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]

Venues wrapping each other's liquidity is great for whoever sits one layer above and compares them all. Next we'll evaluate Uniswap v4 and hooks as a source.

Early days: hooks were ~1% of v4 volume in most months.

Credit to the Uniswap team. https://t.co/t8acsFKzGU

[Tiago Cruz @TeraHash]

Uniswap shipped Aggregator Hooks last week.

v4 can now wrap outside liquidity, including Fluid, Curve and PancakeSwap, as v4 pools on Ethereum, Base and Robinhood Chain.

Solid engineering and more routable liquidity is good for users.

[Tiago Cruz @TeraHash]

10 same-minute quotes on Ethereum and Base: within ±0.11% of the Uniswap interface after our 0.1% fee, gas excluded.

[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?