Vine Money is being relaunched, built from the ground up (including contracts etc). The new protocol is Bit Protocol. We just had a Space introducing BP with Protofire member Paul, CTO of BP. https://t.co/rhxNe24C1N
Account abstraction is like giving your smart contract a credit card.
Cool until it starts auto-subscribing to every DeFi protocol it sees. 💳🤖
“Account abstraction will fix everything!”
—Guy who just lost $5K because he didn’t read the fine print on his gas sponsor.
Risks of account abstraction:
• Wallet logic bugs
• Malicious paymasters
• You becoming the proud owner of... absolutely nothing
But hey, at least it felt gasless. 🙃
Risks of account abstraction:
• Wallet logic bugs
• Malicious paymasters
• You becoming the proud owner of... absolutely nothing
But hey, at least it felt gasless. 🙃
1/
Earning yield in DeFi sounds complicated.
But it’s not that different from how you'd earn interest at a bank—just with more control and (sometimes) more risk.
Let’s break it down. 🧵
2/
Stablecoin Looping Yield
Imagine borrowing money from yourself to earn interest on it. How? With @BitUSD_finance@OasisProtocol
Weird, right?
Here’s how it works:
Deposit $100 in a protocol
Borrow $70 against it
Deposit that $70 again
Repeat
Earn yield on the total
Like stacking chairs to reach the cookie jar. 🍪
3/
Why do people do it?
Because each time you loop, you're earning yield on more and more money.
If the yield is higher than the borrow rate, you're making a profit.
But be careful:
Too many loops = more risk.
Markets move, and liquidation is real.
1/ Account Abstraction (AA) powers smart accounts.
But it also introduces new risks, especially around security, cost, and control. Let’s break it down 👇
1/ You’ve heard the hype and the hazards. So—are smart accounts worth it to activate like with @MetaMask and others? Let’s recap the pros & cons. 🧵👇
What Are Smart Accounts? 🤔
1/ Smart accounts (aka smart contract wallets) are changing the way we interact with crypto.
They go beyond basic wallets like MetaMask by enabling powerful features, and Metamask has also enabled them. But they come with risks too. 🧵👇
Real yield is back in focus—protocols distributing actual fees instead of emissions. More sustainable, but harder to find. https://t.co/gQLBuKqRCo is the place to be, omnichain launching early Q3!
This absolutely incredible story says so much about @protofire and the whole company's work culture. Absolutely one of the best web3 firms in existence. 😍
Market & political trends suggest stablecoin-yield strategies to be the thing this year. Strong downturns are much too likely and uncertainty rules. 🤔Time to consider $BitUSD! https://t.co/gQLBuKqRCo