fiddy
@fiddyresearch
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Contributes: @curvefinance . Previously: @llamarisk , Quant (Energy Markets), Scientist (Earth Observation: Oxygen spectroscopy).
Joined August 2015
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I looked into
@MIM_Spell
's UST Degenbox strategy and its Viking attack on
@anchor_protocol
's yield reserves, and tried to hypothesise how this might affect Curve liquidity providers.
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It’s way too easy to get burnt out in this space. A lot of folks are harping on about how hard they work: immediately mute/unfollow because they’re low signal-to-noise ratio.
If someone tells you that they don’t know how to not work: that’s actually a problem that they cannot
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When you provide liquidity on a
@CurveFinance
v2 pool, you’re technically buying an asset with exposure to multiple assets. If one of them happens to be an asset with lots of mcap (eg eth), you’re technically trading your coin for an interest bearing asset with lower volatility.
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dev alfa.
Solidity NFTs have officially been made obsolete by
@vyperlang
0.3.3.
Article excerpt from
@CurveCap
. In their words: if you're minting solidity NFTs on mainnet, the devs are basically rugging you. 43% minting savings can be huge in a congested network.
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crvUSD and CRV are never and will never be OFTs (too unsafe to do this).
Don’t assume we don’t notice what you’re doing.
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There’s a proposal to remove UST related gauges:
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This proposal introduces a new
@CurveFinance
FundRaising Gauge, which demonstrates the versatility of Curve Gauges: they can be used to fund with practically any logic. Our genesis gauge will fund
@vyperlang
a max 2,000,000 $CRV, subject to DAO vote.
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crvUSD hits 50 million in total supply!
It's so much easier to buidl when you have an active community of users/DAO participants who offer feedback to improve the product.
Few things to help usher in more borrowers: drop WETH and WBTC rates. sfrxETH markets, LP token markets.
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In CT, if you’re following someone with greater than 10-20k followers and they’re not a legit protocol or a Vitalik-tier crypto personality (followed by buidlers), you’re probably going to get shilled dogshit and subsequently get dumped on.
If they write threads: avoid.
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Dev alfa:
After discussing with curve devs, I learnt that
@CurveFinance
gauges are quite generalised. With the new cross-chain gauge contracts, the main thing needed to farm CRV emissions is an ERC20 token staked into a factory/custom made gauge contract.
What does this mean?
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metamask: lots of larping 'we focus on security and ux', meanwhile router is not verified, also in top 10 sandwiched contracts on possibly every chain, predatory swap fees
rabby/frame : quietly buidl new features.
i dont need to explain why you should simply delete metamask,
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Too many people waste time with liquidity incentives and think that if they offer APY, they've set up healthy functioning markets.
The process of creating healthy functioning markets is _almost_ a lifelong venture. You can take one simple WETH <> USDT pair and just work
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Just published an article on Custody Risk in DeFi, and some of the ways I use to identify risk to user funds in a contract due to privileged access. I take the example of
@CurveFinance
's 3pool contract, and compare it with other ... interesting contracts
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Someone said Curve is dead. Mf we still spittin' code out here.
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Clarifications.
In backrooms we already discussed that the error mentioned in this specific tweet is expected. Its too expensive to make small improvements in precision at the cost of gas (by recalculating D). External reviewers have also classified this to be of low consequence
A driving issue is that last_price can be miscalculated when the price is not near 1:1 or fees are high.
For one thing, the fees are not included in the last_price calculation, making it use different numbers than the actual trade or the resulting pool balances. 5/22
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A first risk assessment (and recommendation) on Terra (UST) as an asset in
@CurveFinance
pools:
Issues found:
1.
@wormholecrypto
USTw is unverified; no v2 audits.
2. Liquidity needs to be migrated from wUST to USTw.
3. Migrator is unverified.
4. ...
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Our first risk assessment was for
@reflexerfinance
RAI-3CRV pair on
@CurveFinance
. We think it is a very innovative floating-peg stablecoin with very few centralisation vectors.
RAI has stood the test of time.
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ETH Market is out!
Next steps: stableswap-ng, frxeth <> eth markets, sfrxeth oracle, sfrxeth new market with larger cap, tricrypto-ng as collateral, twocrypto-ng.
that's just what i'm involved with directly. rest of the team busy with similar cool things!
busy year.
And ETH market for crvUSD is up! Empty at the moment. As usually, if you arb markets - AMM for this is at 0x1681195c176239ac5e72d9aebacf5b2492e0c4ee
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New proposal for a
@CurveFinance
gauge on FRAX-UST is up:
Our general recommendation is to vote against this proposal since
@wormholecrypto
UST is still not audited and poses high risk for LPs.
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Better late than never, we had a look at
@AngleProtocol
and their agEUR stablecoin, following their proposal for a
@CurveFinance
gauge. General findings:
1. They are based.
2. agEUR should get a gauge (subject to the asset paired with it).
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The cCRV gauge contract is a custom implementation, which should not be encouraged without scrutiny. Custom
@CurveFinance
gauge implementations should be accompanied by core-dev guidance, and not without.
Please vote against the cCRV gauge proposal.
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Yearn harvests used to get sandwiched so hard that they had enough and went and built Seasolver.
And that’s gonna probably make all of DeFi safer forever.
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There's a fake crveth pool on arbitrum. Do not ape! Looks like spoofing.
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@kamikaz_ETH
Just a PSA here: the statements made in this tweet are categorically false. Risk never made such comments.
source: I’m in risk.
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That was tough. I’m grateful to the true unsung heroes of the dev community. I know who you are, you know who you are. These are some values I hope to emulate one day.
All I can say is, prios are still the same: improve Vyper security and devtooling (this has been the case since
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we're getting closer to a point where very specific malicious MEV strategies become cheaper to execute.
Be careful with your execution!
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2022 was quite nice. To note some career highlights, I got the opportunity to work alongside the best devs in DeFi, defended my PhD, experienced war rooms, and contributed to open-source tools.
Thanks to everyone who had a hand in making my 2022 awesome. See you in 2023!
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Even after the past month’s incident, Vyper is simply
… better.
All I need to do is to share a Google colab notebook with Vyper code cells and fork mode using boa and you’re a convert.
Example:
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Most importantly, the entire test suite started off using Brownie, and eventually got ported to
@vyperlang
’s Titanoboa.
If you want to learn how to test contracts in python, this should be excellent study material.
ayo, the curve founder coded the entire stablecoin system all by himself? based
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A highly profitable bot is sandwiching
@CurveFinance
stablecoin trades with $100m+ swaps through a fascinating strategy to get leverage
Thread on the latest in sandwiching
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With the first hard liquidation underway AND a minor depeg of TUSD absorbed easily by crvUSD, the innovative LLAMMA and MonetaryPolicy algorithms by
@CurveFinance
have had kitchen sink thrown at them: and survived!
Turns out bear market really is perfect for building!
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After looking at what
@poolpitako
has been cooking, I think it’s time
@CurveFinance
took some of its stablecoin infra to
@gnosischain
.
All theoretical and no work done on it yet but:
All positions created via safes. One tx approve > deposit eth > mint euro stablecoin > supply
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Couple of things about
@Platypusdefi
:
1. All PTP contracts are behind proxies. This is an interesting design choice (helps with rugs for example).
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prediction: google buys etherscan in less than 5 years.
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There is a core group of cream-of-the-crop devs that spend an inordinate amount of time trying to secure Vyper and improve it day by day.
The WIP version of
@vyperlang
, which leverages the new Venom IR, has already demonstrated remarkable improvements in produced code. It currently generates up to 20% - 30% smaller EVM code compared to Solidity.
For example, the test contract presented below, when compiled with
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So XST-3CRV has a gauge proposal up with shady oracles, shady reply guys posting on the gov forum, a gauge ownership bribe (its a big no no from my point of view).
Yeah. No.
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The on-chain vote for the genesis FundRaising gauge is up! Every vote counts. This is a new paradigm in the gauge-space, and (dare I say) in the fundraising space as well. Vote!
Curve:
Convex:
Proposal:
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This is the appropriate response.
Most of the user losses would be gone if predatory front ends like
@MetaMask
@1inch
@Uniswap
@matchaxyz
etc. had lower default slippage.
It is almost criminal that we allow this to happen when it can be significantly ameliorated in 5 mins.
$-4,558,055 lost to toxic sandwich attacks yesterday.
Plus an unquantified amount lost by L1 traders getting frontrun on ETH/USDC during high volatility (toxic DeFi/CeFi arbs).
Sorry to hear Flashbots are back to celebrating toxic MEV again.
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If you didn’t understand Univ4:
It’s Balancer Vaults + Uni v3.
There’s pros and cons to the Vault design.
I’m not sold yet on the one contract holding all tokens architectures, but it makes integrations insanely ez. Makes everything efficient.
Definitely a plus for Uniswap.
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Fees distributed to veCRV holders for the past week: ~ USD 790k.
You're welcome.
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This one's a special contribution! Thanks to all involved, especially:
@OnlyJousting
(designed, built)
@0xtutti
(designed).
If you thought deploying pools was a PITA, this should. help. If there's anything that is un-intuitive, hit me up.
Pool creation page is up in the new UI! Feel free to check it out
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frax isnt wasting time
There's a random usdd pool in there and something called an apeUSD minted with something called apecoin hmmmm. Going to be interesting to see usdc exodus from 3pool to fraxbp (so expecting lots of good and bad mev opportunities).
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Live from the backrooms: morale has significantly improved and well while this hack sucks, it might be a blessing in disguise in the long run (better funding for security audits/more compiler auditors/more incentive-aligned ecosystems).
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A quick update on Curve Stablecoin: it's doing well!
Despite low interest rates, rewards remain high. DAOs are incentivizing users with a 13% premia to mint crvUSD and bolster liquidity.
Remember, today's LPs are pioneers paving the way for tomorrow's DeFi landscape.
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Right now the printers at
@CurveFinance
@synthetix_io
pools (susd and seth) are going brrrrr. LPs enjoying some super nice profits!
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Tricrypto-ng hits 125k gas swaps. I wasn’t expecting this at all but very happy to see this!
Cheaper swaps have downstream implications for the AMMs performance.
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So, what I've understood thus far is (and please correct me if I'm wrong):
1. 3pool USDT reserves up: institutional money is on the sideline, flees to USDC. DAI just follows USDC via arbitrage.
2. 3pool USDT reserves down: sidelined money piling in, buying the dip.
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devs at it again.
@0xAlunara
(helping out as a community dev at
@vefunder
) set up a Front end for the fundraising gauge!
Till now, there have been 2 fundraising proposals: expecting one for eth core devs soon!
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Since everyone's busy fudding, I did some brownie simulations to see how long the MIM-3CRV pool has. Currently: 73:26, and dropping.
Did some basic mainnet-fork swaps, 10 million MIM-3CRV swap sizes. MIM-3CRV depegs in the 49th swap. The depeg is drastic, since A = 2000.
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DEX aggregators need gas estimates to accurately price routes. For Curve, I made the following:
If you're running an MEV arbitrage bot, or you are a dev at a DEX aggregator, this is for you. Much thanks to the bunny for helping me figure out evm-trace.
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@ImperiumPaper
Curve grant still in limbo because we have no participants in our actual decentralised DAO to KYC and take on legal liabilities and potential future lawsuits from Optimism’s Lawyers.
The demands they make seems like Optimism has no interest in giving out Curve’s allocation.
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Yearn setting up a vote for their new yCRV/CRV pool with a 40 minute exponential moving average price oracle for yCRV.
Soon, borrowing off of yCRV will be possible!
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etherscan verification hell is probably the worst hell in dante's inferno
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PWCR: curve v2 provides better execution than uniswap v3. But uni v3 captures a significant proportion of the volume regardless of execution inefficiency.
Most uniswap volume is for small swaps, where gas costs force curve v2 out on mainnet. Its the opposite on L2.
Delphi Labs 🤝 Delphi Research
Must-read report on DEXes comparing passive liquidity provision (Curve v2) with active market-making (Uni v3) in terms of LP returns and execution
The results will probably surprise you
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Curve sidechain boosties are coming soonTM: liquidity migration probably needed from current sidechain gauge contracts to the new one that allows for 2.5x boost.
Exciting times! This may herald the multichain world as we know it!
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You've deployed some contracts, and a user wants to interact with them immediately before your front and backend teams have integrated them. The user is not technical enough: you can't send them a script and ask them to simply run it in their terminal. So, how do you make the
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Andre's heads down busy with ramping up Fixed Forex, with lots of Gauge proposals coming up for the Curve community. Our new analyst Chanho did (imo) a great job with this assessment. I think it's worth a review by the community!
We had the opportunity to work with Fixed Forex founder Andre Cronje. Decentralized forex liquidity is key for a mature
#DeFi
ecosystem. We observed a few privileged access methods which are worth a review by the community.
@thekeep3r
@CurveFinance
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Internally we are working towards the next iteration to our cryptoswap algorithm that accepts donations which can solely be used to rebalance liquidity. These donations would come from crvusd and crveur (hypothetical) interest rates, which is an organic source of funds to
@0xdapper_
@fiddyresearch
@poolpitako
@gnosischain
Pretty much. But most interesting would probably be efficient eur<>usd swap hmmm
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thanks to magicGLP, MIM demand in GMXChain (formerly Arbitrum) is exploding.
Abra team is deploying capital, bridging across to L2 to meet demand, but it might need to birb the MIM-2CRV pool on arbitrum.
Can some
@CurveFinance
whales pls vote for that pool.
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My timeline is flooded with dumb Maker, Oasis and Dai takes.
There’s custody risk in most apps that build on top of DeFi, but Maker != Oasis.
The exploiter’s Maker vault was safe up until he gave up custody of his Vault to Oasis Services.
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At one point, ChainSec even came out with a cheaper implementation of state prices which was 66% cheaper (reduced gas costs by 6k).
Those state prices enable crvUSD today. Thank you for your efforts!
New
@CurveFinance
smart contract audit report is out.
Thanks for your continued trust and collaboration!
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New
@vyperlang
0.3.10 seems to be out.
And with it comes:
#pragma
optimize gas
Or
#pragma
optimize codesize
And it will save you a LOT of time if you choose those. It saved me an entire day today.
Enjoy!
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@Galois_Capital
Bro its like less than 10 reply guys who ‘excommunicated?’ you. You’ll be fine.
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Dynamic interest rate model seems to work well at stabilising debt token value, but there are some more improvements we can still make.
There are a few de-stressing actions that Monetary Policy takes:
1. Pegkeepers capitalise on market repricing the debt asset and mint debt
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My head has been reeling from watching Curve death spiral out of control. /s
Guess what? Every single pool in this top part of the pool list (by volume) makes more money for the DAO than it gets CRV emissions now
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We had a look at
@feiprotocol
following their gauge proposal on
@CurveFinance
. TL;DR: they had a rocky start and are now much better off, with FEI backed by their massive treasury ($700 mil+).
The recommendation is a YES: get that gauge! Welcome to the game, FEI.
Risk assessment for the upcoming proposal to add FEI+3Crv Factory Metapool to the
#CRV
Gauge Controller. After a rough start, it seems that
#FEI
V2 is ready for a Gauge so it can drive further TVL and utility.
@ConvexFinance
@CurveFinance
@feiprotocol
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Was just browsing Uniswap v3 swaps and found a JIT liquidity event for CRV/ETH pair. Fascinating:
Add liquidity:
Swap:
Remove Liquidity:
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@0xAlunara
@danielesesta
If y’all sell mcnuggets to pay rent but who is buying mcnuggies makes them instead than there is no mcnuggies buyers.
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ve can fund eth-core. The steps needed:
1. Write
@CurveFinance
governance proposal for max 5,000,000 $CRV for
@trent_vanepps
Protocol Guild.
2. Align veCRV and
@ConvexFinance
whales with the proposal: I know
@Tetranode
will love this.
3. Deploy gauge
4. On chain ownership vote.
The EF criminally underpays it's top teams. It's not even funny. It should spin out anything that isn't research-focused into separate entities and bootstrap them with funds to grow their own fundraising streams and retain top talent.
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People shitting on beanstalk exploit with ‘I told you so’ …
You’re the problem.
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Just from my experience: contrary to popular belief, 'toxic flow' is not so toxic. You are paying for the services of spot price keepers.
If you pay them more, your market's spot prices are updated more frequently. If you pay them less, your market's spot prices are stale for
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Just merged the
@vyperlang
titanoboa line profiler to master. To use: `pip install git+`
To invoke, decorate your tests with: `
@pytest
.mark.profile` and you should get the following for free.
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It is 2024. If you see someone mention ‘buy and burn’ in the context of tokenomics, please fire them.
‘Buy and burn asset with revenue from operations’: artificial buy pressure which tries to will the market to reprice the asset it is trying to prop up. It has and will always
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The general findings are:
1. The likelihood of the pool becoming imbalanced is quite high.
2. However, there are enough arbitrage mechanisms that allow for pools to become balanced.
Please enjoy this read. If you think there is something you disagree with, please let me know!
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I made a quick notebook on how to do swaps on Curve Cryptoswap pools without granting any approvals to Curve's contracts.
Some benefits:
1. Reduce number of ERC20 token transfers.
2. Don't grant ERC20 approvals but still exchange.
I love
@vyperlang
!
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It seems like an even split between gov token enjoyoooooors and stable farmoooooors.
It will be interesting to follow a timeseries of the % split between the two: if market wants more gov tokens, is risk appetite greater (bula)?
Can it give us a Fiddy indicator
#2
?
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