Nate McKervey

@NotionalFinance The leadership behind notional is of the highest character, intelligence, and work ethic. My condolences to everyone affected including the team.

Balancer Hack Response Detail On November 3rd, Notional V3 was impacted by a smart contract hack of Balancer V2. This incident led to significant losses for Notional users and ultimately a full wind-down of Notional V3. This post will detail the decisions and calculations made from the time of the hack until the final distribution of all user assets. The hack Notional’s monitoring systems detected an anomaly at 2:52 AM Eastern Time. Upon inspection, it was discovered that the collateral value in several leveraged vaults had declined to zero. The hack impacted three vaults on Arbitrum (rETH/WETH, wstETH/WETH, and rsETH/WETH) and two vaults on Mainnet (ezETH/WETH, rsETH/WETH). Upon discovery of the issue, the Notional team disabled all Balancer vaults to guard against the possibility of any further losses and fully paused the protocol on Mainnet and Arbitrum. After evaluating the extent of the damage, it was determined that it would not be possible to return Notional V3 to a functioning state in production. The team then decided that the best course of action would be to wind down Notional V3 and fully distribute all user funds. The Impact - Leveraged vault positions: users who held positions in any of the impacted vaults were completely wiped out. The collateral in the vaults went to zero and made all these positions immediately insolvent. - Bad debt: all debt held by the vaults became bad debt. The sum total of the bad debt was 632.8 ETH on Mainnet and 80.2 ETH on Arbitrum. - ETH lenders: ETH lenders on Mainnet took a 56.019% haircut on their ETH asset value. ETH lenders on Arbitrum took a 19.244% haircut on their ETH asset value. Calculating the ETH lender haircut - All account values were snapped as of the block at which the protocol was paused. These account values were then used to calculate the proportional claim on the ETH available to distribute. - Notional’s ETH reserve values were written down to zero (~$100,000 on Mainnet, ~$18,000 on Arbitrum) as the first line of defense. - Notional’s non-ETH reserves were used to compensate hack victims. All non-ETH reserves (~$205,000 on Mainnet, ~$161,450 on Arbitrum) were traded for ETH and added to the sum distributed to ETH lenders. Haircut calculation details (Mainnet) Total ETH deposit value pre-hack: 941.934 Total ETH held on contract: 347.701 Total ETH purchased with reserves: 66.571 Total ETH distributed to users: 414.272 Haircut calculation details (Arbitrum) Total ETH deposit value pre-hack: 115.74 Total ETH held on contract: 41.599 Total ETH purchased with reserves: 51.867 Total ETH distributed to users: 93.466 Future asset recovery No future asset recovery is certain, but it is possible. Balancer is working diligently with the authorities and pursuing every possible avenue to recover funds for affected users like Notional V3. In the event that any funds are recovered in the future and made available to Notional, those funds will be distributed proportionally to Notional users. Stay tuned for any news regarding asset recovery. Notional’s future The Balancer hack was a major incident for the protocol’s development and a significant financial hit. The team is currently determining a path forward and will share details soon.

@DragonLogos @eevblog Read carefully, it is on by default but it's NOT being used to train data (if they are telling the truth). Let me know if you see something contrary, as that will be the final straw to move off of gsuite which is very hard to do as others have mentioned.

@DataPhysicist @eevblog and by default it is turned on... that is how they do it, you think you are safe, but you have to turn it off. In other words, they will not do it unless you say yes, but you have according to them already said yes. They should be called to account for things like this

IMPORTANT message for everyone using Gmail. You have been automatically OPTED IN to allow Gmail to access all your private messages & attachments to train AI models. You have to manually turn off Smart Features in the Setting menu in TWO locations. Retweet so every is aware.

@mckaywrigley @sama You can do this with toolbelt by Apexti. Tasks can even be triggered on events (i.e. slack message received) and an assistant will handle what do do in the background. apexti.link/evaB4cC

@sama any plans to make it (or parts) accessible via api? even just being able to trigger tasks which you can later view in chatgpt would be huge! but already crazy impressive

Today we launched a new product called ChatGPT Agent. Agent represents a new level of capability for AI systems and can accomplish some remarkable, complex tasks for you using its own computer. It combines the spirit of Deep Research and Operator, but is more powerful than that may sound—it can think for a long time, use some tools, think some more, take some actions, think some more, etc. For example, we showed a demo in our launch of preparing for a friend’s wedding: buying an outfit, booking travel, choosing a gift, etc. We also showed an example of analyzing data and creating a presentation for work. Although the utility is significant, so are the potential risks. We have built a lot of safeguards and warnings into it, and broader mitigations than we’ve ever developed before from robust training to system safeguards to user controls, but we can’t anticipate everything. In the spirit of iterative deployment, we are going to warn users heavily and give users freedom to take actions carefully if they want to. I would explain this to my own family as cutting edge and experimental; a chance to try the future, but not something I’d yet use for high-stakes uses or with a lot of personal information until we have a chance to study and improve it in the wild. We don’t know exactly what the impacts are going to be, but bad actors may try to “trick” users’ AI agents into giving private information they shouldn’t and take actions they shouldn’t, in ways we can’t predict. We recommend giving agents the minimum access required to complete a task to reduce privacy and security risks. For example, I can give Agent access to my calendar to find a time that works for a group dinner. But I don’t need to give it any access if I’m just asking it to buy me some clothes. There is more risk in tasks like “Look at my emails that came in overnight and do whatever you need to do to address them, don’t ask any follow up questions”. This could lead to untrusted content from a malicious email tricking the model into leaking your data. We think it’s important to begin learning from contact with reality, and that people adopt these tools carefully and slowly as we better quantify and mitigate the potential risks involved. As with other new levels of capability, society, the technology, and the risk mitigation strategy will need to co-evolve.

@altryne @KaranVaidya6 @cursor_ai @windsurf_ai @AnthropicAI @typefully Consider a virtual key (wrap your API key) to mitigate using subkeys.link/VhFcmdA and get granular control and visibility. DM me w/ any q's.

@KaranVaidya6 @cursor_ai @windsurf_ai @AnthropicAI @typefully Exciting! I'm trying it out and .. the agent asks me to provide my keys... Is there a safer way to authenticate these calls somehow?

Role: CEO Company: Subkeys subkeys.link/zi4IVVU Pitch: Create virtual API keys with restrictions built into the key rather than code and gain control + visibility for 3rd party APIs in a single interface. Curl below if you want to try a virtual key out and get the latest price of BTC. curl 'coingecko-eb0ke1v.subkey.dev/api/v3/simple/…' \ -H 'accept: application/json' \ -H 'x-cg-demo-api-key: sub_H1ToVXk1giEy1cSHCeS6WGNSsyges29dswj9hw'

Hey new members! We'd love to hear from you. If you'd like to introduce yourself, post to the community using the template below and get $5 USDC: Role: Company/Project: 1-line pitch: What type of connections are you hoping to make: Already posted? We've got you covered too 🤝

@melnykowycz @Scobleizer @FlowiseAI @Cerebrum_DAO I'd be curious to know if wrapping API keys with subkeys would be helpful and if not why not. x.com/DataPhysicist/…

@Scobleizer I like to do a UX flow, Agent architecture, prompt design, knowledge base set up, LLM API, and test it out. @FlowiseAI is great to make it fast and easy. Using this approach for decentralized science agents at @Cerebrum_DAO.

What is your favorite way to create AI agents?

@Scobleizer With virtual API keys so I can have visibility and control over API access I give agents. subkeys.link/RwsXVnU

Once in a while something comes along where people say “Why doesn’t that exist already?”. We’ve been hearing this about our new platform for virtualizing API keys, Subkeys. Create your own “Why doesn’t this exist already?” moment: subkeys.link/x87X6Tl

@temnco @vedikaja_in Probably is a good fit. What we've built (not yet public) is for anyone who wants to control of any/all APIs they (or their agents) consume. I'll DM.

@vedikaja_in I’m not sure if right fit but one of our clients @DataPhysicist maybe interested in chatting

👋 Are any companies out there building tooling for API platforms to handle AI "agent-based" traffic safely and efficiently?

@gasull @zooko Do you think the same goes for DAPPs? That ZKPs will do for web3 what HTTPS did for web2? @zooko youtube.com/clip/UgkxWFVa9…

.@zooko is right; zero-knowledge proofs are to blockchains what SSL/TLS is for HTTP. I'm becoming long-term bearish on the coins without them.

Scam alert. The puzzle linkedin.com/posts/mckervey… and LinkedIn update generated a lot of interest and the scammers are using it. This is not me.

@tomp1234567 Nice! So this is you? polygonscan.com/tokentxns-nft?…

@DataPhysicist Solved, thanks for the puzzle

#Web3 data must become more accessible. Myself and some other amazing folks dropped everything to make it happen. If you solve this puzzle we will tell you more. Can the crypto degens here solve b4 linkedin.com/posts/mckervey… ? #POAP's for the first few. 👀 etherscan.io/address/0x3CFD…

5 people have made it past the first stage. Here is a hint for those that haven't.

@betashop @carlcortright Hey @carlcortright, I was just talking with @adayeoyh about you today. My DMs are open.

@carlcortright I think @DataPhysicist and team have also done some work on this

@danreecer_ Must be a Cry-to-currency like the title says.

What is the V?

The Network State is out. It’s a new book on how to start a new country. And you can read it online at thenetworkstate.com

3/ We'll be airdropping a total of 300 OG Badge NFTs to our community members on a first-come-first-served basis. To participate in this freemint event, users need to get whitelisted by completing a few simple tasks on Gleam: gleam.io/RkD3C/altlayer…

@spencernoon Someone should do it. The blockchain team at @Splunk had fun building this, it could be extended for all L1 (and LNs for that matter), make a public dashboard and open source it. splunk.com/en_us/blog/tip…

L1 gini coefficient dashboard Where dis?