Rami James

I've been in web3 for ten years now. Built two startups (@doodledapp is the latest), and joined a third. Take this as coming from someone with a lot of skin in the game (my career): 1. Web3 will never take off unless people stop allowing just anyone to invest in it. The wild west bullshit that has been going on for a while has left everyone with a bad taste in their mouths. 2. Without some solution for people "losing" their money, nobody will ever take it seriously. Just yesterday a lot of people lost the value of their money due to an exploit. If a bank tried to explain away how my money got "lost" because of some technical problem on their side, I'd grab my pitchfork and a gas can. 🔥 This is the core of it. Money is about trust and if you don't have trust in the system itself that your stored value is safe, then there is no reason for people to use it other than as a complicated casino. I don't know about you, but that's not what I want to be part of.

@0xjuaan No idea why it isn't in-lining the image. Sorry about that.

@0xjuaan We're looking for Solidity devs to try out a new dev tool: doodledapp.com/demo/build

We built a simple smart contract that lets you instantly exit a Morpho vault, even if it has 0 liquidity. If you’re deposited into “Clearstar Yield USDC”, there is no available liquidity but you can exit via our contract. Link to rescue site, and explanation in next tweet 🔽

@0xPrince Easy to say in retrospect.

Vault based lending is not sustainable. Been telling you all from long time. It's the most flawed model out there. The curator (allocators) shouldn't have control of your liquidity. You should choose which strategy your liquidity sits in. Yes, it's a little overhead but that's the best way to protect your capital. And in the era of AI you can automate that decision making far better than these curator who will take care of their own best interest and not of lenders or borrowers. Stream Finance started questioning this model and Resolv proved it the second time. So if it happens third time don't blame protocol or curator. Blame yourself!

@yieldsandmore @ResolvLabs This event underscores why security audits are critical, but also deeply understanding you code is, too. It's part of why we are building @doodledapp: so that you can SEE what you're building and understand WHY.

It took @ResolvLabs 3h to pause their protocol. Roughly one hour of that delay came from the gap between submitting the multisig transaction and collecting the 4 required signatures to execute it. We should learn from this. Emergency pausing should only require a SINGLE signature, with that authority distributed across as many of your team members as possible. Including trusted external operators (like us) also makes sense. You'll get more eyes on any abnormalities onchain, a higher likelihood of a quick pause, and a better coverage of timezones. Teams should also have reliable communication channels to be coordinate instantly during incidents like this. Pagers, phones, whatever works. Tools like @HypernativeLabs, @hexagate_ and others offer proactive monitoring that can pause the protocol for you, and could one day save you.

@omeragoldberg Thanks for this

1/ Millions in bad debt, at the time of writing, were created across Gauntlet's Morpho vaults from the Resolv USR exploit. Almost all of it was supplied ** after ** the exploit. So why would curators supply millions in USDC to a broken market? Let’s dive in.

@PaulFrambot What a shitshow.

Update on the Resolv situation. Earlier today, a security incident involving Resolv impacted USR and related assets such as RPL, and the lending markets that used them as collateral. Out of the ~500 Morpho Vaults with >$10k in deposits, there are ~15 vaults with non-negligible exposure (>$10k) to impacted markets. We advise following @ResolvLabs and the relevant curators communications for updates on those specific vaults. While affected vaults were specifically designed for higher-risk strategies with longer-tail collateral assets, every other vault without exposure, including lower-risk “prime vaults”, remained completely unaffected. These events showcases how Morpho's isolation work in practice. Curators have responded quickly to a challenging situation with the Morpho team assisting where needed, with tools such as a curator app, reallocation bots, and documentation on how to handle known edge cases, to help minimize impact on vaults and their depositors. That said, we will continue working with curators to further improve the tools available to help them through future events. Also worth mentioning curators such @Re7Labs, @SteakhouseFi, @kpk_io, and many others supporting one another during the events of today, even if some of them did not have exposure.

What if you... - Didn't need to know how to code smart contracts - Could trust, test, and verify what an AI outputs - And deploy to any of the top EVM chains with a single click? #Base #Ethereum #arbitrum #bnb #polygon #optimism #AVAX @jessepollak

من المشاريع المقدمه في Base Batches 003 🔵 @doodledapp بيبني visual no code smart contract builder موجه لغير المطورين والمطورين، وبيسمح لأي حد يبني عقود ذكية على Base من خلال واجهة بصرية بدون كتابة كود