The Chopping Block

Tom Schmidt ＞|＜@tomhschmidt

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Tom Schmidt ＞|＜@tomhschmidt·1d

🎶 you know who we are 🎶 🎶 cuz we luckin all over the world 🎶

The Luckin company is giving the Chinese data on me — that’s ok, I’ll still keep drinking that garbage

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Kantian@kantianum·2d

"Token is the most beautiful instrument that crypto has ever come up with." "Token is strictly superior to equity because you can just do way more with it." MegaETH co-founder @hotpot_dao explains how the token serves as the ultimate alignment unit between investors and the core team. Rather than relying on performative models with vague governance and buybacks, MegaETH sets a new standard by tying team unlocks directly to clear KPIs. Credit: @_choppingblock

DeFi went from “everyone call your lawyers” to kumbaya in one week. Was DeFi United a beautiful act of social consensus, or just a very weird $300M bailout? Plus: @hotpot_dao on MegaETH’s KPI-gated TGE, whether DeFi rates are too low, and Polymarket’s first real “insider trading” test. Timestamps 00:00 Intro 01:09 Defi United: Good Thing Or Bailout 11:43 Donation Weirdness Questions 15:30 Kumbaya & History Lesson 20:22 Are Defi Rates Too Low 29:33 Yield Benchmarks Debate 33:03 Elastic Rates and Access Gaps 36:18 Wholesale Borrowing Limits 38:18 MegaETH KPI Vesting 48:31 Choosing KPIs and Incentives 51:51 Polymarket Insider Case 🔥Stay updated with all the latest hot takes by following and subscribing to @_ChoppingBlock and @unchained_pod! 🎥 YouTube: youtu.be/VqfXll2gLr4 🎧 Spotify: bit.ly/3wiIOyy 🍎 Apple: bit.ly/3w9HQ7J 🎙 Podcast Home: choppingblock.xyz

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The Chopping Block@_choppingblock·4d

DeFi United brought back the Ethereum kumbaya vibes: “Wow, I haven’t felt these vibes in so many years on Ethereum.” But of course, crypto being crypto, 100K wallets saw a donation address and started farming the imaginary airdrop.

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Arjun@clipsofcrypto·4d

"The rate on Aave is the looper rate. If you're actually low risk, your rate should be much better" Haseeb on why DeFi lending is broken for low-risk borrowers "In TradFi they look at your creditworthiness. How crazy of a person are you before I decide what rate to quote you. In DeFi, everyone gets the same wholesale rate" "The next person borrowing on Aave is probably a levered looper. But if I know you're actually very low risk, maybe I'm willing to offer you a lower rate. I can only give the wholesale price on Aave though" "Something about big pooled lending models leads to the rate always being the looper rate. If there were some way to look at your book and say you're low risk, your rates should be better than the rate at the margin"

DeFi went from “everyone call your lawyers” to kumbaya in one week. Was DeFi United a beautiful act of social consensus, or just a very weird $300M bailout? Plus: @hotpot_dao on MegaETH’s KPI-gated TGE, whether DeFi rates are too low, and Polymarket’s first real “insider trading” test. Timestamps 00:00 Intro 01:09 Defi United: Good Thing Or Bailout 11:43 Donation Weirdness Questions 15:30 Kumbaya & History Lesson 20:22 Are Defi Rates Too Low 29:33 Yield Benchmarks Debate 33:03 Elastic Rates and Access Gaps 36:18 Wholesale Borrowing Limits 38:18 MegaETH KPI Vesting 48:31 Choosing KPIs and Incentives 51:51 Polymarket Insider Case 🔥Stay updated with all the latest hot takes by following and subscribing to @_ChoppingBlock and @unchained_pod! 🎥 YouTube: youtu.be/VqfXll2gLr4 🎧 Spotify: bit.ly/3wiIOyy 🍎 Apple: bit.ly/3w9HQ7J 🎙 Podcast Home: choppingblock.xyz

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The Chopping Block@_choppingblock·4d

@imajinl @hotpot_dao

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imajinl (🗽, ⚡️)@imajinl·4d

@_choppingblock @hotpot_dao where are you hiding Mr. Leshner?

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The Chopping Block@_choppingblock·4d

DeFi went from “everyone call your lawyers” to kumbaya in one week. Was DeFi United a beautiful act of social consensus, or just a very weird $300M bailout? Plus: @hotpot_dao on MegaETH’s KPI-gated TGE, whether DeFi rates are too low, and Polymarket’s first real “insider trading” test. Timestamps 00:00 Intro 01:09 Defi United: Good Thing Or Bailout 11:43 Donation Weirdness Questions 15:30 Kumbaya & History Lesson 20:22 Are Defi Rates Too Low 29:33 Yield Benchmarks Debate 33:03 Elastic Rates and Access Gaps 36:18 Wholesale Borrowing Limits 38:18 MegaETH KPI Vesting 48:31 Choosing KPIs and Incentives 51:51 Polymarket Insider Case 🔥Stay updated with all the latest hot takes by following and subscribing to @_ChoppingBlock and @unchained_pod! 🎥 YouTube: youtu.be/VqfXll2gLr4 🎧 Spotify: bit.ly/3wiIOyy 🍎 Apple: bit.ly/3w9HQ7J 🎙 Podcast Home: choppingblock.xyz

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The Chopping Block@_choppingblock·4d

DeFi rates are low because looping is easy. But the tail risk? Still probably mispriced. “The default risk, like jump-to-zero risk, is never priced correctly in crypto.” @tarunchitra analogy: “Cyber insurers are probably the correct analogy.”

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The Chopping Block@_choppingblock·4d

MegaETH doesn’t want to be another empty-chain TGE. “We hated the fact that protocols can just launch a token and give insiders 40% of the whole supply without showing any good work.” @hotpot_dao says tokens should be earned: “The token does not deserve to exist if there’s no economic activity on the chain. Period.”

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The Chopping Block@_choppingblock·5d

every model converges eventually. nobody warned us the fixed point was @tarunchitra.

Bridget@bridge__harris

I am Tarun now

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The Chopping Block@_choppingblock·6d

free @monad 🙏

MetaMask 🦊@MetaMask

free @monad 🙏

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DEGEN NEWS@DegenerateNews

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The Chopping Block@_choppingblock·28 Nis

NEW: 10 CRYPTO PROTOCOLS EXPLOITED IN THE PAST 7 DAYS - PER @DefiLlama DATA SOURCE: defillama.com/hacks

ZXX

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Arjun@clipsofcrypto·24 Nis

"If every state just copy-pasted California's laws, that would be a failure of the American experiment. Same goes for L2s" Haseeb on why different rollups should have different values and that's actually the point "The idea that L2s are supposed to be exactly like the L1 was always a fantasy. Why would you want that? The cornerstone of capitalism is that products can be different and offer different properties" "L2s are at their best when they have genuinely different properties around governance. One will respond to court orders. Maybe you want that. I don't. But go to that rollup if you do" "If you want the rollup that says this hacker is a piece of shit and we're taking their money if North Korea was messing around, I actually want to be on that chain. That's a set of values I'm excited about"

DeFi drama in 3 acts: North Korea exploits a one-validation bridge, Aave gets stiffed on loan repayments, and Arbitrum "reverse-hacks" their own chain. The only constant? We all hate North Korea & everyone's blaming everyone else. Episode feat. @MonetSupply Timestamps 00:00 Intro 00:38 Kelp DAO Hack Explained 06:22 Bad Debt Blame Game 09:43 Arbitrum reverse-hack 11:20 Tom on Liability Norms 17:42 Monet on Who Pays 24:03 Tarun on L2 Waterfalls 33:00 Bridge Risks 36:32 Haircuts and Secondary Markets 39:03 Arbitrum ETH Recovery Debate 46:47 Different Rollups Different Values 53:00 Remediation Rate Limits 58:03 Peg Risk & Collateral Choice 🔥Stay updated with all the latest hot takes by following and subscribing to @_ChoppingBlock and @unchained_pod! 🎥 YouTube: youtu.be/S_5fGRzppbg 🎧 Spotify: bit.ly/3wiIOyy 🍎 Apple: bit.ly/3w9HQ7J 🎙 Podcast Home: choppingblock.xyz

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The Chopping Block@_choppingblock·23 Nis

.@tarunchitra on what a lot of L2 users agreed to without really realizing it. “If you’ve built your rollup around still needing a security council… that’s almost your terms of service with your user, right?”

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Tay 💖@tayvano_·23 Nis

In the real world people don’t assume things. In the real world people establish clear relationships with contracts that define who does what and happens when shit goes wrong.

.@tomhschmidt on responsibility, service providers, and where this starts to break down. “Obviously if you’re paying someone to run this for you, you assume that they’re gonna be doing it correctly.” “If you pay your mechanic and they, like, break your car… ‘You should’ve gotten a second opinion.’”

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monetsupply.eth@MonetSupply·23 Nis

was a lot of fun joining tcb! check it out to hear all my bad takes 😂

DeFi drama in 3 acts: North Korea exploits a one-validation bridge, Aave gets stiffed on loan repayments, and Arbitrum "reverse-hacks" their own chain. The only constant? We all hate North Korea & everyone's blaming everyone else. Episode feat. @MonetSupply Timestamps 00:00 Intro 00:38 Kelp DAO Hack Explained 06:22 Bad Debt Blame Game 09:43 Arbitrum reverse-hack 11:20 Tom on Liability Norms 17:42 Monet on Who Pays 24:03 Tarun on L2 Waterfalls 33:00 Bridge Risks 36:32 Haircuts and Secondary Markets 39:03 Arbitrum ETH Recovery Debate 46:47 Different Rollups Different Values 53:00 Remediation Rate Limits 58:03 Peg Risk & Collateral Choice 🔥Stay updated with all the latest hot takes by following and subscribing to @_ChoppingBlock and @unchained_pod! 🎥 YouTube: youtu.be/S_5fGRzppbg 🎧 Spotify: bit.ly/3wiIOyy 🍎 Apple: bit.ly/3w9HQ7J 🎙 Podcast Home: choppingblock.xyz

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Kris Kaczor 🦆⚡️@krzKaczor·23 Nis

My bro, @MonetSupply on one of my fav podcasts. Check it out 👇

DeFi drama in 3 acts: North Korea exploits a one-validation bridge, Aave gets stiffed on loan repayments, and Arbitrum "reverse-hacks" their own chain. The only constant? We all hate North Korea & everyone's blaming everyone else. Episode feat. @MonetSupply Timestamps 00:00 Intro 00:38 Kelp DAO Hack Explained 06:22 Bad Debt Blame Game 09:43 Arbitrum reverse-hack 11:20 Tom on Liability Norms 17:42 Monet on Who Pays 24:03 Tarun on L2 Waterfalls 33:00 Bridge Risks 36:32 Haircuts and Secondary Markets 39:03 Arbitrum ETH Recovery Debate 46:47 Different Rollups Different Values 53:00 Remediation Rate Limits 58:03 Peg Risk & Collateral Choice 🔥Stay updated with all the latest hot takes by following and subscribing to @_ChoppingBlock and @unchained_pod! 🎥 YouTube: youtu.be/S_5fGRzppbg 🎧 Spotify: bit.ly/3wiIOyy 🍎 Apple: bit.ly/3w9HQ7J 🎙 Podcast Home: choppingblock.xyz

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The Chopping Block@_choppingblock·23 Nis

.@tomhschmidt on responsibility, service providers, and where this starts to break down. “Obviously if you’re paying someone to run this for you, you assume that they’re gonna be doing it correctly.” “If you pay your mechanic and they, like, break your car… ‘You should’ve gotten a second opinion.’”

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Arjun@clipsofcrypto·23 Nis

"You allowed this configuration, you took payment for it, and now you're saying they shouldn't have done it. That's the two-facedness of it" Tom and Haseeb on why LayerZero bears the most responsibility regardless of legal liability "This was not a bridge. This was a single signer. The meme of the guy checking the door. If that's the case, don't let people run this as a one of one or don't take payment for doing it" "The developer is taking payment and saying yeah one of one is fine but you probably shouldn't be doing this. That's the two-facedness of it" "North Korea got in your stuff and you were literally being paid to run this bridge. Kelp was obviously to some extent at fault, but there's massive extenuating circumstance when you're buying the service directly from LayerZero and they're the ones that got popped"

DeFi drama in 3 acts: North Korea exploits a one-validation bridge, Aave gets stiffed on loan repayments, and Arbitrum "reverse-hacks" their own chain. The only constant? We all hate North Korea & everyone's blaming everyone else. Episode feat. @MonetSupply Timestamps 00:00 Intro 00:38 Kelp DAO Hack Explained 06:22 Bad Debt Blame Game 09:43 Arbitrum reverse-hack 11:20 Tom on Liability Norms 17:42 Monet on Who Pays 24:03 Tarun on L2 Waterfalls 33:00 Bridge Risks 36:32 Haircuts and Secondary Markets 39:03 Arbitrum ETH Recovery Debate 46:47 Different Rollups Different Values 53:00 Remediation Rate Limits 58:03 Peg Risk & Collateral Choice 🔥Stay updated with all the latest hot takes by following and subscribing to @_ChoppingBlock and @unchained_pod! 🎥 YouTube: youtu.be/S_5fGRzppbg 🎧 Spotify: bit.ly/3wiIOyy 🍎 Apple: bit.ly/3w9HQ7J 🎙 Podcast Home: choppingblock.xyz

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The Chopping Block@_choppingblock·23 Nis

.@MonetSupply on why LayerZero can’t just casually say yes here. “That kind of breaks the seal too of like now whenever they’re providing DVN services… they’re accepting all of this open-ended liability.”

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@imajinl @MonetSupply #freeleshner

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The Chopping Block@_choppingblock·23 Nis

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imajinl (🗽, ⚡️)@imajinl·23 Nis

@_choppingblock @MonetSupply 6th / 7th week without Robert?

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The Chopping Block@_choppingblock·23 Nis

DeFi drama in 3 acts: North Korea exploits a one-validation bridge, Aave gets stiffed on loan repayments, and Arbitrum "reverse-hacks" their own chain. The only constant? We all hate North Korea & everyone's blaming everyone else. Episode feat. @MonetSupply Timestamps 00:00 Intro 00:38 Kelp DAO Hack Explained 06:22 Bad Debt Blame Game 09:43 Arbitrum reverse-hack 11:20 Tom on Liability Norms 17:42 Monet on Who Pays 24:03 Tarun on L2 Waterfalls 33:00 Bridge Risks 36:32 Haircuts and Secondary Markets 39:03 Arbitrum ETH Recovery Debate 46:47 Different Rollups Different Values 53:00 Remediation Rate Limits 58:03 Peg Risk & Collateral Choice 🔥Stay updated with all the latest hot takes by following and subscribing to @_ChoppingBlock and @unchained_pod! 🎥 YouTube: youtu.be/S_5fGRzppbg 🎧 Spotify: bit.ly/3wiIOyy 🍎 Apple: bit.ly/3w9HQ7J 🎙 Podcast Home: choppingblock.xyz

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