Tiago Cruz

DeFi, backed by data. I teach it and build Protocol head-to-heads, where yield really comes from, on-chain reads. Less pain, more numbers 😅

[Tiago Cruz @TeraHash]

I teach DeFi and this account is where I do it in public.

Head-to-head protocol comparisons with live data, where the yield actually comes from and fast reads when something gets hacked.

DeFi, measured. 🧵

[Tiago Cruz @TeraHash]

@haydenzadams If you say so...

[Tiago Cruz @TeraHash]

@agoradollar froze an AUSD account on Ethereum linked to the exploiter, but only after 1.4M AUSD had already been swapped to ETH. Agora says AUSD itself isn't affected.

initia:native dropped 14% on the news, then flipped to ~+14% on the day.

[Tiago Cruz @TeraHash]

@OxSimpleFarmer 45 days with zero IL is one regime not a stress test.
Stock tokens trade 24/7 onchain while the underlying market closes every night and every weekend.

Show me the numbers through a gap open.

[Tiago Cruz @TeraHash]

@aave Comparing APY across V4 markets in one view is a big UX unlock.

Would love to see utilization and liquidity depth right next to each APY. The headline rate is only half the risk picture.

[Tiago Cruz @TeraHash]

@phtevenstrong @mezzanine_fi

[Tiago Cruz @TeraHash]

@tenitoka_eth @Uniswap @ethereum @base @RobinhoodApp Yeah... sure

[Tiago Cruz @TeraHash]

Update on Swell: it's now confirmed.

swETH and rswETH deposits and withdrawals are paused. Onchain controls are blocking new withdrawal requests and ETH claims until the NAV is corrected.

Funds are stuck for now, and a haircut is still on the table. The total loss hasn't been disclosed yet.

If you hold either token, don't sell into thin liquidity until the numbers are out.

[Tiago Cruz @TeraHash]

⚠️ Heads up if you hold swETH or rswETH.

DefiLlama now lists @swellnetworkio as a hot wallet key compromise. Per @spreekaway, the attacker holds admin/oracle keys, is pushing the swETH/rswETH NAV up with no ETH behind it, and has deployed malicious upgrade contracts that could put ~2,500 ETH at risk if executed.

Swell says no ETH has left the deposit/withdraw contracts and it's investigating with security partners.

My take: until this is resolved, don't use swETH/rswETH as collateral, and watch any lending market priced off that oracle. Losses are still unconfirmed.

[Tiago Cruz @TeraHash]

@rogeriomenezesx Muito bom só trocava aster por lit (mas os unlocks…) e adicionava raydium e Ena.

[Tiago Cruz @TeraHash]

0.14% cover vs TVL is the number that matters here.

Automatic payouts are the right UX but the hard part is correlated failure: one oracle or hosting compromise can hit every vault built on it at once.

How much of the cover pool is sized for a shared-dependency event versus one vault failing on its own?

[Tiago Cruz @TeraHash]

@kamino Rolling at the same rate is great for borrowers but it's a free option against lenders if market rates jump mid-term.
Does the lender side get a repricing or exit window at each rollover or does fixed-rate credit on autopilot assume rates stay flat?

[Tiago Cruz @TeraHash]

@yieldbasis @metricxyz Permissionless propAMM is a big shift from passive curves.

If anyone can quote into yb-WETH who eats the adverse selection when a quoter is faster than the pool?

Is there a check that the extra volume comes with fees that beat the loss to informed flow?

[Tiago Cruz @TeraHash]

Externally curated hubs are the right direction but yield-bearing collateral is exactly where today's Swell scare bites: a NAV oracle that drifts up is new borrowing power with nothing behind it.

How are these markets pricing that collateral and is there a cap on how fast the exchange rate can move?

[Tiago Cruz @TeraHash]

@Only1temmy @aave @Morpho @HyperliquidX @pendle_fi @0xfluid @ethena @boros_fi @GammaSwapLabs You should add @MeteoraAG, @Raydium and @SkyEcosystem

[Tiago Cruz @TeraHash]

@OxSimpleFarmer a tokenized trader is still a token.

Its price can run on hype before a single profitable trade which is the performance theater you're describing.

With a 2% closing fee on every exit the platform earns on volume rather than results.

Show me the risk rules in the contracts and I'm interested.

[Tiago Cruz @TeraHash]

The Kimchi story wasn't exposed by a new launchpad it was exposed by onchain data.

Bubblemaps traced his linked wallets and cut the $40M $TRUMP legend to ~$6M.

The tools to audit a trader already exist.

The problem is platforms promoting people without using them.

[SimpleFarmer @OxSimpleFarmer]

I have a solution.

The evidence and sentiment surrounding Kimchi and the extractive sphere of KOLs using @Pumpfun as a platform to farm the trenches are clearly at odds with our goal of developing a stronger early-stage model that allows talented technologists to enter the crypto ecosystem and thrive.

We are currently propping up the best salespeople and actors and selling them as the best “traders.”

Imagine if NBA basketball were played by the best actors pretending to be good at basketball instead of the most talented athletes. What would the value and popularity of that product be?

It would be considered a scam of a product. Not dissimilar to how the general population views the current state of the trenches.

Hence, I have created another suite of onchain contracts to attack this problem head-on.

That solution is “Books,” an ERC-6551-powered tokenized trader launchpad and trading engine where creators can monetize not through what they say, but through the quality of their trading execution over a selected epoch.

A suite of contracts that can integrate into any social trading platform, allowing talented traders to access liquidity quickly to execute short- and long-term trading strategies while earning 20% of the net profits they generate.

We want to reward execution, not performance theater. The best traders should be the ones attracting capital, not the best actors.

Social Capital Markets by StonkBrokers (@ClutchMarkets) goes live on Robinhood Chain on Tuesday, October 27, in collaboration with @MancerXYZ.

[Tiago Cruz @TeraHash]

IMO paying out on PnL over a selected epoch rewards variance, not skill.

A short window favours whoever sized up and got lucky.

Without drawdown limits, a high-water mark and a minimum track record, Books can end up crowning the same gamblers with better branding.

Who picks the epoch? The trader or the protocol?

[Tiago Cruz @TeraHash]

@pendle_fi Over 80% of TVL in RWAs changes what Pendle actually is.

It's starting to look like a fixed-income desk more than a DeFi yield trade.

Which do you expect to dominate PT demand next year treasuries or private credit?

[Tiago Cruz @TeraHash]

@cryptosuinavi Agree on the mechanics but for ETH the bigger driver this quarter was fees.

Per Bitwise/The Block data, 96%+ of staking yield came from issuance while network revenue fell from $63M to ~$40.6M.

[Tiago Cruz @TeraHash]

@ValantisLabs 17k HYPE sitting unclaimed post-migration is a lot of idle stake.

Does it keep earning while it waits or is it just dead weight diluting the yield bump you're seeing?

[Tiago Cruz @TeraHash]

@spreekaway The scarier part isn't the ~2,500 ETH in the upgrades, it's the NAV creep.

Any lending market reading that oracle is quietly accepting more swETH collateral every hour. Has anyone checked which markets still price it live vs on a hardcoded rate?