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Deepcryptodive.eth 🏴☠️⟠
11.5K posts
Deepcryptodive.eth 🏴☠️⟠
@deepcryptodive
Head of Risk Curation at KPK | @KPK_io 🌱 Science / biotech PhD nerd 🤓 Defipunk ⟠ opinions are my own
🌍 Katılım Mart 2020
813 Takip Edilen3.9K Takipçiler
@delitzer > Over time, I expect more liquid markets to develop around Midnight loans
@TenorFinance coded 👀
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Talking to Paul during diligence on Morpho’s pre-seed in 2021, one of our big questions was what happens if the Optimizer gets so widely used that it effectively drains the underlying protocols.
Paul’s answer at the time: they already knew what they’d build next, and they’d have their own markets underneath. He also understood very clearly back then that the end state for lending was going to be something closer to an order book.
Morpho Optimizer was necessary to bootstrap and get to Morpho Blue. Morpho Blue was necessary to get to Morpho Midnight.
What’s really cool is that, as Paul describes in his post, you can use Midnight and Blue together via the callback feature to get the best of the original Optimizer while still keeping the benefits of the pooled liquidity variable rate model that people have gotten so used to and that’s still genuinely useful in a lot of situations.
Over time, I expect more liquid markets to develop around Midnight loans, and they’ll take a larger and larger share of all lending volume.
Incredible how visionary the @Morpho team has been since Day 1, and what a thoughtful, clean transition to more efficient markets their architecture has enabled.
Paul Frambot 🦋@PaulFrambot
Oh wow, lots of memories from Morpho Optimizer. This made me want to share a few stories about the original story, vision, and name of Morpho. Morpho Optimizer was Morpho’s first version (now deprecated). It grew to $ 1B+ in deposits and kicked everything off for us. The idea was simple: we built a peer-to-peer matching layer on top of existing lending pools to optimize rates for lenders and borrowers, while piggybacking their liquidity. At the time, the vision was to progressively evolve the Morpho Optimizer matching engine so it would rely less and less on the pool model as a fallback, but on active participants, until one day it could metamorphose: from the little caterpillar living inside the apple into a beautiful independent butterfly flying on its own. That was already in the original 2021 whitepaper. And yes, that is why we are called Morpho (at least the main reason). That said, we had to pause that vision because we had one big realization: the biggest problem in lending markets was not just capital efficiency. It was resiliency. As one of the largest integrators of lending pools, we got to experience firsthand what it meant to build a multibillion-dollar integration on top of DeFi infrastructure. And honestly, it felt to risky to support global financial infra. That is why we built Morpho Blue: immutable and simple code, isolated lending markets, infrastructure that gives integrators control, and a lending stack that can actually scale safely. BUT: Morpho Midnight brings us back to the original vision of Morpho Optimizer: becoming fully free from legacy constraints and building a true market for credit. Midnight also has a very powerful feature called callbacks: it lets lenders and borrowers use pools "as they wait for a peer-to-peer match" This is what I was secretly most proud of in Morpho Midnight: it is both the ultimate vision of both Morpho Optimizer and Morpho Blue at the same time
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@CoWSwap @eulerfinance Does this come with a Mooo sound? 😄 great news!
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🐮 × 🏦 CoW Protocol has partnered with @eulerfinance
Multiply positions, swap collateral, repay debt from collateral - all with MEV-protected execution built directly into the flow.
Here's how it works 🧵
x.com/eulerfinance/s…
Euler Labs@eulerfinance
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@Cbb0fe > as you get older, your tolerance for obsessive grinding decreases
Skill issue
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If you’re in your late teens/early 20s and want to make it online
You need to lock in asap
People like to think they have time
Truth is, as you get older, your tolerance for obsessive grinding decreases
The same way you can easily play video games for 14 hours straight as a teenager
10 years later, you play for 4 hours and feel like trash
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@yevhenx @kpk_io @Morpho Indeed, it's a combination of Hypernative (for monitoring) with our own infra for automatic execution of the txs
It was in the same block as someone repaid btw, not as the mint happened, but close enough. Hypernative wrote a report on it here:
hypernative.io/blog/when-the-…
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@deepcryptodive @kpk_io @Morpho thanks! kpk was also the fastest who withdraw funds from the resolv market (if i am not mistaken in the same block as mint happened)
which tool you are using for that? hypernative or some custom solution?
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Fun fact: each improvement to the @kpk_io vault rebalancing algorithm goes through ~1,200 unit tests and at least two human reviews before it ships.
Yes, we take security very seriously 🫡
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Sure. Every suggested code change runs unit tests + forked-mainnet integration tests + static analysis.
The @Morpho rebalancer alone has ~280 tests simulating real allocation cycles on forked mainnet: how the bot reacts to cap changes, dust accumulation, cooldown windows, and slippage edge cases. Integration tests capture the onchain state before and after each transaction
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@deepcryptodive @kpk_io can you share more details on your testing setup?
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As I said before, I'd suggest to position yourself for the (second) epic Euler comeback!
kanv@gupta_kanv
What's happening at Euler: - New frontend experience(faster + highly reliable) - New institutional/RWAs products in line - New mobile native integration soon 👀 Launches - @xStocksFi's STRC & SPY live on mainnet - @0xCoinshift 's new USPC(institutional credit) live on mainnet - @Valos_io joined as curator - Valos's vUSD @AccountableData market at >50m TVL in 1 week on @monad - @ClearstarLabs created a new ETH Fusion market for cbETH/ETH looping and ETH/USDC borrows on @base. - @centrifuge 's deSPXA(tokenised S&P 500) and deJAAA live on Base curated by @ClearstarLabs - @hyperithm launched aHyperBTC market on Monad
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@phtevenstrong @base @ipor_io Thank you for highlighting our vaults sirs, just one correction: both our vaults are mostly routing through @eulerfinance’s top infrastructure :)
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I've heard rumblings that @base is making a TVL push right now for reasons™
TL;DR: 40% APR on cbETH
At the moment, @ipor_io is one of the prime beneficiaries, receiving incentives on some of their vaults on that chain.
Here's a break down of the top vaults live there now:
1) @628Labs cbETH Dynamic Looping
⇒ Spot APR: 40%
⇒ Has Incentives? ✓ Yes (34% Incentives APR)
⇒ Exposure: Aave >99%, Morpho <1%, Euler <1%
Description: cbETH/WETH looping optimizer
2) @ClearstarLabs Base cbETH Looper
⇒ Spot APR: 11.35%
⇒ Has Incentives? ✗No
⇒ Exposure: >99%, Morpho <1%, Euler <1%
Description: cbETH/WETH looping optimizer
3) @ipor_io Dao wstETH Base
⇒ Spot APR: 9.97%
⇒ Has Incentives? ✗No
⇒ Exposure: >99%, Morpho <1%, Euler <1%
Description: wstETH/WETH looping optimizer
4) @ClearstarLabs Base ETH Lending Optimizer
⇒ Spot APR: 5.02
⇒ Has Incentives? ✗No
⇒ Exposure: Euler and Morpho Markets
Description: ETH Lending Optimizer on Base
Please note: I love when chains do incentive programs, and I'm an Ipor ambassador
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Circle just raised $222m for Arc.
Canton's parent company, Digital Asset, is raising $300M right now.
a16z just raised $2.2B for their Fund V.
Haun raised $1B for their second fund.
Kraken's parent company, Payward, is raising at a $20B valuation.
Tether in talks to raise at $500B valuation.
Rain raised $250M at a $2B valuation.
Dozens of smaller raises have been announced as of late.
The best founders and deals I've seen lately have been reasonably valued with extremely good business models in their decks.
I'm starting to think crypto early-stage investing is back...
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@A_Leutenegger Wait but who might be able to answer those questions, do users need to check the code or is there like a dashboard somwhere?
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“Before allocating to any DeFi protocol, the questions worth asking are who controls the admin keys and what they can do with them, whether there is a timelock on parameter changes, whether the protocol can be upgraded and by whom, and how assets are actually held at every layer of the custody stack.”
Merlin Egalite 🕛@MerlinEgalite
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@MikeSilagadze @ether_fi Dont you pay fee to sell USDC stable to EURC?
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The best $EUR card is now @ether_fi
- Zero fx on $EUR spending
- Hold $EURC and spend $EUR 1:1
- Deploy your EUR into the Liquid vault to earn
Essentially if you have an @ether_fi card, you now have a multi-currently account that let's you spend and borrow USD and EUR.
ether.fi@ether_fi
Today, we're launching the $EURC Liquid vault. Earn on your Euros with ether.fi 💶 We're excited to partner with @k3_capital and @MidasRWA to provide yield for $EURC holders. Start earning today at ether.fi/app/cash/earn
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@safetyth1rd Any pointers on how to get signed up as redeemer / liquidator for thBILL? 👀
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My longer take from looking at this asset way too much
Theo started with thBILL, a tokenized t bill wrapper.
Great asset quality but a t bill wrapper has thin margins so they limited redemptions/made them hard/expensive
They are now trying to move on from being a t bill wrapper with thUSD to try to get more juice from their float.
The staking mechanism and gold carry gives them more room to wiggle. And potentially larger margins
Business wise makes sense but the team is very unresponsive to retail users.
We have a basic light report for thUSD up at tidresearch.com and will improve it as time goes on and more data comes in.
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Below is one of the reasons for me why the EF banging on CROPS harder - is crucial. Getting vanity TVL numbers up is a momentary fluke that will cost users their money. RWAs onchain are not bad, but they have to be done right. Otherwise, it’s just a much worse tradfi offering.
Casey Craig@caseycraig
“I’m buying spot Anthropic on the Solana blockchain” has to be one of the funniest phrases I’ve heard this week. There is nothing spot about this. Brother you are 4 layers of financial abstraction and broker crime away from touching an actual Anthropic share certificate. Your “spot” position is a tokenized receipt for possible future economic exposure to a Cayman SPV that owns shares in another Delaware SPV that maybe owns rights to future equity pending transfer approval. You are approximately Anthropic-adjacent at best
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I recommend using @PharosWatch TG bot to set depeg alerts for your stables.
By getting alerts, you'll be able to react quickly and potentially save your capital if an exploit or something bad happens.
Shoutout to the Pharos team for building such an useful free DeFi product.
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Deepcryptodive.eth 🏴☠️⟠ retweetledi
DeFiScan has been rebranded and DeFiScan V2 is now live at defiscan.info.
The focus is not on polished scores (those will continue to evolve).
The real product is the granular, on-chain data: explicit trust graphs that trace every permission, admin, dependency and oracle straight to user funds.
So far we have 1,146 contracts tracked, and 154 admins detected on the $81B TVL we are continuously monitoring.
Join our Telegram feed for continuous updates: t.me/defiscan_news
The full methodology, pipeline and dataset are open source under MIT license: github.com/deficollective…
We built on @l2beat — the gold standard for continuous risk monitoring.
Protocol builders, researchers, DeFi users, and institutions — the data is public.
Feedback and contributions are welcome!
Stay safe.
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Deepcryptodive.eth 🏴☠️⟠ retweetledi
key takeaways of Vitalik's fireside chat during @EthPrague today
booking a flight on @arbitrum a hotel on @base and taking a flash loan on a third chain. all in a single atomic transaction
that's the future @VitalikButerin and @jbaylina just sketched and it reframed how i think about Ethereum's fragmentation problem
the pitch behind EEZ (the @etheconomiczone):
today's rollups are sovereign chains that mostly ignore each other connected only by slow centralized bridges
EEZ wants synchronous & atomic interactions across them. either every cross-chain call in a transaction succeeds or the whole thing reverts
like calling two contracts on Ethereum L1 except they live on different rollups
what makes it possible now:
ZK proving has matured to the point where blocks can be proven in real time
each rollup picks the proof system it trusts. chains don't need to understand each other's stack. they just need to agree on a shared record of cross-chain calls (an inbox/outbox model)
Base can trust one prover, Arbitrum another and they still compose. even non-EVM chains (Bitcoin included) could plug in if they define a state transition function
the bigger picture: Ethereum's L2 thesis isn't broken, it just needs better connective tissue
EEZ might be that tissue. if it ships, "which chain am i on?" disappears as a question, and onchain finally starts to feel like one coherent place again
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@CryptoISFreedom @Ikebillion_ True true. Two different types of "auto deleveraging"
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Think the ADL wording is the part that gets messy here.
Hyperliquid ADL = profitable opposite-side traders can get force-closed to cover an underwater account and keep the venue solvent.
f(x) = Liquidation Brake / rebalance. It reduces leverage on the position itself by burning/repaying debt and moving collateral through the protocol/keepers before full liquidation.
So yes, f(x) has opening/closing fees, and funding-like costs can apply under specific peg/utilization stress. 0.87% of 2025 had funding..
But that’s very different from Hyperliquid-style ADL.
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The Hidden Tax on DeFi Leverage
Most DeFi traders never calculate their true borrow cost until they are staring at the loss.
Aave ran 3 to 7% APR for most of the past six months. During April's liquidity crunch, it spiked above 13%. Morpho: 6 to 10% across the same window. Every other lending market: pick a number, it is not zero.
@protocol_fx's fxUSD: 0.000%. The entire window. No exceptions.
The mechanic is identical to an Aave loop. Deposit ETH or BTC, mint fxUSD against the collateral, carry the leverage. Same structure. Zero ongoing rate.
What that means in real numbers: a $10K long at 5x leverage held for six months costs roughly $1,000 in interest on Aave. On f(x): $0.
Multiply that across every xPOSITION opened in six months. You get $2M+ in interest that was never extracted from traders. Not as a marketing figure. As math that lives onchain.
The April spike to 13% is the part worth sitting with. That is the cost no leveraged trader can hedge. Not the asset price. The interest rate. It moved against you while your position did not.
fxUSD held 0% through that month too.
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