DeFi

DeFi

DeFi Dynamics. Exploring the Future of Finance.

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🛡️ OpenCover Alpha – November 2025 Explore what we’ve been up to this month – DAS 2025, full integration with Stake DAO, our exclusive new founder video series, and more 👀 https://open.substack.com/pub/opencover/p/opencover-alpha-november-2025?r=2chtfi&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true

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I wrote an extensive post about the events leading to Stream xUSD collapse here: https://x.com/TradingProtocol/status/1985991880169898010

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Much to say about this but, he said it best.

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It's kind of nuts no one here is talking about Infinex when TGE is basically within the next 3 months. https://www.youtube.com/watch?v=xUa-9CfKcYA

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Adding more lisp-like language design stuff. Now you can use point-free programming to analyze positions across different price points for Uniswap V3. It basically looks like... ``` positions = @chain begin v3_price_target UniswapV3PoolPositionState MapAcrossV3Prices(_, 4545.1, 5500, 200) map(res -> (res.poolTokenAmount, res.poolDollarAmount), _) end ``` The idea is to just create a declarative DSL for uniswap positions so new users that don't know too much about Julia but probably have some experience with Python can just get in and use it. nfa dyor. https://github.com/jfarid27/UniswapTools.jl/pull/4

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On multiplicative risk, the Balancer hack was a root cause of Moonwell's exploit since one of it's pools was used as a price feed. The price feed was not an official price feed due to low volume and high volatility but Moonwell still used it in their lending application. Again there are additive risks where if your neighbor gets in a car crash, it doesn't affect your risk of a car crash. In defi, the risk is multiplicative: if your neighbor has a major exploit, because the systems are interlinked in complex ways, it actually does increase *your* risk. https://x.com/CatfishFishy/status/1985774932874138059

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I like decentralization, but we need to move to a sliding scale where complex smart contracts really do have control points as guardrails. People who are purists are fighting their grandfathers war, and the reality is the less decentralized systems with guardrails and analytics saved people's money. https://x.com/berachain/status/1985669972287230301

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🛡️ FULL INTEGRATION 🛡️ 💯 Our integration with Stake DAO is now complete, with cover available on: ✅ @ethereum, @base.base.eth, @arbitrum and @optimism. 🐘 You can directly cover your @curve DEX LPs and @pendle-fi strategies when you deposit.

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Not knocking people's opinions here, but claiming the cars safety record was fantastic *after* the engine blew up, it served off the road, crashes into a forest, and killed the 3 passengers is kinda crazy to me. The key point here is probably the main thesis of Taleb: multiplicative risk vs. additive risks. If my neighbor gets in a car crash, it doesn't increase my chances of crashing my car. In Defi, if a protocol suffers an attack, there are downstream effects depending on other smart contracts that use that system. That system can be used in pricing oracles, prediction markets, or other wrapper systems. In this case, there were also numerous forks of the system. Only one system, Berachain, because it's centralized, was able to just halt the flow of funds. OGs are freaking out because Balancer shows what we've been saying for years, teams are absolutely *not* being forward thinking and spending the necessary amounts on guardrails, analytics, real time alerting, and safety. Spending $5M on audits across 5 years is not enough, and the evidence is right in front of everyone's face now. These systems need 6 to 7 Nine's of Safety to really be something mainstream adopters can start using, and we're probably statistically between 1 or 2 Nines. We probably shouldn't be shilling this stuff to Grandma at the Thanksgiving table if we can't even guarantee she won't wake up to losing all her funds. Thanks for coming to my TED talk. Here's a paper about mathematical measures of safety I think everyone should read. Yes, even the vibe coders. https://terrytao.wordpress.com/2021/10/03/nines-of-safety-a-proposed-unit-of-measurement-of-risk/comment-page-1/

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The reality is most product led teams don't understand the three Ts of Transactions. Triangulation, trade and trust. I talk to teams and investing in Trust is an afterthought. They outsource audits, rarely do onchain analytics, and believe contracting out a Dune dashboard to an intern is enough transparency necessaryto secure millions of dollars. It's really not, and in any mature traditional organization, the apathy to trust would get executives fired and replaced.

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If true it's probably Wintermute vs. Binance on the Oct. 15 flash crash.

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Just waking up to the news. Honestly as a defi guy it's getting harder and harder to justify to normies to use defi protocols when stuff like this happens. Whatever, memecoin and nft guys enjoy your party.

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