.
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bruh lmaooo
Gauntlet needs to fire their intern
@swellnetworkio
and
@stakewise_io
are two totally different protocols and osETH isn���t even an LRT
it’s not just a social media mistake either cause an osETH (the liquid staking token) is actually listed in their vault
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these forks don’t even come to governance forum or try and connect with Aave DAO contributors
when really they should be asking for help and try to get listed as a friendly fork so people at bgd labs can at least put an eye on their deployment first
ngmi
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No liquidity left in the LRT core vault so somehow Gauntlet has managed to lock their remaining depositors in for now
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going to touch grass now, but might explore later all the ways this could go wrong
for now I leave you to speculate
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don't worry bro. we need to list on day one to get hype and marketing tweets popping bro. aave dao is going to do it too bro. cbBTC is basically the same as 1 btc bro. plus there's no market price oracle for it bro.
or you could have just waited a week
have been touching grass and working on some big initiatives in your favorite DAOs but had to come back to laugh at the "risk curators" on Morpho who have hardcoded their cbBTC market oracle to the BTC / USD price
Steakhouse, BA and Gauntlet are all clowns for this one
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Aave is not even close top global bank by AUM
To be a top 100 bank you need around 300b in assets
so that’s a 10x right there
if you don’t think another few trillion or so assets aren’t coming on chain in the next decade then it probably makes sense to sell me your bags
Where does the 10x growth for projects such as LDO, MKR and AAVE come from?
They seem to saturate the available market.
Are they dependent on ETH pumping or do they have credible expansion strategies?
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it's literally not a loan, imagine posting this unironically and thinking a random 90 iq peasant like you knows more than the FOUNDER of Ethereum lmao
cringe end it
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GHO borrow rate: down to 7.5%
GHO supply: up to 95m
GHO peg: steady at $1
Not using a “let’s gho” pun in this tweet: priceless
There are somethings GHO can’t buy, for everything else just use Aave.
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how it started, how it's going
I think Gauntlet is getting off the hook very easy on this one by saying "look it was a few days of yield"
irresponsible supply cap policy created the situation for a liquidation cascade that lost borrowers a lot of money
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haters gonna hate but Cronje behind almost every defi 0 to 1 moment
My favorite quote of the month has to be Hasu saying that restaking is closer to KeeperNetwork (originally built by Andre Cronje) than anything else lol
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Don’t worry bro. All the money is there bro. Just check out this screenshot of the bank account bro. Oh your UI is slow bro? Just a browser issue bro.
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so to recap
4-day old EOA is both owner of morpho vault and the oracle that secures the vault
oracles are hardcoded to 1 for a token with a very long lockup but some curve liquidity
users can exit at 86% of their value now and never get liquidated
7m USDC thinks 17% is enough
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This MakerDAO drama is why I’m pretty bullish doing basic work. Simply doing things in a transparent manner and running a DAO like a real business with minimal reporting and the like seems too hard for almost anyone else to do.
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Unpopular opinion:
Governance tokens are for voting and improving the protocol through governance proposals
if you or your delegates don’t participate meaningfully in governance you should sell to someone who will
Need some kind of Harberger tax on tokens that don’t vote
@maybeYonas
I’m fully behind this kind of thing tbh that’s what gov tokens are for, not sitting around making vc pnl look good
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not how it was planned to get closer to $1b annualized revenue but Aave just had its highest day of fees ever
3.5m$ of liquidations fees collected during the night.
I think that's the highest ever we collected.
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i have a lot to say about the arbitrum grants program but going to hold my tongue until after the current program is done and dusted
suffice to say there going to be some new voices in Arbitrum governance soon that will work on cleaning up the mess
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tbh I see where he is coming from but it’s mostly a UX and tech issue before an aave credit card can be done
and do we really want to be saddling people with crazy debt in the new financial future of France anyways?
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still reading? this is where it gets interesting
the USD0++ curve pool morpho market has oracle 0x7bE
further investigation reveals this to be a proxy contract with the LP hardcoded to 1
if you can read a block explorer you'll also see that the proxy owner is a 4-day old EOA!
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Wow first $cbBTC pre-mints coming in already
BREAKING: 10K Silk Road BTC ($593.5M) moved to Coinbase Prime
Wallet bc1ql received 10K BTC from a known US Government wallet 2 weeks ago. This BTC has just been sent on to 33J, a Coinbase Prime deposit wallet.
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Big week ahead with spicy governance activities going down in MakerDAO.
Do MKR holders fire their arranger that never does any work? Or do they toe the party line and refuse to allow randos to make positive changes?
Find out on the next episode of DBZ!
Update: The proposal has been submitted, and will be up for a vote next Monday. We anticipate minimal opposition from delegates, since it’s an open and shut case. Low yield, quality competitors waiting in the wings, deficient record keeping, never delivered an audit, etc etc etc
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a 1/1 hardcoded oracle market where users borrow against their curve LP and USD0++ tokens at up to 86% LTV with no worry about price
seems like an interesting choice
who would enable such a thing?
don't have to look far since the owner of the vault is non other than 0x0659
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big fan of all the multisig tooling and fancy UIs that are coming out
have always liked
@DeFiSaver
but also checked out
@brahmaFi
recently and it is very cool too
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@AdliTB
a long post saying you basically don’t care or don’t understand the risks to users and are speed running getting people rekt
the info about the oracle wasn’t even public or documented until I called it out here on twitter
lots of fancy diagrams about points multipliers however
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If you don’t have more than 100 empty Uniswap NFTs on your main then can you even join in the discussion about how profitable LPs are?
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despite ridiculous amount of hoops to get and distribute the Arbitrum LTIPP grants, large projects and their contractors like
@Uniswap
and
@gauntlet_xyz
are still paying themselves against the rules
grant incentives are ONLY to be distributed directly to Arbitrum users
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My 2c on TradFi:
It’s really just 3 core types of product:
1. exchange
2. borrow/lend
3. synthetic assets
And they’ve all been created already. So I don’t disagree with him — why spend more time building in TradFi? What else is there to build
My 2c on DeFi:
It’s really just 3 core types of product:
1. exchange
2. borrow/lend
3. synthetic assets
And they’ve all been created already. So I don’t disagree with Vitalik — why spend more time building in DeFi? What else is there to build
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have been over this a few times but DeFi is basically non existent on solana for some reason
there is no real liquidity and so you can’t go there with size and the largest protocols are about size of Aave on Arbitrum
no native BTC tells you all you need to know
In addition to this post, one of the things I found most shocking about Solana's onchain ecosystem was that the biggest $SOL - Stablecoin liquidity pool has only ~$7.1 million in $USDC liquidity.
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not a big fan of schadenfreude in defi because the space is so small and I think we should all grow together
that said, if people have been pointing out potential issues and risks for months and the response has been "who cares?" then the bad situation actually happens...
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DeFi borrow rates tanking is very interesting to me because you can still short tokens for high yield from funding rates and futures
that makes it attractive to long on chain and short which is probably some of highest stablecoin yield you can get
I just want DeFi futures
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At first, I thought that GHO was here to provide another source of revenue to Aave, but now I'm convinced that the only goal is to make it bigger and bigger, providing even more revenue to Aave.
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this impact metric dashboard built for the
@Optimism
Retro Grants 4 is sick
think Aave has the most active users of any protocol
This post explains where the metrics come from & includes a working list of all metrics under consideration for badgeholders.
We will update it regularly, at least until the start of voting (June 23), to reflect the evolution of metrics.
2/5
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a short story on why I hate top tick liquidity mining
was looking into
@MerchantMoe_xyz
as the mnt - usdt pool offers a cool 1177% APR, but surely there is a catch, right [padme]
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The year is 2046
Aave DAO voted to switch the $GHO peg to an ETH/BTC basket years ago but now $BOLD interest rates are thousands of percent in the wake of US dollar collapse
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Crazy thing about LP pools being securities is everyone knows you don’t invest in those things for profit
@functi0nZer0
@econoar
I mean it kinda passes the test.
You invest with the expectation of profit 🫠
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study spending a bunch of money to rebrand a brand that didn't need any rebranding
Unpopular opinion.
This cow looks scary and terrible.
I passionately dislike the rebranding.
Please bring back the old
@CoWSwap
cow we all love 😭
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Anja has minimal traction and is confusing
Liquity v2 won’t have controller and relies on market participants so not sure it should count
Basically it seems like they don’t work in practice
Every PID controller has a plan until it gets punched in the face
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all in for bull posting aave but this is the exact point about eth being way more than just fees
Aave makes on average around 1/6 the fees of Ethereum. If $AAVE had 1/6 the market cap of Ethereum the token would be worth $3,150.
I don't make the rules.
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The 4th largest morpho market is “Idle DAI” with $85m
MakerDAO money just sitting earning nothing in order to keep the rest of their money earning above crypto loan rates
artificially high utilization and tvl is the result
Dynamic controller rates set by an algorithm have been duds in DeFi so far
RAI has no traction.
Liquity v1 doesn’t work in high rate environment
crvUSD rates are wild and had many parameter adjustments
Morpho has to result to weird idle liquidity games
Did I miss any?
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if you’re not happy about this you don’t really use the chain
Ethereum just had its lowest hour of average gas prices since November 2016. 9 of the 10 cheapest hours have been this week
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GHO on Arbitrum
ARB incentives part airdrop part liquidity mining so get going
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Usual is a stablecoin protocol trying to be a decentralized version of USDT
USD0 is to be pegged to $1 and like USD0 doesn't pay a yield back to holders
instead the protocol token will earn revenue from users deposits earning t-bill yield in the background
now $132m tvl
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You can earn (under market) yield but you can never leave
Depositors are stuck in Hotel Gauntlet until either some borrowers repay (why would they at 4% borrow rates?) or more supply enters (why become exit liquidity?)
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New stable is USDS, new brand is Sky
New era for MakerDAO!
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idk I think ETH strategy of get everyone hooked on cheap blobs while you squeeze suppliers to get a monopoly and one day raise prices is a very good plan
tried and tested with success by savant enterprises like amazon and uber
THIS CHART IS WHY EVERYONE FROM ETH MAXIS TO YOUR LOCAL VCOOORS BELIEVE ZERO COST BLOBS HAVE TO GO
IT’S KILLING THE BURN & BREAKING THE SECURITY MODEL OF L2S
WE CAN’T KEEP INVESTING IN INFRA & CREATING NEW RUG TOKENS IF THE ETH FOUNDATION DOES NOTHING
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mexican standoff vibes in the MakerDAO offboarding proposal
big delegates on both sides but most of the votes haven't been registered yet, so maybe they wait to see where things are closer to the deadline
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This but for the
@CurveFinance
alerts bot liquidations and de-liquidations
Interesting how you can pretty much see any major news event footprint in Etherscan just by noticing that beaver builds all the blocks for a couple minutes straight
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people have been asking where the yield for GHO Merit program is coming from
the answer is easy
it comes from all-natural, sustainable, points-free DAO revenue
profit is a hard thing for ct to understand, but Aave is making over $40m annualized mostly in ETH and stables
@bjnpck
@crypto_yuvi
@lemiscate
the
@Token_Logic
dashboard site has both GHO revenue and total Aave revenue broken down in all the ways you could want.
For revenue distribution, as always it's on the gov forum.
Merit program was extended for a year targeting specific uses of the protocol.
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in order to earn protocol tokens that in turn will earn protocol revenue, users can lock their USD0 into USD0++ in order to get pill points and lots of multipliers
a few days ago they announced a morpho market where you can borrow against USD0++ and the USD0/USD0++ curve lp
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if you can’t be bothered to even do one excel sheet or power point when getting paid millions of dollars a year, I don’t see why I wouldn’t think you hadn’t just run away with any money you were supposed to be custodian of or just lost it somewhere
study FTX bookkeeping
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speaking of Solana DeFi
not like the they aren’t trying
but if you can only borrow a few million in these pools it will always be a kiddie pool
Introducing Kamino Lend V2 ⚙️
V2 introduces modular lending to Solana, evolving the product into a more powerful, open lending primitive
Built on the battle-tested V1 codebase, V2 enables new use cases like RWAs & Orderbook Lending, and brings step-change security enchancements
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compound governance getting hot at the moment it seems
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Umbrella proposal trades a portion of revenue for a substantial reduction in slashing risk on protocol token
a good trade because revenue scales and new safety modules can scale along side it
will also set a market insurance rate on each asset
one reason $AAVE trades at such a discount is that a non trivial amount of supply and liquidity is put up as backstop to the protocol
in the event this has to get monetized, token price not going to look pretty
any forward cash flow analysis has to take this into account
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do people realize Uniswap has been giving millions of UNI tokens as LP incentives?
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Uwu exploited (again) by same hacker after contracts unpaused to process CRV liquidation
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Ethena been live for months and people still haven’t googled “cash and carry” or “basis trade” it seems.
It is the most basic commodity trade after a vanilla long so worth learning about for the uninitiated.
can someone step by step label out the buy ETF short futs trade
I can't figure out where the yield is coming from to make it worth it
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