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LukeYoungblood.eth 🛡️ Profile picture
@LukeYoungblood
Aug 5, 2024 • 1 tweets • 1 min read • Read on X
Yesterday, the @MoonwellDeFi protocol efficiently processed over $4m in liquidations without any downtime because it operates on Ethereum, the world computer.

Onchain finance is going to disrupt these TradFi dinosaurs because it’s clearly better in every measurable way. 🌜🦖🌛
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More from @LukeYoungblood

LukeYoungblood.eth 🛡️ Profile picture
Dec 24, 2024
Last night, a vault on @Optimism named "Moonhacker" had a vulnerability that was exploited and I'd like to explain what happened.

First, let me be clear: All funds on @MoonwellDeFi are safe and there are no vulnerabilities in the Moonwell protocol. 🧵
The @CyversAlerts team has already deleted the post above that had incorrect information. Here's what really happened:

The Moonhacker vault deployer and the actual Moonhacker are unknown to our team. The vault appears to have been developed to execute a leveraged USDC strategy.
Many individual whales and funds deploy vaults like this that integrate with Moonwell core markets and vaults. The typical strategy is to supply USDC, then borrow USDC, then supply more, in order to farm WELL and OP liquidity incentives.
Read 19 tweets
LukeYoungblood.eth 🛡️ Profile picture
Apr 27, 2024
Web3 data is broken...

I didn't quite realize how badly until just recently, but we hit some hard scaling challenges at @MoonwellDeFi as we crossed 40,000 wallets on @Base. 🌜🔵🌛

In the last 3 months, our community on Base has quadrupled. This is a great problem to have... 🧵 Image
Before our launch on Base last year, we designed a new data architecture that enabled us to show beautiful market and portfolio graphs in our app. Using GraphQL, we were able to capture daily snapshots of your positions, and show your portfolio history over time.
This worked beautifully, and was well received by our community, but we knew it was a somewhat inefficient way to do this. As we recently reached over 40,000 wallets, it was now taking several hours per day to index all of this onchain data and generate these daily snapshots.
Read 25 tweets
LukeYoungblood.eth 🛡️ Profile picture
Jun 20, 2022
The last several weeks have been challenging for crypto, web3 and DeFi, but even in the darkest of times, green shoots of life emerge.

🌱 One new blossoming ecosystem is @MoonbeamNetwork - an EVM compatible parachain on @Polkadot.

Let's explore! 🧵 (not financial advice)
@MoonbeamNetwork @Polkadot What makes @Polkadot unique? Parachains and shared security. Parachains are distinct L1 networks that can support any use case. Proof of stake validators on the L0 relay chain provide shared security to all parachains and can pass messages between them.
@MoonbeamNetwork @Polkadot In case it isn't obvious, this gives @MoonbeamNetwork and other parachains superpowers:

💌 Send messages and communicate between apps
💸 Teleport tokens and NFTs between parachains
🏦 Mint digital assets that can be used on all parachains
🚫 Reduce or eliminate bridge risk
Read 24 tweets
LukeYoungblood.eth 🛡️ Profile picture
Dec 22, 2021
I keep getting asked what web3 is. 🧵
I can send money to my family overseas without paying over 10% in fees and getting cheated by criminally convicted @WesternUnion. What's more, no corporation can deplatform me or censor the transfers of value to my family. consumer.ftc.gov/blog/2020/09/1…
I can contribute directly to open source projects without any 3rd-party, charity or not, taking a cut of my donation. In addition, a matching pool will probably enhance my contribution. gitcoin.co
Read 13 tweets

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