Jon Thomas (🫐,🫐)

defi trench creation
co-founder @blueberryfdn & @StakeUpProtocol

[Jon Thomas (🫐,🫐) @Possiblyjt]

@Colasama CB offers the KYC-compliant frontend while using HL for liquidity

[Jon Thomas (🫐,🫐) @Possiblyjt]

@pashov ser have to grow the pie

[Jon Thomas (🫐,🫐) @Possiblyjt]

@scupytrooples @Ov3rKoalafied @MajorScrubLord The goats 🐐

[Jon Thomas (🫐,🫐) @Possiblyjt]

@RhettShipp or just wanting to accelerate a possible liquidation cascade 🤷‍♂️

[Jon Thomas (🫐,🫐) @Possiblyjt]

@omgcorn Too high of an apy.

[Michael Egorov @newmichwill]

So let me start. DeFi is the future of the World Financial System. That's my belief, and this is why we are here.

This amount of absolutely preventable hacks we see in DeFi (with root causes attributable to CENTRALIZED points of failure) is enormous recently. This damages out industry, and I build for this industry. So I cannot remain silent.

Imagine an average grandma (mass adoption is here?) putting her life savings on Aave. And then BOOM, she cannot withdraw her funds on Monday. Aave (the biggest DeFi protocol btw) said it's operating as intended - just rsETH got exploited. rsETH said that all code is safu - just LayerZero bridge got hacked. LayerZero (the biggest bridge securing quarter of a trillion $) said that everything operating as intended. Yet, she cannot withdraw here funds. WTF? Are we industry of clowns?

But here's the thing. All issues like this should be prevented BEFORE they happen, not AFTER. Number of single points of failure should be reduced, not increased. When these points of failure are unavoidable - trust should be split. If there's a reliance on infrastructure - we should share best practices how to configure it. Not to mention that code should be very well checked - everyone gets that already.

We should probably come together and develop safety standards for DeFi. How to build safely, and how to verify safety. Probably everyone should bring their best practices, and the projects, auditors and risk assessment groups should know them. Maybe we need @ethereumfndn and @SolanaFndn bringing all the ecosystem projects to participate and come up with principles, rules and recommendations of safe building. And, perhaps, we can even learn something about protecting the few remaining centralized points of failure from traditional finance who have many more of those.

DeFi will win

[Jon Thomas (🫐,🫐) @Possiblyjt]

@Schlagonia big fan of borrowing junk coins since it makes my repay a lot cheaper :D

[Jon Thomas (🫐,🫐) @Possiblyjt]

@Schlagonia In 8 easy steps /s

[Jon Thomas (🫐,🫐) @Possiblyjt]

@CosimoCapital @jeffreywiill HLP doesn’t market make for HIP-3 markets. It’s still strictly the regular Hyperliquid primary markets.

[Jon Thomas (🫐,🫐) @Possiblyjt]

@tomhschmidt We can do pachinko with less steps too

[Jon Thomas (🫐,🫐) @Possiblyjt]

@nic_carter We can already have the pachinko yield that passes all the checks iykyk. Dm for details

[Jon Thomas (🫐,🫐) @Possiblyjt]

@omgcorn screenshots with no links 😓

[Jon Thomas (🫐,🫐) @Possiblyjt]

@nunchi Then you can always use one of the liquid versions of HLP to avoid the 4 day lock up period

[Jon Thomas (🫐,🫐) @Possiblyjt]

@Schlagonia cron + if statements

gud tek

[Jon Thomas (🫐,🫐) @Possiblyjt]

@omgcorn You got a link?

[Jon Thomas (🫐,🫐) @Possiblyjt]

@Schlagonia @omgcorn It can’t be that simple

[Jon Thomas (🫐,🫐) @Possiblyjt]

@0xcarnation it aggregates all the way down to the direct token underlying 😓 without any secondary price source in the "aggregator"

[Jon Thomas (🫐,🫐) @Possiblyjt]

@0xcarnation the oracle still points to the underlying issuer themselves btw and the issuer is the one that is able to update the rate.

[Jon Thomas (🫐,🫐) @Possiblyjt]

@cainosullivan @ringwraith10 then we wrap it into a NFT and create the true secondary market for liquidity again.

[Jon Thomas (🫐,🫐) @Possiblyjt]

@blueberryFDN yatchzee