mikesous

$ETH first. down with music, books, crypto, startups and tennis.

[letsgetonchain @letsgetonchain]

Is this the best risk adjusted return on BTC?

1y realized: >11%
30d trailing APY: 16%

How? DEX liquidity provision WBTC <-> cbBTC

Still some capacity left!

Let's have a look at how this works ⬇️

[letsgetonchain @letsgetonchain]

Some of my thoughts on the unfortunate events around rsETH

- there is an undeniable reevaluation of risk/reward happening across DeFi right now, largely driven by the fear (given the frequency of recent security events) that rapid AI progress is giving hackers a powerful new tool. I think most people agree AI will act as a force to make DeFi more robust and secure than ever before but the transition will be painful and lead investors to demand a higher risk premium.

- It's also becoming clear that the lag between an incident and clarity around which stakeholders get impaired by how much can be significant. With the rising adoption of RWAs as collateral this period of uncertainty will likely rise even more.
First of I think bad debt and write off shouldn't be a taboo. Bad debt is normal!
Howeveer a lending protocol like Aave suffers damages of a magnitude larger than the actual incident. The classic "bank run" where the game theoretical equilibrium is for everybody to withdraw is an extremely unsustainable one. The asset that faces uncertainty wrt bad debt gets opportunistically withdrawn by those fast enough, in this case ETH. Utilization rates reach 100% and the second order effect is that USDC/USDT lenders etc. don't want to take any chances. Consequently they withdraw as well knowing that a drop in ETH price would create bad debt because collateral can't be liquidated. A lending protocol in my view is not supposed to never face bad debt. But the current equilibrium of handling such bad debt (for assets other than digitally native and deeply liquid assets like ETH) is terrible.

I think lending protocols should freeze withdrawals immediately after an incident in some cases in their entirety until there's clarity on which stakeholders get impaired and by how much. Not very cypherpunk, but in a transitionary phase where more incidents are possible, the alternative is worse. Lending protocols aren't immutable constructs anyway.. there could be admin access to freeze withdrawals briefly for say 24 hours, only extendable through a governance vote for example

[letsgetonchain @letsgetonchain]

UX of providing liquidity on AMMs sucks!

Why not run it like a sophisticated market maker?

- Understand your PnL
- Track risk in realtime
- Test strategies and access all the right analytics

+ much more to come on @LpDexhq!

If you want early access, DM me!

Demo ⬇️

[mikesous @michsous]

@shaunmmaguire @ImFiredUp2 thought you were pro–free speech? Insulting a kid who is simply voicing concern about the practices of the current administration is exactly how we end up in such a polarized climate.

[Jay Alto @theJayAlto]

you pity the moth confusing a lamp for the moon, yet here you are confusing a screen for the world

[Orla Joelsen @OJoelsen]

Statement from the Prime Minister of Denmark 🇩🇰:

“I must say this very clearly to the United States:

It makes absolutely no sense to speak of any necessity for the United States to take over Greenland. The United States has no legal basis to annex one of the three countries of the Kingdom of Denmark.

The Kingdom of Denmark — and thus Greenland — is a member of NATO and is therefore covered by the Alliance’s collective security guarantee. We already have a defence agreement between the Kingdom of Denmark and the United States that grants the U.S. broad access to Greenland. In addition, the Kingdom has made significant investments in security in the Arctic.

I therefore strongly urge the United States to cease its threats against a historically close ally, and against another country and another people who have stated very clearly that they are not for sale.”

Mette Frederiksen
Prime Minister of Denmark

[Brook @Brookcalls]

we keep pushing bros

[SMX 🇺🇸 @iam_smx]

JPMorgan CEO Jamie Dimon criticizes Europe’s growing bureaucracy, calling it a serious obstacle, and adds that it’s their own bureaucracy that has driven business out, they’ve driven investment out, they’ve driven innovation out.

"Europe has a problem. It takes 27 nations, you know, to make a decision. they let their military drop dramatically, It's very bureaucratic

They've gone from 90% of the GDP of America to 65, that's not because America did anything bad to them, It's their own bureaucracy, their own cost.

They do some wonderful things in their on their safety nets, but they've driven business out. They've driven investment out. They've driven innovation out"

[mikesous @michsous]

@litocoen Love this!!!

[mikesous @michsous]

@litocoen biiiiiigggggg congrats, finally a girl in the fam!!!

[mikesous @michsous]

@litocoen looooooading up on fluid

[lito @litocoen]

Fluid is about to launch a completely new product that no one knew about 1 month ago and will be the #1 lending protocol on Solana

just the Jupiter assets (jupSOL/JLP) are already responsible for $1b in assets on Kamino

that will all come over plus massive incentives from Coinbase, Jupiter & Fluid and more teams

how much should that add to Fluid's market cap (ignoring it's growth on EVM side for a second)?
https://t.co/f8pz6NrTKR

[mikesous @michsous]

@litocoen been waitinggggg for this thanks!!

[letsgetonchain @letsgetonchain]

man tbh @0xfluid are absolute OGs they've been pioneering DeFi since the early days with @Instadapp, @avowallet, and now Fluid. Always Ethereum mainnet first.

Fluid is easily the most capital efficient DeFi protocol I've studied. Been diving into their codebase, algos, architecture, and gas optimizations over the last two months and it's really impressive.

In any case the numbers speak for themselve, Fluid now ranks second in volume after Uniswap on Ethereum. Relative to their market cap they are by far the biggest SER contributor of any defi protocol and it’s not even close.

https://t.co/TLPndgjg0N

[lito @litocoen]

up almost +50% since this post but still utterly mispriced relative to its potential

$FLUID = $40

[letsgetonchain @letsgetonchain]

'DEX on Lending' is a a new DeFi paradigm pioneered by @0xfluid

To truly get it, you need to understand how the whole Fluid system works

In this video series, I break it all down starting with
Part 1: Fluid Liquidity layer, Fluid Lending and Fluid Vault

Part 2 drops next week

[mikesous @michsous]

@boundless_xyz @EthCC @sozuhaus Loving this from @Broidr_Merch !!

[ALMIGHTEE. @realalmightee]

Flights Booked might be one of Drakes best songs ever

[letsgetonchain @letsgetonchain]

@ptrwtts @0xtanishk Intent driven interop should not leave user to face a decision between:

1) good ux with opaque monopolistic pricing and liveness risks
2) bad ux via CR

What is the argument for having few solvers anyway? the only one benefiting from such a system is the one running that solver