Head of Risk Curation at KPK | @KPK_io 🌱 Science / biotech PhD nerd 🤓 Defipunk ⟠ opinions are my own
🌍
- Tweets 11,672
- Following 825
- Followers 3,943
- Likes 25,019
🍿>$750M stuck in @MorphoLabs vaults and counting...
Time for curators to step up and show their true colors
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🚨 @CurveFinance is now live on @SonicLabs !
It's still very early days with only $350k in TVL, but CRV gauges are coming
Would actually love to see the full Curve Lend suite on here! @SonicLabs Killer feature
I got questions for @newmichwill
Where is @CurveFinance on Sonic ?
Or did you build something new for the best EVM on market ?
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ok let me be specific
@MEVCapital USDC = $225M stuck
Smokehouse USDC = $199M stuck
Hyperithm USDC = $97M stuck
Gauntlet Frontier = $63M stuck
Alpha USDC = $45M stuck
Clearstar = $43M stuck
Gauntlet Core = $32M stuck
Relend = $13M stuck
Steakhouse infiniFi = $10M stuck
Edge capital = $9M stuck
MEV PTs USDC = $8M stuck
Avantgarde = $7M stuck
Resolv USDC = $4M stuck
Keyrock = $1M stuck
Total: $756M
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We might have 'accidentally' created the most profitable ETH looping venue in existence 👀
>45% APR on stETH/ETH
>35% APR on tETH
>35% APR on ETH
>30% APR on rsETH
And this is before any incentives....
Thx @GearboxProtocol @reserveprotocol @KelpDAO @kpk_io @LidoFinance
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Just had someone reach out to me to buy @lootproject via LinkedIn.
Is this the top or are we just getting started? 🙈
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I'd disagree with that. If you just had $5 and started interacting with a bunch of DeFi protocols in the spring of 2020, you most likely received over $100k in airdrops now.
Don't believe me?
I created this 'play' account for Ethcc 2020: debank.com/profile/0xca4ad39…
5 DAI 👉 +$200k
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These are 30 day averages... but still... curious to see what Ethereum's on-chain transaction volume was in the last 24 hours. It has been consistently topping Bitcoin the past few months.
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❗BREAKING ❗ @CeloOrg is becoming an Ethereum L2 🤯 with ultralow tx fees due to offchain data availability.
Built on top of the @optimismFND stack with ETH restaking via @eigencloud 😯 (if governance approves)
L2 >> L1
I think this is a great idea for @CeloOrg
Feeling like this is going to be a trend with other blockspaces
forum.celo.org/t/clabs-propo…
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Can't blame people for taking short-term gains >$1k for for each ETH account they that interacted with Uniswap in the past.
Napkin math: $180k revenue per day = $65.7M yearly. Split across 1 billion tokens that is $0.066 per token, or about $26 per user yearly.
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$99M TVL for @spectra_finance and heading 🆙
Yes I'm very bullish on $SPECTRA, which just had a +78% day 🫡
it's like Pendle, but from France with a cleaner UX and better tokenomics 🍷
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Depositors of these vaults cannot withdraw funds. The USDC is being lent out in markets with 100% utilisation, that have 0 USDC available
There is not enough available liquidity
e.g. @hyperithm vault: only $6k out of $99M can be withdrawn. Because of mHYPER/USDC & other markets
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You mean: due to an issue at Infura? Because you did not make the effort to run your own node to service your $20M+ business?
The Ethereum network is running fine.
My $100 node can attest to that.
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Completely agree, as a fellow DAO hack survivor, ETH home staker and DeFi poweruser (>10k nonce)
Let's give @dannyryan a chance please!
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2) = spot-on.
The most exciting thing I did with my BTC in the past three years, was move it to Ethereum via @renprotocol 😅
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Given that this was stolen from someone serving two life sentences in prison, I'd say those odds are about 0.00%
en.wikipedia.org/wiki/Ross_U…
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So to 'break even' within the year, Uniswap volume would need to increase by 40x. That *might* be possible given the current trend in DeFi! 🤔
But if the past tought me something, it is to take at least some profits when they fall in your lap, but definitely not sell all 🤷♂️
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The @aave protocol is now available on @gnosischain.
It's the first day a long history of synergies.
Expect many @AaveChan proposals for gnosis in the near future!
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Synths trading coming to @melonprotocol - soon to be called Enzyme!🧪
Say hello to slippage-free trading of:
- commodities (gold, oil)
- fiat currencies (sUSD, sEUR, sAUD, etc)
- equity indices (sNIKKEI, sFTSE)
- crypto baskets (sDEFI)
- shorting/longing of crypto (iSynths)
We're really excited to see the Melon Ecostem growing as @emilianobonassi & @simoneconti_ proposal to integrate @synthetix to the Melon protocol gets approved by the Melon Council medium.com/enzymeprotocol/me…
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Another @melonprotocol ( $MLN ) update thread. And yes - version 2 is still coming in Q4 2020! 🎉
We got more insight into the release timeline and the new features, by @Mona_El_Isa on the #MoneyDance summit by @avalabsofficial
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Let me introduce
🪂 Zero Sybilness Drop🚫
A token claim system ensuring privacy & stopping Sybil attacks. Showcasing an airdrop to all $GHO holders, employing @Sismo for multi-address human authentication. Improving airdrop effectiveness by ensuring a fair distribution 🫡
🥳 aaaaand it's submitted! First proper hackathon completed 🤝 (thanks for the opportunity @ETHGlobal) 🥳
💤 Next up: Wen Sleep??💤
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I have been looking into the #MLN token to see why its volume & price exploded the last few days.
A) Growth of the @melonprotocol platform
* Steady growth of users and investment funds
* AUM keeps growing daily basis, currently at ~3500 ETH
* Impressive ROI for the top investors
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No joke!
$TESLA will become tradeable with 0% slippage on @synthetix , and hopefully soon also on @enzymefinance 😉
The @synthetix Spartan Council has approved the creation of $sTSLA, a synthetic asset providing on-chain exposure to @Tesla shares
This is only the beginning of zero slippage US stock trading 😏
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CT is awfully quiet about stETH by @LidoFinance depegging, which has been steadily happening since Friday.
Currently, 100 stETH equals to 99.65 ETH, or a 0.35% depeg, and IMO, it's about to get worse 🚨
There are multiple reasons, covered below 🧵 & how you can profit👇
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Chads from @yield casually aping 15% of their ETH vault into the kpk @GearboxProtocol market. Makes sense given the returns and low risk profile😎
Thanks for the $5M in TVL - onwards and upwards
yoETH is going full @GearboxProtocol mode.
We've added the @kpk_io-curated ETH + wstETH markets to yoETH, expanding on an ever-growing list of yield sources.
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Thanks @paraswap - worked like a charm! Could it be the gas fees are actually lower on Paraswap than trading on Uniswap directly? 👀 🔥
New epoch, new version 👀
ParaSwap Augustus V6 is live 🚀🚀🚀
This marks a significant upgrade to the aggregator space, making it the most efficient aggregation smart contract in ParaSwap's history 🚀
Trade on ParaSwap and experience the best swap rates available!
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@enzymefinance is growing strong! 🙏
Just four days after launching Enzyme there are now:
⭐️111 new investment funds
⭐️120 investments made
⭐️$3.8M AUM (and growing)
Still incredibly bullish on $MLN (Enzyme token) in the long-term!🤘
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Want to earn better yields on your $stETH anon? Like... today?
Check out @FlidoFi⚡You can lock in a fixed rate and get the entire yield upfront at about 9.3% APY. Your funds always remain under your control.
Use my ref link so we both win: app.flido.fi/stake?launch=de… 🙏
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@Mona_El_Isa dropping the Enzyme ($MLN) alpha @ eventbrite.com/x/21562630307…
- @0xPolygon deployment being tested right now
- Ethereum deployment in January
- @ConvexFinance integration
- expanding assets beyond Chainlink (e.g. NFTs)
- multi-chain thinking
@enzymefinance 🚀
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Is it house of cards? Yes
Be careful when selecting your curator or yield vault, anon
To be continued.... 🍿
Is Yield Fi's yUSD yield stablecoin unbacked? Are liquid vaults participating in illiquid lending deals? Is the whole house of cards pushing TVL to new protocols with unknown risks?
We leave it for you, dear reader, to decide in this edition of Spicy Sunday.
YieldFi's YUSD markets as a yield bearing stablecoin vault taking neutral positions in DeFi to earn yield.
Their transparency page shows $109 million in assets the main wallet
0x37829fe9b8e67b8267c2058b9459f524b9e3ca5d
Etherscan lists $157,790,676 of circulating market cap likely considering either some bridged yUSD has moved to other chains. This discrepancy between backing assets and reported TVL remains unexplained, so we dig further.
The largest positions are deposits in a Morpho vault named ABRC. The vault is hidden from the UI. We find the nomenclature and secrecy odd until we realize the only supply position is to a YUSD / USDC market.
The main borrowers in this market are another set of wallets from the transparency page marked in the vyUSD section. These are used exclusively to leverage up YUSD on morpho and euler markets.
The second largest position is a looped mHYPER position currently earning a negative yield. Between their various positions, YieldFi makes up for over 10% of mHYPER TVL.
Hyperithm's mHYPER markets as a yield bearing stablecoin vault taking neutral positions in DeFi to earn yield.
mHYPER has a transparency page of its own, listing the main wallet as
0x68e7e72938db36a5cbbca7b52c71dbbaadfb8264
The positions include deposits in vaults lending to mHYPER itself as well as other yield bearing tokens. On Arbitrum, mHYPER is lending against YUSD, with a second allocation to xUSD, provenance of Stream Finance.
Stream Finance's xUSD markets as a yield bearing stablecoin vault taking neutral positions in DeFi to earn yield.
Stream has a transparency page, linking to a Debank cluster listing the main wallet as
0x1597e4b7cf6d2877a1d690b6088668afdb045763
The largest position is $59 million against $50 million borrowed, looping–at a loss again–none other than mHYPER. With this and other positions Stream Finance makes up for over 20% of mHYPER TVL.
What are we to make of this?
A daisy chain of circular lending is propping up yield vault market. One vault takes deposits and lends against, deposits to or loops another vault. Stables are washed through multiple vaults, boosting TVL for the vaults themselves and related protocols. An i-scratch-your-back-you-scratch-mine system of yield sharing.
The system looks fragile when we consider the liquidity situation. Any sizable outflow of deposits from any part of the system will manifest problems throughout the chain. With much of the TVL looping, outflows also pressure further reduction as positions become unprofitable.
If YUSD cannot redeem deposits in full, mHYPER users will take a loss on their lending, further impairing the solvency of the whole system. And the value deposited and lent is based on a system of trust, not verification.
YUSD price has flatlined since the drama of 10/10 when there was also $50 million of outflows. Redemption price is set by the team.
mHYPER and other yield vaults also have opaque pricing systems that rely on off-chain reporting. The teams determine the price of vaults in each system and this price is baked in to the immutable oracles used to borrow many 8 figures if not more of stables.
With the market liquidity, redemptions and even the asset pricing all in the hands of the curators, there is little incentive to be transparent on vault share price or to repay debts. While outflows are slow, holes can be papered over with inflows and further washing between vaults.
But any loss in the system not revealed is left on the last depositors. Further outflows only reduces the backing. The first to panic exit at the expense of the last.
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Gm 🥸
🎙️ New @edge_pod
🤷♀️ Understanding The Risky Business of DeFi’s Risk Curators
0:00 - Intro
5:34 - History of kpk
9:38 - What's the job of a risk curator?
13:53 - Permissionless lending markets vs vaults
24:23 - What happened with Stream and xUSD?
34:07 - How do risk curators make money?
38:07 - The role of risk ratings in DeFi
41:34 - Could they run strats in their own markets?
47:43 - Hard-coded oracles vs market price
57:06 - Prioritize safety over higher yields
1:01:26 - kpk’s approach to risk curation
1:05:30 - kpk’s retail-facing DeFi suite
1:07:11 - Closing
🙏 Thanks to @kpk_io Head of Growth @rsousamarques and Head of Risk Curation @deepcryptodive for joining us!
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Just shipped a new interest rate model for our @kpk_io ETH @GearboxProtocol market to serve LST loopers better.
The best-kept secret in DeFi now has room to loop 100 more ETH+ (@ETHPlus_) by @reserveprotocol. Earn >50% APR on your ETH.
You're welcome 🫡
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Sweet 😎 a long time coming!
@CurveFinance @ @CeloOrg
📢 @CurveFinance, in partnership with @StakeDAOHQ and @StakeCapital, has just deployed on Celo, promoting real-world adoption of crypto assets.
Why it matters: 🧵⬇️
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Enzyme taking asset management to a whole new level😄 Yieldfarming, staking, lending & borrowing in your own decentralized non-custodial investment fund? Yes please 🤯
Exited to see @CurveFinance @LidoFinance @BalancerLabs @AaveAave & @idlefinance integrations going live
After the success of v2, we're excited to unveil plans & roadmap for 🆂🆄🅻🆄, our next release.
Sulu will include;
🏦 Borrowing
🧵 @CurveFinance pools
🔮 @idlefinance support
🧮 @AaveAave lending
⚖️ @BalancerLabs pools
🏧 Support for stakedETH
medium.com/enzymefinance/ann…
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Stop fading the next Pendle anon 🫡
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Seems to have deposited into @AaveAave as collateral, used it to borrow $6.5M of DAI. Then proceeded to add it to a DAI-ETH @SushiSwap pool.
He's long $ETH, long $SUSHI 🍣
etherscan.io/tx/0x821b2a8c2d…
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Taking part in #HackMoney by @ETHGlobal?✅
Interested in building on @enzymefinance? ⚒️
Tune in to the workshop by @FelixOHartmann and myself. Includes an intro by @Mona_El_Isa, and a deep dive into some of the specifics.
👉piped.video/watch?v=nCeibcXx…
Live in ~22 hours from now!
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Had a blast at both the @SonicLabs events in Denver - bringing back the good old DeFi vibes - even met the one and only @SiloIntern
Turns out he is a real human 🤯
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Update: the situation has largely normalised👌
@SteakhouseFi, @MEVCapital, @gauntlet_xyz and @ClearstarLabs vaults are liquid again.
High borrow rates prompted loopers to unwind, easing utilisation across many isolated markets. Curators were able to restore liquidity for those who wanted to exit their positions.
A few vaults still need time to complete this process, but that’s just the market doing its thing. Liquidity should continue improving over the next few days.
No reason to panic.
To clarify: “stuck” in the original post referred to a temporary state of illiquidity, not permanent loss of access.
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He likely has 10x more 👀
He also sent another batch of 10,000 BTC to a different wallet just a few minutes earlier.
Sleuthing through his old wallets, he likely holds over 100k + BTC in total, spread across multiple addresses,
including one that transferred 50,000 BTC to Mt. Gox back in early 2014.
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Two days until @aavegotchi launch 👻 which are yield-generating NFTs on @0xPolygon
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Meanwhile @spectra_finance : "hold my beer"
Mid 3 digit yield on stables
Mid 2 digit yield on ETH
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the sad part is that there is a huge list of potential targets in France - with their physical address 😵💫
even in that specific street....
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🚨Anyone in Euler or Morpho vaults by Hyperithm, Exilir, Telos or others with exposure to xUSD (@StreamDefi) or looping themselves ---> GET OUT NOW WHILE YOU STILL CAN
Liquidations are coming!
Keep your stables ready for better vaults that are coming soon or ... buy the dip😉
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We have now entered the money printer era 💸
> 15% APY on ETH in @aave
> 20% ETH @eulerfinance
> 35% ETH @GearboxProtocol
> 20% on stables @ipor_io
Feels good. But how long can this be sustained? 👀
Mental discipline
We're about to enter the "money printing" era. Where you make more money by yieldfarming each month, than your typical salary.
This makes it mentally very hard to sell your bags, since they are ultra productive - but historically, that's exactly what you should do.
Stay disciplined. Take profits when things go 🍌
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Likewise I am very bullish on $MLN.
Not exiting my position until we hit all-time-high versus ETH again. That's still about 300% up from here, to 0.19 ETH or $480 per MLN 🚀
Optimistic? Yes
Realistic imo? Also yes
One year ago today @hartmanncap built its @enzymefinance activist position at a market cap just shy of $6mm... today it stands at over $250mm.
We continue to be buyers and holders.
TVL has rocketed in that brief year from $800k to $40mm, now with its first 8 figure fund.
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Another one for the reading list!
One of the best articles I've read on token value this year.
Maybe ever.
Kudos to @jonitzler
The design space for tokens is huge.
Every asset class is about to be remade.
This is a framework for understanding what's happening.
Read:
bankless.substack.com/p/a-fr…
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Here's my (not so) short list 😊
gitcoin.co/grants/explorer/c…
Thanks @vfat12 , @moonidapp @WalletConnect @KERNEL0x @EthereumMemes @EthMagicians @RektHQ @Givethio @MetaFam @goodghosting @cawfree @SwivelFinance @metagammadelta @DefiNft @beaconcha_in @tokengineering @wildcards_world
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What is coming on Monday 👀?
59%
Arbitrum airdrop
11%
Polygon zkEVM launches
14%
Starknet goes live
17%
GoodGhosting [REDACTED]
514 votes • Final results
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Still got it in you to read ETHDenver recaps? I've left my thoughts below 😇
@sozuhaus and @SonicLabs mentioned ofc!
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Dat feeling when you get back both audit reports, and these are the main comments 😎
👏 @goodghosting team 👏
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Congrats to @Mona_El_Isa for her long-term vision, and the whole Enzyme Council DAO 🥳
Really excited for 2021!
Expect some new goodies available on @enzymefinance tomorrow 😁 $MLN
.$MLN just turned 4 years old; the age toddlers typically become more confident, more independent & more creative.
Happy Birthday to an amazing community🎂🎂🎂
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I'm not sure if you guys are aware, but $6M of liquidity is casually earning >50% APR on ETH on @base 👀 and will get future DIVA tokens too
No impermanent loss + low risk = no brainer ⚡️
Don't want to figure out how to deposit? Ape in with ETH here: app.beefy.finance/vault/aero…
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Loving that @pushprotocol Chrome extension 😍
Not only does it look good, but I'll never have to remind myself when a new @goodghosting pool goes live 👻 just jump straight in for the max rewards!
Thx @richajoshi and @harshrajat for building this great piece of infrastructure🥳
Ding! and the Push Pool has launched 🔔🚀 your first GG @pushprotocol notification has been sent 🎉
Head over to goodghosting.com/#/pools/71 to join 🥳
This is a weekly pool on @CeloOrg that consists of 3 deposits of $10 cUSD.
Here's the NFT you'll earn for completing this pool:
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Yes it was sold in a completely public ICO. Very misleading image in my opinion.
ETH had one of the fairest initial distributions imo. The EF also used their allocation rather well to actually develop the protocol.
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Didn't expect such a great conversation on the Pomp podcast, but there it is! 🔥
Check out this interview with my fellow @enzymefinance user rep @FelixOHartmann if you're having doubts about the future of crypto
Bang. Bang.
@APompliano and I went over my top four theses of this cycle:
- DeFi
- Metaverse
- dWeb
- Privacy
🔥🔥🔥
piped.video/74fQpL1l0vo
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3 digit ETH yield now. This is getting ridiculous 😁
👇
Use the fastest growing protocol on @base to farm ETH and earn the upcoming Yieldnest token, which is confirmed for Q1.
🎁 My Christmas gift to you:
Go to @YieldNestFi and mint some ynETH -> deposit into the @spectra_finance pool -> see the rewards roll in immediately. Currently getting 78% APR on your ETH, mainly as SPECTRA tokens. Very limited to no downside.
Protip: lock your rewards instead of insta dumping. Why? Crazy TVL growth + protocol fees are soon getting distributed to veSPECTRA holders & you earn a generous amount of weekly vote incentives. It's like early Aerodrome, Curve and Pendle, but improved 👏
Enjoy frens 🎄
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Spectra
Spectra ranks 9th among protocols with the most TVL on @SonicLabs, and the only one in its category (interest rate derivatives)
A lot of opportunities are currently available as specified in this post below 👇
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Don't you think many of us are here already?
- Partyhats were the original NFTs and status symbols
- The Grand Exchange was my first dex.
- Started accumulating digital gold before it was a thing
In retrospect, those thousands of hours grinding away were well spent 🤝
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What if I told you there now is a liquid staking token on @base with
- more liquidity than Lido's wstETH
- earns you >30% APY with no IL
- nice future tokens 🪂
- has no EigenLayer restaking risk
$bsdETH by @reserveprotocol and @nektarnetwork
⬇️
I'm not sure if you guys are aware, but $6M of liquidity is casually earning >50% APR on ETH on @base 👀 and will get future DIVA tokens too
No impermanent loss + low risk = no brainer ⚡️
Don't want to figure out how to deposit? Ape in with ETH here: app.beefy.finance/vault/aero…
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Imagine selling before @AlchemixFi v2 & alETH 👀
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Dear @matchaxyz - please give @0xrobrecht a raise!
Extremely bullish on people doing user research on a Friday night on DeBank & incorporating the feedback 💪
Bullish for the upcoming Matcha Meta Aggregator release 🍵 DM me if you want an early invite code
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When the @enzymefinance team ships so fast you can't keep up.... 🛰️
Lots happening this week:
*Tomorrow* Enzyme #Macros2021 with @DystopiaLabs
*Friday* Enzyme Community Call led by @FelixOHartmann @deepcryptodive
And who knows maybe ship a couple of new features in between galaxies... stay tuned!
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Do I want access to the v4 of the best on-chain asset management platform? On a low-cost chain?
Yes please 🙏
We're excited to announce that we will be launching a private beta of #Sulu on Enzyme before Christmas. The first 100 users to sign up for this will get complimentary $MATIC tokens to help them get started thx to @0xPolygon & @enzymefinance!
Sign up here: buff.ly/3GxXI43
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💫 Personal Update 💫
After over 3.5 years of working with amazing individuals at @halofi_me, it's time for me to turn the page to a new chapter.
In the last two months, I've scaled back my day-to-day involvement and transitioned into an advisory role.
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"They way the attack has been performed had been rather impressive"
Mfw, they followed this step by step guide 🤷♂️ (and added Tornado and a custom tx into the mix)
help.gnosis-safe.io/en/artic…
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If you're bullish on CRV it is a no brainer to get in this pool 🫡
Why?
- You get some very nice SPECTRA yield
- You autocompounded CRV rewards
- You benefit from a sdCRV repeg
Think of it as a self-paying CRV long with no liquidation
The $asdCRV pool on @spectra_finance hits $2M TVL!
Growing demand for optimized $CRV returns through @0xconcentrator's autocompounding strategy on Spectra.
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Another Melonport update!
Upcoming:
* UI improvements
* Dramatically increasing the asset universe
* Integration of other DeFi protocols (DEXes, lending, liquidity pools, derivatives, flash loans, etc).
Although $MLN liquidity remains low, it seems to have great potential!
Melon's project update from #Mainnet2020 is out: piped.video/watch?v=KeOv50uR…
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Yup, whoever designed this needs to rethink their line of work!
Very aggressive filtering of not only sybils, but also many many OG accounts with huge activity across the four targeted L2 networks. So much exclusions
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Study RTokens. Lessons in there
Study RTokens on @Base:
🔵 2x TVL in the last week between @HighYieldUSD, Based ETH & others 🤯
🔵 100%+ APYs on @aerodromefi & @extrafi_io 🚜
Here are the latest yields across Ethereum & Base prompting whale wallets to make moves 🐋👇
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5/ And that’s just the beginning. We’re quickly becoming multi-chain, expanding to full the vision of a fully interoperable Web3 communication layer 💪
Up next for us is @0xPolygon, followed by other EVM and non-EVM chains.
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