patb

@RobAnon @RhettShipp Yeah. ISO.

It’s time that we as an industry embrace a certain level of operational security standardization. DeFi systems need their SOC2/ISO equivalents. Know a few people who are CCSSA Certified - going to be reaching out to them about this. If you’re a DeFi founder and want to help put together a consortium to find and adopt a standard, drop me a DM

@WatcherGuru Thanks, Jerome. Didn’t see this coming.

JUST IN: 🇺🇸 Fed Chair Jerome Powell warns US national debt is growing "substantially" faster than the economy and says it's not sustainable. "It will not end well if we don't do something fairly soon."

@GoldDefi nice analysis @GoldDefi

@ivangbi_ @ethereumfndn Congrats @ivangbi_ !

TLDR: I joined @ethereumfndn as DeFi Coordinator 1] I got introduced to DeFi back in 2019 and stuck to it ever since. As narratives appeared and faded away, my general belief in DeFi stayed. I think today, more than ever, Ethereum is the right place to grow DeFi further. I'd like to help make this vision a reality 🙏

@euler_mab great work ser

It has been almost six years since I started building Euler. It has been a demanding journey, requiring an extraordinary amount of tenacity, resilience and determination, with real highs (and a few notable lows) along the way. It is a journey that has shaped me both professionally and personally, and as startup journeys go, it has been a complete and formative experience. Last year we achieved something many people told us was impossible. We brought the project back to life and grew to over $4bn in total deposits in under a year. That outcome came from an extraordinary amount of determination and hard work, and from a willingness to experiment and push boundaries. Some things worked very well, others less so. In hindsight, I do not think the fully permissionless vision that Doug and I set out to build in 2020, at least in its pure form, ultimately found strong product market fit. That does not diminish the work or the ambition behind it, but it does point clearly to the need for a change in direction and a fresh vision. Where Euler truly shines is in its flexibility. The protocol is exceptionally well suited to building bespoke credit markets for novel use cases, particularly when combined with high quality asset managers and thoughtful risk curation. As Euler matures, it feels like the right time to make a focused bet on this strength. Leveraging the protocol to support tailored markets that meet the needs of fintech and institutional participants is a natural next chapter, and one for which many aspects of Euler’s design are uniquely well suited. I remain deeply optimistic about Euler’s future, especially around RWAs. As one of the folks collaborating with us this year recently put it: “Looking forward to an amazing launch next year. Euler is super far ahead of all the competition re RWAs, so it will be a fantastic year ahead.” Over the past few months I have spent a great deal of time reflecting on what the next phase should look like, both for the project and for me personally. It has become clear that Euler is ready for change, and I do not want to stand in the way of that momentum. With that in mind, I plan to step back from the day-to-day CEO role and move into a more advisory and product-focused position. This creates space for the next phase of leadership, while allowing me to stay close to the technology and help shape what comes next. I am highly optimistic about the future of DeFi and confident in Euler’s ability to play a defining role in it. Jonathan Han (@0xJHan) will take on the CEO role. Jonathan brings deep institutional experience, strong operational judgement, and a clear understanding of the kinds of partnerships and structures that matter as Euler focuses more heavily on institutional and fintech markets. Our CTO, Kasper Pawlowski, will continue in his role, ensuring continuity across the protocol’s architecture and technical direction. They are both exceptionally talented individuals, and I have a great deal of confidence in them to lead Euler through its next phase. Perhaps reflective of the mine and Doug’s technical backgrounds, Euler has always been an innovation led project. And what we have built together is the part of the role I always enjoyed the most and I am most proud of. Over the years we originated or anticipated many mechanisms that later became mainstream across DeFi, including health based liquidations, reactive interest rates, risk curated isolated markets, fee flow auctions, credit based market making, and account level abstractions, among many others. Even during our most difficult periods, we never stopped building. There remains a significant body of work that has not yet been shipped, including novel fixed rate and cyclical rate products and new approaches to synthetic assets, much of which will reach the market later this year. I also want to pay tribute to the team. Euler has always been a special place to work, with a culture that encouraged people to challenge one another and push for excellence. I am incredibly proud of what we built together and grateful to everyone I have worked with over the years. I want to thank the Euler community and our investors for the trust and support they have shown, and to acknowledge the broader community of builders, collaborators, and partners who helped shape the project. I also want to give a nod to our competitors as well. It was genuinely fun being in the arena together. I will always be team Euler. As far as I am concerned, it remains one of the best pieces of technology in the space with one of the best teams behind it. The best of @eulerfinance is still ahead of us.

@wagmiAlexander nice

You love to see it. 🛫

@DeFi_Made_Here @iampaulgrewal exclusive?

Protectionism is always bad for the end user, here is a real example Coinbase users get the worst rates on the market simply because morpho and cb signed an exclusive deal, and now cb users pay more than 50% more on their cbbtc loans than elsewhere, ~7% vs 4-5% funny enough, I described the situation to gpt and it says that this probably violates several antitrust laws • Exclusive dealing (Clayton Act §3) • Potential tying (Sherman Act §1) • Vertical foreclosure (FTC Act §5)

@ImperiumPaper @grok what was the original name of Hans Fugger?

You may have heard of RWAs that consist of “revenue-based financing” — where a loan is granted, but the lender has a lien on receivables or even control of accounts where the borrower is paid. What you may not have heard of is that this is an old practice, with some interesting variations. Let’s take a look at a *spiritual* revenue-based financing RWA (is it still a real-world asset if it’s spiritually collateralized?) that helped spark the Protestant Reformation and change the course of history. The medieval Catholic Church found itself allowing indulgences — forgiveness for sins, so I guess less time in purgatory or better neighborhood in Hell when you die — to be granted in exchange for charitable donations. In theory, they weren’t supposed to be sold, and only given for virtuous acts. However, one fellow wanted to be the Archbishop of Mainz (who also was one of the seven Electors in the Holy Roman Empire). This required a donation of 20,000 guilders to Rome — around $9-10m in today’s gold prices. How was Albrecht, the would-be Archbishop-Elector, going to come up with the scratch to assume this important office? He did what people always do when financing a large purchase — he went to the bank. In this case, it ws the Fuggers, a family of bankers based in Austria. Understandably, the Fuggers wanted to make sure they got paid back. And it’s not like they could repossess an archbishopric that belonged to the Church. What to do? The answer came in revenue-based financing! Albrecht got permission from Pope Leo X to aggressively sell indulgences in his domains (he was already the Archbishop of Magdeburg). Before long, a priest was traveling around Albrecht’s domains with a piggy-bank-like chest for sinners to insert coins and receive a spiritual pardon. To enforce their rights to the income from indulgences, the collection chest had three keys, all of which were required to open the chests and get the gold and silver coins out. One of the three keys was held by the Fuggers, and the chest accompanied by their watchful agents to ensure the revenue was used to repay the large loan. Of course, this was seen as an abuse of Church power and was directly challenged by Martin Luther in his 95 Theses that sparked the Reformation and the onset of many religious wars within Europe. But I do love weird, unique, and clever financial structures find their way onchain as RWAs. Maybe someday a religious organization will tokenize their future “donations receivable” and borrow on @WildcatFi or @Morpho and have those claims zipping around DEXs by eagle-eyed traders on @okutrade. Onchain finance can and definitely will be much weirder than traditional finance eventually.

System is broken. They're upset we make it evident

@litocoen now if you check which ones are already at/near FDV (i.e. they are achieving this P/S without token emissions & free of linear unlocks). once Inverse finishes paying down its bad debt (soon) feels like repricing is prob inevitable.

Listen to @litocoen … $INV

@rootdubs @InverseFinance

.@InverseFinance fixed rate lending on FiRM ends the week looking … quite firm.

@laurashin wat

This is crazy. I didn’t know Amanda Fischer is not only not a lawyer but not a securities lawyer or even a person with a securities background — and she was Gary Gensler’s right hand person at the SEC. His other top person also didn’t have a securities background. As @TuongvyLe12 said in this episode this might be why GG’s SEC got reprimanded by judges so much 🙄

@DromesLaw good thread

But, there is a huge decentralized pool of capital on chain that is available for people who want to raise and don't want to go through intermediaries. The trick is making sure that the value generated by that capital then stays onchain (end)

A panel at our NYC event last week got me thinking about the pmf for bringing real world assets onchain

ICYMI: compelling and comprehensive after-action report from the @InverseFinance Risk Working Group on decisions made earlier this year that helped Inverse to ride out the bad weather of the past 4-5 weeks: forum.inverse.finance/t/behind-the-s…

FIXED DEBT BELOW 6% People aren’t paying attention… but right now, you can lock your debt on @InverseFinance under 6%. Sure, Aave sits at ~5% cheaper. But that rate floats. Inverse gives you certainty. And that's cool. Even if I’m not looping loans right now, I’m watching $DBR closely. It hit a low around $0.045 and we’re not far from that again. With the right @pendle_fi PT, this could become a speculator’s dream. However, Inverse feels slow lately. No major updates. But the mechanics are there. I sold my bag before, I’m flat now. But I’m seriously considering accumulating $DBR at these levels again. Just in case they wake up.

Stables. on @InverseFinance FiRM + @ResolvLabs + @yearnfi

@zachxbt @DeItaone 🤣

Let’s do a bit of napkin math For the World Liberty Financial token sale $550M was raised Warren & Reed accuse $10K of being raised from illicit sources That’s only 0.0018% of the token sale Warren previously claimed she was Native American Test results estimated she is only 0.195% Native American At least she is consistent when it comes to incorrectly stating things are statistically significant (As a disclaimer I hold zero WLFI / did not invest in the token sale)

DEMOCRATS DEMAND PROBE INTO TRUMP-BACKED CRYPTO FIRM Senators Elizabeth Warren and Jack Reed are calling on the U.S. Department of Justice and Treasury to investigate Trump-backed crypto company World Liberty Financial. They allege the firm may be tied to illicit actors in North Korea and Russia and lacks safeguards to prevent bad actors from influencing it. The senators cite a report claiming the company sold 600,000 WLFI tokens—worth $10,000—to suspicious entities linked to North Korea, Iran, and a known money-laundering service, Tornado Cash.

beautiful symbiosis: more activity on @ResupplyFi leads to lower rates across Llamalend markets. $sDOLA market now pays you 1.67% to borrow crvUSD.