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The older I get the more I realise what I should optimise my life for - Health - Little to no stress (financial or external) - Friendships - Fulfilment in my work That’s literally it. It’s pretty simple really.

The issue with crypto today is that most people fully lost trust in altcoins. They no longer want to hold anything long-term, after seeing countless teams launch tokens only to get exit liquidity. The legitimate projects out there are drowned out by bad actors.

@Auri_0x @DewhalesCapital When did I protect Cole or Elixir? I've been pushing them since moment 0 They do not pay anything, and in fact I'm also at big L by investing in Elixir myself

@Mut_eth @DewhalesCapital Maybe it’s time for you to be accountable for protecting scammers for commission

So you wanna be an angel investor? My story with @DewhalesCapital Total invested: $162k Returned: ±$8250 The end is poetic too. I got kicked for calling out Elixir and Usual as scams cause and i quote "you are not acting professionally, its bad for business"

@Auri_0x @DewhalesCapital That being said, you know we’d love to see better outcomes. Funding has been extremely bad since mid-2024 as ppl have pointed out. and TBH, 99% of alts have been struggling We’ve been at a standstill for quite some time now. No new cheques. Only liquidity provisioning

@Auri_0x @DewhalesCapital Be accountable for your actions. You clicked the button, did your own DD, and made your call. Same for sizing. Your math is not even factoring in LP deals. You weren’t removed for asking questions, but for insulting teams when there are many different ways to do that

bullish on teams that keep their word

here's my answer: governance.aave.com/t/aave-cowswap…

Gold acting like Bitcoin. Bitcoin acting like a boomer stock. Boomer stocks acting like memecoins. This is the worst timeline possible.

@kwaker_oats_ no

@0xkyle__ 😂💀

nvm i am unconvinced and remain a filthy bear

just read something that made me bullish toward prices in crypto for the first time in a long while that has nothing to do with macro / flows / instis / adoption / etfs / 401ks / revenue imo its the only thing that would make me flip ideologically bullish again

Speaking at IBW - AI x Crypto event. 11:30 am today. Re-imagining wallets in the age of AI. Launching today, you can withdraw your funds sitting inside of smart contracts, directly from your 0xPPL portfolio. 500+ protocols, 40% of all EVM contract coverage. Code generated by LLMs and verified by simulation. 1/

in 2016 Revolut raised £1m from 433 investors in a crowd funding round at £42m valuation roughly 100,000 users albeit low revenue and losing money today they’re a $75bn company and that crowd fund round is a 1,400x (obviously dilution has occurred too) crypto icos raising in the billions currently… we need a hard reset on valuations -> allow the secondary market to partake in upside -> drive speculation and actual roi back to the industry to fund the next wave of innovation icos should max cap at a few thousand dollars per user and bring life to the secondary market

Here’s The Truth About What I Gain - Time For Some Raw Honesty Lots of speculation has come out about my motives after I - with the utmost respect and admiration a person could have towards Jeff and HyperLiquid - made a personal decision based on values alignment. The immediate flood of mental gymnastics was easy to drown in. I supposed it's a good thing I'm built for the water. If mental gymnastics were an Olympic sport, CT would take the gold. Suddenly I’m broke, washed up, or secretly taking payments. As if I didn’t just give away millions in the last three weeks while still reeling from the loss I took in October. Let me be blunt: The most valuable thing in my life is my time. Time and love are the two things you can't buy more of in the brief appearance we make in this world. So here’s what I actually get out of spending that time here, with all of you beautiful people. Spoiler: it’s not money I get a place to publicly journal - which forces clarity. It sharpens my strategy, my morals, my worldview. That provides me value. Next, trading is a lonely profession. Successful trading is even lonelier. Everyone wants a piece of you, a shortcut, a way to extract a sliver of your edge. But in spite of all that noise I get to feel a connection in my otherwise lonely crypto journey. That means something to me. I also get the exchange of knowledge. Not the parasitic version - the real version. The back-and-forth between people who actually care about the craft. I’ve learned from my audience. My audience has learned from me. That mutual sharpening is rare in this space and it matters. I’m here because this industry suffers from a catastrophic authenticity deficit. Everyone is performing. Everyone is posturing. Everyone is branding themselves into a character they think will be liked. So I decided a long time ago that I’d just be the opposite. The authentic voice in a room full of manufactured ones. I say only what I believe. I own the good, the bad, and the ugly. I admit when I’m wrong. I don’t hide my losses. I don’t dress up my wins. I show up as the unfiltered, original version of myself - because someone in this space has to. But the biggest reason I'm here? I’m still in love with the promise of crypto. Not the dopamine hits. Not the financial gains. The promise. A world where your financial life isn’t controlled by a government permission slip. A world where value moves without gatekeepers or centralized choke points. A world where ordinary people can transact, build, innovate, and live without bowing to centralized authority. Crypto was born as a counter-movement to control. A rebuke to corruption. A lifeline for anyone who wanted freedom more than slavery. That’s why I use my microphone. Not for personal gain. But to fight for the ideals that brought us here. Because like it or not, we are in the battle of our lives. And right now, we’re losing. People are normalizing theft and corruption. Welcoming centralization. Outsourcing their autonomy. Forgetting the entire point of this movement. But I don't believe it all to be hopeless. I still believe this space can course-correct. If I didn’t believe that, I wouldn’t still be here spending the only currency I can’t earn more of. And that’s the truth. 🫡 From the depths — The White Whale 🐋

The last few days were very stressful at Neutrl. Not because of Neutrl’s strat, but because we do not have sole control of the $75M in pre-deposits yet. There has been a lot of curator FUD causing bank runs and anxiety in the markets. With everything happening in lending markets we wanted to make sure our users were not losing money or at any risk. I have to tip my hat to @k3_capital. There was zero exposure to Stream + $250K in profit so far. Chads. We have been in constant contact, and reallocation of vault deposits from Euler Earn to AAVE V3 was done as a precautionary measure to minimize external exposure is ongoing. Approximately 94% of funds have already been allocated to AAVE, with the remaining 6% still held in the K3 Capital USDT0 Vault on Euler as part of the ongoing rebalancing process. This transition is being made proactively to isolate potential 3rd party risk and ensure depositor funds remain fully protected. No action is required from any depositors. We will continue to share regular updates to maintain transparency across all protocol activities. Neutrl’s Pre-Deposit Vault exposure can be independently verified here: debank.com/profile/0x44e1…

Upshift has no exposure to xUSD. Here are some thoughts from our co-founder @aya_kantor about how we approach building vaults and working with partners. Vault smart contracts are permissionless but frontends are not credibly neutral and make important editorial choices when deciding what to display.

172 days ago the Stream team messaged me to complain about a snarky tweet I had made about their vault code. This was the last message I sent them. Obviously they did not listen and we are in fact worse off because of it. Contrary to what many seem to feel, none of what happened came out of nowhere. As with any good bubble/blow up it has been slowly brewing and was simply a matter of time till it burst. It took one conversation with their and 5 minutes of scrolling their Debank to realize that this was going to end poorly. And while Stream was the most egregious, they are far from the only ones out there with bodies to hide. So while I have my 15 minutes of CT's attention here are a few long, but hopefully final, thoughts on our latest saga. First on Stream in particular. Even I was surprised at the size of their loses, and while we wait to see what the official reason for the hole is, I think its pretty obvious you don't delegate 9 figures of user capital to "external managers". And the only way you loose that amount of money is leverage trading shitters. Seems clear these kids started directionally trading with user capital while lying about it. This isn't a phenomenon unique to DeFi, it's a tale as old as time. And ironically one of the primary original selling points of the benefits of DeFi, to not allow this. Nonetheless, I still don't think the market has fully grasped the extent of the insolvency. At time of writing this xUSD is trading at about $0.25 or 20% of its PPS of 1.27 and deUSD is at $0.99 still. So lets do some math. If we look at the current state of Stream's assets their total DeBank bundle claims $138m and liabilities of their dashboard says $160m of user deposits. However, seams safe to write off all of the value in 0x15 at this point, given its almost all xUSD and deUSD levered positions that they have no ability to ever unwind. And assume their new msig 0x14b is all of the returnable funds which is currently $63m. Then we come to the liabilities, which is where the recursive looping and unbacked minting kicks everything up. Since they have no viable path to repay their xUSD loans we can assume that all will eventually end in liquidation in some capacity. Which given the limited on chain liquidity likely leads to lenders taking possession of the xUSD posted as collateral, which fully breaks their recursive accounting and causes a 2X+ of the outstanding xUSD liabilities and creditors that will be looking for repayment and redemptions. My best estimate from Debank is they have a total of close to 300m xUSD currently leveraged across their wallets. At current PPS of 1.27 this increases their outstanding liabilities by about $380m to $540m. Which would then give an expected redemption value of 63/540 for close to a 90% loss or $0.14 per xUSD. Of course this also means deUSD will take at minimum 20-30% bad debt, assuming their 1:1 agreement won't hold up given Stream doesn't have enough to pay Elixir back in full even if they did abide by it. And anything lent or backed against xUSD or deUSD takes on their equivalent amount of bad debt. Fun thought experiment for the reader is how do you price the 6.2m deUSD 0x14 currently holds given its redemption price is dependent on xUSD's. Now, I have no idea when or if these liquidations will actually occur. Given all the oracles are hardcoded, lenders only recourse is to wait till the interest accrual liquidates them. Places like Elixir's Morpho market on Plume this is likely to happen soon given Morpho's adaptive IR curve the borrow rate is already 190%. On Euler, especially Plasma, it could take months given the hardcoded caps on the IR curves. While I would expect the redemption process to take weeks to months, it is also possible they keep these positions alive long enough to just serve withdraws to circulating shares and therefore all lenders to xUSD will take a 100% loss in order to reduce the losses for current xUSD holders. This exact reason is why, regardless of their shitcoin trading practices, what they were doing with collateralizing the self looped shares was extra levels of retardio even for this industry. And as always is another friendly reminder that leverage is a fickle bitch and magnifies in both directions. _____________ While I will leave most of the pontificating about the long term effects to DeFi to the clearly ever so alert CT crowd, obviously we have some issues. At Yearn we have been speaking about this for quite some time, but seams the rest of DeFi has now woken up. While any new meta such as Curation or Vaults, will have people pile in and there are bound to be bad actors or those that cut corners. This clearly goes far beyond that. Almost every major "risk manager" showed themselves to be baphoon's in some capacity far beyond just those that directly allocated to Stream assets. Due diligence is the primary slower of growth and therefore gets thrown out first. Users see vaults labeled as Prime, Core, Horizon, High Yield, etc all with a Curator name that means nothing to them and just end up chasing yields inevitably pushing the industry up the risk curve. We need standardization, we need proper transparency and due diligence, and we need to understand when you treat financial markets like a high growth SAAS tech play, things like this are bound to happen. A risk managers job is to say NO. If you are not doing that, or just waiting till shit goes sideways to try and pull your funds faster than others. Your not a risk manager you're a clown. Hopefully as the system absorbs nine figures of bad debt it makes those leading the charge think a bit harder before they list the next shiny new shitcoin. Outside of improvements to curation my top personal hope is this makes all vault providers currently using the black box method of off chain pricing their shares to change course. This is one of the most terrifying widespread adoptions of this cycle, in which multisig's are arbitrarily setting the PPS of their vaults based on undisclosed off chain pricing logic. And to be clear Stream is not the exception here, this is now standard practice from almost every vault provider, including basically all of the largest players. If you are in a blah, blah USD or "Vault yada yada", "YieldCoin Whats its Nuts" or whatever, you are almost certainly subject this. As the industry continuous to move to a less cypher punk value set, we should make sure there is a distinction between decentralization and transparency. Even in places where we move to more centralized/trusted systems, transparency should still exist in its full force. Otherwise we really are just banking but worse. While events like this always remind me why I am embarrassed to tell people I work in crypto, so far there does seem to be a positive response and recognizing our shortfalls. Though I am sure next cycle a new group of kids will come along claiming they've got the best risk adjusted yields around and we will run it back once again. Our only hope is each time this happens a few more people learn to demand more out of those they trust their money to.

Neutrl has no direct or indirect exposure to Stream xUSD or Elixir deUSD. Neutrl also has no exposure to Balancer, and automated market maker (AMM) liquidity provisioning is not part of our strategy. Likewise, Neutrl does not use recursive lending as part of our yield strategy. Neutrl follows a rigorous vetting and due diligence process for every DeFi protocol we interact with. Any protocol exposure included within our strategy undergoes a comprehensive risk assessment prior to deployment. At present, the only protocols that have passed Neutrl’s internal risk review are Tether, Circle, Sky, and Ethena. A full transparency dashboard detailing Neutrl’s active positions and exposures, with ZK-verified attestations provided by @AccountableData, will be available soon. We also will continue to provide regular updates to ensure transparency across all protocol activities.

Balancer exploit really sucks to see: huge fan of it as a protocol that got overlooked in terms of its importance to Ethereum by the high priests Indexed was built as a fork of V2 - it’s a great piece of kit My sympathies to the team/everyone affected - this bit is a nightmare