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@fullyallocated
antifragile protocols or nothing at all
liquidity scientist @BaselineMarkets
🌎
Joined March 2018
1 thing I learned from this weekend in Miami: DeFi is so fucking slept on. I met so many "institutional"/traditional crypto ppl that have heard of DeFi but have no idea how sophisticated some of these protocols are or what they are capable of.- I saw the Bancor announcement this morning and decided to do some digging. I'm starting to get concerned so sharing my thoughts here. For disclosure, I have some ETH/DAI deposited in the protocol currently pending withdraw. Post for context: blog.bancor.network/market-conditi…
- Over the past few weeks I've been working with solidity devs on their protocols and had some thoughts about contract architecture. I've summarized these thoughts into this doc: palm-cause-2bd.notion.site/The-Default-Fr… Here are the main points for a TL;DR:
- Replying to @fullyallocatedSemi unrelated thought: this whole situation has reinforced my skepticism in upgradable Proxies. Bancor upgraded their contracts to disable withdraws right before their announcement so nobody could react. It completely breaks the trust and immutability promise of smart contracts.
- Replying to @fullyallocatedIt's been long overdue, but recent events have really shown me how much we need to rethink protocol design, governance, and token economics if we want to truly demonstrate the promise of crypto. I know it's there and I still believe 100% that this is the future.. but holy fuck
- Replying to @fullyallocatedThere's so many things we need to improve on before we get to the next cycle. But I'm looking forward to building with you all in the bear. Peace ✌️
- @BaselineMarkets @YESMONEY420 $YES Reflections post V2 launch Now that things are stabilizing, I wanted to share some thoughts on the current state of the project and reflect a little bit on our journey and where we’re headed next. All in all, I think this launch went well.
- Replying to @fullyallocatedSo much of the industry projects just sit to extract value at the periphery: random exchanges, "funds", OTC desks, copycats/forks, etc. I take a step back and think I can count on one hand the number of people actually working on ideas that truly take advantage of a new paradigm
- Replying to @fullyallocatedBancor makes it sound like they are doing this out of precaution but I'm starting think they are in serious trouble. Their post is reminiscent of the Celsius situation and their problems are likely similar/related. I'm not sure they're being straightforward about whats happening.
- Putting the final touches on @BaselineMarkets new market making system. V3 is a complete rewrite and rethink about how liquidity can be provisioned in a Uniswap pool. Soon Baseline tokens will never look the same again.
- I wonder why token emission schedules are structured around time instead of growth for a protocol. What would it look like for a protocol to mint/unlock X tokens per Y% TVL increase or revenue generated? Much more incentive aligned imo, and dilutive events are offset by
- Just wanted to share my personal experiences with @machibigbrother Machi is a controversial figure, no doubt. But @BaselineMarkets wouldn't be where we are today without his support. Despite all our bugs, exploits, and issues, Machi has consistently been a major participant ofWe’re excited to announce Baseline Markets - the platform for launching and scaling Baseline tokens! With this, we’re introducing a new perp lending system and collaboration with projects to launch as Baseline tokens, starting with @MachiBigBrother and @machidotxyz token. 🧵
