DeFi, backed by data. I teach it and build https://nitter.cf/t.co/Hc7cjvlmeB. Protocol head-to-heads, where yield really comes from, on-chain reads. Less pain, more numbers 😅
Joined January 2022
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I teach DeFi and this account is where I do it in public.
Head-to-head protocol comparisons with live data, where the yield actually comes from and fast reads when something gets hacked.
DeFi, measured. 🧵
@mezzanine_fi's Hastra Optimizer is live.
Not the first to tranche Hastra PRIME... Strata already does srPRIME/jrPRIME.
But here... we now have a tranching leveraged PRIME+AUTO loop.
Mechanics, on-chain leverage and how Junior's risk differs. 🧵
Lets compare with @strata_markets srPRIME/jrPRIME.
Unlevered PRIME (~5.7/6.2%) vs Mezz leveraged (~18/38%).
Exits: senior instant / junior 0/7/14d
vs
fixed 1/2 epochs (+50% yield while exiting).
Fee 5% vs 12.5% intro / 22.5% + 0.01% wd.
DIY: leverage, no junior buffer.
Same first-loss its diferent that same risk.
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Yesterday was not just a liquidation cascade.
+-$1.26B wiped (mostly longs) + spot BTC ETFs -$430.2M on 5 Nov - 0/12 funds in inflow.
Nov 2 to 5: -$869.8M
No leverage cleared.
Spot institutions still sold.
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Congratz @phtevenstrong !
Lets try that vault
Mezzanine is finally live!
Our first vault is the @HastraFi Optimizer, with many more on the way.
Pick your side: higher yield or built-in buffer.
app.mezz.finance/vaults
Every vault tracked live by @AccountableData accountable.mezz.finance
Kamino's CEO tied his pay to KMNO's FDV.
But the question is... if @kamino grows 50x does KMNO capture any of it?
I compared it with 8 lenders and 8 tokenomics changes.
Short answer? Not today
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My math, on Kamino's own model (~0.7% of loans = revenue):
$5B lent = $35M/yr. If 50% went to holders = $17.5M = ~8% yield at today's $218M MC.
Today's share: 0%. $0 at $5B or $50B.
I thin that growth doesn't reach KMNO until a rule says it does.
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Binance's $6.3B hack wasn't a smart contract bug.
A "fake job interview" and a take-home "assignment" run on a work laptop. A deploy token on another engineer's machine.
Read their initial report. Here's what it shows and what it hides
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Still unanswered:
- which AI tool and how?
- why did a June victim still hold a deploy token?
- did the signer have caps or a quorum?
- why no alert until XRP, SOL and OP were gone?
Biggest crypto hack on record. Publish the full review.
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