MK

Product Lead

[Keyring Network @KeyringNetwork]

@LaserDigital_, a @Nomura group company, has chosen @KeyringNetwork as their DeFi partner.

This partnership underscores our tier-one institutional offerings of structuring, settlement technology and permissioned DeFi.

The initial markets will be live on @eulerfinance 👀

[Alex McFarlane @flipdazed]

Call for contributors for a paper on DeFi liquidations...

Liquidator roles have changed drastically since the addition of tokenised assets as DeFi collateral.

Originally coordinators of infrastructure, they are now expected to provide balance sheet to absorb market and credit risk.

The problem is that DeFi protocols have been built assuming assets can be sold instantly to a willing buyer. Whilst risk managers have taken this into account somewhat with LTVs, the protocol design has neglected the liquidator's need for a haircut to warehouse these risky assets.

Our calls with leading liquidators this week confirmed what we suspected: most are unaware that protocols have hard constraints on the discounts that can be applied to collateral.

This means that a slightly unhealthy position in a tokenised fund is unlikely to find any bidders, and will instead sit idle in the market.

It is also possible that under certain conditions an asset can never be liquidated, as the maximum discount available is simply not enough for any rational actor.

Different lending protocols have different constraints, but we found that in general none were well suited to clearing tokenised assets and funds in their default configuration.

Some DeFi lending protocol teams, as well as some risk managers, have been aware of this issue and have been working on fixes.

In talking to industry practitioners, one recurring theme was that levered credit positions rarely (if at all) got liquidated. The liquidation business for tokenised assets was therefore a low priority for most would-be liquidators, despite a surge in interest earlier this year.

What this means is that for these assets, liquidators are relied upon to provide a service that is objectively negative expected value for them.

We expect that some of the largest market operators, Aave for example, can justify this position as a service. But it gives reason to believe that the majority cannot, or would not, in a big market sell-off.

The incentives are skewed against them, as being a liquidator in such conditions is effectively being a charity.

We consider any third-party agreements (SLAs) with liquidators under such conditions to be largely spurious unless there are significant protocol changes: they are effectively deep out-of-the-money uncleared put options.

This concerns us as retail exposure to DeFi increases through exchanges, PSPs and neobanks. It represents a critical fragility vector.

Link to the GitHub repo below. It's still a draft, but we've spent about a week tidying it up so that it's ready for outside reviewers and contributions.

[Re7 Labs @Re7Labs]

Whether you've claimed your $BLUR airdrop or not, there is plenty more to explore in NFTs than just buying or selling pretty pictures.

🧵Here is our previous thread on the growing world of #NFT finance.

[Re7 Labs @Re7Labs]

“We're talking about the new industrial revolution happening all over the internet.”

Our Managing Partner, @evgeny_re7 sat down with @BCBcrypto, to discuss the evolution of DeFi💥

🎥 Watch the full interview now: https://t.co/R7jNZUCLAf

#digitalassets #defi #liquidityprovider

[Pathaka.ai @PathakaAI]

.@AndrewYang joins Pool Data as Strategic Advisor

Yang, a leading political figure, entrepreneur and technologist, will work with Pool to bring fair data collection, control and monetization through data unions.

Find out more: https://t.co/HNicsZ7vgJ

#DataUnions

[Shiv Malik @shivmalik]

I’m incredibly honoured that ⁦@AndrewYang⁩ has today joined ⁦@pooldata⁩ as a strategic advisor 🥳His work on data empowerment has been a real inspiration to me so it’s just amazing to have him support Pool and the data union ecosystem. https://t.co/uKcbcG6MMt

[Sky @SkyEcosystem]

Can DAOs change the way we work? — From @Zebu_live.

Rajiv Sainani, Europe Growth Lead of the Growth Core Unit, provided insight into how DAOs like MakerDAO are transforming the way we interact in a work environment.

Full panel recording → https://t.co/kfDGdQgNG7

[BCB Group @BCBcrypto]

📣 TODAY our Head of Yield, @MK_CrEx, will join a Twitter Spaces Roundtable discussing the 'Current State of DeFi'!

⏰ When: TODAY 24th August @ 1pm BST
🌏 Where: watch later today: https://t.co/qQYbkeJZ8o

[MK @MK_CrEx]

@LunoExpeditions Wagmi!

[Terracotta Warriors @tcwarriorsnft]

☢️ MEGA #NFTGiveaway ☢️

🎁 3 x Warriors to be won

🏆 To enter:
✅ Follow @opake_art
✅ ❤️ + RT
✅ Tag 3 friends

MINTING ENDS FRIDAY - only a few hundred left

Own 5 & claim an original Opake painting ($6500)

🌐 MINT HERE: https://t.co/ie5mzDEuRQ

#NFTCommunity #nftcollectors

[Marcus @marcswane]

[1/11] Is #Bitcoin a waste of energy? It’s been one of the big questions of 2021, mainly thanks to the media. Who’s in the right? 🧵

[Marcus @marcswane]

Another US$600m for @LunoGlobal parentco @DCGco to help us upgrade the world to a better financial system. Let’s go! 🚀

[Foundry @FoundryServices]

With Foundry part of the @DCGco family, along with our sister company @GenesisTrading, you can trust our team of experts to help you do more with your staked assets. We’re ready to help you get started. #foundrystaking #staking

[Marcus @marcswane]

Excited to share that @LunoGlobal is now backed by @Google @CapitalG @SoftBank GIC and @RibbitCapital via our parent company @DCGco. Incredible long term investors that share our vision of upgrading the world to a better financial system. https://t.co/RjeP50GJi2

[Marcus @marcswane]

Hey there @StandardBankZA @AbsaSouthAfrica 😉

[Marcus @marcswane]

Top of the 🧵 where I break down some of the most common myths about #bitcoin.

[Marcus @marcswane]

[1/8] Still seeing a lot of the same myths about #bitcoin doing the rounds. I’ll be breaking down some of the most common here - first, that bitcoin is only used for crime 🧵

[Genesis @GenesisTrading]

"The Genesis derivatives desk has seen outsized trading volume in anticipation of the ETF approval. Last Friday, the desk traded over $1bn notional (roughly 27% of daily Deribit volume) in BTC and ETH options, executed as bilateral OTC and negotiated block trades."– @joshua_j_lim

[Luno @LunoGlobal]

Luno has teamed up with @Troygoldapp to settle the ultimate debate:

#Bitcoin or Gold?💰

Catch Troygold co-founder Dane Viljoen and Luno’s Senior Product Manager Michael Kourtis in this exclusive Telegram audio event, hosted by
@uTshepo_K.

https://t.co/ENe2MypY1q

[Nathan Hirsch @nathanhrsch]

Catch the one and only @MK_CrEx he is gold ! Or probably will be on the #BTC side