Bimoo

I'm going to hack at eth global SF - are any of my dev friends here also hacking

Life is defined by the small moments that lead to big outcomes

If I didn’t open up a solidity tutorial, I may have never been an engineer

If I had not met one person, I would not be building a defi protocol

If I didn’t knock on my dorm neighbors door, I wouldn’t have my best friend

Search for small moments

When I first got into crypto I had never coded before other than completing the puzzles on projecteuler.net. Solidity was my first language. I then went to study CS in uni for a 1.5 years, and the coolest things was putting names to concepts I had understood, but didn't necessarily know they were a primitive features of programming (i.e polymorphism, principle of substitutability, etc.)

multi-collateral on a perps protocol is one of those things that's seemingly very simple, but actually very tricky to implement if you want to keep it both decentralized and efficient. What currently exists:

Drift style multi-collateral:
Deposit usdc against alternative collateral types

PROs:
- Simple implementation
CONs:
- You're capital efficiency is capped by the LTV on the lending market
- Rebalancing or swapping collateral becomes trickier
- fee's on funding rates + lending rates
---------------------
Aevo style multi-collateral:
What I like to call just-in-time multi collateral. Users are forced to maintain a usdc balance, whenever this balance goes below a certain threshold aevo swaps a multi-collateral asset into usdc to top up.

PROs:
- higher capital efficiency
CONs:
- entirely centralized
- not really true multi-collateral - a user could deposit 1 BTC but overtime this continuously gets slowly swapped to usdc

The days of maintaining cosmosSDK forks might be over

babe wake up, new cosmosSDK direction just dropped

https://x.com/cosmos_sdk/status/1844300704569040993

https://basescan.org/tx/0x1f5494c8699b93bb178303b5a9dfaa46a67fb7c82b5315e7c6d9104a97bba9e6

Congrats @iashish.eth, you won Yoink-Ching and 69,770 MOXIE

The next deployment of Yoink-Ching will have a few tweaks. Mainly the amount deposited to yoink will be inversely proportional to the time you have to hold to win the pool. i.e yoinking for 10 MOXIE -> wait 24 hours to win, yoink for 100,000 MOXIE -> wait two minutes to yoink.

Also the prize pool will be larger ;)

exchanges are on their knees for some liquidity

Mixing being sort of a form of engineering is so interesting. Is there any cracked Dj’s who were formally more traditional engineers?

obvious but it's insane how valuable talking to customers is - not only does it clear up design decisions on tech side, but it also let's you know what they care about and how to approach messaging of your product

What’s something you really value as it relates to your coding style?

Can be anything - commit messages, testing related, coding style, etc.

@jackten is an underfollowed account 🫡

$213 now in the prize pool, who's yoinking?

since you mfs love the defi beef, I have my next target:

Ethena - one of the worst defi projects to come out of this cycle. Fundamentally a stablecoin backed on yields from a trade that does not scale will never work.

Total Stablecoin (173B)
USDT: 120B (69.3%)
USDC: 36B (20.8%)
DAI: 5B (2.3%)
USDe: 2.5B (1.4%)

Ethena is backed by a carry trade - a delta neutral strategy where you go long spot, and short perps to capture funding payments on the perps side. It's effectively an arbitrage between funding and borrow rates. Like any arbitrage, operating this trade with size slowly begins to diminish it's returns.

With only 1.4% market dominance, ethena has around 5% of BTC and ETH OI. Such positions become very hard to unwind without incuring massive slippage.

My biggest concerns:
- How does ethena handle rates flipping for long period of time?
- How quickly can ethena exit their positions in the case of a bank run?
- What happens when yields are near zero?

who wants to prove my thoughts on ethena wrong?

There’s way less beef on farcaster than twitter

Proof:
There’s no farcaster inversebrah

9 more hours and @iashish.eth wins it if no one yoinks

Favorite part about working as an engineer in crypto is the amount of constraints you have to deal with. Makes for a much more interesting design process that often leads to an innovation

I never understood why scam projects buy etherscan ad space. Surely the most vulnerable people aren't those checking blockscans

the Argentina bitcoin cabal is very very strong

If you aren't yoinking what are you doing?

you yoink for an entry into a redis db
i yoink for generational wealth
we are not the same

https://warpcast.com/sumaa/0x2769eec9

One of my old profs at NYU asked me to come teach a class about blockchain to her students this week, without a doubt said yes. It's always great to help out the people that help you

I believe it, given their chain probably IS an S3 bucket lol