Butler and the Third Stringers

🎙️ New @Edge_Pod 🧮 Rysk: How to Earn Stablecoin Yield with DeFi Options in 1-Click | DeFi Frontier 0:00 - Intro 2:01 - Starting Rysk 4:13 - Why DeFi options failed before vs now 11:21 - Demo of Rysk cash secured puts 15:57 - Market conditions for covered calls 19:24 - Rysk targets a different user vs Derive 23:36 - Who’s using Rysk? 26:57 - Addressing criticisms of Rysk's premium 36:40 - What’s next for the Rysk roadmap? 42:01 - Closing 🙏 Thanks to @ryskfinance CoFounder @DanDeFiEd for joining us!

The next era of Alchemy has arrived. Alchemix v3 caps are raised, and Transmuters are open. After years of building on what we learned from v2, today we open up 90% LTV vaults, new Mix-Yield Tokens, and the Fixed-Duration Transmuter. The future we envisioned, starts here. 🧵

@ItalianFiesta On one hand it’s every team chucking from 3 when they don’t have the personnel. On the other it’s being allowed to play D more in playoffs. There’s never been a bigger gap between playoff hoops and reg season hoops imo. Lower scores but still way more fun than the reg season

Jokic has been impeached and removed as the consensus Best Player In The World. Primaries for his successor begin Round 2.

@newheightshow @blakegriffin23 @KendrickPerkins Anyone else shocked that Pao Gasol was spared? He was dunked on by Blake every single time they played 😂

Never forget @blakegriffin23 dunked on @KendrickPerkins so hard he deleted his account 💀

Alchemix V3 just created a new fixed-yield primitive. Eg. alUSD at 98 cents + 2-month redemption = 12% annualized yield. Guaranteed if you can wait 2 months. @scupytrooples calls it something between a stablecoin and bond. Take a look at @AlchemixFi V3 in the new @Edge_Pod!

Alchemix v3 is my team’s and my magnum opus. We spent over two years researching, modeling, and developing it before even going to audit. It is a new economic model that has never seen before innovation enabling the best that DeFi can offer, as far as I know. No where else can you get the value proposition that v3 delivers. We spent over the last year undergoing several rigorous audits by @cantinasecurity @spearbit @immunefi @yAuditDAO @Nethermind @alpeh_v and many AI audit products, along with ongoing monitoring by @HypernativeLabs, an @immunefi bug bounty program, and continued support from other security friends in the space. We care deeply about securing YOUR funds and hope that, even in light of the recent string of DeFi exploits, that we can earn your trust. Now the the kelpDAO/Aave situation has been stabilized thanks to the herculean efforts of DeFi United, and we have had around two weeks of limited caps and some precautionary measures related to the Aave markets, we feel confident that the system is working as intended and that it is safe to open things up. Deposit caps for CDPs and the Transmuter (for alUSD/alETH redemptions) will be opened up within the next 24 hours. In the meantime, I encourage you to listen to the Edge podcast to learn all about the system we made and how it can transform your finances.

🎙️ New @Edge_Pod 🧙 The Alchemix Comeback: Vaults, Fixed Yields, 10x Looping, and Why They've Been Building V3 For Years 0:00 - Intro 1:30 - V1 and self-repaying loans 6:57 - Lessons from V1 11:37 - Ideas leading into V3 16:19 - How Alchemix V1 worked 20:47 - V2’s weaknesses 24:17 - Overview of three pillars of V3 31:31 - Pillar 1: Mix-Yield Token (MYT) 34:27 - Pillar 2: Borrowing up to 90% LTV 36:39 - Pillar 3: Fixed term redemptions 41:16 - What do we pay to borrow? 42:26 - Liquidation risk in V3 44:11 - Tracking V3 strategies 45:24 - V2 to V3 migration 46:17 - A new fixed yield primitive 49:24 - Tradeoffs of looping in V3 55:19 - Example of how V3 works 59:07 - Doomsday scenario for V3 1:02:01 - Audits 1:06:51 - Curators and V3 1:08:11 - New ALCX tokenomics coming 1:13:25 - Closing 🙏 Thanks to @AlchemixFi Founder @scupytrooples for joining us!

@BrohitTv @ArizonaRedNeck2 @AshNicoleMoss Yo thanks again for driving me to my AA meeting on your way to volunteer at the nursing home after my car broke down. You’re a real one!

@ArizonaRedNeck2 @AshNicoleMoss damn i look good here appreciate u twin 🤣

definitely. where they at?

@mbaril010 The best scenario would be chain-isolated assets, but that’s nothing more than wishful thinking. Best we can do imo: rate limits everywhere, stricter listing requirements, & more isolated lending pools. Recognizing bridge risk and creating systems that allow people to opt out

@mbaril010 Unfortunately it seems like security and bridging are just at odds. Systems are either a lock and escrow honeypot on one side, or burn and mint with unbounded potential pain. Both susceptible to RPC and social attacks. ZK proofs + light client could help, but right now too slow

Controversial opinion: How many days/months before we have a similar hack because we didn't really got better on security after the KelpDao hack? This DeFi United is getting a bit too much virtue signaling tbh. Lz and Kelp should have cover 70-80% of the hack and close.

Paul Sztorc spent 9 years trying to upgrade Bitcoin. The team that controls Bitcoin's code ignored him. He just announced he's forking Bitcoin instead. > Sztorc is not a random developer. He's a Yale trained economist and in Bitcoin since 2011. > He's also the inventor of Drivechains, endorsed by Adam Back and named one of Bitcoin's most influential people by CoinDesk. > In 2017 he designed an upgrade called BIP 300 to help Bitcoin scale. > He wasn't a Core contributor so he couldn't submit it himself. Luke Dashjr, one of Bitcoin's longest serving developers, submitted it on his behalf. > It went through years of debate. > The Core PR was finally pushed in 2023 and quietly closed in 2024 without resolution. Nobody accepted it. Nobody rejected it. > This month he announced his own hard fork of Bitcoin called eCash, launching August 2026. > If you hold BTC at the time of the fork, you automatically get the same amount of eCash. Keep it, sell it, or ignore it. > Confusingly there is already a token called eCash (XEC) from a 2021 Bitcoin Cash fork. > Sztorc's project is unrelated. The name collision will cause confusion. > The context behind this matters more than the fork itself. > Two mining pools now control 52% of Bitcoin's hashrate. A rare 2-block chain reorg actually happened in March because of it. > Google just published a paper showing Bitcoin's encryption can be broken with 20x fewer quantum resources than previously thought. > Nearly 7 million BTC sit in addresses that would be exposed if that hardware arrives. > Bitcoin Core has no merged code to defend against any of this. Ethereum has a full team working on it. > Sztorc has been warning about exactly this for a decade. Nobody listened. So he's forking. > Most Bitcoin forks die within weeks. The story isn't whether eCash succeeds. It's that Bitcoin's most credentialed developer just publicly gave up on Bitcoin's ability to ever upgrade itself again. That's the part worth paying attention to.

glad to see the rseth hack is moving towards a resolution once the current danger has passed, it is paramount that defi protocols adopt best practices to prevent recurrence one thing which could have significantly reduced the damage from the hack is lower instant deposit caps for long tail collateral assets- the hacker was able to deposit hundreds of millions of dollars worth of rseth into aave core in a single transaction, while such a high amount was never historically needed to serve legitimate user demand @sparkdotfi has addressed this risk via the cap-automator, a module that automatically adjusts the instantly available supply and borrow caps of assets in aave v3 type lending markets based on demand, rate limiting the pace of exposure growth while many ethereum defi projects have shifted towards restrictive busl licensing, at spark we Just Use free and open source licensing across all smart contract systems this includes the cap automator, which can be freely adopted by the aave community to address similar risk factors in the future the best way to push the space forward and ensure DeFi Will Win is through collaborative development and risk management DeFi United. github.com/sparkdotfi/spa…

rsETH hole filling tracker: Hole: 112204 rsETH = 118.4k ETH Lido: -2.5k ETH Etherfi: -5k ETH Arbitrum freeze: -30.7k ETH Ethena: Didn't say how much, assume -1k ETH Excess rsETH in aave / coumpound: ~-15k ETH Stani personal donation: -5k ETH Layerzero: Didn't say how much, assume -5k ETH Mantle: -30k (!!!!) Kraken / Ink: Didn’t say how much, assume -5k eth Golem: -1k eth Ernesto: -0.1k eth BGD labs: -0.25k ETH Emilio: -0.5k ETH Aave dao: -25k ETH THE HOLE IS FILLED. likely goal is now reducing the amount they need to borrow from Mantle. Far better outcome if Aave themselves have to take on no laons

Looks like this will be the final tally, with just 3% left to cover the entire hole from the rsETH hack

Aave service providers have published an Aave DAO governance proposal to contribute 25,000 ETH to the ongoing DeFi United effort. Aave DAO's ETH contribution would go towards the plan to restore rsETH's backing to try and normalize market conditions as quickly as possible. DeFi United. governance.aave.com/t/arfc-rseth-i…

This GitHub incident is insane. Merge queue commits have been reverting previously merged commits at random. This not only breaks the mental contract teams have with Git in general, but is subtle enough to be really hard to unravel after the fact. githubstatus.com/incidents/zsg1…

I will be making a personal donation of 100 ETH to the relief effort coordinated by @aave Labs in relation to the KelpDAO's/LZ exploit. While I'm not involved with Aave anymore, I still believe the Aave protocol is important for DeFi overall. And the coordination effort led by @aave Labs without Aave itself being the exploited system, deserves support

I am committing 500 ETH to the Defi united recovery fund. This represents a large part of my crypto holdings, but there are things that are more important than money - Like Stani, I have been working on Aave since the beginning and the only thing I care about is to see it succeed. There are no defeats in life, only lessons. We will be coming back stronger. Aave will win.