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Emin Gün Sirer Profile picture
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4 Jan, 7 tweets, 2 min read
Avalanche is coming to @ReefDeFi soon, enabling its users to access DeFi applications in the @avalancheavax ecosystem directly through its platform.

Reef is part of a massive trend of what’s to come in 2021: cross-chain DeFi medium.com/avalabs/reef-l…
As anyone who’s tried to use a DeFi app on Ethereum over the last few days can tell you, we’re once again seeing the limits of the underlying network buckling under immense activity.
I love the #Ethereum community, but it’s impossible to ignore that DeFi has outgrown Ethereum 1.0 in its current state. Solutions like Layer 2s have been promised, but these efforts merely shift risk into unproven, centralized tech.
It’s time for crypto users to abandon maximalism. and pursue the best opportunities and performance. It wasn’t long ago that we saw friends and peers turn on each other and burn bridges during the #Bitcoin scaling war, and I hope we’ve all learned from those scars.
2021 will be the year crypto leaps from our tight communities to the global stage, but the only way to continue that momentum beyond this year is to embrace the cross-chain future that lies ahead and go back to crypto’s roots of trusting the objective truths of math and science.
More excellent projects like Reef and infrastructure like bridges are nearing launch on Avalanche to connect these disparate ecosystems and make Avalanche a key part of the solution to today’s challenges.
I’m excited to see how rapidly DeFi grows when these tribal lines are blurred, and we all commit to excellence in product, rather than the politics crypto is meant to render obsolete.

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More from @el33th4xor

Emin Gün Sirer Profile picture
27 Dec 20
DSD, an algorithmic stablecoin, up trading around $0.39.

Here are my thoughts on why and what to expect, in the hope they may be of interest or inspiration to DeFiers.
DSD, derived from ESD, follows a fairly standard design, where the amount-in-circulation of the coin is adjusted algorithmically to maintain the peg at $1. The (simplified) idea is to mint S when price is above $1 and to withdraw S below $1, to keep the value of S pegged to $1.
There are some design choices in these coins: the period at which adjustments are done, the oracles used for the price information, their granularity, the amplitude of the adjustments, and so forth. What you want is a dampening control loop.
Read 23 tweets
Emin Gün Sirer Profile picture
25 Dec 20
Something funny happens when you get rid of all the miners, and reduce finalization time (which is many minutes) down to less than a second.

Pangolin on Avalanche is going to be superior to every AMM/DEX -- so fast no one can jump ahead, lowest fees, democratic token.
To get technical for a second, when you don't have miners or leaders or designated block producers for a given slot, Miner Extractable Value is 0.
In Ethereum today, we already see people front-running transactions. Because there's an expected 15 second from the submission of a transaction to its mining, smart people can bilk ordinary users.

medium.com/hackernoon/fro…
Read 8 tweets
Emin Gün Sirer Profile picture
1 Dec 20
We are seeing a quiet transformation in finance from manual audits to code audits, from checking the math, to checking the algorithms.
Today's code auditing firms will be the Price-Waterhouse-Coopers of tomorrow.
This transformation is going to be nothing short of amazing. Instead of checking every instance of every accounting book, we need only check the smart contracts, once.
Read 4 tweets
Emin Gün Sirer Profile picture
22 Nov 20
I can no longer keep track of all the DeFi hacks. They seen to happen at the same speed as the underlying chain.
threadreaderapp.com/thread/1330233…
A lot of the hacks happen due to bad interactions between DeFi components. For instance, a component like Uniswap/Sushi/Compound/etc think a certain routine, provided by an ERC-20, does something, but that routine ends up attacking the calling component instead.
At its core, this is a problem stemming from inability to reason about code, specifically code that implements basic functionality such as assets, wallets, multisigs, etc.
Read 10 tweets
Emin Gün Sirer Profile picture
17 Nov 20
Crypto is witnessing a watershed moment. For the first time, it is being considered an enduring, fundamentally new asset class by mainstream.

#Bitcoin is leading the rally right now, with new money coming in from funds that allocate a small percent of their holdings to crypto.
This is exactly as predicted. The Paypal announcement and the Square disclosures, for example, are clear indicators of this trend. The stage was set by the economic stimulus packages, in the US and abroad, which first went into stocks, then started looking for alternative assets.
Stocks prices currently bear little resemblance to reasonable estimates of the "future money flows from the economic activities of the underlying companies." In that sense, stocks came to approximate crypto by decoupling from fundamentals, and crypto started looking attractive.
Read 14 tweets
Emin Gün Sirer Profile picture
14 Oct 20
I cannot believe that Crypto Twitter is still hopelessly confused about "weak subjectivity."
Every now and then, a community convinces itself of a wrong thing, or worse, it adopts a mental framework that is hopelessly confused and leads to brain fog. This is one of those instances.
Remember how CT thought, for the longest time, that PoW and PoS were two consensus protocols, and that they were the two kinds of consensus protocols that existed?

threadreaderapp.com/thread/1006931…
Read 20 tweets

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