Butler

Building cool things @alchemixfi

@YuntCapital

[Butler @DeFiRoshi]

ETH fundamentals have never looked better.

At the same time, there are a ton of fun things to do on-chain again, such as Fake World Assets, Stonkbroker, and the myriad of other projects SimpleFarmer and co. have birthed on Robinhood Chain.

For seemingly the first time in a long time, a large number of people are actually making money again by playing speculation games, and on real products, not just meme coins that last a week and then die out.

So how can one join in on fun, while also maintaining ETH exposure and stacking? Allow me to shill my favorite way to speculate responsibly on-chain...

@AlchemixFi vaults!

The easiest way to describe the benefit is through an example. Let's say you want to budget yourself 5 ETH to speculate with. Here are a couple of common ways people approach that, and then the Alchemix way, which in my opinion is much less stressful and much more powerful.

Option 1:
I simply spend the 5 ETH and buy my on-chain stocks or shitcoins of choice

Option 2:
Take a loan on my ETH using cross asset lending like Aave or Morpho. This requires using a healthy LTV to avoid liquidation. If my goal is 5 ETH worth of value to speculate with, maybe that means I have to collateralize something like 15 ETH to borrow 33% so I can survive and react to a potential ETH dump.

The net result is the target 5 ETH worth of dollars speculating, and 10 ETH exposed to smart contract risk and liquidation risk. (15 collateralized minus the 5 that you've taken out)

If you collateralize an LST instead, then you can earn on your collateral, but it's still basically 10 ETH exposed to DeFi, and not a very capital efficient way to spend.

Option 3:
Take an Alchemix loan! Since Alchemix uses like-kind loans, price-movements on ETH do not put you at risk of liquidation. And since LTV is up to 90%, you have to collateralize much less to get the same level of spend.
In this example, you would only need to collateralize something like 5.75 ETH, to borrow 5 ETH of value to speculate with.

But here's the thing, all of your collateral in Alchemix is also earning yield. So the net result here is 5 ETH to speculate; only .75 ETH exposed to smart contract risk (5.75 collateralized minus the 5 you've taken out of Alchemix); AND at the same time 5.75 ETH earning 2-2.5%.

Another way of looking at this is that you only have .75 ETH exposed to smart contract risk, earning ~15% yield.

The main difference between Alchemix and traditional lending platforms, is that your collateral slowly repays your debt, ticking it down over time. So you lose the ability to hold the loan forever like in traditional lending platforms (assuming you could always responsibly handle your LTV and avoid liquidations)

But you gain:
- immunity to ETH price movements
- higher yield
- and less at risk in DeFi for the same level of up front spending.

I don't know about you, but I'll take that tradoff any day of the week.

Join in on the on-chain games, with less risk, and more benefit at the same time: https://t.co/OInTrOosUy

[Adam @Rhynotic]

haven't tweeted FWA stats in a while. some stats:

500,000 onchain transactions
170,000 nft purchases with 16,500Ξ in volume
3,400 token holders
1.3% token supply burned
$24m MC
no vcs

thank you to those who support the vision of saving ethereum

fake world assets

[Krugman (🏔️ Fortress of Solitude mode) @krugman87]

It's gonna be crazy when so much of the critical US financial service infra is built on Ethereum that the US decides to create a national ethereum:native reserve.

[rhyd0n @Rhyd0n]

1/ What is ETH's pumpfun? Why not FWA. Watching the fwairpfp launch from @token_works sell out has me thinking the machine that launched NFTs could be ETH's version of pumpfun too. Back to graduate, spin to distribute, and a dead coin hands you 90 cents back instead of zero.

[Adam @Rhynotic]

With FWA being my main focus moving forward,

I've tokenized the ownership of the PunkStrategy contracts as an NFT.

What should I do with it?

[Alchemix @AlchemixFi]

We just raised Transmuter caps on Mainnet.

Our current fixed-rate yields:

✦ USDC: 13.5% APR
✦ ETH: 5% APR

Lock alAssets at today's rate and receive 1:1 underlying at maturity.

Lock in fixed yield: https://t.co/P66JLjJhqz

[Roman Storm 🇺🇸 🌪️ @rstormsf]

One thing before I start: everything in this post is public information from my own docket. None of it is new, and I'm not revealing anything you can't already find in the court filings yourself.

The retrial just got pushed to April 26, 2027. The order came down today (Dkt. 300). My acquittal motion is still sitting there, undecided. I honestly don't know when this ends.

Prosecutors are supposed to protect American interests and go after people who broke the law. A jury deadlocked on the two most serious counts against me. And still SDNY won't stop, because this case was never just about me. It's about setting an example.

Don't take my word for it. Tara La Morte, the chief of SDNY's Illicit Finance and Money Laundering Unit, said it herself at a New York City Bar Association event (Law360, Feb. 23, 2024; filed on my docket as Doc. 25-2):

"We want the industry to take notice."

"What we're trying to do is sort of bring the industry into compliance, and I think Tornado Cash is an example of that."

An example. Out of a developer who wrote code.

At that same event, her deputy praised the government's blockchain-tracing partner, Chainalysis.

Here is what they didn't tell the audience. All of it is from the public docket in my case.

According to the trial transcripts, Chainalysis was running its OWN Tornado Cash relayer, and earning fees on the transactions flowing through it.

- Chainalysis's own lawyers admitted to "a relayer node that Chainalysis operated"; my subpoena sought documents on Tornado Cash relayer(s) "used from March to August 2022." (Dkt. 211)
- In open court, the prosecutor said it plainly: "I think the parties agree as to that part of the testimony, that the Chainalysis relayer earned fees." Same hearing: "there's zero evidence that the defendant was in any way aware that Chainalysis was running a relayer." (Dkt. 259, July 25, 2025)

So the company that helped trace my "criminal" transactions was itself profiting from Tornado Cash transactions, while I was prosecuted over software I helped create.

And when my lawyers subpoenaed them to testify?

- Chainalysis moved to quash. (Dkt. 211)
- The government backed them: "Your Honor, we agree with the position outlined in the motion." (Dkt. 255)
- The night before, prosecutors called Chainalysis's counsel. The judge asked point-blank: "Did you let them know that they were potentially subject to investigation or prosecution?" The answer: "We have discussed at a high level some of the issues surrounding the relayer with Chainalysis." (Dkt. 259)
- The Chainalysis witness took the Fifth. My lawyers learned about that call only afterward, from Chainalysis's own lawyer. (Dkt. 263)

The jury never heard any of it.

This spring, at the Bitcoin 2026 conference in Las Vegas, something happened that I still can't quite believe. The Acting Attorney General, Todd Blanche, and the FBI Director, Kash Patel, sat on a panel called "Code is Free Speech."

Think about that. The two top law enforcement officials in the country. Blanche told thousands of developers: if you're a coder and you're not the one committing the crime, "you are not going to be investigated and not going to be charged." He said the last administration's crypto cases were "outrageous attacks on the industry." Patel praised "the Chainalysises of the world" as FBI partners.

And when the moderator pointed at the elephant in the room, my case, Tornado Cash, Roman Storm, the Acting Attorney General called it a "lingering case" they are "continuing to deal with."

So here is my hypothetical question. If code is free speech, why am I still being prosecuted for writing it? And if the Chainalysises of the world are the partners, the same Chainalysis that ran its own Tornado Cash relayer and earned fees from Tornado Cash users, while I never did, why is it off the hook?

They made an example out of a developer for writing code. Their own vendor ran the same infrastructure, pocketed the fees, and got a phone call instead of a prosecution.

Sources 👇👇👇

[Butler @DeFiRoshi]

@veggiepoultry @TheRogueItachi no idea but I hope we run it all back turbo

on-chain season coming soon 👀

[Ethan DeFi @EthanDeFi_]

My advice to stay safe when looping PT tokens:

First, always check the oracle.

It can be a bit complicated on Morpho, but I’ll share a thread below explaining how to check it.

There are two main oracle types used for PT markets on Morpho:

• TWAP oracles
• Linear discount oracles

As a borrower, the oracle type matters a lot.

For example, if the PT-reUSD market on Morpho would have used a linear discount oracle, the recent oracle attack wouldn’t have been possible.

This is how a linear discount oracle works:

From the moment a PT market launches until maturity, the oracle price gradually converges from a large discount to 1.0 of the underlying asset, regardless of the PT price volatility on Pendle AMM.

Because of this, you can use a very high leverage with a low health ratio, even 1.01, without worrying about a sudden overnight liquidation caused by the PT price volatility.

You can still get liquidated if borrowing rates rise high enough and your LTV deteriorates over time, but not because of a PT price drop.

TWAP oracles are different.

If the PT price on Pendle suddenly drops several percent overnight, the TWAP oracle will reflect that move, and liquidate highly leveraged positions.

That said, PTs prices have a lower bound on how far they can trade down because each Pendle market has a maximum implied yield.

For PT-reUSD, for example, the maximum implied yield is 19%.

So even with a TWAP oracle, you can loop and protect yourself against this type of oracle attacks by using a more conservative leverage and keeping your health ratio around above 1.05-1.06.

The tradeoff is that you'll get a lower yield on your loop by using a lower leverage.

You can calculate the exact max LTV you can use while keeping your position safe in a market with a TWAP oracle by using the formulas shared by @XBTaiga here:

https://t.co/C06juYGqpI

But the TL;DR is this: You should adjust how much leverage you use for looping based on the oracle type.

PT markets with linear discount oracles are safer for borrowers than those using TWAP oracles when using a high leverage.

So if you’re looping PTs, I’d strongly prefer markets using a linear discount oracle.

I’ll share a thread below explaining how to check oracle types across different lending markets.

[Butler @DeFiRoshi]

Asset rich, or cash poor

Choose your destiny

bitcoin:native ethereum:native

[Butler @DeFiRoshi]

@AutismCapital @Dexerto You have to respect the experimentation AC

Fries in frosties were probably frowned upon by the first person that tried it

[Butler @DeFiRoshi]

@noremacback @ThinkingUSD As long as the US government is backed by it's military there will be buyers for the debt. Fiat currencies will inflate in tandem.

No free lunch yes, but the price we pay will be backbreaking inflation that hits consumers hardest.

Asset rich or cash poor, choose your destiny.

[Luke Gromen @LukeGromen]

@Geiger_Capital Won’t work

Will drive a recession

And deficit rises 600-1000 bps of GDP in a recession

Big debt devaluation only way out now

[Butler @DeFiRoshi]

@TheFlowHorse Horse plays with hot new things on-chain?

Starting to feel like a bull market fr 👀

[Butler @DeFiRoshi]

@0xtygra @token_works It works like any other FWA pull, the Backers get their ETH back or the NFT based on what the puller chooses

They earn fees for providing the backing ETH for the NFT based on how long it was in the pool

[Butler @DeFiRoshi]

@mbaril010 Congrats!

[JuanSnow @JuanSnow]

depositers on https://t.co/jLYvM4RSV3 are eating good right now (unless you're unlucky). the fee machine is going brrrrr

I deposited 25 NFT's this morning backed by 0.05E each on https://t.co/jLYvM4RSV3

0.59E in fee rewards so far

@token_works @Rhynotic $FWA

[Butler @DeFiRoshi]

If you haven’t tried Rysk, it is by far the simplest way to play with Options.

The UX feels collecting payment up front for setting limit orders you like.

Rysk on

[Dan Rysk @DanDeFiEd]

Rysk crossed $10M TVL on Ethereum Mainnet.

+21% in 24h
+92% in 7d
+365%+ in 30d

#1 protocol on Ethereum by 30d TVL growth

rysk it all

[Adam @Rhynotic]

let me know when you guys are ready to get serious about Saving Ethereum with me @VitalikButerin @fundstrat

[Adam @Rhynotic]

So far 17.5e has been accrued for TokenWorks as an artist for the FWAIR PFPs (from the NFTs being in the FWA pool)

The ETH has been claimed and sent to a buy-and-burn FWA contract.

The fairest NFT launches will be through FWAIR.