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going to start using this the way everyone drops the airplane-survivorship-bias pic and says nothing
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aave now publicly against those who support usual suspects like morpho, gauntlet and mev cap
not the best look for aci… but don’t blame the player
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in a reductionist sense:
- curve’s edge is tech
- aave’s edge is risk mgmt
- mkr’s edge is scale
as a result, always pay attention when
- curve releases new tech or sunsets products
- aave changes risk params and market configs
- mkr implements dai allocations and dsr changes
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gary really said congress should've decided if tokens are securities in the 30s
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$30m in borrows - huge milestone considering sentiment never had >$5m in supply side liquidity
this means the entire supply tvl was lent out more than 6 times over
capital efficient liquidity.
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new lending narrative brewing? euler evc, morpho blue and astaria starport are all building a "seaport for lending"
looking forward to how things play out as they launch and scale
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sentiment v2 contracts are finally public!
some highlights:
- improved risk mgmt for lenders
- rehypothecation galore
- complex flows reduced to one-click
- safer contract architecture
hmu if you have thoughts or wanna talk more, i'd love to hear from you
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why doesn’t the “cracked” swe have an active personal blog?
he can’t find time to build a static site generator from scratch in C
these Smart Software Engineers are so allergic to copying code that they'll spend weeks/months on complicated solutions that are impossible to maintain because they didn't want to do something simple/dumb. Something a "non technical" person can do
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it's interesting how aave has billions in sticky tvl earning low yields
makes you wonder if LPs:
- believe aave has the highest risk-adjusted apr
- don't care about lending apr because they can outperform using only borrowed assets
- possess super strong consumer inertia
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DL is the best crypto team when it comes to "understanding what your user needs" — and shipping
i've been a llamasearch enjoyooor
since day 1, and can already see myself using this everyday. great work!
new llama launch!
we built a new homepage experience with all the stuff you might need, plus you can customize it
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amazing new stuff from curve. seems like their response dsr and gho staking, but maybe even better
i see this as a huge net win because it meaningfully allows people with size and institutional risk mandates to gain core defi exposure
would love to read more about the off-chain
By staking your stablecoins on stablecoin platforms such as Curve, you’re effectively giving a loan to Curve the protocol.
Curve controls monetary policy via fee splitter and decides if it should increase or decrease the yield of crvusd.
It’s like tokenised t-bills but then
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defi has been exceptionally great at transforming everything into a liquidity problem
not much else to care about other than liquidity - acquiring it, managing it, and having too much or too little of it
and everything else tends to fall into place with a robust liquidity base
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@eigenrobot
i just know if he was around today, he'd own the algo with his hot takes in a way no one can imagine
born a few generations too soon
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some lore: sentiment v1 was the first ever audit contest on sherlock
i still remember when the format was so new that it was ‘pitched’ to us by
@jack__sanford
— obviously, we loved it. no-brainer.
since then we’ve used sherlock’s insurance, had multiple contests and will
this might seem weird today, but there was a time when audit contests were considered ‘experimental’ and ‘novel’
their efficacy was debated against private engagements as an either/or argument
ofc we now know that both formats have their own place in the security stack
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rm woke up to a shoutout in the rust x eth day talk by
@msolomon44
some context to steelman his argument:
- my first rust pr in prod
- foundry dev chat was very responsive (thanks
@hievalir
)
- only took a few hours to go from first reading the issue to having my pr merged
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what an unforgettable last week, but now we can finally go back to building - safer, better and even bigger than before
We are pleased to announce the Sentiment protocol has been restored to its full capacity. Users can now create accounts, lend, borrow, trade, and withdraw.
We're back at 🌀
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apparently morpho's max withdraw feature puts the position right at the liquidation threshold
while this is what "max withdraw" truly means, it makes for poor ux. a position at the liquidation threshold can be liquidated on the slightest of price movements
most interfaces
Morpho Labs have decided to scam users out of potentially millions of dollars almost completely unnoticed:
Highly disappointed in the team, this is a “blue chip” protocol that has raised $50m, it’s wild that it has to resort to this behavior, they were spoken too in private
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the trading ux on sentiment is about to get a huge boost over the coming days:
- faster refresh rates
- routing using aggregators
- clear info about output amt, price impact, slippage, etc
better execution + improved ux + cheaper rates = more $$$ for traders
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@lemiscate
i agree that this is not the dao’s stance today
but to call aci ‘one of many delegates’ greatly understates its influence
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@kaseyklimes
and i would have gotten away with it too, if it weren’t for those meddling objectives and path-dependencies…
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i think we'll see some innovative products built on seaport just as we did with uni v3 conc liq
seaport is more than just a "backend for opensea" or a "nft marketplace protocol"
it's closer to a generalised onchain exchange and orderflow primitive
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@functi0nZer0
@bdguan
attention-span adjusted tldr:
there’s like 10 people here and they talk to each other. just be nice, it’s not that hard
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@Sabnock66
rareskills needs to repurpose their 'solidity interview questions' into this. underrated resource
why do we need leetcode for solidity though?
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@dystopiabreaker
the elites have never seen a reality that doesn't rely on rent-seeking systems or paternalistic governance
this is just their ancestral wisdom being applied to a modern context
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it's a great time to ask people about their crypto thesis with an invalidation
personally, my thesis revolves around crypto driving efficiency and it's only gotten stronger through the bear
price down but conviction up
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something i wish i'd internalized way sooner ––
there are no under-collateralized loans. they simply don't exist. you're always collateralizing with assets, upnl, future flows, or something non-tangible (credit score, trust, IP, etc.)
this was a doubly important learning
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morpho blue looks great, congrats to the team. many existing and upcoming lending systems could benefit from this
the codebase looks neat too, less is more at the base layer and it shows
excited to see how they productise and scale to have non-morpho teams build on top
1/ Today, we unveil Morpho Blue 🟦
A trustless lending primitive that offers unparalleled efficiency and flexibility.
It will serve as a new base layer for decentralized lending.
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required reading for anyone designing a lending system today
the big idea here - lending systems can be seen as higher dimension amms with multiple 'prices' that need to be optimized. this approach has always served me well in the past.
New blog on emerging trends in DeFi lending design! We take a tour of user-defined vs algorithmic parameters, isolated vs multi-asset pools, PID control, oracle-free designs, and make the case for eventual convergence to a hybrid approach.
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get in loser — we're building standardised, composable oracles
i'm super excited about erc-7726 and glad to see euler support it
this erc directly addresses important issues faced by defi builders
join the tg group and get involved
A new public good for Ethereum.
Introducing ERC-7726: A standardised oracle API for protocols to easily integrate multiple oracle data sources.
Euler v2 will integrate ERC-7726 to enable the use of multiple oracles, providing more reliable and accurate pricing data across a
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@hermittoday
okay so it’s more like finding a hyper-idea that is relevant across different fields and scales than pure analogies.
but here’s one i’ve been thinking about lately — “empathy does not scale”
at the personal level: it explains how we view disasters — one death is a tragedy, a
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incredible stuff from euler
conventional advice says "never change code between audits" but they flipped it to "change code and get even more audits"
i think we see many more teams taking cues from euler here
Securing Euler.
Today, we're sharing our multi-layer security approach, developed and implemented over the past year.
In this 🧵 you'll find some of the highlights.
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@Tendeeno_
'build it and they'll come' was the biggest bull market psyops
there's so much nuance in building for retail and new users, most teams are better off solving for these 500 and expanding from there
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holy fk the day keeps getting worse. napkin math says total loss is around 58m now
32m crv/eth pool
13m alchemix
11m jpeg
2m metronome
hoping for the best for everyone involved
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@functi0nZer0
@elfgmi
> make light of the unspeakable source of grief that is north korea in an exploratory jobs convo
my bad op, i'm sure those state-sponsored actors with a systematic mo and malicious intent were interested in "exploratory job convos"
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@itinerantfog
okay i will break the rule ONCE and explain it — it’s in reference to a talk i came across recently called ‘why greatness cannot be explained’ which talks about how objectives can hinder our process + chasing novelty + a lot more
in this case, it refers to how it can be
going to start using this the way everyone drops the airplane-survivorship-bias pic and says nothing
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been here long enough to see many cycles of —
> [centralised product] does [something centralised]
> all of ct: who is buiding [centralised product] but decentralised
> discover an alternative
> go and use it
> realise why [centralised product] works
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devs did something
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@OrphicCapital
some parallel between this and dark/messy rooms that breed lethargy and numbness
both load-bearing mechanisms
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make sure to do the celestia thing if you're eligible as a dev, fairly high allo
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excited to finally see reflex out in the wild
there's a lot of interesting things happening at chroma, do check them out
On-chain credit is inefficient and limited. We are building a novel lending protocol and are on a mission to change this.
Today we are open sourcing one piece of that protocol; Reflex. Reflex is a framework for building and maintaining upgradeable Solidity applications.
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btw aave alignment isn’t a move from a position of power
they aren’t being cruel, they are seriously concerned about losing market share
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@Sabnock66
- gas heavy + non trivial to implement when using return data from prev calls
- calldata construction can be intensive for large calls
- wider attack surface because invariants need to hold after every type of txn
iro multicall or atomic designs are usually easier (not better)
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to give concrete examples
- mkr jumped on the ethena / pendle trade with size like no one else did
- aave risk mgmt has been a moat until recently and helped them scale to billions
- curve stableswap and llama have a core value prop of “more efficient than [incumbent]”
in a reductionist sense:
- curve’s edge is tech
- aave’s edge is risk mgmt
- mkr’s edge is scale
as a result, always pay attention when
- curve releases new tech or sunsets products
- aave changes risk params and market configs
- mkr implements dai allocations and dsr changes
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@DCbuild3r
@SorellaLabs
amazing dashboard, intuitive visualisations really go a long way
also reminded me of this (very simplistic) explorer that visualises txns as train cars -
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over time milady has created an egregore that routinely brushes off crises that would kill other collections forever. they'll come back.
the price action however, never reflects this anti-fragility. it's futile to try and time dips. buy one for its own sake, or don't bother.
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the ve-tokenomics and its consequences have been a disaster for the human race
a thread 🧵
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by the looks of it, gauntlet will be one of the biggest lenders this cycle. maybe we see aera vs yearn soon?
no one will know if they're using evc or blue...the way they don't know which dex routes swaps or yearn's vault composition
to be clear, this is good. accelerate.
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completely accurate take (and concise naming ftw)
that being said, the architecture in question:
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@alcueca
@CurveFinance
have you checked out balancer? they supported a lot of customisations last i checked. it's been a while though
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aave 'tailored markets' is the latest response to euler + morpho's push towards modular lending markets
tailored markets isolate risk and support exotic collateral types — worth paying attention to how they play out long term though
i think modular designs are the future fwiw
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is there an eip for lending market pools? parallel to 4626 for vaults
it's the easiest path to maximise composability once lending markets are decomposed into liquidity pools and managed vaults
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today's alfa is simple: switch to arc and use chrome only for crypto stuff
better browsing on arc + forms a logical airgap
also imo arc grows on you, try it for atleast a wk or so before deciding
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coinbase style guide finds a great balance between being pragmatic and opinionated. kudos
@WilsonCusack
and team
these two particularly stand out, wish we could enforce contracts to comply with them -
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more erc-7726 oracles in the wild!
Recently,
@eulerfinance
v2 launched their modular lending program. 🧩
Along with that came their Price Oracle system that seems capable of solving the oracle adapter problem.
The story of the unified oracle doesn’t start with Euler though…
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@0xWenMoon
a complete answer probably deserves a post of it's own but imo writing is an underrated one for defi devs.
async team comms, dev docs + specs, internal tasks, intuitive code, inter-project collabs, user support, twitter presence etc.
it's everywhere no matter seniority or role
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just read about the morpho incident and i think the official statement will be — ‘it was not an exploit, because everything worked as expected’
if they do that, let me frontrun and say — valid argument, and i see where they’re coming from. ‘exploit’ sensationalises the situation
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@burstingbagel
@sentimentxyz
love aave and have only respect for them
but there's some worthy challengers on the horizon
oh and btw -
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> solidity is a very difficult programming language for most devs
skill issue
it may not be the best first language but is great to work with if you have *any* prod-grade programming exp
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@functi0nZer0
a sequel from the producers of “a ceo i worked for seduced my wife in retaliation for my pushback at work…”
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