This take is not about DeFi, but rather about CeFi that names itself "DeFi" with opsec holes rather than pure smart contract bugs. #Simplicity contracts on Bitcoin native @Liquid_BTC might be part of the answer.
PSA: I now consider *all* of DeFi unsafe.
Coding agents are superhuman at finding vulnerabilities, and smart contract security is too asymmetric: defenders need to fix every bug while attackers need just one exploit to steal funds.
There’s a generational shift happening, and Coinbase is uniquely positioned to capture it:
1) The onchain economy has reached escape velocity
2) Coinbase's full stack platform is powering it
3) The next frontier is agentic and on Coinbase
Our thesis is simple: crypto is the best form of money, and the infrastructure will overhaul the existing financial system. If it involves money, it will involve crypto.
Coinbase is uniquely positioned to capitalize on this transformation. Some highlights from our earnings today:
- Gained share in both spot and derivatives globally, reaching an all-time high in crypto trading volume market share
- Saw huge growth in derivatives trading volume, driven by our Everything Exchange
- 10x increase in stablecoin transaction volume on @base
- USDC on our platform hit another all-time high
- >90% of onchain agentic stablecoin transaction volume is on Base
- 12 consecutive quarters of net native unit inflows- customers have been adding more crypto to Coinbase every quarter
“‘I’ll just 51% attack Bitcoin.’
Cool.
Go find:
– 1.5 million ASICs
– 4 nuclear plants worth of power
– years of buildout
– $10B+ all-in
Then announce it to the world (because you can’t hide it).
Then watch:
– exchanges freeze you
– price dump
– your economics implode
Congratulations, you attacked yourself.”
It was a great learning experience working with Simplicity to help recreate a native Bitcoin ICO model that lets us interact with BTC, BRC20, and Runes.
Should we take this to mainnet?
The Arbitrum Security Council has taken emergency action to freeze the 30,766 ETH being held in the address on Arbitrum One that is connected to the KelpDAO exploit. The Security Council acted with input from law enforcement as to the exploiter’s identity, and, at all times, weighed its commitment to the security and integrity of the Arbitrum community without impacting any Arbitrum users or applications.
After significant technical diligence and deliberation, the Security Council identified and executed a technical approach to move funds to safety without affecting any other chain state or Arbitrum users.
As of April 20 11:26pm ET the funds have been successfully transferred to an intermediary frozen wallet. They are no longer accessible to the address that originally held the funds, and can only be moved by further action by Arbitrum governance, which will be coordinated with relevant parties.
Lending rates on Fluid @arbitrum.
▫️ USDT · 9.89% APY
▫️ USDC · 10.05% APY
▫️ GHO · 7.69% APY
▫️ ETH · 10% APY
Zero exposure to the rsETH incident.
All markets are safe and operating as intended.
https://t.co/LJan4biGTf