1/ Introducing the Crypto Banking System, a roadmap to bring DeFi to be a challenger to TradFi cryptobanking.network/the-cr…

Some balance sheets comparisons #TradFi #DeFi #cryptobanking #BalancesheetView cc @CalicoZeal @MacroAlf @jp_koning @MarcRuby @EmilKalinowski @JeffSnider_AIP

Friendly reminder that the whole balance sheet of @MakerDAO is public and updated every block. Happy to provide guidance to CEX having issues with transparency. It's not that hard. dune.com/SebVentures/maker--…

Btw this specific panel was on BTC but Ethereum was discussed more than BTC. Institutions love ETH, what it allows and its liquidity hub.

Is that @MakerDAO lending to a regulated US bank? 👀👀👀👀👀

Good crypto usage data by @federalreserve . This debunk the myth of crypto being useless even in the US. federalreserve.gov/publicati…

.@MakerDAO is now generating 50% of it's revenues from real-world assets, mainly MIP65 short-term bonds ETF and GUSD rewards. Doubling revenues over the last few weeks and it's only the beginning. I'm starting the discussion to rewards DAI holders to supercharge growth.

Another milestone in #DeFi @SocieteGenerale Forge 🇫🇷 casually taking a $7M loan 💰 from @MakerDAO 🚀while pledging a AAA covered bond as collateral. Actually a cross-currency repo as the collateral is in € and the loan in $ ($DAI).

.@DeutscheBank announcing their Layer 2 on @ethereum is another step toward Ethereum becoming the neutral settlement and DA layer. I envision regulators serving as the L2 to 'control' the 'banks' L3s and providing a settlement layer between them, but that is for another decade

Last @MakerDAO financials are published. 📈 Crypto-backed lending is down so we are entering in a few month of negative results until short-term bonds RWA save the day. But really the financial deck is great and leader in financial communication. 🪙 forum.makerdao.com/t/financi…

1/ @MakerDAO is making a new record in revenues in January due to the last wave of liquidation. $23M profits so far.

1/ This happened, a decentralized protocol minted 38k $DAI out of thin air to finance a mortgage loan. Real-World Asset are now a thing for @MakerDAO thanks to @centrifuge and @NewSilverLend #DeFi meets #RealEstate

Real-world assets exposure at @MakerDAO Gradually, then suddenly.

Priority for building on @base for @SteakhouseFi just increased.

Solidly around $240M annualized revenues, @MakerDAO is now shifting back from getting most revenues from RWA towards getting most revenues from crypto-backed loans. This is the dual engine people should seek max(crypto yield, tradfi yield). Soon on @MorphoLabs

Congrats to @gnosischain and @monerium . I'm paid in USDC and try to get EUR on my company IBAN. It costed 1bps xDAI to EURe and 26bps from EURe to USDC compared to the market USD/EUR price from Yahoo Finance. Tx fees were less than $0.01.

1/ The last 2021 Financial Deck @MakerDAO is out. What a year! Hitting more than $100M of revenues (for the protocol itself). docs.google.com/presentation…

1/ May 2021 is another awesome month for @MakerDAO . Net income $23M. 💰 Full report => docs.google.com/presentation…

1/ @MakerDAO April 2021 financial report. Another insane month, breaking $12M net income in April. Full report => docs.google.com/presentation…

1/ Permissionless tokenized securities are here thanks to @BackedFi . $bCSPX is now tradable on @Uniswap (might get kicked out from the UI tho). For more information, there is a @DuneAnalytics dashboard and a short thread 🧵 dune.com/steakhouse/backed-f…

The key to understand the @MakerDAO / @MorphoLabs / @ethena deal is to understand the fixed price oracle and its implications. Here is the guide "Money view of the MakerDAO/Morpho/Ethena drama" => cryptobanking.network/money-…

We see a bitcoinization of the @ethereum economy. BTC is more and more traded and is a bigger collateral on @MorphoLabs than ETH

Let that sink in. Great paper.

The flippening has occurred, Money (repo) is cheaper in DeFi than in TradFi. The fact that the lending rate goes below SOFR, means there is a strong opportunity for tokenized t-bills.

After the events of the last days, @SteakhouseFi vaults now represent >50% of all Ethereum USDC on @MorphoLabs with Morpho itself remaining in a stable range of market share. We are continuing to make serious products for serious people.

The growth of usage in the Ethereum ecosystem is great to see.

It is 2025 and we are asking signers to verify that this transaction is safe. ABI are on Etherscan. It could be in English.

1/ Crypto banking 101 The art of banking for the crypto era Full story on medium=> medium.com/@sebastien.deriva…

The Endgame, proposed by Rune, has passed the MakerDAO governance vote. While 122 persons have voted, only one matters as he represent 63% of the turnover and 74% if we use influence. #decentralization 1/n 🧵

.@OndoFinance tokenizing $SHY, $MINT and $HYG ETFs in a permissioned way. Public credit for the win. 🚀 blog.ondo.finance/announcing…

$10M of Real-World Assets financing on @MakerDAO @centrifuge #RWA #defi

FUDing publicly someone while at sometime saying you haven't followed what they did in the last years is probably the worst that one can do for an ecosystem. What about building or debating instead of playing PvP?

$bIB01 (very-short term treasury bonds ETF) has landed on Uniswap. The underlying => ishares.com/uk/individual/en… Dashboard => dune.com/steakhouse/backed-f…

After spending time working on a process to ensure our @safe transactions are ... safe, I can only recognize that there is a lot of progress to be made. A few examples below 👇

Napkin math of the @MakerDAO valuation if we had the balance sheet invested in short-term bonds. Yes a P/E of 3.61 in an industry with the biggest possible upside.

Great to see @gnosispay continue to grow. Real public blockchain usage.

Regarding stablecoin, @mcuban should read my article on crypto-banking before investing in an insolvent systems => "By simple game theory, everyone will withdraw and the system will collapse." medium.com/@sebastien.deriva…

I love on-chain bonds ETFs, now with @SwarmMarkets going in on @0xPolygon first (smart move). @blackrock has a monopoly on on-chain tokenized ETF while doing nothing. Incredible.

1/ The weekly active sellers on @coinbase Commerce remains low but steadily increasing. This is economic activity using the blockchain, i.e. organic usage.

A rare exponential curve in this bear market. @MakerDAO 75% of revenues are now RWA (incl. GUSD rewards). 🛠️ Governance also decided to distribute 1% reward yield to DAI holders. 🎁🎄 Gradually, then suddenly. 🚀

Tokenized public securities are growing 🚀 reaching $264M on Ethereum ecosystem.

Full house at Goldman Sachs Digital Assets Conference. Institutions are getting excited.

1/ Second shot at a #cryptobanking system map. I'm really wondering if crypto-assets (ETH, BTC, ...) should be added at all. Seems quite irrelevant now.

$4B swap no slippage at par, 10 sec settlement. No questions asked. We are getting somewhere. 🚀

1/ @MakerDAO financial report for February is out. $6.6M of net income +116% vs last month TL;DR: Another awesome month ... except for $MKR price 🙄 Full presentation => docs.google.com/presentation…

# 9 | Flatland: Minting Money Out Of Radical Uncertainty on @MakerDAO and @centrifuge , by @LucaProsperi dirtroads.substack.com/p/-9-…

Seems like @Uniswap is taking it's place in @0xPolygon. Remember to always use an aggregator like @1inch to get the best price. (I know Curve is missing, deal with it or send a pull request to @DuneAnalytics )

2023 is the year of tokenized ETFs Step 2 👀👀

1/ June 2021 financial results for @MakerDAO. Obviously not the best month, but still generating $9M of profits and increasing the balance sheet. Full presentation => docs.google.com/presentation…

Tokenized T-Bills funds that can be minted/redeemed atomically without fees is quite game changer. ⏭️ It's a real value add of blockchains. ⛓️

The @CurveFinance 3pool is a key part of history. It was instrumental to DAI and a great way to track the trust of stablecoins. The sacrifice of $CRV holders was for the greater good.

$FEI is a bad product, they privatize the upside for $TRIBE and socialize the downside for $FEI. It can still work if people are too kind. But people don't understand solvency and liquidity constraints that should apply to "money". It's not easy. medium.com/@sebastien.deriva…

1/ The @MakerDAO monthly financial report for March is out. Another great month. Full report => docs.google.com/presentation…

Activity on @base is out of control (at least in amount of active wallet and active traders). And while USDC users are few (150k weekly senders), transfer volume are insane (close to Mainnet volumes).

Like a clockwork, @MakerDAO will burn $MKR every 2 hours using its profits. makerburn.com/#/burns

How is the $500M @MakerDAO investment in short-term treasuries doing? Glad you asked, it's boring. As it should be. Harvesting season is soon. 🌽🌽🌽 dune.com/SebVentures/makerda…

The first yield curve in #DeFi thanks to @yield and @MakerDAO

1/ Real-World Finance (rwf-001), the first ever Core Unit of @MakerDAO is now offboarded. I created it almost 2 years ago. While I have left this Core Unit end of last year to create Strategic Finance with @AesPoker, there are mixed feelings and memories. My take :thread:

I'm on team @MorphoLabs, I guess, but super happy to see @eulerfinance growing. Great builders. As DeFi we need more great builders and competition, not toxicity. We are still early. Let’s grow the pie together.

Landmark day. 🛠️📅🙌 @MakerDAO and $DAI holders are now financing🤝 @USTreasury 🇺🇸 Many thanks 🙏 to our partners Monetalis, @sygnumofficial 🇨🇭, @CoinbaseInsto , our 🇻🇬 trustees and administrators 🙏, and Jerome Powell. "Deploying more capital - steady lads" $499.9M to go.

Watch @SECGov and @NYDFS telling the world that @tether is the safest stablecoin because it has less of a regulator risk. "Protecting the customers" Hearing quite some chatter of people really considering USDT instead of USDC. What a shame.

Thanks to @DuneAnalytics , the people has more data access than the powerful CEOs. The Revolution Will Not Be Reported Quarterly. The @MakerDAO dashboard => dune.com/SebVentures/maker--…

I'm quite fascinated by the deposit on @MorphoLabs (excluding protocols, mainly Maker Ethena trade). It's quite a stable trend going to a billion by end of year. It seems little affected by market conditions or competition.

1/ New Stablecoin ratings 🥇🥈🥉 @SPGlobalRatings issued a stablecoin assessment which I summarize below (with @bluechip_org comparison). Lower number the better (1 to 5).

Tokenized public securities crossed $500M on EVM chains just before the close of 2023. Started from $0. A great start, but only a start. 🚀 🔗dune.com/steakhouse/tokenize…

A major bank, @SocieteGenerale , through Forge subsidiary, is now issuing a permissionless EUR 💶stablecoin on a public blockchain⛓️ . All with the blessing and supervision of the 🇫🇷🇪🇺 regulator. Let that sink in. Future of 🇫🇷 by 🇫🇷 sgforge.com/stablecoin-eleva…

So @SocieteGenerale just submitted a collateral application to repo a @ethereum native bond on @MakerDAO . #TradFi + #DeFi = The Future of Finance by France 🇫🇷 forum.makerdao.com/t/securit…

There are around 4,000 weekly active @gnosisSafe multisigs and it's not going down (think of it as a corporate bank accounts). They hold $4B in USDC. That's real activity. 🚀

1/ Improving the @MakerDAO @DuneAnalytics dashboard. 🏗📈 duneanalytics.com/SebVenture…

Progress on @MakerDAO financials statements with @DuneAnalytics. 350 lines of #SQL Still not 100% correct, but not that far.

30min after the tweet deUSD depeged by 90%. Market is dead. Taking a screenshot of the allocators to see if degenerates will allocate to the market directly (which I assume will happen, helping curators remove some funds). If this doesn't happen the vaults will have to force removal of the markets and take the loss. The Steakhouse vaults are not exposed to the markets but rates will jump everywhere the affected vault have liquidity. This will only impact Smokehouse USDC. We will make the best to have enough liquidity for people wanting to exit. We suggest borrowers to swap their loan to USDT or any other lending platform. Steakhouse USDC and all the other mainline vaults will not see any impact.

$300M from the Coinbase integration. At this rate, we cross $1B by end of year.

Modular markets: share liquidity risk (partially) but NOT solvency risk Monolithic markets: share liquidity AND solvency risk No, @MorphoLabs didn't froze at all as I look at actual data and not CT vibes. If it have been monolithic markets it would have, but here even affected vaults where quite liquid thanks to shared liquidity. Lender from unaffected vaults got a boost in yield for almost no liquidity cost. This is what should happen when people are afraid and credit is scarce. There was 0 impact on Prime vaults. Morpho Markets V2 will also add even more tools to control liquidity.

Looking for people willing to push RWA liqudity on-chain. DM me if interested. Let's do it. The future of finance starts now.

1/ New proposal from the @MakerDAO Open market Committe You will be able to borrow at 2.5% against @LidoFinance $stETH (collateral that yields 4.7% so the loan repays itself). forum.makerdao.com/t/paramet…

Real-World Assets on @MakerDAO just crossed the 1M DAI mark. @NewSilverLend is on 🔥 More @centrifuge collaterals coming soon. 🚜☀️🚢🤖

Must read article on @MakerDAO by @WIRED Plenty of stuff, and very well written, but this passage strike me. The most successful DAO seems bearish on the DAO concept. wired.co.uk/article/makerdao…

Crypto has no use, well what about @gnosispay on its way to cross 150 daily active €-users? Unbundling of banks is coming. If there is something you can do to support crypto is to use those kind of products.

One has to appreciate that we have gone from 30bps trading fees to 1bps in a few years. This is better than Cex or TradFi. Now we just need more assets like tokenized public securities.

Imagine spending billions of dollars and annoying millions of people only to get this result. KYC/AML enjoyers are not serious people.

1/ Monthly @MakerDAO financial review 🧵. Big increase in profits due to liquidations :'-( but still keeping > $10M monthly revenues from lending only.

What do you think of curators having skin in the game? Would that be co-investment or junior capital? How much do you think it should cost? @SteakhouseFi is invested in Smokehouse/High Yield products both on Ethereum and Base. Could add a timelock. Would anyone care?

Aave v4 bring a feature that existed in Maker since 2019. I was never convinced — a risk premium is not a mitigation for credit risk. Risk premium is an output of market forces and risk profiles, not a decision by a centralized committee.

The recent events on lending markets is a testament of the @MorphoLabs design strength. As @stutireal points out, Morpho is an infrastructure for curators. It is not the product. Both our Prime and High Yield products are based on Morpho. And Morpho is a great tool allowing curator to be very precise in what they want to express yet sharing liquidity. Prime didn't have any impact of the whole xUSD drama even if built on top on Morpho. High Yield (Smokehouse) did produce very juicy yield without the xUSD exposure. There was less liquidity, but those complaining are not users. We had 2/3 of outflow showing liquidity wasn't a constraint. Morpho worked fine as expected, so what was the issue if any? Main point is that we are still quite early in building the financial ecosystem. Lending against Ethena collateral should be arbitrage between different lending protocol. Especially Morpho as you can be super precise. It wasn't done. We also saw borrowers acting to slowly to unleverage on no slippage positions. Part of it is surprise and technical challenges. Markets are far from efficient, but that takes time to come and everyone is building everyday to make it better. What we don't need, is crypto twitter spreading FUD, hate and people trying to push their stuff using fake arguments. All current products are immature compared to what we will have in 10 years. We should have healthy and nuanced discussion to find the best way forward. I always said that for most people they should only allocate to prime vaults. You should actually be invested in a regulated G-MMF, but regulators are forcing you to take risk. I don't make the rules.

The moment you realize there are a lot of people in Real-World Assets. 2023 is really the year of RWA 🏗️

Not teasing but @MakerDAO just passed the $10M income for this month alone thank to a huge liquidation this morning. 🧑‍⚖️ The burner is now activated. 🔥 $1M spend on $MKR burn today.

With the next rate change proposal, @MakerDAO will almost hit $60M annual revenues for $MKR holders (+25%) while being competitive. It was only $20M on January 1st. Some have memes, we generate capital for our token holders. forum.makerdao.com/t/rates-c…

All I'm saying is that a NASDAQ-listed company is using @SteakhouseFi @morpho vaults.

We just seeded Steakhouse High Yield Instant (Mainnet) with $2.5M, a Morpho v2 vault which invest currently only in Smokehouse USDC. Will detail more the Instant feature in the next few weeks. Double skin in the game. app.morpho.org/ethereum/vaul…

Happy $600M threshold by @SteakhouseFi on @MorphoLabs . Back to work now, big things coming soon.

Real-World Asset are now 5% of @MakerDAO interest revenues. Bear market resilience. dune.com/SebVentures/maker--…

I'm taking the opposite bet. You will use RMBS as collateral which might be more onchain native. A good collateral requires price continuity and liquidity which a single home loan can't offer. But a bunch, backed by legal contracts, and possibly tranched, can.

Another case where multi choice vote is not giving the correct outcome. Crazy how people don't learn.

8% penetration rate in transaction usage in a target group is quite strong regarding how early and UX-deficient it is. Or the US banking system is really bad.

The @ethereumfndn is using @SteakhouseFi vaults. It's their biggest stablecoin investment.

There is now more USDC volume on @buildonbase than Ethereum with a lower balance). No idea what is going on but relevant.

It's done. @NewSilverLend credit facility at @MakerDAO will be increased to 20M on Sunday. That's more financing for the real world and increasing revenues and diversification for the Protocol. Thanks to all $MKR voters. #DeFi

Growth continued for @MakerDAO in February. Doubling the income MoM. $6.6M net income for $MKR holders. And the cost of token rewards and LP fees? $10 (DSR activated again) Great at every metrics ... except price 🤣

1/ Stablecoins and tokenized bank deposits are the same thing. People making a difference are just showing lack of understanding or a vested interest. Have yet to hear a better reason. Open to evolve my view.

Writing on the similarities of lending and stablecoins. cryptobanking.network/lendin…