Snafu | Onramp
5.1K posts

Snafu | Onramp
@snafudefi
你好, building the next app where trillions will trade @onrampxyz || ex-lead @SnowbankDAO

DeFi learns through failures. Whether it's from the collapse of Terra, broken auctions during Black Friday in 2020, or the stETH depeg in 2022, it has failed over and over again--but with every failure, it improves. People talk all sorts of shit about this, but it's no different from how TradFi learned from banking crises, lending contagion (2008), or fraud (savings and loans crises in late 80s). The important thing is that these failures are not fatal. The heart of DeFi is risk-averse and robust. AAVE might take on some bad debt, but it has the equity to pay it. DeFi isn't going away. And seeing the vigorous debate around how to improve it is exactly the process by which it keeps getting better. Bullish DeFi, and bullish this community.




defi felt safer when timewonderland was handing out 1000000000000% apy

You know what's beautiful about crypto? Everyone in tech hates crypto. I really don't care. Tech has an elitist view of the world, where only certain people may participate in the game. But crypto is an inefficient and risky market with upside for the average person. A lot of random people got wealthy off Bitcoin in having conviction. But the average person cannot capture upside from investing in Anthropic or OpenAI. My favorite line from @jacksondenka

This might be the craziest thing I’ve ever read on X. It was already painfully obvious that anything in crypto the Trump family touched was shady at best, but reading this just leaves you speechless. That’s an insane call out, I honestly can’t tell if it’s brave or just stupid. Who would’ve thought a pro-crypto president could actually end up being a net negative for the industry?

1/ Recently an unnamed source shared data exfiltrated from an internal North Korean payment server containing 390 accounts, chat logs, crypto transactions. I spent long hours going through all of it, none of which has ever been publicly released. It revealed an intricate ~$1M/month scheme of fraudulent identities, forged legal documents, and crypto-to-fiat conversion. Enjoy the findings!




Introducing the first $SGD (Singapore Dollar) offramp on @HyperliquidX Receive it in your Singapore bank account or any other $SGD account within 5 minutes. Liquid banking.
















