IanGPT Summary of "Synthetix, A New Hope"
by kain.eth
• The post begins by discussing the challenges that protocols face when deploying multichain and achieving shared liquidity across deployments.
• Due to market and infrastructure limitations, this is not ideal to implement, resulting in fragmented liquidity, leading to a proposal of 3 options:
1. Deploy a fork of Synthetix on every chain.
2. Implement a unified cross-chain protocol where state changes must be pushed to all chains.
3. Deploy an independent instance on each new chain and minimize cross-chain messaging and liquidity fragmentation by leveraging non-SNX collateral.
Focusing on the 3rd Option:
• kain.eth suggests an experiment where Synthetix could deploy perps to Base and enable ETH as the sole collateral. This would reduce the risk of diverting SNX liquidity from Optimism.
• This stems from the challenge that SNX liquidity might not be sufficient to meet demand across all networks. Using ETH as collateral on a new chain like Base could be a way to test whether there's enough demand without fragmenting the limited SNX liquidity.
• If the experiment on Base with ETH collateral works, fees generated on the new network could be used to buy back and burn SNX, thus benefiting SNX liquidity providers (LPs).
• This opens the door for Synthetix to expand to other chains like Arbitrum and Polygon. It also raises the possibility of allowing ETH collateral on Optimism if it turns out that SNX liquidity is constraining trading.
• On the other extreme — if demand for liquidity backed by ETH is much higher than demand for SNX-backed liquidity, a move to its own appchain in the Optimism Superchain might be on the cards to avoid redundancy of the SNX token. This allows for SNX to retain utility such as leveraged sUSD loan on SNX and to form the backend of all protocol governance.
Read the full post here.
$SNX climbed ~15% after the post was published.
by kain.eth
• The post begins by discussing the challenges that protocols face when deploying multichain and achieving shared liquidity across deployments.
• Due to market and infrastructure limitations, this is not ideal to implement, resulting in fragmented liquidity, leading to a proposal of 3 options:
1. Deploy a fork of Synthetix on every chain.
2. Implement a unified cross-chain protocol where state changes must be pushed to all chains.
3. Deploy an independent instance on each new chain and minimize cross-chain messaging and liquidity fragmentation by leveraging non-SNX collateral.
Focusing on the 3rd Option:
• kain.eth suggests an experiment where Synthetix could deploy perps to Base and enable ETH as the sole collateral. This would reduce the risk of diverting SNX liquidity from Optimism.
• This stems from the challenge that SNX liquidity might not be sufficient to meet demand across all networks. Using ETH as collateral on a new chain like Base could be a way to test whether there's enough demand without fragmenting the limited SNX liquidity.
• If the experiment on Base with ETH collateral works, fees generated on the new network could be used to buy back and burn SNX, thus benefiting SNX liquidity providers (LPs).
• This opens the door for Synthetix to expand to other chains like Arbitrum and Polygon. It also raises the possibility of allowing ETH collateral on Optimism if it turns out that SNX liquidity is constraining trading.
• On the other extreme — if demand for liquidity backed by ETH is much higher than demand for SNX-backed liquidity, a move to its own appchain in the Optimism Superchain might be on the cards to avoid redundancy of the SNX token. This allows for SNX to retain utility such as leveraged sUSD loan on SNX and to form the backend of all protocol governance.
Read the full post here.
$SNX climbed ~15% after the post was published.
mirror.xyz
Synthetix, A New Hope
With Synthetix V3 now "live," it is a perfect time to question past assumptions to ensure the community is aligned on the long-term vision. This post will focus on the SNX token and its role in the ecosystem.
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An Arc Boost that goes through the tedious process of reporting scams on twitter for you.
https://x.com/bantg/status/1699364366678687855
*an Arc Boost is a browser extension for the Arc browser
Ref link for Arc
https://x.com/bantg/status/1699364366678687855
*an Arc Boost is a browser extension for the Arc browser
Ref link for Arc
X (formerly Twitter)
banteg on X
🚨 today we are cancelling the apocalypse
i made an arc boost that would go though the tedious process of reporting scam for you.
https://t.co/4aNaJpHGON
i made an arc boost that would go though the tedious process of reporting scam for you.
https://t.co/4aNaJpHGON
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Banana Gun Presale Round 1
• Friday, 8 September, 17:00 UTC
Source
*not an endorsement. i have zero exposure and i do not intend to participate
• Friday, 8 September, 17:00 UTC
Source
*not an endorsement. i have zero exposure and i do not intend to participate
[IanGPT] Blockchain Privacy and Regulatory Compliance
thread by Ameen Soleimani
• The thread explores a paper by Vitalik Buterin, Jacob Illum, Mathias Nadler, Fabian Schar, and Ameen Soleimani, that discusses the use of Privacy Pools (PP) as a solution to a critical challenge of Tornado Cash: users are unable to prove that they aren't associated with illicit funds without revealing their entire transaction history.
• PP allows users to publish zk proofs that prove that their withdrawal originated from a curated "association set" that excludes known illicit deposits. Association sets specified by the user could range from the full subset of previously made deposits, a set consisting only of the user's own deposit, or anything in between.
• Here's an illustration by Messari that describes the above.
• A consortium of banks could create an association set that only includes customer deposits. thus, any withdrawal creating a proof against this set can be trusted to have gone through KYC and AML procedures at one of the participating banks without revealing which txn belongs to which user.
• Users can still comply with requests to provide proof against an association set that only includes the user's deposit, which can be exchanged with a trusted intermediary, allowing the user to comply with regulations without publicly doxing their information or revealing their complete txn history if unnecessary to do so.
• In short, users can prove regulatory compliance whilst maintaining privacy. PP can thus serve as a neutral privacy infrastructure for bringing public blockchains under regulatory compliance, whilst maintaining censorship resistance.
• This development & research provides a great foundation for policy discussions with regulators.
Links:
- Full Academic Paper
- Video Demo
thread by Ameen Soleimani
• The thread explores a paper by Vitalik Buterin, Jacob Illum, Mathias Nadler, Fabian Schar, and Ameen Soleimani, that discusses the use of Privacy Pools (PP) as a solution to a critical challenge of Tornado Cash: users are unable to prove that they aren't associated with illicit funds without revealing their entire transaction history.
• PP allows users to publish zk proofs that prove that their withdrawal originated from a curated "association set" that excludes known illicit deposits. Association sets specified by the user could range from the full subset of previously made deposits, a set consisting only of the user's own deposit, or anything in between.
• Here's an illustration by Messari that describes the above.
• A consortium of banks could create an association set that only includes customer deposits. thus, any withdrawal creating a proof against this set can be trusted to have gone through KYC and AML procedures at one of the participating banks without revealing which txn belongs to which user.
• Users can still comply with requests to provide proof against an association set that only includes the user's deposit, which can be exchanged with a trusted intermediary, allowing the user to comply with regulations without publicly doxing their information or revealing their complete txn history if unnecessary to do so.
• In short, users can prove regulatory compliance whilst maintaining privacy. PP can thus serve as a neutral privacy infrastructure for bringing public blockchains under regulatory compliance, whilst maintaining censorship resistance.
• This development & research provides a great foundation for policy discussions with regulators.
Links:
- Full Academic Paper
- Video Demo
Hyperliquid launches pre-launch perps for Layer Zero (ZRO)
- up to 3x leverage isolated margin
- currently trading at ~$4.6b FDV
https://x.com/hyperliquidx/status/1699607703281394036
Ref Link
- up to 3x leverage isolated margin
- currently trading at ~$4.6b FDV
https://x.com/hyperliquidx/status/1699607703281394036
Ref Link
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[IanGPT] The Solana DeFi Comeback
by FA2
Q3 Key Highlights:
• TVL Growth: TVL in Solana's DeFi increased by 21%, from $2.68B to $3.27B.
• Daily Active Wallets: Consistent engagement with 230K-350K daily active wallets.
• Trading Volumes: Ranged between $15M and $162M, excluding major players like Zeta Markets and Phoenix.
Notable Events:
• MakerDAO NewChain Announcement: To use Solana's Virtual Machine (SVM).
• Media Coverage: CNBC favored Solana over Bitcoin Cash and Litecoin.
• Maple Finance: Returned to the Solana ecosystem.
• EuroeMoney: Made a splashy entrance into Solana.
Protocol Developments:
• Zeta Markets: New V2 upgrade and USDC margined perpetual trading.
• Drift: 50% increase in TVL and MetaMask integration planned.
• Cypher: Focusing on security after a vulnerability, planning an IDO.
LSDs:
• Sanctum: Built a reserve of over 200,000 SOL, NFT partnerships in talks.
• Marinade: TVL reached $146.01M, new incentives planned for Q4.
• JitoSol: 100% increase in TVL, exploring new token launch.
• SolBlaze: 10x increase in TVL, launched new native token $BLZE.
Lending & Borrowing:
• MarginFi: 10x growth in TVL to $23.82M; plans for a stableswap platform and stablecoin in Q4.
• Solend: 50% increase in TVL to $54.23M; introducing support for LSTs and RWA-based pools in Q4.
• Kamino Finance: Over $1 billion in trading volume & $1.25 million in fees for depositors; Kamino 2.0 with additional features slated for Q4.
Q4 Outlook:
• Bullish, with various incentives and improved user experience expected to drive growth.
Source
If you enjoy these IanGPT summaries, let me know by reacting to this post! 🫡
by FA2
Q3 Key Highlights:
• TVL Growth: TVL in Solana's DeFi increased by 21%, from $2.68B to $3.27B.
• Daily Active Wallets: Consistent engagement with 230K-350K daily active wallets.
• Trading Volumes: Ranged between $15M and $162M, excluding major players like Zeta Markets and Phoenix.
Notable Events:
• MakerDAO NewChain Announcement: To use Solana's Virtual Machine (SVM).
• Media Coverage: CNBC favored Solana over Bitcoin Cash and Litecoin.
• Maple Finance: Returned to the Solana ecosystem.
• EuroeMoney: Made a splashy entrance into Solana.
Protocol Developments:
• Zeta Markets: New V2 upgrade and USDC margined perpetual trading.
• Drift: 50% increase in TVL and MetaMask integration planned.
• Cypher: Focusing on security after a vulnerability, planning an IDO.
LSDs:
• Sanctum: Built a reserve of over 200,000 SOL, NFT partnerships in talks.
• Marinade: TVL reached $146.01M, new incentives planned for Q4.
• JitoSol: 100% increase in TVL, exploring new token launch.
• SolBlaze: 10x increase in TVL, launched new native token $BLZE.
Lending & Borrowing:
• MarginFi: 10x growth in TVL to $23.82M; plans for a stableswap platform and stablecoin in Q4.
• Solend: 50% increase in TVL to $54.23M; introducing support for LSTs and RWA-based pools in Q4.
• Kamino Finance: Over $1 billion in trading volume & $1.25 million in fees for depositors; Kamino 2.0 with additional features slated for Q4.
Q4 Outlook:
• Bullish, with various incentives and improved user experience expected to drive growth.
Source
If you enjoy these IanGPT summaries, let me know by reacting to this post! 🫡
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[IanGPT] Information on Grab SG's Web3 Feature
• No official announcements yet from what I can see. Did some digging and Grab (SG) recently added ToS for their Web3 Wallet (7th Sep 2023) which provides more detail as below.
• The Web3 Wallet allows users to "store, send, receive, transfer, track, and manage digital assets and tokens...created on a blockchain".
• Each wallet is a multisig secured by four private key shares distributed to Company (1), Third Party Partner (1), and the User (1 wallet pin & 1 set of secret recovery phrases in the form of Q&As)
• 3/4 Keys are required in order to send, transfer, or receive supported tokens — this means that neither the company nor the third party will be able to collude to control the user's wallet or assets, but they can limit the user & its services as below...
• Grab reserves the rights to limit, restrict, or impose other conditions to users' access to and use of the wallet, such as to:
— impose and change deposit, withdrawal, storage, or transfer limits of the Web3 Wallet
— change, suspend, or discontinue any aspect of the Web3 service without notice or liability
— delay, suspend, or reject any txn if suspected of fraud or misconduct
— block certain blockchain addresses in its sole discretion if determined to be associated with illegal activity
— report and take action against any user linked to blocked addresses
• Users may be required to go through KYC and AML processes.
• Users shall be subject to all prevailing tax regulations, and their Web3 Wallet and transactions may be forwarded to both local (SG) and overseas tax authorities upon request.
• No indication as to which blockchains or assets will be supported.
Source
[@iansintel]
• No official announcements yet from what I can see. Did some digging and Grab (SG) recently added ToS for their Web3 Wallet (7th Sep 2023) which provides more detail as below.
• The Web3 Wallet allows users to "store, send, receive, transfer, track, and manage digital assets and tokens...created on a blockchain".
• Each wallet is a multisig secured by four private key shares distributed to Company (1), Third Party Partner (1), and the User (1 wallet pin & 1 set of secret recovery phrases in the form of Q&As)
• 3/4 Keys are required in order to send, transfer, or receive supported tokens — this means that neither the company nor the third party will be able to collude to control the user's wallet or assets, but they can limit the user & its services as below...
• Grab reserves the rights to limit, restrict, or impose other conditions to users' access to and use of the wallet, such as to:
— impose and change deposit, withdrawal, storage, or transfer limits of the Web3 Wallet
— change, suspend, or discontinue any aspect of the Web3 service without notice or liability
— delay, suspend, or reject any txn if suspected of fraud or misconduct
— block certain blockchain addresses in its sole discretion if determined to be associated with illegal activity
— report and take action against any user linked to blocked addresses
• Users may be required to go through KYC and AML processes.
• Users shall be subject to all prevailing tax regulations, and their Web3 Wallet and transactions may be forwarded to both local (SG) and overseas tax authorities upon request.
• No indication as to which blockchains or assets will be supported.
Source
[@iansintel]
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Coinbase and Aave Form Coalition to Promote Tokenized Assets
• Members include Aave, Centrifuge, Circle, Coinbase, Credix, Goldfinch, and Base
Links
News Article
Press Release
TAC Site
• Members include Aave, Centrifuge, Circle, Coinbase, Credix, Goldfinch, and Base
Links
News Article
Press Release
TAC Site
thedefiant.io
Coinbase and Aave Form Coalition to Promote Tokenized Assets
Members Include Circle, Centrifuge and Goldfinch
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[Ian GPT] CFTC fines Opyn, 0x Protocol, and Deridex for offering "illegal derivatives trading”
• Opyn, 0x, and Deridex to pay fines of $250k, $200k, and $100k respectively after cooperating and receiving reduced charges.
• “Deridex and Opyn are charged with failing to register as a swap execution facility (SEF) or designated contract market (DCM), and failing to register as a futures commission merchant (FCM)”.
• Opyn also failed to adopt a customer identification program (KYC) as part of a Bank Secrecy Act compliance program, as required of FCMs.
• The order clearly states that geoblocking users is not enough of a measure.
• “0x Protocol, Opyn and Deridex are also charged with illegally offering leveraged and margined retail commodity transactions in digital assets”.
• In the case of 0x & Matcha, they were at fault for allowing users to trade tokens “developed and issued by a third party unaffiliated with 0x that provided traders approximately 2:1 leveraged exposure to digital assets such as ether and bitcoin”.
• Statement from 0x Protocol & Matcha that both continue to “operate with no problem”.
• No statement from Opyn yet.
• Deridex shutdown on 9 Feb, 2023
CFTC Press Release
• Opyn, 0x, and Deridex to pay fines of $250k, $200k, and $100k respectively after cooperating and receiving reduced charges.
• “Deridex and Opyn are charged with failing to register as a swap execution facility (SEF) or designated contract market (DCM), and failing to register as a futures commission merchant (FCM)”.
• Opyn also failed to adopt a customer identification program (KYC) as part of a Bank Secrecy Act compliance program, as required of FCMs.
• The order clearly states that geoblocking users is not enough of a measure.
• “0x Protocol, Opyn and Deridex are also charged with illegally offering leveraged and margined retail commodity transactions in digital assets”.
• In the case of 0x & Matcha, they were at fault for allowing users to trade tokens “developed and issued by a third party unaffiliated with 0x that provided traders approximately 2:1 leveraged exposure to digital assets such as ether and bitcoin”.
• Statement from 0x Protocol & Matcha that both continue to “operate with no problem”.
• No statement from Opyn yet.
• Deridex shutdown on 9 Feb, 2023
CFTC Press Release
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Forwarded from Wu Blockchain News
Slowmist: Crypto professionals please update your Apple products. The Pegasus group is using iMessage accounts to send PassKit attachments of malicious images to victims to trigger attacks. The exploit chain has now been made public. Apple has urgently released an update patch. — link
Banana Gun Token Launch Details
- $BANANA will have a circulating supply of 2.4M at launch, with a B/S tax of 4%/4%
- Liquidity will be seeded for a $1.56M starting market cap at a price of $0.65 at launch (presale price)
- BANANA-USD Perps market on Aevo trading at ~$7
- With total supply of 10M tokens, market is valuing $BANANA at $70M FDV
- Token will launch "early next week".
Aevo Ref Link
Tokenomics
- $BANANA will have a circulating supply of 2.4M at launch, with a B/S tax of 4%/4%
- Liquidity will be seeded for a $1.56M starting market cap at a price of $0.65 at launch (presale price)
- BANANA-USD Perps market on Aevo trading at ~$7
- With total supply of 10M tokens, market is valuing $BANANA at $70M FDV
- Token will launch "early next week".
Aevo Ref Link
Tokenomics
Vitalik’s Twitter Account Hacked
- attacker managed to steal ~$700k from users who clicked on the phishing link
- account access has been restored
https://x.com/officer_cia/status/1700663821558325464
*edit: $700k, not $700m
- attacker managed to steal ~$700k from users who clicked on the phishing link
- account access has been restored
https://x.com/officer_cia/status/1700663821558325464
*edit: $700k, not $700m