Professor J.E.Y. (🦇🔊)

Prof. Jamie E. Young.
Founder/Pseudoanon Academic/DeFi Plumber
🖊️Tenure @IntegralHQ Protocol: decentra OTC trades on-chain.
Impact thru math, experiments, R&D.

[Professor J.E.Y. (🦇🔊) @ProfessorJEY]

🚧$BEAN loses $182m to a Flash Loan attack.
🧱What are Flash Loans? Is it a good thing that DeFi enables anyone to borrow $1B as an anon?
A reflective/thought thread by a fam of on-chain buidlers🧵(14-parts).

cc: @rleshner @tarunchitra @zxocw @im_manderson @pythianism

[Professor J.E.Y. (🦇🔊) @ProfessorJEY]

To ethereum devs,
if you ever thought differently, then pay heed now:
the 18th decimal does matter.
ie, the 1e-18 stETH corner case edition, a fun aberration we see in this space, courtesy of rounding in shares accounting vs absolute amounts:
https://t.co/ue37XmIE2v

[Professor J.E.Y. (🦇🔊) @ProfessorJEY]

@tarunchitra If you drop them in a vehicle you already exited - you can think of it like L1-norm because the taxi couldn't have gone too many blocks away if you notice in time.

[🤖 @phildaian]

MEV is neither good nor bad. it simply is.

[olaf @zxocw]

anon there is a lot of noise, a lot of people talking without saying much

faster and faster “news” cycles

don’t lose the plot

we are replacing the global financial system with software that nobody controls

[Professor J.E.Y. (🦇🔊) @ProfessorJEY]

@matthuang The kid who hacked Indexed Finance, but good luck hiring him.

[Professor J.E.Y. (🦇🔊) @ProfessorJEY]

@santiagoroel slow frequency defi plumber

[owockai @owocki]

“Decentralized Society” (DeSoc) ⚡️

[Professor J.E.Y. (🦇🔊) @ProfessorJEY]

@jbrukh @Tim_Roughgarden @Darrenlautf @kermankohli @bankless almost forgot.

water:
(you probably know what falls in this category already 😉: Satoshi, Bitcoin Talk, https://t.co/OrPR4U6y9h, etc.)

[Professor J.E.Y. (🦇🔊) @ProfessorJEY]

@jbrukh Like diets, add variety & balance to get far

Proteins:
@Tim_Roughgarden YouTube Lectures for foundations of blockchains/crypto

Fibers:
@Darrenlautf's resource directory is more with the times, for on-chain degen

Vitamins:
Newsletters w good depth: @kermankohli @bankless

[Professor J.E.Y. (🦇🔊) @ProfessorJEY]

@LanrayIge @shayne_coplan might have some things to share?

[Professor J.E.Y. (🦇🔊) @ProfessorJEY]

@lsukernik Gov Forums, to be an emerging dataset for Organizational Behavior folks for business school style research

[Professor J.E.Y. (🦇🔊) @ProfessorJEY]

@danrobinson So where to go next, now that price discovery on-chain is near synonymous with MEV today?
Why don't we keep MEV to just price discovery DEXes, and build more protocols off that as a building block...😉

[Professor J.E.Y. (🦇🔊) @ProfessorJEY]

Our devs are seeing HTTP 429 errors from @infura_io while using @etherscan frontend (and it just keeps retrying - web3 connect wallet specifically), anybody else got this problem? 🫤

[Alex Svanevik 🐧 @ASvanevik]

@tarunchitra @sandeepnailwal @jdkanani tarun it doesn’t stand for chief mathematics officer

[Professor J.E.Y. (🦇🔊) @ProfessorJEY]

@SocietyGoBrrrrr 🤝

[Professor J.E.Y. (🦇🔊) @ProfessorJEY]

@SocietyGoBrrrrr If you want to nerd out on MEV, you may enjoy the concepts here, and examining it through the lens of Flash Loans.

Ultimately FL is merely a tool/block at the dapp/DeFi level, and a lot of its common uses are under the overarching motivation of MEV.

https://t.co/a7gzB2wGlC

[Professor J.E.Y. (🦇🔊) @ProfessorJEY]

@SocietyGoBrrrrr how might you address the narratives/fear part proactively?

[Professor J.E.Y. (🦇🔊) @ProfessorJEY]

👩‍💻👀@IntegralHQ @DuneAnalytics 🔢📈
Integral SIZE trade flow data now available for the Dune mages out there. 🧙

https://t.co/uYknNrCGvO 👷‍♀️

[Professor J.E.Y. (🦇🔊) @ProfessorJEY]

@SocietyGoBrrrrr Agreed on your point they can't isolate/stop FL per se.
Narratives remain though that paint whole space. It's ugly, but it's a factor to how we got liquidity on ethereum from 2019 onwards.

That MEV rents going to miners/validators is another discussion entirely...

[Professor J.E.Y. (🦇🔊) @ProfessorJEY]

@apenguinatgezi @rleshner @tarunchitra @zxocw @im_manderson @pythianism 1. Typically small fee or even free. E.g. @AaveAave is typically 9bps (0.09% fee) [https://t.co/G5vMFcNHnW]
2. Transaction composability: build up an atomic txn like legos. There's explainer articles out there, here's one (some info may be dated): https://t.co/dLVH7EpKaj

[Professor J.E.Y. (🦇🔊) @ProfessorJEY]

🚧$BEAN loses $182m to a Flash Loan attack.
🧱What are Flash Loans? Is it a good thing that DeFi enables anyone to borrow $1B as an anon?
A reflective/thought thread by a fam of on-chain buidlers🧵(14-parts).

cc: @rleshner @tarunchitra @zxocw @im_manderson @pythianism