Professor J.E.Y. (🦇🔊)

🚧$BEAN loses $182m to a Flash Loan attack. 🧱What are Flash Loans? Is it a good thing that DeFi enables anyone to borrow $1B as an anon? A reflective/thought thread by a fam of on-chain buidlers🧵(14-parts). cc: @rleshner @tarunchitra @zxocw @im_manderson @pythianism

To ethereum devs, if you ever thought differently, then pay heed now: the 18th decimal does matter. ie, the 1e-18 stETH corner case edition, a fun aberration we see in this space, courtesy of rounding in shares accounting vs absolute amounts: #1-wei-corner-case" target="_blank" rel="nofollow noopener">docs.lido.fi/guides/steth-i…

@tarunchitra If you drop them in a vehicle you already exited - you can think of it like L1-norm because the taxi couldn't have gone too many blocks away if you notice in time.

High Energy Physics for Dummies: When your AirPods fall out of your pocket, can you predict where the two earbuds go even if you can’t see where the case fell?

MEV is neither good nor bad. it simply is.

anon there is a lot of noise, a lot of people talking without saying much faster and faster “news” cycles don’t lose the plot we are replacing the global financial system with software that nobody controls

@matthuang The kid who hacked Indexed Finance, but good luck hiring him.

@santiagoroel slow frequency defi plumber

Crypto tempts you with being a VC and a high frequency trader. What are you?

“Decentralized Society” (DeSoc) ⚡️

@jbrukh @Tim_Roughgarden @Darrenlautf @kermankohli @bankless almost forgot. water: (you probably know what falls in this category already 😉: Satoshi, Bitcoin Talk, vitalik.ca, etc.)

@jbrukh Like diets, add variety & balance to get far Proteins: @Tim_Roughgarden YouTube Lectures for foundations of blockchains/crypto Fibers: @Darrenlautf's resource directory is more with the times, for on-chain degen Vitamins: Newsletters w good depth: @kermankohli @bankless

Does anyone know a great long list of crypto reading that you send to someone who is new and wants to go down the rabbithole quickly?

@LanrayIge @shayne_coplan might have some things to share?

Why have prediction markets not taken off in crypto?

@lsukernik Gov Forums, to be an emerging dataset for Organizational Behavior folks for business school style research

Have any sociologists studied the social dynamics within crypto? Would be interested in reading about how social dynamics influence the direction of the industry.

@danrobinson So where to go next, now that price discovery on-chain is near synonymous with MEV today? Why don't we keep MEV to just price discovery DEXes, and build more protocols off that as a building block...😉

The future of DEX and the future of MEV are deeply intertwined Most MEV is driven by DEXes Most DEX problems are driven by MEV

Our devs are seeing HTTP 429 errors from @infura_io while using @etherscan frontend (and it just keeps retrying - web3 connect wallet specifically), anybody else got this problem? 🫤

@tarunchitra @sandeepnailwal @jdkanani tarun it doesn’t stand for chief mathematics officer

@SocietyGoBrrrrr 🤝

@SocietyGoBrrrrr If you want to nerd out on MEV, you may enjoy the concepts here, and examining it through the lens of Flash Loans. Ultimately FL is merely a tool/block at the dapp/DeFi level, and a lot of its common uses are under the overarching motivation of MEV. research.paradigm.xyz/MEV

@SocietyGoBrrrrr how might you address the narratives/fear part proactively?

👩‍💻👀@IntegralHQ @DuneAnalytics 🔢📈 Integral SIZE trade flow data now available for the Dune mages out there. 🧙 github.com/duneanalytics/… 👷‍♀️

@SocietyGoBrrrrr Agreed on your point they can't isolate/stop FL per se. Narratives remain though that paint whole space. It's ugly, but it's a factor to how we got liquidity on ethereum from 2019 onwards. That MEV rents going to miners/validators is another discussion entirely...

@apenguinatgezi @rleshner @tarunchitra @zxocw @im_manderson @pythianism 1. Typically small fee or even free. E.g. @AaveAave is typically 9bps (0.09% fee) [docs.aave.com/developers/gui…] 2. Transaction composability: build up an atomic txn like legos. There's explainer articles out there, here's one (some info may be dated): ethereumdev.io/making-a-flash…

@ProfessorJEY @rleshner @tarunchitra @zxocw @im_manderson @pythianism 2 Questions on the $1B flash loan taken by the person who drained $BEAN treasury: 1. How much interest was paid to the three Flash Loans? 2. How does one take out a flash loan and pay it back w/interest in the same transaction while at the same time do all that $BEAN rekking?

🚧$BEAN loses $182m to a Flash Loan attack. 🧱What are Flash Loans? Is it a good thing that DeFi enables anyone to borrow $1B as an anon? A reflective/thought thread by a fam of on-chain buidlers🧵(14-parts). cc: @rleshner @tarunchitra @zxocw @im_manderson @pythianism