DeFi, backed by data. I teach it and build https://xitter.cf/t.co/Hc7cjvlmeB. Protocol head-to-heads, where yield really comes from, on-chain reads. Less pain, more numbers 😅

Joined January 2022
I teach DeFi and this account is where I do it in public. Head-to-head protocol comparisons with live data, where the yield actually comes from and fast reads when something gets hacked. DeFi, measured. 🧵
1
1
5
343
Markets close... Liquidity shouldn't. 62% of tokenized stock volume on @Uniswap trades outside market hours. @metricxyz did +$310.9M in 7 days (@tokenterminal ). @aave v4 on Base: $10M+ in Coinbase tokenized stocks, +514.5% in 30d (%Markets close. Liquidity shouldn't. 62% of tokenized stock volume on Uniswap trades outside market hours. Metric did +$310.9M in 7 days (Token Terminal). Aave v4 on Base: $10M+ in Coinbase tokenized stocks, +514.5% in 30d (base:0xb2000000000000000000002d0ba3164cc74f58b7, base:0xb20000000000000000000078ee7ce2fe4908108c, base:0xb2000000000000000000008bc8786b856e61707c). Onchain markets don't sleep and that's the whole point.
2
4
217
$1.5B on Aave V4 and the collateral list keeps getting more interesting: tokenized stocks like GOOGLc and NVDAc are already live on Base. V4's hub-and-spoke design is how lending scales to new asset classes without putting the core pool at risk.
Aave V4 crossed $1.5 billion deposits, a new all-time high.
88
+514.5% in 30 days is the real signal not the $10M. GOOGLc and NVDAc as @aave v4 collateral on @base means stocks are turning into DeFi money legos. The next test is weekends. Stocks don't trade then so oracle and liquidation design decides how far this scales
Over $10M in Coinbase-issued tokenized stocks deposited into Aave v4 on Base, up 514.5% over the past 30 days GOOGLc leads with $3.8M, followed by NVDAc ($3.0M) & METAc ($1.8M) Users increasingly put their stock holdings to work as collateral in DeFi
2
2
109
Uniswap shipped Aggregator Hooks last week. v4 can now wrap outside liquidity, including Fluid, Curve and PancakeSwap, as v4 pools on Ethereum, Base and Robinhood Chain. Solid engineering and more routable liquidity is good for users.
1
119
10 same-minute quotes on Ethereum and Base: within ±0.11% of the Uniswap interface after our 0.1% fee, gas excluded.
1
14
Venues wrapping each other's liquidity is great for whoever sits one layer above and compares them all. Next we'll evaluate Uniswap v4 and hooks as a source. Early days: hooks were ~1% of v4 volume in most months. Credit to the Uniswap team. teraswap.app
15
Update on Swell: it's now confirmed. swETH and rswETH deposits and withdrawals are paused. Onchain controls are blocking new withdrawal requests and ETH claims until the NAV is corrected. Funds are stuck for now, and a haircut is still on the table. The total loss hasn't been disclosed yet. If you hold either token, don't sell into thin liquidity until the numbers are out.
⚠️ Heads up if you hold swETH or rswETH. DefiLlama now lists @swellnetworkio as a hot wallet key compromise. Per @spreekaway, the attacker holds admin/oracle keys, is pushing the swETH/rswETH NAV up with no ETH behind it, and has deployed malicious upgrade contracts that could put ~2,500 ETH at risk if executed. Swell says no ETH has left the deposit/withdraw contracts and it's investigating with security partners. My take: until this is resolved, don't use swETH/rswETH as collateral, and watch any lending market priced off that oracle. Losses are still unconfirmed.
137
The Kimchi story wasn't exposed by a new launchpad it was exposed by onchain data. Bubblemaps traced his linked wallets and cut the $40M $TRUMP legend to ~$6M. The tools to audit a trader already exist. The problem is platforms promoting people without using them.
I have a solution. The evidence and sentiment surrounding Kimchi and the extractive sphere of KOLs using @Pumpfun as a platform to farm the trenches are clearly at odds with our goal of developing a stronger early-stage model that allows talented technologists to enter the crypto ecosystem and thrive. We are currently propping up the best salespeople and actors and selling them as the best “traders.” Imagine if NBA basketball were played by the best actors pretending to be good at basketball instead of the most talented athletes. What would the value and popularity of that product be? It would be considered a scam of a product. Not dissimilar to how the general population views the current state of the trenches. Hence, I have created another suite of onchain contracts to attack this problem head-on. That solution is “Books,” an ERC-6551-powered tokenized trader launchpad and trading engine where creators can monetize not through what they say, but through the quality of their trading execution over a selected epoch. A suite of contracts that can integrate into any social trading platform, allowing talented traders to access liquidity quickly to execute short- and long-term trading strategies while earning 20% of the net profits they generate. We want to reward execution, not performance theater. The best traders should be the ones attracting capital, not the best actors. Social Capital Markets by StonkBrokers (@ClutchMarkets) goes live on Robinhood Chain on Tuesday, October 27, in collaboration with @MancerXYZ.
1
173
IMO paying out on PnL over a selected epoch rewards variance, not skill. A short window favours whoever sized up and got lucky. Without drawdown limits, a high-water mark and a minimum track record, Books can end up crowning the same gamblers with better branding. Who picks the epoch? The trader or the protocol?
1
24
@OxSimpleFarmer a tokenized trader is still a token. Its price can run on hype before a single profitable trade which is the performance theater you're describing. With a 2% closing fee on every exit the platform earns on volume rather than results. Show me the risk rules in the contracts and I'm interested.
18
⚠️ Heads up if you hold swETH or rswETH. DefiLlama now lists @swellnetworkio as a hot wallet key compromise. Per @spreekaway, the attacker holds admin/oracle keys, is pushing the swETH/rswETH NAV up with no ETH behind it, and has deployed malicious upgrade contracts that could put ~2,500 ETH at risk if executed. Swell says no ETH has left the deposit/withdraw contracts and it's investigating with security partners. My take: until this is resolved, don't use swETH/rswETH as collateral, and watch any lending market priced off that oracle. Losses are still unconfirmed.
1
1
1
245
43.8M $ETH staked at the end of Q3, @Bitwise . A record, +-36% of supply. And the average Q3 yield fell to 2.63% from 2.81%. More people staking each one earning less. Here's why that's not the bearish read it looks like 🧵
1
138
Why it matters: when yield is mostly issuance, a bigger staked share mostly redistributes ETH between stakers and non-stakers. The real 'real yield' question is fees. That's the number to watch next quarter.
1
12
Record staking at a falling yield = conviction, not chasing APR. But ETH needs fee revenue back for staking to feel like income again. Read the Bitwise's latest staking report (Q3 data)
10