Chris Bender

founder @renegade_fi

[Chris Bender @chrisliambender]

The Enneagram type 5 is drawn to information consumption, but the world doesn't reward inputs, it only rewards outputs

So the only appropriate careers for the type 5 take one of the following shapes:

Consume → bet
Consume → write
Consume → build
Consume → advise

[Chris Bender @chrisliambender]

It was super fun cohosting this — thanks to @tms7331 and @frontiertower for organizing!

[Whitepaper Reading Club @WPReadingClub]

🇺🇸 SAN FRANCISCO | 27th May 🇺🇸

A HUGE thank you to everybody who showed up on Wednesday to our latest event in San Fran where we discussed:

🧠 DeFi Yields and Risks 🧠

🗣️ Big shoutout to our:
Host: @tms7331
Co-host: @chrisliambender from @renegade_fi

A great turnout led to a room full of in-depth discussions and knowledge sharing! 🔥

🫡 Some of our attendees: @tms7331 // @chrisliambender // @willstrk // @coinwatchdotco // @mrrongxin // @oxsd

📝 As for us at WPRC, do show us some love:

👉 Follow us on LinkedIn: https://t.co/CRA3Fuxzmt
👉 Want to join future events? https://t.co/iYNZeg9nKk

‼️ THE EVENT BREAKDOWN > TL;DR ‼️

▶️ What should DeFi yields be to account for the risk?
General consensus seems to be: higher than they currently are, but probably not as high as the 12.55% that @dunleavy89 suggested!

▶️ A couple observations:
Many people outside of the US don't have access to US capital markets, so getting any yield on USD is amazing. Also, many people use lending as part of larger strategies in DeFi. If someone lends USDC but then borrows ETH against it, their risk profile changes. Similarly, a looping strategy provides a higher yield by introducing a couple other risks.

▶️ How should DeFi yields be priced?
Seems extremely difficult - appears like you can compare protocols (feels like @Morpho is safer than @aave) - and accurately modeling all the risk feels borderline impossible! If you could, a proper approach may involve something like estimating a full distributions of outcomes for each risk factor and combining them appropriately. And at the end of the day, it seems likely that most DeFi users are not heavily considering risk.

▶️ How will DeFi evolve in the future?
The role of curators or risk analysts seems important (for example, with the KelpDAO hack, there were some risks that weren't properly accounted for), but this is something that can evolve over time.

-----------

↔️ One of the conclusions of the paper was that @RenzoGov does not pose a systemic risk to the broader DeFi ecosystem, however the reality is that in large part it's because restaking as a whole hasn't lived up to expectations.

↔️ The structure of restaking creates the shape that would allow for cascading contagion.

↔️ An interesting question is how to prevent (or rather, should we try to prevent) this sort of risk from being present in the ecosystem. It ultimately feels like there's only so much you can do - what makes DeFi compelling is the permissionless nature of it!

↔️ But it does feel like there is an asymmetry with some of the risk. When a restaking protocol deploys across multiple chains, their overall TVL and profits increase. But this introduces bridge risk, and some of that risk is taken on by third parties (@kernel_dao hack being a perfect example of this)!

#Renegade #Web3 #Web3Event #Blockchain #Ethereum #WPRC #DeFi #DeFiYield #Crypto #DEX #CryptoTrading #KernelDAO

[Chris Bender @chrisliambender]

@dcbuilder 👋!

[Chris Bender @chrisliambender]

The only "woo" belief that I sincerely, deeply hold and organize my life around is nominative determinism

[Chris Bender @chrisliambender]

I bet that at some point in the future, @Kalshi or @Polymarket will have a data business that exceeds trading revenues

[Chris Bender @chrisliambender]

The tragedy of ingroup memes becoming fodder for striver signaling (the YC partners are tweeting about moloch)

[Chris Bender @chrisliambender]

@sourceryy @Lead_Bank @jackiereses "Banks can make decisions based on their own reputational risk"?

[Chris Bender @chrisliambender]

https://t.co/3c6zyDtTyd

[Chris Bender @chrisliambender]

It's the sign of a deeply sick and stagnant society that, even with the generational 2024 coalition, we still didn't do anything like this

[Chris Bender @chrisliambender]

In Benderville, property rights are 3D, ads are banned from public space, and the legal profession is strictly unlicensed

[Chris Bender @chrisliambender]

So excited to have @MaryamBeria join the team!

Her background with Euler, Ridgeline, and BlackRock all converge with onchain dark pools 🙂

[maryam @MaryamBeria]

1/ Life update: I've joined @renegade_fi as COO to build the onchain dark pool.

It's time for onchain dark pools to shine, and I could not be more excited by the team, vision, and timing: 🧵

[Chris Bender @chrisliambender]

@0xsmac incredible article!

[Chris Bender @chrisliambender]

Life is fucking electric bro. Don’t fall for the doomer shit. Thats for losers and normies scared of their own shadows. Walk around like God sent you and smile at everyone you see. Spread light and abundance. Build things and take chances. This is the best time in history!

[Chris Bender @chrisliambender]

@AFDudley0 Yeah it's tantrum-adjacent for sure

Many aspects of personality are fundamentally adult-versions of child copes!

[Chris Bender @chrisliambender]

I will never understand the minds of people who loudly groan at flight delays or heavy traffic and such

Truly incomprehensible personality traits

[Chris Bender @chrisliambender]

All my homies hate embedded growth obligations

[Chris Bender @chrisliambender]

DeFi is brutal, tough day at Renegade, but grateful this was isolated to V1

It's the simplest stuff that gets you, not even all the application-layer ZK complexities

Shout out to the incredible @blockaid_ team, their monitoring tools and technical team are top-notch

[Renegade 🏴‍☠️ @renegade_fi]

Earlier this morning, one of the legacy V1 deployments of Renegade was exploited for ~$209k.

The whitehat has already returned ~$190k, and all affected users will be made whole.

We have confirmed that the issue is isolated to the V1 Arbitrum deployment, and that all other deployments (V1 Base, V2 Arbitrum, V2 Base) are safe.

No action is required from integrators; all infrastructure that supports trades against the V1 Arbitrum deployment has been paused, and no further funds are at risk.

[Chris Bender @chrisliambender]

Indefinite optimism or just a high TAM?

CB - "the everything exchange"
HL - "the blockchain to house all of finance"
Kalshi - literally means "everything"

[Chris Bender @chrisliambender]

@binji_x 👋 @renegade_fi is!

[Chris Bender @chrisliambender]

Reaching levels of bullishness never before seen:

"Stablecoin adoption and onchain economic activity now reinforce each other in a loop that has made growth structurally irreversible."

[Chris Bender @chrisliambender]

Wow:

"Stablecoin supply has grown roughly 60x since early 2020, from around $5B to around $300B, and now represents roughly 1.4% of U.S. M2."

[Jonah Burian @jonah_b]

https://t.co/Wi9lJFJcR2