𝐬𝐜🍥tt 𝐋🌾 Profile picture
working @defipulse, @ethgasstation, @concourseopen @SlingshotCrypto cofounder, mechanism design 1 Cryptopunk = 1 Cryptopunk
26 Nov
it does not seem like the big compound liquidation was an oracle problem.

the market price of DAI was $1.30 in a real market with real trading.

it is not even clear if it was manipulation. panic buying DAI to prevent a CDP liquidation as ETH fell is completely pluasible./
it seems like there are design improvements in the liquidation rules that could be made. for instance, a longer lookback period could have prevented a liquidation, given that this market activity happened:
but i think the answer is small iterations on the design, perhaps adding other sources, more reliance on defi native pricing sources, where composability eliminates arbitrage ineffiencies from withdrawal/deposit delays./
Read 7 tweets
18 Oct
i dont really have the time (or coding skills) to do this.... so i'll just describe the issue (having reread the docs for a second time just moments ago).

It's kinda simple. Circles is not 1 currenc, but a galaxy of many currencies, each currency associated with a person 1/
ok. great. but why is that important?

because it means that Circles currencies have all the same rules as of every other currency ever created.

Circles are pegged 1:1 vs each other:
But here is where it gets tricky. All currencies in Circles 1) have fixed supplies and 2) are not *actually* of the same value. The graphic on the splash page hints at this, but i think they mean "more valuable [because you can spend it more places]."

Read 6 tweets
21 Jul
At @defipulse, we will be formalizing a long informal rule as we continue to refine Total Value Locked(USD) to reflect the realities of the DeFi ecosystem. No one knows what DeFi will eventually look like, and as the ecosystem matures, Total Value Locked will mature with it./
Total Value Locked (USD) includes the value of tokens that are providing utility to protocol users and will continue to exclude the value of tokens staked to unlock a privilege within the protocol, like governance participation or rewards./
When we launched @defipulse staking rewards and governance locked were not yet features within our ranked protocols, so there was no need to address these edge cases.

We feel this decision best maintains Total Value Locked's focus on users and their decisions to trust DeFi./
Read 5 tweets