
🛟Trust only what you see onchain. @EthTaipei
Taiwan
Joined March 2015
- Tweets6.5K
- Following3.3K
- Followers865
- Likes9.9K
Pinned Tweet
👀 原來 Pendle 的 PT 不一定保本?
昨天看到 @0xlemoneth 的貼文討論到 Strata 的 jrUSDe 未來的 APY 有可能變成負的,那麽 Pendle 市場的損失是否由 PT jrUSDe 來承擔?
xitter.cf/0xlemoneth/status/1978…
去看了 Pendle 的市場頁面發現多了一個警示語區塊,提醒當底層收益變成負的導致 Watermark 利率高於底層資產和會計資產的匯率時:
➤ YT 將不會產生收益
➤ PT 在到期時的贖回資產可能會低於實際價值
昨晚和 @strata_money 的人詢問後,才發現原來 Pendle 有增加一個文件說明 IBT 的負收益風險,以下簡單說明。
docs.pendle.finance/pendle-v…
@pendle_fi 的機制主要是將生息代幣(Interest-Bearing Tokens, IBTs)拆分成本金代幣(PT)和利息代幣(YT),PT 持有者可以在到期日時贖回本金加上固定的利息(類似於零息債券),而 YT 持有者則透過槓桿的方式來累積利息的部分。
正常情況下,生息代幣的利息都是大於等於 0 的情況,但隨著各式資產的設計推出,在某些情況下 IBT 也有可能產生負收益。先來解釋以下兩個在 Pendle 上的專有名詞:
🔹Exchange Rate:生息代幣(IBT)和會計資產的匯率
🔹Watermark Rate:生息代幣(IBT)和會計資產之間最高紀錄的匯率
當 Exchange Rate 跌破 Watermark Rate 時:
⚠️ PT 在到期贖回的資產將會低於其實際價值,即可能造成本金損失
⚠️ YT 則會停止累積收益,直到 Exchange Rate 恢復到 Watermark Rate 的水準
回到 jrUSDe 這個例子,由 Pendle market page 上 Watermark Rate 的圖表顯示,目前 Watermark Rate > Exchange Rate,也就代表目前 YT 已經不再累積收益,而 PT 在到期時贖回的資產會低於帳面預期。
ENA 新協議 @strata_money 出師不利? 第一次就要賠!
根據今天打到合約的 $USDT 數量與目前質押在 $sUSDe 合約的數量來計算,下禮拜的 sUSDe 收益只有 2.25%!
而為了維持 srUSDe 的 4.75% 年化,就得從 jrUSDe 負利率來扣
目前 srUSDe的 TVL 是 jrUSDe 的 8 倍,所以為了彌補不足 Sky Saving Rate (4.75%) 這部分的 2.5% 損失,jrUSDe 就得給出 -20% 的年化!
扣掉原本的 2.25%,jrUSDe 下禮拜可能是 -17.75%。
不過有一點比較好奇,因為 jrUSDe 在 @pendle_fi 是有池子的,這樣購買 YT 的人頂多是拿不到利息,也沒辦法扣他的本金,所以這部分的本金損失應該是由 PT 來承擔?
之前玩的 pendle 好像都沒有遇過這部分,所以不太清楚這裡怎麼計算
另外,由於 sUSDe 達到近期新低,所以基本上各種循環貸都要開始賠錢,尤其是之前和 @aave 的活動導致大量循環貸,雖然已經退出不少,但留在裡面的量體也還是很多,這部分倒是可以觀察一下會不會導致負溢價越來越嚴重。
目前 $sUSDe 的負溢價已經是 -0.3%,花 7 天解鎖年化已經達到 16%,如果繼續上升,又相信 Ethena USDe 的穩定性,那可以簡單當作七天高息短期定存來用
照目前的情況看來,最勝利的還是放在 @binance 裡面吃固定 12% 的人?
雖然 10/11 跌到 0.65 導致爆倉,但根據我身邊有玩的人回報,這部分的損失都已經收到賠償,現在利息只有 2% 但他們還可以繼續吃 12% 的年化收益。
另一方面來看,這模式等於交易所用戶吸血鏈上協議用戶,這也和最近各個項目的 TGE 類似,為了給 Binance Alpha 或是其他交易所做活動,導致項目方送出大量籌碼,這部分就只能從自己協議的用戶上扣,所以刷交互參與項目的使用者都不滿,但對交易所用戶來說卻是日常的一次『大毛』,上一個應該是 @falconfinance ?
不過好在幣安的活動只剩下一個禮拜,再加上 sUSDe 一個禮拜的獎勵延遲,等到 10 月底利率應該就能回穩一點(至少可以和國債利率差不多 吧)
andylinee.eth retweeted
This is f*king insane. SpaceXAI engineer, Lauren Tan:
"GrokBot is the most powerful agentic tool we have ever shipped, but only 1% of users use it correctly
at SpaceXAI, I'm running a team of 15+ GrokBot agents. I have a Chief of Staff agent, 3 managers and 11 workers - that's the new engineering setup in 2026"
In a 1-hour talk, a SpaceXAI engineer reveals how to get 100% of every agentic tool you are using
worth more than a $100 agentic course on the internet
skip Netflix and watch today, it will change the way you use GrokBot forever, then read the article below
The most iconic trades of past cycles came from huge inefficiencies across markets. Any trader would go back in time for them, but those premiums are long gone.
The same opportunity lives on in perp funding rates, tradable now on our new Spread Markets.
andylinee.eth retweeted
I don't recommend anyone scramble to move their funds to new wallets today. But we should take the risks to cryptography from AI-accelerated math seriously, and minimize our exposure to not just quantum-vulnerable cryptography, but also potentially AI-vulnerable cryptography.
The core new area of risk from this viewpoint is, unfortunately, ML-DSA / FHE / lattices.
(and it's also another reason, along with quantum, why ECDSA might fall even faster than expected, hence the "fresh address" recommendation)
So far most people have been in the mode of thinking "elliptic curves broken, hashes safe, lattices safe". But there is a good chance that the concrete security of lattices will take serious hits from the next two years of AI math.
The basic threat model is: factoring is something that naively takes 2^(n/2) time, but over decades smart people have found and optimized number field sieves, and degraded that to 2^O(n^(1/3)), which is why RSA keys and signatures need to be ~400 bytes (and not 64 bytes). What if there are skeletons in the closet like that, both for elliptic curves and lattices, that we are simply not smart enough to discover - but bots soon will be?
This is a major part of the reason why for the past year ethereum's lean roadmap has been going in the "hash-only" direction: no lattices, no ML-DSA, no Falcon, no lattice-based commitments inside ZK proofs, etc. Signatures in lean ethereum are all hash-based, either WOTS or SPHINCS-.
For signatures and proofs, we already know how to go hash-only. The bigger challenge is for *public-key encryption* - and this goes far beyond blockchains. Secure communication, anonymizing protocols, lots of things need public-key encryption.
And unfortunately there are long-standing mathematical theorems showing why public-key encryption cannot be done with hashes alone. You have to have some kind of trapdoor object that has at least one form of usable "structure" - either group theory (incl. isogenies) or lattices or code-based or potentially in the future even more newfangled and spooky things (local mixing?). But for anything that has structure, you should assume that AI will make at least some progress in breaking that structure. Here, one reasonable inference is that if you want to make something plausibly long-term secure, multiply the key sizes by 10.
To me that's a very plausible world and something not at all extreme to predict. If AI will bring us 50 years of math in 2 years, then that 50 years of math may very plausibly include a "naive factoring -> GNFS" level of improvement to our ability to break lattices. In that world, lattices will still exist, but they will have to be significantly bigger to guarantee the same level of safety.
And at those new larger sizes, hash-based constructions will beat lattice-based constructions on concrete efficiency in every use case where hash-based constructions are possible at all.
Theoretically, of course it's possible that hashes are broken too (eg. P = NP would imply that). But I think P = NP is very unlikely. And intuitively, it's much more likely that a mathematical object has exactly no exploitable structure (like hashes are intended to), than that a mathematical object has exactly ~3 forms of exploitable structure (for elliptic curves: associativity, Schoof, pairings) and not some secret fourth form of structure we have not yet discovered that greatly degrades its security (for elliptic curves, ECDLP and pairing security). Similar for LWE, SVP, RLWE and the zoo of lattice problems.
For this reason, we do not yet see any reason to worry and start padding the byte size of hashes (if we start to worry more, we would pad the round count first before doing anything to the byte size).
Concrete TLDR, my own personal views:
* Hash-based > lattice-based, in those situations where hash-based is possible at all
* For anything lattice-based, be much more paranoid on param sizes. Remember that blockchains are only a small portion of the cryptography story; this point goes far beyond blockchains and applies to eg. access to websites, secure messaging, Tor / VPNs ...
* For privacy protocols, strongly favor NOT putting encrypted notes onchain. Instead, send them offchain through some third-party mechanism.
* If it's not difficult for you, keeping your funds in addresses which have not yet been used to make a transaction is a good idea. If it's easy for you, do it. **But be careful about migrations; I personally have lost more money in botched migrations than I have lost in all hacks combined**.
* For multisig wallets, doing confirmations offchain is better than onchain, because this way the signatures of signer wallets do not get exposed to the public, so if ECDSA falls to AI much faster than expected, at least the multisig "gracefully degrades" to a 1-of-1 where the 1 is whoever was gathering the signatures - a much better place to be than "anyone can take the money"
firefly.social/post/x/210783…
andylinee.eth retweeted
Today I call upon the blockchain industry to calmly begin planning for "bunker mode". My personal recommendation is to set in motion a controlled mass migration of assets to fresh addresses, i.e. addresses whose pubkeys remain hidden behind a hash.
Holders, starting with large and sophisticated ones, should consider moving the bulk of their funds to addresses that have never signed a transaction. And when they do sign one, they should also move remaining funds to a new address (possibly generated from the same seed phrase).
Don't rush. While I believe there is cause for action a rushed migration would do more harm than good. Don't panic either. Moving assets to protected addresses is a simple, preventative step which does not require new cryptography or new wallets.
IMO it is now reasonable to brace for the possibility that ECDSA breaks before qday, in the worst case in months not years. By "break" I mean fast private key recovery (e.g. in one week) on available hardware (e.g. a large GPU cluster).
Recent days have been humbling for human mathematical intuition. Long-held, unquestioned hypotheses have fallen. This includes the n log(n) bound for integer multiplication and the 3SUM conjecture. In hindsight, May's unexpected disproof of the Erdős unit distance conjecture was our warning shot.
Yesterday's OpenAI drop made it clear that mathematical superintelligence is upon us. They say there are weeks where decades happen. We are about to live through weeks where centuries of mathematical progress happen. Could our magic 64-byte ECDSA signatures be too good to be true? Was it just security through obscurity all this time?
Elliptic curves feel especially vulnerable to superintelligence. Curves carry rich structure, with room for fancy tricks like Schoof, Frobenius, pairings. (By contrast, hashes are designed to minimise algebraic structure.)
Separately, as Ewin Tang can attest, an efficient quantum algorithm sometimes foreshadows an efficient classical one. We should be open to the possibility of a classical counterpart to Shor that breaks elliptic curves and RSA at once.
Also noteworthy is the striking under-representation of cryptographic breakthroughs among the 722 mathematical results OpenAI published. I've witnessed first-hand the US government censoring academic quantum cryptanalysis results. Backroom interventionism is my base case.
I urge large, sophisticated actors to lead by example. Project11's "risq list" (bitcoin-risq-list.projecteleven[.]com) is a great tracker of exposed BTC pubkeys. Binance, Bitbank, Robinhood, Bitfinex, and Tether have an opportunity to harden their cold storage. Next month I'll address institutions in London in a live Q&A (forum.ethereuminstitutional[.]org/london-2026).
Again, please do not rush. Wallets holding under 50 BTC enjoy partial cover from "Satoshi's shield", i.e. his 20K exposed addresses that hold 50 BTC each. Load-bearing signers like oracles and L2 security councils should consider rotating ECDSA pubkeys with every signed message and/or multi-signing with a hash-based schemes like SPHINCS.
Exiting bunker mode safely will require post-AI cryptography. My inclination is to go all-in on hash-based cryptography and avoid structured mathematical assumptions entirely, whether from curves, lattices, or isogenies. A single battle-tested hash (e.g. from the SHA or BLAKE families) yields plausible post-AI security.
The Ethereum roadmap on strawmap[.]org fully embraces hash-based cryptography with end-to-end formal verification as a response to the quantum threat. Those timelines must now be revisited and accelerated in light of mathematical superintelligence. I'll be pushing for maximum defensive acceleration.
andylinee.eth retweeted
Today the EF and OA announce zkAPI—a new means for private AI
Picture this: deposit ether into a vault, sign a zk proof, get a fixed amount of private inference. Advances like these help us move past middlemen's requirements that we link our data and identities.
Read more below
Quick updates on the Open Anonymity project (@OpenAnonProject)!
1. OA-chat is live! You can now signup: chat.openanonymity.ai
2. We collaborated with @ethereumfndn (@VitalikButerin, @DavideCrapis, @VittoStack, @curryrasul) to develop zkAPI, a new zero-knowledge protocol for accessing gated / paid APIs with unlinkability. It’s like a generalization of OA unlinkable inference that also abstracts payments away. Now also available on OA-chat!
I'm excited because more infrastructure should exist where privacy and sovereignty is foundational and people are in control.
andylinee.eth retweeted
Hood Summit Day 2 總結 🎯
主軸:AI 交易是關鍵,股票私募市場也將是重心 💰
HOOD Summit
1️⃣ 代理交易三層:Trading MCP 是外部 AI 接口。Legend 是進階交易台,第三方 Agent 可直接運作。Loops 能夠幫助用戶按條件重複下單,執行 24 小時的交易,尚未上線
2️⃣ 美區 Perps 走 Bitstamp 全球流動性池,未來數月才上。合規部分先上 Bitstamp,不代表撇除和 Lighter 未來在鏈上市場的合作關係,將低 $LIT 利空疑慮。
3️⃣ Robinhood chain 生態更多討論不在主舞台,而在 Vlad × Andy 的場外訪談
======
@therollupco Andy @andyyy 訪談重點
1. 鏈上量是口頭數字。過去幾天 Robinhood Chain 永續約 $10 億,DEX 現貨另約 $10 億。這是主舞台沒提及的
2. 開發者口徑。鏈上線約兩到三個月(主網 7/1 時上線),Vlad 稱當前 Robinhood Chain 為開發者活躍度第一,費用壓低。沒點名對手,也沒發路線圖
3. 代幣化規模,不是上架日。股票代幣現約 200 檔、目標數千,優先非美用戶。私募走 Robinhood Ventures 承銷、幫未上市公司規劃 IPO
持續關注 @robinhoodeco_zh 帶給你最完整的 Robinhood Chain 生態解析, 一起跟我們淘金!🎯💰
交流群 Telegram 連結:t.me/robinhood_chain_zh
andylinee.eth retweeted
Introducing PancakeSwap’s Pre-Access Portal
→ Tokenized, indirect exposure to private companies before they go public
→ Fully onchain, self-custodial
→ Accessible via @BinanceWallet
First project reveal coming soon 🍽️
More details: blog.pancakeswap.finance/art…
🤖 Made with AI
andylinee.eth retweeted
Introducing Pre-Access campaigns, hosted by @PancakeSwap. 🧵
Get indirect exposure to popular companies before they potentially go public.
Available through Binance Wallet.
First project revealed soon.
FAQ: binance.com/en/support/faq/d…
Keep reading 👇
andylinee.eth retweeted
Dividend benefits for Stock Tokens are getting an upgrade.
Dividend benefits are now applied automatically on the ex-dividend date instead of weeks later on payment day.
That means more immediate stock-equivalent economics from day one, no dividend dilution after the ex-date, and tighter pricing.
Already live across most Stock Tokens, with more to come 🔥
尽量减少在手机上做交易。
除了大家知道的“更容易随心所欲”以外,
还有个更关键问题:
屏幕小视野小,更容易执迷于当下。
以大家在手机上最常看的日K线为例,
日K线一屏的范围上限是3~6个月,
像盲人摸象,上下文严重不足,
像身在此山中,不知庐山真面目。
⬇️图中,
左边是BTC 2022年底,右边是2026现在。
如果不看右侧价格坐标轴上,
小数字20k和80k的区别,
看K线时几乎傻傻分不清。
如果一屏看不到足够的走势上下文,
缺乏“低有多低,高有多高”的参照,
就会导致思维被局限在当下的得失中:
“现在已经很低了”
“现在已经很高了”
是这种上下文不足情况下,最常见幻觉。
当然,你可以左右拖动、切换周期,
但伴随的是思路的反复断裂,
需要你拼接思维碎片,加剧忙乱,
这进一步缩小了你的注意力窗口。
即使是14寸笔记本电脑,
都能一屏内看到3~6年的日K线。
关键不是说“看得越多越好”,
而是让你:
“更不容易忘记究竟身处哪里”。
从这个角度上讲,iPhone Duo
可能是能帮你,少亏一点、Duo赚一点?
HOW TO TRACE STOLEN CRYPTO
Blockchain forensics is the practice of following funds across public ledgers until a wallet has a name attached.
Our research team wrote a guide on the methods investigators use, and how they were applied to the LuBian theft. Check it out below:
info.arkm.com/research/block…
andylinee.eth retweeted
Skill issue, don't route to bad hooks
We're happy to help teams struggling with this problem. Or they could waste their time on dumb posts... v4 hooks have unlocked huge amounts of innovation
visit developers.uniswap.org if you want an api that:
- has best prices on the markets
- avoids malicious hooks
- routes to all uniswap liquidity with no added fees
- crosschain swaps
- is now a full aggregator, integrating external liquidity with aggregator hooks





































