Maksym Repa

The most secure cross-chain Bitcoin stack in DeFi: - Native burn/mint - Conservative inbound/outbound rate limits - Message passing secured by 16 independent @chainlink CCIP operators - Mandatory attestation by @Lombard_Finance Security Consortium (14 leading institutions incl. Kraken, OKX, Galaxy, Wintermute, DCG, Antpool) via CCIP's Token Developer Attestation - Independent verification by @symbioticfi (the first in-production bridge backed by slashable stake) LBTC & BTC.b DeFi will win.

Call me crazy, but there might be an angle here Koreans are famous for two things (1) moving size (2) and not touching DeFi But what if they engage with DeFi w/o realizing it 👀

@milewapr For me 2 MegaDogeBlends please

DogeOS, MegaETH, and Fluent bringing life and much needed excitement back into the timeline 🙏🏻☀️💛

@RunnerXBT @megaeth Just check your ICO wallet, it is not that complicated...

pretty bad comms niggas @megaeth about claim etc

Past days has been extremely hardcore for our team and DeFi in general. DeFi went trough a substantial stress test and the consequences were felt. It definitely was the hardest couple of weeks that I experienced in my life and during the past decade building in the space. I am still writing this with couple of hours of sleep per day so bear with me. For me personally, the rsETH bridge incident was unfortunate as our team and community has put so much effort into securing the protocol and seeing the exploit happening outside of the protocol smart contracts, and affecting the markets is hard to watch even when the markets had (and still have) full backing like Mainnet Core. That being said, Aave has seen multiple market/credit cycles and always has been able to prove its resiliency. I have more confidence in DeFi today than ever, not because of the industry is stepping up and improving security practices, but because there is a true community behind DeFi that is willing to help and do whatever it takes to ensure our space has future. I want to say that during all this madness there were lot of people that were extremely supportive and proactive to mitigate any issues and contagion. At the first glance, from Aave's perspective we were positive that we would find a resolution and we had overall balance sheet, protocol revenue and external/public support to over come the issue from Aave's perspective but what we understood is that the issue was beyond Aave. It was about restoring the whole state of DeFi, avoid contagion and ensuring that the whole ecosystem overcome this incident not solely Aave. DeFi United started as an initiative from DeFi protocols that were affected but eventually became an industry wide movement to save DeFi and bring protocols together. I am grateful for all the contributions and support that everyone has been providing and can say that this wouldn't be possible without it. I'd hope that DeFi United becomes a permanent movement in some shape or form with the right form factor. DeFi United was executed at insane speed and other constraints but there could be a model that could continuously support the industry from the unexpected. I'd say during the past week lot of people stood up and I really don't have the space to mention everyone (you know who you are) but specifically I want to say that @MikeSilagadze deserves more respect from the space than anyone else atm, he went above and beyond and was willing to sacrifice a lot to solve what actually wasn't something cause by his efforts. Full respect. @LidoFinance team also deserve special credit, this team truly cares about DeFi and was extremely helpful along the way. They deserve full credit. @gdog97_ deserves credit as well, who helped to brainstorm various solutions and also stepping in with Ethena and helping on coordination. @arbitrum community for doing the right thing and rescuing the funds from the bridge contract that was a difficult but the right call. @Mantle_Official @Bybit_Official team for stepping up as well and showing strong support. The team has been supportive and truly cares about making the space safe. Last but not least lot of credit goes to @ethereumJoseph who really stepped in to help DeFi and the ecosystem. Joe cares about Ethereum, he cares about DeFi and understand the importance of DeFi for the future of Ethereum. We have truly good people within our community. These folks are true guardians of our space (among others on my long list) that really want DeFi to win. I feel very optimistic now about our space, it is true that events like these can be a setback but in reality it builds resiliency, which our space stands for, and over time that is hard to beat by legacy systems. The past week we had to operate in multiple different constraints from time, information, resources, governance and other. We had to move as fast as we could as time was against us. It was a large coordination effort that we haven't experienced so far. I'd like to give most of this credit to our team and community especially @Token_Logic and @LlamaRisk who went also above and beyond to find resolutions and coordinate. There has been some banter about right type of market structure for onchain lending between shared or isolated pools but the reality is that when capital moves, it moves at scale and market structures are less of a mitigating factor. These kinds of times require to find solutions fast and reestablish the trust in the markets and the technology, that's whats important. All this being said there are some great learnings from this indecent like from any incident and we as any other team involved will share a post mortem and steps to improve anti-fragility. I might be now less bullish on onchain lending as infrastructure and more leaning towards a model where the market structures need to be backed by strong balance sheets and risk transfers, however this is another discussion for the future as issues can stem outside of the protocol's control. Now as the markets on Ethereum mainnet Core are restoring, our team continues to execute the technical plan to restore rest all the markets. Thank you for everyone who has been supportive and we will keep you up to date as we progress. DeFi United.

@poof_eth tier 1 interview

Had a Jane Street interview in 2013 that still bothers me. It was my 6th round. Final interview. The guy walks in carrying no laptop, no notebook, just a cold brew and what I later realized was a single IKEA tea candle. He writes on the whiteboard: food: $200 rent: $800 utilities: $150 candles: $3,600 family: dying Then he turns around and says, “Optimize.” I laughed because I thought it was a culture-fit bit. He did not laugh. So I said, “Well, obviously you spend less on candles.” He says, “Assume candles are non-discretionary.” Okay. I start building a model. Basic constraint satisfaction. Family survival as a soft penalty. Candles as a state variable. Maybe there’s an arbitrage where you buy wholesale paraffin and convert the $3,600 line item into inventory. He stops me. “You’re thinking like a consultant.” That’s when I knew I was in trouble. He says, “Give me a bid-ask on family dying.” I say, “What?” He says, “You’re long candles, short family. Where do you make markets?” I try to recover. I say the real issue is liquidity: rent and utilities are fixed, food is elastic, candles are emotionally inelastic. Therefore the optimal strategy is to securitize future candle enjoyment and borrow against it. He nods for the first time. Then he asks, “What time do you sell the candles?” I say, “Whenever the market is liquid?” He says, “Be more specific.” I say, “Uh… 10 a.m. Eastern?” For the first time, he smiles. He goes, “Every day?” I say, “Every day.” He says, “In size?” I say, “In size.” He says, “And what do we call that?” I say, “Market manipulation?” The room gets very quiet. He looks disappointed and writes something down. “No. We call it providing liquidity to candle ETFs during the U.S. cash open.” I try to save it. “Right. Of course. The family isn’t dying because we underfunded them. They’re just experiencing temporary price discovery.” He nods again. Then he points back at the board. I had missed it. The utility bill was $150, but candles provide light. You can zero out utilities. I update the budget: food: $200 rent: $800 utilities: $0 candles: $3,750 family: still dying, but now in a more capital-efficient way He says, “How confident are you?” I say, “0.95.” He smiles and circles candles. “0.95 huh?” Then he asks me to estimate how many leveraged longs get liquidated if we dump $3,750 of candles at 10:00:01 every morning for 90 consecutive trading days. Needless to say I did not get the offer.

Maybe, just maybe, it’s all not Wintermute’s fault But a brutal collective negligence of everyone else Buy Bitcoin 🫶

Yield products are prone to textbook moral hazard. Heads the curator takes 10%, tails you eat -100%. Their EV is convex. That's why "curator quality" keeps being a conversation. Fundamentally, it is important to separate relevant actors here: the distributor (product owner) and the executor, as well as separating who's paid for what: - Distributor: defines the allocation universe, mandates the risk, onboards the users, and charges management (AUM) fees only. AUM fees are not trivial to charge; competitors will always undercut. The only meaningful edge is track record, which forces long-term alignment (look at Lido, Aave, Sky, Coinbase). - Executor: optimizes within the boundaries set by the distributor, and earns a performance fee tied to execution quality. Can't gamble outside the mandate. Our immature little space is also far better positioned for this than people think. Crypto has almost no real institutional managers yet. If you can secure one, that's a massive bet on their end. They're risking the credibility and track record of an established, revenue-generating tradfi business. Social slashing isn't a meme for them, it's genuinely existential. They're not going to fuck around with users' funds for an extra couple mil of revenue. Long story short: 1. Set boundaries for your managers and let them earn from execution quality >> be annoying and demanding. 2. Don't expect to make money until a track record is established. Don't be silly, every rando can spin up a vault these days. 3. If you can afford it, only work with managers for whom you're a marginal addition to their business. You want them to have far more to lose than to gain if things go wrong.

And you’re telling me BTC upside is limited

Congrats @dmitry123 and team!

Aave is my life's work and we're working nonstop to find the best possible outcome for users. I’m personally contributing 5000 ETH to DeFi United as we continue working together with partners on formalizing more commitments. I’m working to see this resolved and market conditions normalized as soon as possible. DeFi United.

The EtherFi team has been working closely with @aave and other parties to help close the rsETH shortfall following this week's exploit. The EtherFi Foundation is proposing to contribute 5,000 ETH to the dedicated relief vehicle. This vehicle will protect users and prevent bad debt across DeFi. The Foundation believes a coordinated, ecosystem-wide response is necessary for a proper resolution. More details below

@dirtcheapbanks crypto bd 101

I have built a spreadsheet. It has 847 rows. Each row is a community bank in the United States with a market cap below $200 million, a price-to-tangible-book ratio under 0.85, a non-performing loan ratio below 0.4%, and a CEO who has been in the role for at least twelve years. I update it every Sunday from 6 AM to 11 AM while my family attends church without me. I have visited the headquarters of nineteen of these banks in person. I have eaten a complimentary lobby cookie at each one. The cookies are how you can tell. A bank with a good cookie is a bank that respects its depositors. A bank with a stale cookie is a bank that will be acquired within 36 months at a 40% premium. I am never wrong about the cookies. The cookies have never lied to me. The cookies are the only thing left that tells the truth.

@WuBlockchain This will be the most hilarious expense item in circle’s earnings report

Pornhub Replaces USDT with USDC for Creator Payouts According to Protos, the world's largest adult website, Pornhub, has replaced USDT with USDC for creator payouts. A circulated email says the move is aimed at improving payment reliability, while describing USDC as a regulated stablecoin compliant with MiCA. USDT is no longer listed as a payout option.

@jackkuveke "Come build in DeFi. It's the future of finance." 2026:

"Join a startup. You’re gonna be rich asf." Three years later:

I'm a little concerned about what my money has been stored in up until now

LBTC is the 2nd-largest collateral on @sparkdotfi, after wstETH. ±$250m in collateral ±$100m in stables borrowed Borrowers consistently earn >40bps in BTC APY, making their effective stables borrow rate 10-15% cheaper. High-quality yield-bearing collateral makes sense.

Got emotional thinking about Tim Cook stepping down. Truly an end of a remarkable era in human technology. He took Apple from $108bn in 2011 to $416bn in revenue last year, and from 250m to 2.5bn installed devices. Incredible. I hope he gets to dance.

@KobeissiLetter markets are still complete TACO 👀

BREAKING: President Trump says "lots of bombs will start going off" if the US-Iran ceasefire expires without a deal being reached. The US-Iran ceasefire is currently set to expire in two days.

Smart way to cancel out exposures. Loopers to unwind negative carry loop Lenders to get rid of risky supply GG @0xfluid