POD

[POD @Patrick0xD]

Me when I read the technical docs before the meeting

[POD @Patrick0xD]

AI is an offensive AND defensive capability

[pashov @pashov]

@Dogetoshi Try finding exploits with Claude and see what happens. It really doesn't work this way

But in the right hands, these tools can really wreak havoc, OR stop a disaster...

[POD @Patrick0xD]

Nah dude, there were plenty of people who called Luna out for the ponzu it was at the time. It was built on a fundamentally unsound model. Remember 20% on UST at Anchor?

The fact that smart people convinced themselves that alchemy was true for a period of time does not make it true.

We need to learn from the past so that we are not doomed to repeat it.

[POD @Patrick0xD]

@LexSokolin @dankrad And Etherealize?

[POD @Patrick0xD]

@Melt_Dem What are the right basis relationships to think about?

Is it based on task, location, chip type, something else?

[POD @Patrick0xD]

@lukecannon727 @jerallaire Then you would be holding duration risk. Check out the price chart of a 30y bond.

[POD @Patrick0xD]

@Uptodatenow Think this is more likely an opening move for a bigger strategy than it is one off

[POD @Patrick0xD]

@Uptodatenow So so interest -ing. Why now, why does Coinbase even need to be involved.

Maybe a way to shift the convo on USDC too given all the flak they are taking on freeze policy

[POD @Patrick0xD]

@SkyEcoInsights @RuneKek @pythianism How does one join? @SkyEcosystem @RuneKek @pythianism

[POD @Patrick0xD]

Im sure they are very cool and hard to price swaptions.

Maybe VCs don’t do this often, but I did this for years for PE/HFs…. Interest rate swaptions, FX hedges, commodity price collars. Not that different from advising on capital mkts which is the most important job of any sponsor.

[POD @Patrick0xD]

@theempirepod @JasonYanowitz @MikeIppolito_ @Blockworks @MikeIppolito_ dropped the mic so fucking hard starting at 3:00

also liked that the "enemies" are now inside the gates analogy @JasonYanowitz

look forward to hearing more from you both for years to come!

[POD @Patrick0xD]

This is well articulated as the argument for buybacks.

I would argue that the token market does not, actually, reward buybacks though! In come cases yes but lots of disparity in how buybacks translate to durable valuation premiums.

And equities do value buybacks? Idk that's not the point.

Point is yes. buybacks are good.

[Luana Lopes Lara @luanalopeslara]

That’s my government 🥹♥️

[POD @Patrick0xD]

@JamesChristoph @ryanconnor Meant convexity not converts

[POD @Patrick0xD]

It’s an interesting thought experiment I’m just saying that I think there are some differences that make it not like a swap.

There is no floating leg for a PT, it’s just a zero coupon bond. The exposure is similar to receive fixed position but you dont get converts of a swap.

YT… idk I guess this is a swap if you treat the upfront payment as the fixed leg, or just treat fixed leg as zero.

I could be wrong here, and also maybe there’s an idea here?

[POD @Patrick0xD]

@JamesChristoph @ryanconnor Pendle more like bond stripping than a swap

[POD @Patrick0xD]

@ryanconnor No term structure

[POD @Patrick0xD]

@Uptodatenow @glxyresearch great summary. borrower/lender-level behavior is interestng too. it's getting framed as a rush of borrowing out but i think it was more just withdrawals

care to make any projections on Aave TVL when/if the big 3 markets open up?

[POD @Patrick0xD]

@0xcarlosg Uniswap has done $600 m so not low at all actually. The volumes don't line up that closely over time so seems pretty different set.

[POD @Patrick0xD]

I appreciated the color on aToken prices... I think that's really interesting.
Volumes on Uni seem kinda low, but those trades are happening elsewhere now too (Fluid,1inch). Any other volume sources?

Can you see if buyers redeem out of the pool by pairing it with an ETH withdraw txn?

[POD @Patrick0xD]

i'm sure there are lots of "active discussions" but it's pretty disappointing there hasn't been any real public communication.

No rate change gonna solve this tho.

S/o to @gordonliao that was a gud post (i didn't understand what the liquidation point changed about the proposal)

[POD @Patrick0xD]

@tomwanhh the logical move for each party is not to repay the debt while outcome for rsETH holders, and secondary effect on aWETH holders, is unknown.

But at this point the @KelpDAO resolution process is blocking up the largest most liquid lending market in crypto...