definikola

@definikola

58 Following

65 Followers

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tbh I'm waiting for Typefully to add Farcaster support

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From DeFi Savers to DeFi Safers

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Building tools, not empires. As of now, if you have a @Safe multisig (or not yet) you can simply go to @defisaver and use any blue chip DeFi lending protocol natively with Safe as a smart wallet.

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Devs have been cooking and are now preparing for launch.👨‍🍳 Going live on Thursday - stay tuned and see you then. https://youtu.be/FomC29CAR_I

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The devs have been cooking and it will be live soon.👨‍🍳 ETA: Some time *this* week.

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Really looking forward to sharing with you all what we've been cooking. Probably one of our biggest announcements so far. All open and permissionless as it should be in DeFi.

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Hey, casters.👋 Starting today we'll be sharing all updates on Farcaster, too. And a bit of a teaser while we're at it: something handy for @morpho Blue is coming *very* soon.👀

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Summary (part 2): - Restaking increases slashing chances & potential losses (from 50% to 100%). - Current Ethereum design incentivizes switching to minority clients by limiting losses from 100% to 3.5%. - Isolated lev-staking management offers greater flexibility & control.

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Summary (part 1): - The sustainability of the lev-staking strategy is less questioned. - Min spread of 0.2% to be more profitable than holding LSTs. - Liquidation risk has become significantly lower (primary rates used). - Consider partial unwinding & mevblocker bc of TSI & MEV.

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To provide access to leveraged ETH staking strategies, we created: - http://ethsaver.com - a non-custodial app with 1-click management options focused solely on leveraged staking. Random stats: • Launched in Sep '23 • 7300+ total ETH supplied • 80% of Morpho Blue.

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Per-user approach (no asset pooling) introduces full control and no withdrawal limitations nor fees while having multiple choices (protocols and LSTs) available with 1-click switching to another one. It also allows custom leverage management (in a fully non-custodial way).

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Pool-based tools offer a 1-click option for depositing into a vault that's managed by a strategist. Vaults usually have withdrawal fees (and limits!) to prevent spam, and likely a bit lower APY because of the idle liquidity and the potential unwinding losses.

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Management: Pooled vs Isolated approach. If you wish to join the lev-staking bandwagon, there are two types of management tools for such positions: - Pooled: Instadapp Lite, Sommelier Finance, etc. - Isolated: http://ethsaver.com by @defisaver. A short overview below.👇

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The top 3 liquid staking providers have seen a 2.5x average growth since September 2022 (The Merge). Lido Finance stETH: 212% (2.1x) - growth of ~5m ETH. Rocket Pool rETH: 355% (3.5x) - growth of ~900k ETH. Coinbase cbETH: 202% (2x) - growth of ~720k ETH.

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To conclude, the risk/reward ratio so far has shown that a significant percentage of people are OK with the risks of (leveraged) staking with the APY offered in return. As staking became more attractive after The Merge, so did the leveraged staking.

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The risk of the majority client bug applies to all ETH stakers, including the leveraged ones, meaning we all can contribute by switching to a minority client. Quick overview of the current landscape (geth): - Coinbase, Binance: 100% - Lido: 76% - RocketPool, StakeWise: 42%.

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It's a more difficult decision for those whose business model depends on uptime. After @dcinvestor's initiative to get their attention regarding client diversity, Coinbase replied they're reevaluating alternative execution layer clients, aiming to add them to their infra.

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This design actually incentivizes switching to a minority client by limiting the potential losses from 100% to 3.5% since this doesn't cause the chain to stop finalizing. Team at Labrys wrote the best summary I've stumbled upon so far. https://twitter.com/Labrys_io/status/1749746305738703217

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Ethereum execution client bug. TLDR: - Minority client bug: Penalties at the same rate as earning rewards (0.4% loss of the stake in 40 offline days). - Majority client bug: Increased penalties during *Inactivity leak* (90% loss of the stake in 40 offline days (no slashing).👇

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Risks of potential liquid restaking strategy. Clearly, potential leveraged LRT/ETH positions would be exposed to an additional 'Layer' of risk, alongside probably more complex process of leveraging up. Will address those in detail if/when they become available ecosystem-wide.

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