builder of ethereum data tools, smart contracts, defi systems.
Joined April 2021
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wavey retweeted
YFI stakers, may i have your attention please
vaults + curation merge into one team, vaultsNG, at half the cost, building new revenue with yTranche, Flex, and more
long road ahead, but i couldnt be more excited
read the BR, share your feedback, join the effort
together we can MYGA 💙
🫡
@yearnfi lost a great one today. thank you schlag for your service, and all you've built at yearn. grateful for the chance to work alongside you.
After almost 5 years this is officially my last week at @yearnfi .
Early Yearn vaults were some of the first DeFi products I ever used, and what really made the whole thing click for me.
When I wandered into the YFI Boarding School Telegram group five years ago as a self-taught coder with zero relevant experience, nobody cared who I was or where I came from. All that mattered was the strategy I had to submit.
My life was forever changed because a few random cartoon animals in a telegram group cared more about the quality of the code I wrote than the credentials I had.
Countless projects have come and gone over the years, but Yearn has been one of the few to stand the test of time.
And while I'm moving on and much of DeFi has changed, I believe Yearn remains one of the few places in the world where anyone with an idea and the will to contribute can still walk in and do the same.
wavey retweeted
In collaboration with @CurveFinance, we’re launching our asset review series with @3janexyz’s USD3.
USD3 is a yield-bearing USDC vault token backed mainly by offchain business and consumer loans, with junior sUSD3 taking losses first in exchange for higher yield...
wavey retweeted
kept going: built a cross-client test harness, drafted a trace_* spec, and even prototyped support in geth.
now working with client teams to agree on shared behavior. if you maintain tracing code in ethereum execution client, come help:
github.com/banteg/trace-inte…
wavey retweeted
I'm bullish on @yieldbasis $YB but maybe you're not.
Have a veYB lock that you wish you could unlock early? Atomically swap back to unlocked YB using @yearnfi or @StakeDAOHQ wrappers.
See the best rates, perform the needed set up txs, and swap at yb.llamippo.com/
wavey retweeted
Aave is deprecating ~96 asset reserves and winding down six entire deployments - Sonic, Scroll, zkSync, Metis, Soneium and Aptos. $98.1M of supply, $15.6M of debt, retired in one coordinated action.
Why it matters:
Operational load doesn't scale with size. Cutting that surface hardens Aave, making its risk exposure more focused and intentional. We will be uniformly applying the Aave Risk Framework to enforce and maintain the highest standards in the industry. This will be done in accordance with our continuous risk assessment for all assets across all deployments.
Furthermore, this move helps create a launchpad for V4. The hub-and-spoke model is a structural shift in risk isolation: exposure is contained at the spoke rather than pooled across the protocol, so a listing no longer imposes its risk on everything beside it. That changes what Aave can underwrite: more issuers, more asset categories, RWAs and tokenized equities among them, without expanding the shared risk surface.
my fun weekend project involved modifying the Reth client
i added a custom rpc that improved specialized tracing performance for SlotScan (my contract storage visualizer) by 16x
see how quickly it can now analyze a txn with many complex storage updates:
slotscan.info/1/tx/0xf7c2160…
wavey retweeted
yearn vesting escrow 0.4 is out and deployed on ethereum
the main addition is erc-4626 vault vesting. the escrow holds vault shares, but the vesting schedule is denominated in underlying assets. principal goes to the recipient, while yield goes to another address.
when the vault earns, excess shares become claimable yield. when it loses, outstanding principal shares the loss proportionally.
the roles are better separated:
- the recipient owns vested principal and controls permissionless claiming.
- the revoker may stop vesting and claw back the unvested portion.
- the yield recipient receives yield but gains no control over the escrow.
- funders and transaction callers receive no implicit authority.
this release also includes complete api, accounting, integration, migration, architecture, and deployment documentation.
to date, these vesting escrows were deployed 792 times and have processed about $37 million.
the new immutable factory is:
0xFbd94e2D6942D5b4Ed0C5C9C43bded77a8f20215
the new contracts are already fully supported by @wavey0x ui vest.wavey.info/
this version has not received an independent audit yet, but it adds a lot more functional, adversarial, differential, gas and fork tests.
github.com/yearn/yearn-vesti…
wavey retweeted
We are excited to announce that we are working with @CurveFinance to formally verify LP safety for 2-coin StableSwap!
These are machine-checked mathematical proofs in higher order logic, not an audit.
First proofs are green, with more in the pipeline! 🧵 1/
wavey retweeted
Some liquidity in DeFi is engineered to lie.
A toxic Uniswap v4 hook caused 99.1% of swaps to fail.
A Curve pool under-delivered on 129K swaps, netting the attacker +$34K.
Both looked good in simulation, but changed at execution.
Here's how Toxic Pools are deceiving DeFi ↓
well, it looks like @odosprotocol is broken
here's an automated output + quoting scorecard i made to compare all core Resupply swap routes across major aggregators
great results from @lifiprotocol + @EnsoBuild. explains why they are getting implemented on the front end soon
fascinating example of a “toxic pool”:
an ordinary curve/uniswap/etc pools designed to fool dex aggregators
a malicious oracle/hook forces quotes via eth_call to see a different rate than the real transactions
credit to @EnsoBuild / @MilosCostantini for putting me onto this ...
... many such examples, but here the attacker made $35k profit in just 4 weeks by hanging out in the LP
writeup: gist.wavey.info/B4lu8GXEyJQv…
after discovering this, i successfully decompiled the attacker's malicious oracles and verify them on etherscan
wavey retweeted
@flexmeow is a Fixed Rate lending product built to loop correlated assets. On Flex:
1. You can adjust your interest rate once per week for free
2. There is liquidation protection. Your position is only brought back to health
3. Up to zero spread on loops. Positions are always liquid through Redemptions, we don't need a cash buffer
Never get stuck with negative carry again. Know any great instantly redeemable assets? Put them in the comments or dm me. Requests always open
wavey retweeted
When reviewing deployments and upgrades, devs need to verify that the bytecode deployed onchain matches the audited code.
We built EVM Mirror to solve this problem for complex deployments and security council work, and released it open source for the wider ecosystem.
wavey retweeted
On May 4th an APYX affiliated wallet (0xD17) incorrectly supplied $3m USDC directly to a Morpho market using the Morpho Blue address itself as the onBehalfOf parameter.
etherscan.io/tx/0x0059fc47ba…
This means the entire deposit was credited to morpho itself and thereby lost and permanently stuck.
It appears they realized seven days later and used $3.6m of collateral to borrow back that $3m USDC from the market. To this day the wallet remains both the largest borrower and primary supplier in this apyUSD PT market.
Notably, at the current spot prices this position has already become under collateralized, however the oracle used in the market is preventing it from being liquidated.
The market uses a "fundamental" oracle that is meant to be the minimum of the APYX system collateral ratio or 1. However, until just the past day the collateral ratio oracle has had not been updated since depoloyment.
It does appear the team has begun updating the collateral oracle to reflect the true backing which has begun to lead to liquidations. So far liquidations on this market over the past couple days have been manually done by the APYX team itself with the apxUSD backing and holding the mark to market loss on the balance sheet, since the market cannot clear them profitiably even accounting for the liquidation bonus.
Worth noting the APYX has claimed this wallet is not theirs and is not holding backing assets of apxUSD itself. However, shared signer executions, funding practices, overall value amounts and cross wallet transfer matches would suggest otherwise.
