citizen42.eth

@AminCad I'm already behind on legal bills from the Rule 29 motions. A second trial would require significant resources again. Freeromanstorm.com or DM

@CarpathLabs @humansdotai 🔥

Suntem încântați să anunțăm un nou Founding Member în Carpath Labs: – Humans AI @humansdotai Unul dintre cele mai relevante proiecte AI din România 🇷🇴 Carpath Labs se conturează ca un think tank și un layer de coordonare pentru proiectele de top din AI & Blockchain. Obiectiv: colaborare reală între proiecte, pentru a accelera impactul global.

I see ppl calling for the death of defi They're wrong DeFi is gonna take a hit but it will not die, current situation is completely recoverable with protocol treasuries and loans I believe in DeFi and I'm gonna keep working to make it succeed🦙

So let me start. DeFi is the future of the World Financial System. That's my belief, and this is why we are here. This amount of absolutely preventable hacks we see in DeFi (with root causes attributable to CENTRALIZED points of failure) is enormous recently. This damages out industry, and I build for this industry. So I cannot remain silent. Imagine an average grandma (mass adoption is here?) putting her life savings on Aave. And then BOOM, she cannot withdraw her funds on Monday. Aave (the biggest DeFi protocol btw) said it's operating as intended - just rsETH got exploited. rsETH said that all code is safu - just LayerZero bridge got hacked. LayerZero (the biggest bridge securing quarter of a trillion $) said that everything operating as intended. Yet, she cannot withdraw here funds. WTF? Are we industry of clowns? But here's the thing. All issues like this should be prevented BEFORE they happen, not AFTER. Number of single points of failure should be reduced, not increased. When these points of failure are unavoidable - trust should be split. If there's a reliance on infrastructure - we should share best practices how to configure it. Not to mention that code should be very well checked - everyone gets that already. We should probably come together and develop safety standards for DeFi. How to build safely, and how to verify safety. Probably everyone should bring their best practices, and the projects, auditors and risk assessment groups should know them. Maybe we need @ethereumfndn and @SolanaFndn bringing all the ecosystem projects to participate and come up with principles, rules and recommendations of safe building. And, perhaps, we can even learn something about protecting the few remaining centralized points of failure from traditional finance who have many more of those. DeFi will win

this thread is a must-read from @MetaLeX_Labs 's CTO we've built an end-to-end fully onchain corporate finance protocol...tokenization is just table-stakes ACE might look simple, but there is a lot going on under the hood to make it trust-minimized and fully onchain

@etheconomiczone where do I sign up🫡

@koeppelmann True DeFi has been tried and it is operating. Making a true DeFi lending is harder than true DeFi DEX though. The most decentralized one is probably Ajna but who uses it?

chaos labs is paid $2.4m/year as aave's risk manager and never once checked that rsETH was running a 1/1 DVN config on layerzero before approving it at 75% LTV. that single oversight enabled $236m in bad debt. they just lost the compound contract to gauntlet. 68% of aave governance is calling for their review or replacement. aave v4 launches april 30 with a new collateral framework that will likely make $4-6b in current bridged assets ineligible unless protocols prove 3/5 DVN minimum. that's a forced deleveraging event 11 days out. the risk managers had zero skin in the game, zero financial liability, zero incentive to dig deeper than a peckshield audit and a chainlink oracle check. bridge security wasn't even on the checklist. you need to go read the getAppConfig() on every bridged token you're lending against right now because clearly nobody else did

i never understood why people reject a bit of extra friction when a _single_ wrong move can cost millions; like you're optimising for the wrong things folks. example: i don't want one-click solutions for my multisig storage; i want a multi-layer, _intentional_-friction, transparent process where every step reduces the chance of irreversible mistakes. you should actually embrace _intentional_ friction in systems like multisig storage - it's a feature, not a bug.

There is only one good way 🐆

@PunkXBT_ @VeloraDEX 🤝

@mcitizen42 @VeloraDEX yeah feels like every time infra flips people forget how much stuff just breaks silently lol. lets be mutual @mcitizen42

lol this never happened while @VeloraDEX adapter was on 🙈 run it back ....

Large trades don’t usually go wrong when you place them. They go wrong when execution starts slipping. TWAP is now live on Velora, so users can buy or sell over time with more control instead of forcing all the size through at once.

@Gosleepriya 42

If you solve this, your IQ is high 🔥 What should come instead of ?

@newmichwill Omds 😆🔥

Omg lol

And @yieldbasis is working at just 1% of the possible scale!

@lex_node pls add me pleb self in there to kind ser tg: citizen42

I'm starting plebs.ETH, a community modeled after the bitcoin plebsec community I don't know what I will do with it but for now I just feel there is a need for at least a chat room of like-minded people who I consider to fall into this bucket--people who believe in Ethereum but aren't "insiders" I guess you could consider it my own more based version of 'Silviculture Society' or whatever with the difference that it's not something anointed by the EF--instead it's anointed by me which is obviously better because I am me, using rough social consensus of myself! If you want to join, reply here with your telegram handle & why you are an ETH pleb.

today is Nikolai Mushegian's (@delete_shitcoin) 33rd birthday. here's to a genius who dared to see things for what they are and call them by their true names—and, most importantly, when he saw something wrong, he built the tools to make it right. Nikolai was a builder in the truest sense. he spent most of his life and energy crafting elegant systems to realize his vision of a permissionless future—on-chain financial protocols, various smart contract logic, standards and programming languages. he didn't focus on describing or popularizing his projects, let alone making profit or even getting recognition. he was decades ahead of this world, which makes it even more difficult to do justice to the rich heritage he left. I won't try that right now. but, to give a few ideas, he pioneered permissionless electronic credit systems as the inventor of MakerDAO (makerdao.com) and the dai stablecoin, giving rise to what's known as decentralized finance. with the Rico Credit System (@ricocreditsys) and the concept of the reflex bond, he showed that currency stability is possible without relying on fiat central bank definitions of value. he solved Zooko's triangle, a naming trilemma in networks, first with the Ethereum Name System (the original from 2015, before it was taken over: github.com/dapphub/ENS-old), and later with dmap (github.com/dapphub/dmap). his work on the DappSys suite (github.com/dapphub/dappsy…) is foundational in smart contract security and modularity. he designed and built tools and that most field "experts" still can't even imagine or grasp. he taught us that simple, sound, corruption-resistant systems are key to bringing about freedom—that coercion can be countered with wit. he understood power. he looked the darkest aspects of this world in the eye, and that motivated him to become a true beacon of light against it all. Nikolai, you left too soon. we had too little time with you, but, even in that glimpse, you gave us incredibly much. one day we'll be ready to receive it. happy birthday, brother! ☀️☀️☀️ nikolai.fyi chaser.eth.link/nikolais-princ…

@newmichwill 👀

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@DefiIgnas @lex_node 🖖 the suits can try and take over but they ain’t gonna succeed 🔥 they can try however long they want but the blocks keep pilling and the computer is still on 🤣

Crypto is in a tough identity spot. At first it looked like we're truly winning as tradfi suits were joining crypto. But they're building their own version, removing what crypto OGs truly care about: decentralization, permissionlessness, and censorship resistance. Farcaster founders abandoning decentralized social media vision for Stripe's corpo chain was the most disappointing part for me. Can't blame them but it's still sad. On the other side, the Ethereum Foundation seems alone pushing the cypherpunk vision. But you can't enforce values onto people. They either believe it or they go where incentives are highest. Many already doing that and it makes rational sense. Everyone wants bigger houses. In this context, the EF Mandate doc makes sense. It communicates a shared vision so people can stay in or go out. Requiring staff to sign the mandate or leave reminds me of Coinbase in 2020. They announced a strict 'mission focused' policy with no political activism at work. Some (especially woke) employees were pissed off but it worked as people who wanted to build stayed. But Coinbase is a centralized entity so not sure if the same approach works for Ethereum. For the sake of my bags I hope they keep the mission aligned people instead of watching them leave for corpo chains one by one.