Success @avon_xyz , Underwater @10b57e6da0 🦞 half degen, half philosopher. Full time observer of market delusion. DeFi accelerationism d/acc

Joined March 2021
111 Photos and videos
I’ve been watching @aave V4 TVL go up week after week and reading different takes on aave and v4 in general, I think people are still underestimating what V4 actually unlocks. V4 expands the size of the market Aave can serve I’m not talking about gaining more market share of the existing DeFi userbase but actually expanding total addressable market size. lending is still mostly collateralised crypto credit its already a massive market, but it isn’t the full onchain credit opportunity. The problem has always been that every new credit vertical had to bootstrap its own liquidity and distribution from zero. This becomes incredibly difficult when building specialised credit markets. Fixed rate borrowing, tokenised treasury repo, RWA financing, institutional credit, structured products and stablecoin credit lines are all different credit businesses with: Different users. Different risk models. Different pricing logic. Different collateral requirements. Different maturity profiles. This is where V4 really changes market structure , hubs become shared liquidity infrastructure and spokes become specialised credit interfaces that can allow specialised credit markets to express themselves on chain. so instead of every vertical needing to bootstrap its own liquidity base, a spoke can plug into existing Aave liquidity and express its own logic catering to its specific credit market usecase on top of a deep liquidity base. I don’t think aave is just looking to win a larger share of the current DeFi market , I think they are expanding the market itself by turning new forms of offchain borrow demand into demand for Aave liquidity. So even though most people haven’t really realised it yet we are literally watching aave become the credit infrastructure layer for markets that couldn’t previously scale onchain.
Jun 15
Aave V4 crossed $175 million deposits.
8
10
68
5,539
My thesis is that the financial system is being rebuilt as software, stablecoins are the money layer, tokenised assets are the asset layer, DeFi is the execution layer and Ethereum is the neutral settlement layer. Ethereum has all the ingredients to bring about a new financial operating system that doesn’t just tokenise assets but makes them liquid, programmable, composable and globally usable. This is why DeFi will win This is why Ethereum will win
2
2
35
1,913
going to write a long form article about this
152
This is a really good explanation on aave V4 and the unlocks it provides, the most interesting insight to me is that V4 treats liquidity and risk as separate design variables, historically you had to always choose between: 1. Shared liquidity and shared risk 2. Isolated risk and fragmented liquidity The credit lines concept in v4 adds a middle ground where you can have deep liquidity while risk remains isolated that’s a pretty big deal if you think outside the box for a minute. And as more of the worlds assets move onchain (RWA, repo, tokenised equities, corporate finance, structured products etc etc) aave is in great position to become the onchain credit market infrastructure layer.
1
1
25
2,006
Congrats to my friends @3janexyz it’s not often you meet a team with the dedication and raw execution ability this team has shown! Stoked for them!
Jun 10
3Jane is now open to the public Mint USD3 to earn $JANE Liquidity mining details below
3
111
Hahaha
i hooked my whoop to my work calendar to find which coworker gives me the most stress 🚨 thanks to fable, I reverse engineered whoop to pull per minute heart rate. nd matched spikes with cal events and attendees I now have a leaderboard and I think about it daily. few info masked for obvious reasons ;)
1
148
The reaction in our industry towards Mythos feels a bit over the top. Mythos and other AI tools aren’t just advantageous for attackers they are also advantageous for protocol teams, auditors, security researchers and bug bounty hunters so defenders benefit just as much as attackers. Now if your protocol is unaudited or a fork with custom modifications your putting yourself in a very bad position regardless of advancements in AI tooling, on the bright side I think the biggest, most battle tested protocols will actually benefit as capital consolidates around trusted brands.
Jun 9
SOURCES: ANTHROPIC WILL RELEASE THE PUBLIC VERSION OF MYTHOS TOMORROW
2
165
Financial markets are moving on chain in their entirety, the next few years will bring exponential growth to DeFi
1
26
When you mess up so bad you have to write an ideological thesis to convince yourself it ain’t your fault
1
83
Has anyone checked on taiki
Rotated some BTC to ZEC. ZEC is now my biggest bag. My STRC/BTC thesis partially invalidated due to Saylor mismanaging it in my eyes Just as HYPE is capturing inflows from overvalued L1 tokens like ETH/SOL, ZEC likely sees inflows from BTC as a quantum/privacy/Saylor hedge.
3
185
I think ETH is super well positioned right now the quantum resistance aspect means ETH is effectively a safe harbour and for the privacy enthusiasts kohaku is pretty big
3
56
Glad to be part of this fantastic initiative
Jun 4
1/ World, meet Cohort I of the Ethereum Security Subsidy Program. Out of 100 applicants, here are the 30 projects selected for our first of many cohorts. Proudly securing @ethereum mainnet together with @ethereumfndn, @nethermind and @chainlinklabs.
3
99
Neutrality should never become an excuse for weak commercial execution
1
21
lol saylor is the king of slop but the bigger problem is now nobody knows if this mean accumulating more btc or dumping on our heads 😂
₿ack to Work
1
2
67
Congrats to @kevtanggg and team, these guys are fantastic operators @monad scored massively here!
HelloTrade is moving to @monad. We remain focused on our mission to make global capital markets more accessible to everyone around the world. We’re excited to build alongside the Monad team, who share our vision of bringing this future to life at global scale. Stay tuned for further updates as we continue progressing through Alpha testing.
4
211
People keep benchmarking Ethereum against startup chains they view: Strike EF = management ETH = equity Users = customers call But Ethereum was never meant to be a corporation optimising for quarterly growth metrics, it’s trying to become neutral global infrastructure. That doesn’t mean ETH the asset doesn’t matter btw. ETH absolutely competes globally for capital and attention but Vitalik’s point is that you do not strengthen ETH long term by sacrificing credibility, neutrality, decentralization and survivability for short term growth optics. i don’t always agree with Vitalik, but this post is one of the most bullish things I’ve read from him in years. Ethereum is basically saying: “We are not trying to become the fastest casino chain. We are trying to become civilisation grade infrastructure.” And honestly I think the ecosystem itself now needs to do more of the heavy lifting on BD, distribution and growth instead of expecting the EF to behave like a startup growth company.
Some of my perspective on where the @ethereumfndn is going. First of all, this is only my own view. The board is not just me, and I have no extra special powers on the board that the other board members do not. @aerugoettinea is the one executing much of this transition. My input has been largely on technical questions. The board is in the process of expanding, and my own power within the org will continue to decrease, which is honestly what I want. The 2025 era brought many important improvements to EF and its ability to execute. Many issues were resolved, and EF continues to benefit from its improved efficiency and greater focus on concrete goals to this day. And so with those problems resolved, early this year, the largest remaining hole that I perceived was something different nagging at me: I would regularly spot people saying things like "vitalik says these beautiful things about ethereum needing to be decentralized, and have privacy, and be a sanctuary technology, but why do the EF's actions not reflect that?" Now, you may have been hearing something different. You may not have been sensing a feeling of crisis at all, and maybe were hearing people saying that finally we were taking execution and BD seriously and the main task for us is to keep going that way and be even better and faster. Then probably there is genuine difference between you and me, in what kinds of criticism I take most seriously, and what kinds of critics through their criticism are most able to make me feel pain. As an analogy, let's briefly switch over to a different domain. One belief you can have about Google is that it is a success story, and has brought a lot of good to humanity in organizing the world's information. Another belief you can have about Google is that they had a beautiful idealistic beginning, but at some point the corruption of mainstream corporate attitudes seeped in, and they slowly bit by bit completely abandoned the "don't be evil" slogan. My belief on Google specifically is probably somewhere between the two. BUT, if you had taken me back in time to ~2008, and offered me a button to press to make Google one or two standard deviations more "dogmatic", eg. give Richard Stallman permanent veto power over some key policies, I would immediately press it. Why? Because a choice for one company is not a choice for the world, or even one country. Google existed and exists in the context of a technology industry generally drifting away from early idealistic don't-be-evil roots and toward greed for financial gain, totalizing visions of accelerated superintelligence, infiltration by sociopaths, and craven capitulation to (or worse, active participation in) government pressure for ideological control, surveillance and war. And so *one company* doing something different, positioning itself to be what George Bernard Shaw calls the Unreasonable Man, resisting the trend of the times, would have been better for freedom, balance of power and stability of society as a whole, than *all* large companies bending to dominant trends. This is a part of my version of pluralism. This line of thinking is not just mine, but I also is not too far off from what Aya and others had in mind with the Mandate. Now how does this all get to the role of the EF? EF is not a "center of Ethereum", rather EF is "one node, with a defined purpose, alongside other nodes". We've always said that the EF should be the latter, but many in the Ethereum ecosystem (and even within the EF) wanted us to be the former. Now, we are taking action to ensure that we will be the latter. This is particularly important because EF is a limited organization, with limited resources and limited organizational capacity. The EF has only ~0.16% of all ETH (less than many other individual ETH holders), whereas among other blockchains it's common for "the central foundation" to have 10-50%. Fiscally, the EF was originally designed to fulfill a limited work scope defined in the token sale docs and other pre-launch materials (building the chain software; getting through Frontier, Homestead, Metropolis, Serenity), which was fully completed in 2022; it was not designed to be an eternal steward. And so today, the EF is choosing to use its remaining resources to pursue longevity over breadth (yes, this means we sell less ETH). The EF focuses *specifically* on those activities critical to the success of ethereum as a censorship/capture-resistant, open, private and secure system, that would not happen otherwise. This means making hard choices, and in some cases even activities that we highly approve of and people that we highly respect becoming outside of the EF. People of great technical talent, public respect and even alignment with the mission and CROPS being outside of the EF is in fact necessary if we want important tasks to be able to attract outside capital. This also means the EF taking opinionated stands culturally. This is all intended in cooperation with all other parts of ethereum. We recognize that many other parts of the ethereum world highly respect CROPS and related values. But highly respecting is not the same as choosing to specialize and totally dedicate to a domain (Compare in a different domain: I think reducing animal cruelty is important, and I like vegan food, but am not full unconditional vegan myself) EF is still in a transition period, and we expect its new long-term form to stabilize over the next few months. What are the guiding principles of this new form? Again, I am only one person, but I can give my answer from a technical perspective (there are also critical non-technical aspects). At the core, *Ethereum must be impressive*. We are living in an age of highly intelligent AI and all kinds of other technological acceleration. "Status quo EVM, with a hard fork or two a year to optimize for short-term needs of users" is not interesting. To some, "impressive" means: 250ms latency and 1M TPS. I think Ethereum trying to go that route is a mistake. Being as fast and as scalable as possible, and only a small epsilon more decentralized than the others, is a route to mediocrity, and if we try it we will lose. I think Ethereum should scale. But I think Ethereum should strive the hardest to be deeply impressive in a different dimension: the CROPS dimension. This means things like: * Provably bug-free Ethereum. This is a goal that all cybersecurity researchers would have thought is absurd and impossible, up until roughly 6 months ago. Now, it's on the cusp of being possible, thanks to AI-assisted formal verification. So we should be frontrunners in doing this. * Available chain consensus. Ethereum is, and with lean consensus will cotninue to be, the ONLY chain that has both (i) traditional-BFT style properties that it's safe under asynchrony up to a high level of fault tolerance, and (ii) the bitcoin PoW-style property that under synchrony it's safe up to 49% attackers. As far as I can tell, literally no other chain has this or is planning for it; bitcoin goes for (ii) only and most other chains go for (i) only. Some will remember I fought hard for this, Unreasonably insisting that it is not OK for ethereum to rely on social consensus and hard forks to rescue ethereum from 34% of nodes going offline. It's OK for chains like hyperledger, bnb, solana, tempo, etc. It's not OK for bitcoin or ethereum or eg. zcash. * Intermediary minimization. The fact that smart contract wallets, protocols like railgun, etc have to send transactions through intermediaries to get included onchain is honestly embarrassing, and it's a constant point of fragility. Hence the work on FOCIL and EIP-8141 (and 7701 and years of work before) to make transaction sending intermediary-minimized with public mempool and strong inclusion properties, in a truly general-purpose way, that covers not just eg. secp256r1, but also privacy protocols and much more. Kohaku is pushing intermediary minimization at the user layer, pulling Ethereum away from the dystopian status quo world where our wallets don't even verify the chain, send our private data out to a dozen third-party servers, and toward a brighter CROPS future. Some of these goals are Unreasonable - maybe Ethereum would be "fine" getting only 50% of the way - what if we depend on intermediaries, but make it easy to switch? But going 50% of the way would not make Ethereum Deeply Impressive in the CROPS way. So we push for 100%. Fortunately all these goals are compatible with high TPS, this is a major focus of research (esp. on scaling the state). Well-designed L2s can also help, especially L2s optimized for specific applications (eg. high-volume trading, privacy...). These goals are even compatible with significantly lower slot times, thanks to Raul's work on erasure-coded P2P, and many other optimizations. The most high-value "product" of the ethereum blockchain, financially speaking, is ETH the asset. Ethereum secures $250 billion of ETH. The types of properties of Ethereum that I mentioned above are very good for ETH the asset. Nearly 90% of my net worth is in ETH, and most of the remainder is ~$40m of onchain fiat of which every dollar has already been allocated for some open-source biotech or software or hardware initiative. That said, there are aspects of supporting ETH the asset - *necessary* aspects even - that are outside the scope of the EF. This is where we need other heroes (some of whom hold more ETH than the EF does) to step in and help. EF has been recently thinking more about how it will relate to other such organizations, and give them needed initial support. EF will be a smaller ship than in previous years, a more opinionated one - in some cases more opinionated in ways that might be difficult to comprehend - but a longer-lasting one, and one suited to making sure that ethereum brings something meaningful to the world. We are grateful to all those inside and outside the EF who are helping to make this happen.
2
6
164
We’ve been heads down building and all I can say is @avon_xyz is going to be bringing some massive unlocks to market. Can’t wait to share more
1
3
85
ETH’s biggest advantage is in becoming the settlement layer where global internet native capital markets get built, stop pricing ETH like it’s competing for meme coin flow, price it for the inevitable capture of financing flow instead. Ignore washed influencers.
1
1
5
105
>be random Korean tradoor >negative NW after exciting play with novel digital assets >meanwhile taxi drivers and 7/11 cashiers all getting 2466677654% pnl with KOSPI >decide to finally off yourself >can’t even get buried properly because your cemetery just went bankrupt
韩国人是真正在以太坊上把棺材本都给亏没了...韩国一家名为“父母之爱”的殡葬公司,在最新发布的审计报告中披露,因为投资了2倍做多BMNR亏损近500亿韩元,买入了595亿只剩下了102亿...亏的钱是这家公司年营收的整整8倍,关键是这家公司的商业模式是每月预付,也就是还活着的人每个月给它缴纳一笔固定金额,然后公司承诺在人死后提供一站式的殡葬全包服务,所以这家公司账上躺着很多预付款,于是就想着拿去投资理财,结果...也就是说这家公司亏的钱全是韩国人辛辛苦苦攒的棺材本啊!😥
2
195
This doesn’t scare me.. I HOLD ETHEREUM
Ebola may be spreading faster than first thought, WHO doctor warns bbc.in/49tUzmL
1
113