andylinee.eth

🛟Trust only what you see onchain. @EthTaipei

[andylinee.eth @andylinee]

👀 原來 Pendle 的 PT 不一定保本？

昨天看到 @0xlemoneth 的貼文討論到 Strata 的 jrUSDe 未來的 APY 有可能變成負的，那麽 Pendle 市場的損失是否由 PT jrUSDe 來承擔？
https://t.co/ovVSUPbneD

去看了 Pendle 的市場頁面發現多了一個警示語區塊，提醒當底層收益變成負的導致 Watermark 利率高於底層資產和會計資產的匯率時：
➤ YT 將不會產生收益
➤ PT 在到期時的贖回資產可能會低於實際價值

昨晚和 @strata_money 的人詢問後，才發現原來 Pendle 有增加一個文件說明 IBT 的負收益風險，以下簡單說明。
https://t.co/UCwrWYnLHA

@pendle_fi 的機制主要是將生息代幣（Interest-Bearing Tokens, IBTs）拆分成本金代幣（PT）和利息代幣（YT），PT 持有者可以在到期日時贖回本金加上固定的利息（類似於零息債券），而 YT 持有者則透過槓桿的方式來累積利息的部分。
正常情況下，生息代幣的利息都是大於等於 0 的情況，但隨著各式資產的設計推出，在某些情況下 IBT 也有可能產生負收益。先來解釋以下兩個在 Pendle 上的專有名詞：
🔹Exchange Rate：生息代幣（IBT）和會計資產的匯率
🔹Watermark Rate：生息代幣（IBT）和會計資產之間最高紀錄的匯率

當 Exchange Rate 跌破 Watermark Rate 時：
⚠️ PT 在到期贖回的資產將會低於其實際價值，即可能造成本金損失
⚠️ YT 則會停止累積收益，直到 Exchange Rate 恢復到 Watermark Rate 的水準

回到 jrUSDe 這個例子，由 Pendle market page 上 Watermark Rate 的圖表顯示，目前 Watermark Rate > Exchange Rate，也就代表目前 YT 已經不再累積收益，而 PT 在到期時贖回的資產會低於帳面預期。

[0xLemon @0xlemoneth]

ENA 新協議 @strata_money 出師不利？ 第一次就要賠！

根據今天打到合約的 $USDT 數量與目前質押在 $sUSDe 合約的數量來計算，下禮拜的 sUSDe 收益只有 2.25%！

而為了維持 srUSDe 的 4.75% 年化，就得從 jrUSDe 負利率來扣
目前 srUSDe的 TVL 是 jrUSDe 的 8 倍，所以為了彌補不足 Sky Saving Rate (4.75%) 這部分的 2.5% 損失，jrUSDe 就得給出 -20% 的年化！
扣掉原本的 2.25%，jrUSDe 下禮拜可能是 -17.75%。

不過有一點比較好奇，因為 jrUSDe 在 @pendle_fi 是有池子的，這樣購買 YT 的人頂多是拿不到利息，也沒辦法扣他的本金，所以這部分的本金損失應該是由 PT 來承擔？

之前玩的 pendle 好像都沒有遇過這部分，所以不太清楚這裡怎麼計算

另外，由於 sUSDe 達到近期新低，所以基本上各種循環貸都要開始賠錢，尤其是之前和 @aave 的活動導致大量循環貸，雖然已經退出不少，但留在裡面的量體也還是很多，這部分倒是可以觀察一下會不會導致負溢價越來越嚴重。

目前 $sUSDe 的負溢價已經是 -0.3%，花 7 天解鎖年化已經達到 16%，如果繼續上升，又相信 Ethena USDe 的穩定性，那可以簡單當作七天高息短期定存來用

照目前的情況看來，最勝利的還是放在 @binance 裡面吃固定 12% 的人？
雖然 10/11 跌到 0.65 導致爆倉，但根據我身邊有玩的人回報，這部分的損失都已經收到賠償，現在利息只有 2% 但他們還可以繼續吃 12% 的年化收益。

另一方面來看，這模式等於交易所用戶吸血鏈上協議用戶，這也和最近各個項目的 TGE 類似，為了給 Binance Alpha 或是其他交易所做活動，導致項目方送出大量籌碼，這部分就只能從自己協議的用戶上扣，所以刷交互參與項目的使用者都不滿，但對交易所用戶來說卻是日常的一次『大毛』，上一個應該是 @falconfinance ？

不過好在幣安的活動只剩下一個禮拜，再加上 sUSDe 一個禮拜的獎勵延遲，等到 10 月底利率應該就能回穩一點（至少可以和國債利率差不多 吧）

[Doug Colkitt @0xdoug]

The way to understand the ZCash bug is it’s not infinite mint of ZEC itself. It’s more like the shielded pool (Orchard) could become insolvent. Think of it more like the KelpDAO hack for ETH.

Very little reason not to proactively unshield any ZEC today. Being early to the exit is always better in a bank run. Consider Orchard burned, and don’t re-shield until there’s a new pool with a clean history

[andylinee.eth @andylinee]

🔮 A critical counterfeiting vulnerability in the Orchard pool allowed unlimited undetectable counterfeit ZEC via under-constrained elliptic curve multiplication.
🔮 Discovered May 29 after targeted AI-assisted review and disclosed immediately, enabling ecosystem-wide fix by June 2.
🔮 Orchard privacy prevents cryptographic proof of prior exploitation, but years of scrutiny and deliberate discovery make it unlikely.
🔮 A proposed network upgrade with new shielded pool and turnstile accounting will let anyone verify Zcash supply integrity.
🔮 Security efforts are accelerating with AI tools, formal verification of the Orchard circuit, and new hires.

[zooko🛡🦓🦓🦓 ⓩ @zooko]

https://t.co/v7BiOdzU9E

[L2BEAT 💗 @l2beat]

After the @KelpDAO hack, many projects decided to migrate their cross-chain infrastructure from @LayerZero_Core to @chainlink's CCIP, hoping to improve security for their users.

We decided to study if this is indeed a significant upgrade 👇

[Paul Frambot 🦋 @PaulFrambot]

to elaborate, the algo for max growth is basically:
1- wake up
2- sort issues by impact
3- execute the biggest one
4- repeat as much as possible

problem is, max impact usually = max pain for one simple reason: if it weren't painful, it'd have been arbitraged away already.

[Fluid 🌊 @0xfluid]

https://t.co/r2Oleqd9zH

[andylinee.eth @andylinee]

@VincentQV1998 @popdex_ 恭喜！

[Alpaca @AlpacaHQ]

Binance, the largest digital asset platform serving over 300 million users, has launched US stocks and ETFs trading, advancing their vision to become a multi-asset financial super app.

This product expansion, powered by Alpaca’s Broker API, enables @binance users to:
✅ Invest in over 7,000 US-listed stocks and ETFs for as little as $5
✅ Trade nearly around-the-clock for select equities
✅ Access global traditional markets via a familiar crypto-native interface
✅ Build diversified, long-term strategies without navigating separate traditional brokerage platforms

[Binance @binance]

Welcome to Stock Trading on Binance. For real.

[Armani Ferrante @armaniferrante]

Binance generally doesn't do pre-reveals, but if the rumors are true, this one is warranted.

Crypto has had 24/7 perps on equities for a little while now, but if Binance launches spot stocks, it will change the entire brokerage landscape.

What will happen:

- 24/7 price discovery on spot will finally unlock.
- The new generation of crypto native brokerages will follow Binance for weekend price discovery (the existing perps work as well but the symbol universe is still too limited for a retail brokerage product).
- Crypto native broker dealers will go toe to toe with the old school TradFi brokerages. Being the first to offer weekend spot trading will give them huge edge.
- An entirely new web 2 stock retail consumer base will come into crypto through these new brokerages, i.e. all of the CEXs that have broker dealers.
- Those flows will then come into crypto and DeFi more broadly.

TLDR: It's a great time to be a stock broker.

One caveat: whenever you see stock products, look at the legal. Not all stock products are made the same. In particular, pay attention to what courts actually have jurisdiction to protect your shares.

Very much looking forward to what Binance does.

A rising tides lifts all boats.

[Gap | Suby @gaspardlezin]

https://t.co/rJKaZACpSE

[andylinee.eth @andylinee]

@CryptoCharming @0xVeil 👀

[andylinee.eth @andylinee]

Get away from Sui

[Sui @SuiNetwork]

Activity on Sui mainnet has resumed, and transactions are flowing normally.

Both today’s and yesterday’s halts are due to the interaction of the 1.72 release, which introduced Address Balances, and gas charging logic. Yesterday’s implemented fix was an interim measure designed to restore functionality to the network while the Sui Core Team worked on a long-term solution.

The interim fix had a known issue with a low probability of causing a halt. This morning, the network hit a variant of the known issue and halted.

As of now, the long-term solution has been implemented by validators, fully addressing known issues caused by the original bug, and network activity has resumed.

A more detailed incident review is forthcoming. Thank you for your patience.

[Morpho 🦋 @Morpho]

The Morpho Midnight code base is now public

https://t.co/mhHwMqClmn

[zefram.eth @boredGenius]

Introducing Tama, a dev toolchain for secure-by-construction EVM smart contracts

Tama enables you to build provably secure apps in 3 steps:

1. Code: write the contract itself
2. Spec: define what correct behavior looks like
3. Prove: prove the code matches the specs

[Morpho 🦋 @Morpho]

The Morpho Midnight Whitepaper

A noncustodial protocol for fixed rate, fixed term credit markets

https://t.co/0Sws6JiRsA

[Blockworks @Blockworks]

Introducing the Transparency Alliance.

An industry-led alliance establishing the Token Transparency Framework as the standard for token market disclosures.

[andylinee.eth @andylinee]

@TermMaxFi Great launch!

[Manuel Aráoz @maraoz]

PSA: I now consider *all* of DeFi unsafe.

Coding agents are superhuman at finding vulnerabilities, and smart contract security is too asymmetric: defenders need to fix every bug while attackers need just one exploit to steal funds.

[andylinee.eth @andylinee]

@dodgerslite Lets' KO!!!!!

[Zach Rynes | CLG @ChainLinkGod]

The flight to safety continues 🕊️

Kraken is officially deprecating @LayerZero_Core and migrating to @Chainlink CCIP as the exclusive cross-chain infra for all Kraken Wrapped Assets 🤝

After a security review, @krakenfx chose CCIP as it offers enterprise-grade infra with strict security & risk management

The migration starts with migrating $260,000,000 in Kraken Wrapped Bitcoin (kBTC) away from LayerZero/OFT and over to the CCIP/CTT standard

Kraken is one of the oldest and largest U.S. crypto exchanges, founded in 2011, trusted by 10M+ users with $665B in annual trading volume