YLDS is a strong and differentiated product. This article breaks down how it can be useful for earning yield on idle cash and how dynamic of an asset it is.
Though I am sympathetic to my Zcash supporting friends, I view the selloff in reaction to the Orchard bug as a good thing. Not because I dislike zcash. Because it means that markets are finally pricing fundamentals.
In the past when consensus bugs, exploits, chain splits, 51% attacks occurred the market would typically shrug them off. If anything they were perceived as bullish and sometimes the coin would rally in reaction. More eyeballs was the thinking.
This is a bad state of affairs and I’m glad markets are starting to price risk properly. My guess is that ZEC was due for a pullback due to the large rally recently and its price was somewhat tenuous anyway, which exaggerated the impact.
But either way I think it’s right that markets have started to take notice of security fundamentals. Zcash admirably took risk to create new privacy primitives and they should be applauded for that. Zcash is the originator of deployed ZKP and deserve endless credit. But privacy is also fundamentally more risky in blockchains because it trades off against auditability. Both Monero and Zcash have had historical inflation bugs (patched). These are particularly scary in privacy focused blockchains because inflation is much harder to detect.
The problem with markets not punishing exploits is that it means they also don’t value chains with ironclad track records of security. Exploits being punished by the market also implies that security, credibility, stability and auditability should be rewarded. This is a good, healthy feature of the market.
Now should chains _not_ take risks? Also no. Bitcoin (and every blockchain) will have to take some controlled risks as we move away from ECC towards a new era of cryptographic agility. I am also grateful that blockchains like Zcash have created new primitives and tested them in the most unforgiving market imaginable.
I sympathize with my Zcash friends and I’m sure they will recover just fine from this like they did the Sapling bug in 2018/19. Onchain privacy is a valuable goal and enormously hard to pull off.
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@mcagney “Auto sweep my idle stables into $YLDS”
Dollar cost averaging: “Buy $50 of $HASH every Friday”
“Generate me a report of all new RWAs every week”
@mcagney No assets idle - find and utilize the best strategy for each token in my portfolio. Lending out tokenized equity, rotating stakeable assets into LSTs, etc.
Ability to set rules: “Take moderate risk and beat SOFR by 7%, don’t use protocols less than 6 months old”
@mcagney Wallet should allow for intent based inputs. IE: “I want to go 5x long Bitcoin with a stop loss of 10% and a take profit of 20%”
“I want to bet on ‘X’" and it finds the prediction markets this is possible in