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Tonyp

@tonyp

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Interesting paper about onchain FX markets https://x.com/ganvisnat/status/1782716782983201190
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It would be interesting to take Blast's USDB model and instead of having the yield rebase to the holders on the L2, the holders could vote to direct the yield to fund public goods.
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Is the meta for decentralized stables changing this cycle? Instead of accumulating or bribing CRV/CVX, yields are high enough for protocols to fund a yield bearing vault for their stable, eg sDAI, sFRAX, stUSDA Maybe the Curve Wars were a zero interest rate phenomena
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UniV3 liquidity rebalancing creates price convexity? Interesss https://x.com/shaundadevens/status/1780666974588092471
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I just got roasted. I prefer beautiful swan
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MEV. Don’t fear it, respect it and bend it to your will. https://blog.yearn.fi/permissionless-dutch-auctions
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Great deck breaking down the history of stablecoins https://anthonyleezhang.github.io/slides/stablecoins.pdf
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Memecoins are cute and all, but I'm excited for the part of the cycle when protocols are using panoptic iron condors to create range-bound protocol owned liquidity.
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Delv (previously Element) looking to strike back at Pendle with Hyperdrive. Still digesting the paper, but it seems to remove liquidity fragmentation by supporting unlimited maturities in one pool. neat https://github.com/delvtech/hyperdrive/blob/main/docs/Hyperdrive_Whitepaper.pdf
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Let's dig into Pendle. They are a yield trading platform that has gotten a lot of traction with the current "points meta". If you were around in 21-22, there were a boat load of these yield stripping protocols. I believe it was Pendle's innovative DEX that led them to win.
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In a disorderly unwind of USDe, do holders sit in stETH or swap that to USDC/T?
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Another day, another mechanic. With Angle's launch of USDA et's talk about the Transmuter and how it works. https://docs.angle.money/transmuter/transmuter
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With all these meme coins and points programs it's easy to lose track of the novel things happening in DeFi. Here's one: Inverse Finance's Dollar Borrowing Right token or DBR. One DBR gives you the right to borrow Inverse's stablecoin DOLA for one year.
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Following the death of the CeFi credit markets (Genesis, BlockFi, etc) some interesting onchain alternatives have started popping up: * Gearbox - smart wallet with margin account * Wildcat - peer-to-peer credit arrangements What else am I missing? What needs to be built?
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USDB on blast is very interesting https://www.coingecko.com/en/coins/usdb It is backed 1:1 with sDAI, but the price has ranged from 0.98 to 1.02 over the last week. Can the only stablecoin on a chain keep a tight peg without an arbitrage to fiat?
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Has GHO been successful for AAVE? Currently $40M lent at 8.24%, which creates $3.3M/yr in revenue, but $13.8M of that is stkGHO in the safety module paying out $4.5M/yr. Has anyone built a decentralized stablecoin that isn't just a big wealth transfer from gov token holders to borrowers?
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🤫🤫🤫🤫🤫🤫🤫🤫🤫🤫🤫🤫🤫🤫 🤫🤫🤫🤫🤫🤫🤫🤫🤫🤫🤫🤫 🤫🤫🤫🤫🤫🤫🤫🤫🤫🤫 🤫🤫🤫🤫🤫🤫🤫🤫 🤫🤫🤫🤫🤫🤫 🤫🤫🤫🤫 🤫🤫
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Really good watch https://youtu.be/P0-Z-1XClgY?si=YDdUUNOlMRorkwUd
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I've long thought Angle is criminally underrated. https://twitter.com/pablo_veyrat/status/1765031903613395168
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A paper by Perry Mehrling and the BIS about stablecoins. An interesting comparison to the Eurodollar system. He identifies liquidity, not solvency, as the primary concern for stablecoins to maintain par. https://www.bis.org/publ/work1146.pdf
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