Nadav Hollander
@NadavAHollander
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Following
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CTO @opensea . fmr: @Dharma_HQ statements + opinions are my own
New York, NY
Joined June 2009
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Last Seen Profiles
1) Sharing a technical run-down of the phishing attacks targeting
@OpenSea
users, including some web3 technical education.
👇
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1/
Today, Dharma is officially joining forces with OpenSea, and I’m honored to be joining
@dfinzer
@xanderatallah
and team as OpenSea’s new CTO.
Here’s how we got here, and some of the challenges I’m excited about 👇🏻
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9/
My goal is to evangelize the embrace of “strong” decentralized technologies within OpenSea.
Users of OpenSea ought to be rewarded for the value they bring to the platform, and crypto primitives give us the most powerful tools for doing this.
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The latest
@CoinbaseWallet
releases are pretty phenomenal across both Chrome extension + mobile.
Hats off from a recovering wallet developer — they've set the new bar and become my defaults
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1/ Hello, world 👋🏻 — today, Dharma is live to the public.
Anyone, anywhere in the world can now earn dollar (or Ether) denominated interest at the click of a button.
Anyone, anywhere in the world can borrow crypto — instantly, securely, and delightfully.
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Even now, I feel a little “magic moment” jitters every time I send a cryptocurrency payment to someone. When you understand even half of the complex machinery that enables that experience, it’s truly remarkable.
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NFTs feel like they're going to play out a lot like ICOs — 6-9 months of increasingly high-value and nauseatingly cynical sales, followed by a multi-year crash.
And, like ICOs, there's a kernel of value at the core of this moment that just might change everything.
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Big tension between how important it feels to me professionally to stay on top of Crypto Twitter vs. how it affects my mental health & productivity.
How do others navigate this?
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2/
I met
@dfinzer
in 2017 shortly after starting Dharma Protocol. After (unsuccessfully) trying to recruit him to join Dharma, we kept in touch.
When CryptoKitties happened, Devin told me about an idea he had to build an ERC721 marketplace. Needless to say, that was a good idea.
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Update: there are now >40m UNI delegated, and we are pleased to say that
@Dharma_HQ
currently has enough UNI delegated to propose a vote on the proxy contract airdrop omission.
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7) We as a community must move to standardizing off-chain signatures using EIP-712 typed data or other agreed-upon standards like EIP-4361 (the "Sign in with Ethereum" method).
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Periodic reminder that 4 years ago we didn't have stablecoins, and now we do.
A whole wave of crypto products that failed in '13 - '15 (e.g. checkouts, remittances, etc.) are worth revisiting now that consumers aren't expected to transact in a volatile asset.
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11/
In 2022, OpenSea will be expanding to new blockchains and Layer 2’s — as many as possible. This is a tremendous opportunity to dramatically lower the barrier of entry to NFTs.
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Very cool to see more and more of
@Dharma_HQ
's volume & usage migrate to
@0xPolygon
.
Excited to rollout more EVM onramps soon™. What chain would you be most excited about seeing?
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Calling all projects whose users are affected by the proxy contract omission in the
@UniswapProtocol
retroactive airdrop:
We are accepting applications in this thread over the next 48 hours for inclusion in the proposal we plan on submitting this week:
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If you're a Dharma user on iOS — I'd highly recommend transferring your assets to Rainbow.
@mikedemarais
and team have built a delightful experience we at Dharma always admired
if you’re a Dharma user looking for a new wallet home, we have a seat at our table saved for you 🌈
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6) Education on not sharing seed phrases or submitting unknown transactions has become more widespread in our space. However, signing off-chain messages requires equal consideration.
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Why has nobody created a portable KYC standard? It's silly that I have to redundantly identify myself to 1000 different platforms over and over again.
CC:
@jillruthcarlson
for the discussion that prompted this
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7/
I’m humbled by the opportunity to join OpenSea as CTO at this critical juncture.
My
#1
focus will be helping OpenSea scale to meet the reliability, performance, and uptime benchmarks its users expect and deserve.
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- 32 users had NFTs stolen over a relatively short time period. This is extremely unfortunate, but suggests a targeted attack as opposed to a systemic issue.
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10) Additionally, even though it appears the attack was made from outside OpenSea, we are actively helping affected users and discussing ways to provide them additional assistance.
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Someone should try building a system that uses GPT3 to ingest Ethereum transactions (and the underlying solidity code being touched) and spit out human-readable sentences describing what occurred in them.
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9/
Second, it’s critical that OpenSea strengthen its tethers to web3.
There is an evolutionary pressure in crypto to embrace decentralization. OpenSea is not exempt from those gravitational forces.
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9) Big shoutout to
@nesotual
,
@dguido
,
@quantstamp
, and many others for providing detailed information on the nature of the attack to the community.
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12/
This is going to be no small feat. If we do our jobs right, some awesome books are going to be written about what this company was like at this time.
If you want to be a part of that story, we’re hiring:
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In 2020,
@Dharma_HQ
almost died.
In 2021 we:
📈 10x'd monthly volume
👭 2x'd headcount
2️⃣ Launched the first L2 on/off-ramp
🏦 Launched the first DeFi yield on/off-ramp
Proud of our team and excited for what's to come in '22 👀🚀
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1/ A little over 1 month since launching on the Ethereum Mainnet, 77 loans of over $50,000 in aggregate principal value have been issued on
@DharmaProtocol
.
Let's dive into the data on :
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ETH gas prices at 400+ gwei is, functionally, a service outage. Abating that outage with a short-term fix (i.e. raising the gas limit) may compromise on some of our near-term values, but the status quo is that we are *already* compromising on basic availability guarantees
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- All of the malicious orders contain valid signatures from the affected users, indicating that they did sign an order somewhere, at some point in time. However, none of these orders were broadcasted to OpenSea at the time of signing.
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1/
Members of
@opensea
's developer community have reported a degradation of availability on our /assets API endpoint.
This is an issue we're aware of and wanted to provide more context on...
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1/ Today we're thrilled to launch USDC on
@Dharma_HQ
Anyone, anywhere in the world can earn 8% in USD-denominated interest — it's as easy as linking up your debit card to
@Coinbase
, uploading your fiat onto the Internet, and lending your crypto dollars out on Dharma.
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8) On this point, you'll notice that all new orders signed on OpenSea (including migrated orders) use the new EIP-712 format — a change of any kind is understandably scary, but this change actually makes signing much safer as you can better see what you're signing.
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1/ The crypto-asset credit market is in its infancy and lacks the basic fixtures of a mature financial market.
@bpforster24
and I couldn't be more proud to announce that
@DharmaProtocol
has raised $7m from
@GreenVisorCap
,
@coinbase
,
@polychaincap
, and others.
JUST IN: Offering a trustless lending product that "simply 'can't be evil," Dharma Labs just raised $7 million from some big-name investors.
@coinbase
@polychaincap
@GreenVisorCap
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5) For example, if you are signing a message to join a whitelist, a raffle, or a token-gated discord group and you're presented with a typed data payload referencing Wyvern (the protocol used by OpenSea), it's much more likely to alert you to something unusual going on.
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1/
@DharmaProtocol
is thrilled to unveil our ambitions for the next generation of financial products that "can't be evil" — Lever:
Thread 👇
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4) Prior to the current phishing scam, part of why we elected to implement EIP-712 on the new contract is that EIP-712’s typed data feature makes it much more difficult for bad actors to trick someone into signing an order without realizing it.
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We're on the finish line of getting a proposal out to a vote in Uniswap governance for compensating users of
@Dharma_HQ
and other products affected by the proxy contract omission.
Thread in forum: 👇🏼
Thread on Twitter 👇🏼
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- None of the malicious orders were executed against the new (Wyvern 2.3) contract, indicating that they were signed before the migration and are unlikely to be related to OpenSea’s migration flow.
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1/ We launched something big today.
Thread on "why" — and more importantly "how" — we're vying to build "the Robinhood of DeFi" 🧵
1/ Calling all DeFi traders — Dharma is proud to introduce *the most powerful way to trade assets in DeFi, right from your pocket.*
🔁 Trade all 2000+ tokens in
@UniswapProtocol
⛽️ Pay Zero Gas Fees
🤑And for a limited time, we’re waiving our trading fee as well!
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5/
OpenSea grew 1000x practically overnight.
Scaling to meet these levels of traffic involves a whole lot more than just “buying more servers”; it means solving hard engineering problems that take time, talent, and ingenuity.
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Bringing the fixtures of the
@coinbase
and
@RobinhoodApp
experience to Uniswap — one feature at a time 😇
1/ 🤖🔄 Limit Orders are Live in Dharma 🔄🤖
- Free order creation and cancelation ✅
- Support for any ERC20<>ERC20 pair in
@UniswapProtocol
✅
- No more waking up at 4am to check token prices ✅
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3/
@dfinzer
and
@xanderatallah
showed superhuman levels of tenacity and grit in order to take that idea to where it is today — after 3 years of humble traction, OpenSea was just 7 people at the end of 2020.
And then 2021 happened, and NFTs exploded into the mainstream.
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6/
Additionally, OpenSea faces competitive pressures from both above and below — with anon upstarts building alternatives focused on tokenized ownership and public companies racing to launch NFT marketplaces of their own.
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8/
This is going to be really hard; there’s a phenomenal team working on this that’s made enormous strides, but we need even more talent.
If you’re an engineer looking to solve these types of problems and/or get into Web3, my DMs are open.
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2) After reviewing the malicious orders, the following data points stand out:
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3) This information, coupled with our discussions with impacted users and investigation by security experts, suggests a phishing operation that was executed ahead of the deprecation of the 2.2 contract given the impending invalidation of these collected malicious orders.
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1/ Starting today,
@Dharma_HQ
users in the US can buy any asset on
@UniswapProtocol
directly from their bank account at meaningful volumes — up to $25k / week.
Here's why this is a huge deal👇🏼
1/ Today we are excited to give Dharma users the ability to buy tokens in Uniswap directly from a bank account!
🤑 Up to $25,000 per week
💰 Any token in
@UniswapProtocol
🇺🇸 Currently limited to 13 states in the USA
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I've been in this space for 5+ years now and there's, without a question, never been a more exciting to be in crypto than now.
Things we've been building for years are hitting a cultural crescendo — DeFi, NFTs, and the whacky combination of the two
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@tobi
Shopify should facilitate the tokenization of a seller's revenue stream (either wholly or N%, with a trusted "attestation" that Shopify will honor the settlement of those cashflows to the NFT holder).
Would be a massive new primitive for DeFi services:
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1/ Crypto denizens seem awfully bearish on the pace of progress in this space. I'd like to make the case against this — looking back on what's been accomplished in the space since I started formally working on Dharma (~May 2017), I'm astounded.
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4/
OpenSea now stands at the precipice of building a truly generational product. I believe the volume of commerce in digital goods will one day exceed that of physical goods; through that lens, OpenSea’s opportunity is historic.
But there are enormous challenges ahead.
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One thing hard about building in crypto is that the pie is so rapidly growing, it's hard to tell if your project's growth is exceptional or just downstream of the ambient growth of the ecosystem.
Nor is it clear whether it even matters if that's the case.
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We had to part ways with a large number of very talented people today at
@opensea
as we consolidated and flattened the organization with a focus on velocity. If you are looking for engineers of all disciplines, product managers, or designers, don't hesitate to DM me.
1/9
OpenSea is making some big changes today to focus on the next version of our product.
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Trying my hand at technical analysis. I think this pattern's called the "hockey stick"🏒
@joemccann
can you give me a second opinion?
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1/ News flash — the new
@Dharma_HQ
is open to the public. Anybody on the planet with an Internet connection can earn up to 7.4% APR in USD — without installing a Chrome extension or needing to read a 10,000 word blog post.
Let’s take a tour 💫
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10/
Lastly, the landscape of blockchains and scaling solutions is rapidly evolving; we are at an adolescent period of this technology’s development, akin to the Internet in the early 2000s.
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@saturnial
A rearchitecture of the Internet where value — whether in the form of content, data, or labor — is predominantly captured by its producers rather than its distributors.
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1/ Though it’s really great to see a resurgence of interest in decentralized identity / credit scoring in the
#DeFi
community, I don’t think those are the biggest missing pieces in enabling under-collateralized crypto loans today
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1/ I think a lot of the benefits of financial protocols a la
@0xProject
&
@DharmaProtocol
accrue not in their first-order effects, but rather in their 2nd order ripples and beyond.
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CT, I’m looking to hire this person:
👩🏻💻Deeply technical with significant management experience
🥷🏻Obsessed to a macabre degree with scams, fraud, and adversarial behavior in the world of crypto
🖼️Owns NFTs
OpenSea is looking to hire an engineering manager for our Trust & Safety…
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The Millennial Price Index (MPI) is on a tear
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1/ Today we're announcing Dharma Lever — a product we're launching on top of the Dharma credit network that delivers high-volume, instant margin borrowing and lending to anyone in the world at attractive rates. No Metamask or Web3 wallets required.
Introducing Dharma Lever, the easiest way to access margin in high volume from anywhere in the world, affordably and instantly.
If you're interested in becoming an Alpha partner and receiving early access, request an invite today!
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Any Internet-connected individual in the world can now hold exposure to the US Stock Market. It’s not often that products are released in crypto that *actually* enable something previously impossible. Congrats
@hal2001
@allilulllc
👏
Excited to announce
@UMAprotocol
+
@MakerDAO
+
@ddexio2018
= USStocks, an ERC20 token representing synthetic ownership of an index of the 500 largest exchange-listed US stocks.
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1/
#DeFi
is less about building trustless financial products than it is about building financial products whose trustworthiness can be productized & delivered by software.
A good analogue for this is the FDIC vs. SSL:
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If you think this is cool, wait 'til you see everything we're shipping in April.
Also — we're hiring 👋🏻 DM me if you're an engineer, a marketer, or a compliance professional.
1/
Say hello 👋🏻 to a whole new Dharma — the Ethereum wallet that connects to your bank account.
📱 Cheaply deposit up to $25k / week into Aave, Compound, Yearn, and Uniswap directly from your bank account — instantly.
From 🏦 Dollars to 🛸 DeFi in a☝🏼Tap ✨
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Building a crypto company in 2021 is like playing 3d chess on a board that's rapidly & erratically expanding in volume.
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The ultimate trial for the DeFi movement's success will be the next financial downturn — if we can build financial products and services that are decoupled from the health of the legacy financial system (even at small scale), open finance will have its ultimate proof point.
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1/ SNARK-verified batched fills in the model of
@VitalikButerin
's recent proposal can bring tremendous scalability improvements to relay protocols in general (i.e. Dharma, 0x, etc.). Really any protocol that fits the off-chain relay / on-chain settlement mold stands to gain IMO
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I'm just so damn excited about where crypto is at today — and what we have up our sleeves at
@Dharma_HQ
.
Stay frosty — the game's about to change.
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The killer app that introduced millions to Bitcoin was illicit payments.
The killer app that introduced Ethereum to millions was globally-accessible, equity-like investments
The killer app that introduces DeFi to millions will be globally-accessible, USD-denominated savings
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In just 3 weeks since this was posted,
@DharmaProtocol
has doubled in loan volume issued.
We're reaching a point where it's hard to even keep track of every project on our radar that's building on Dharma. Come build with us 😀📈
1/ A little over 1 month since launching on the Ethereum Mainnet, 77 loans of over $50,000 in aggregate principal value have been issued on
@DharmaProtocol
.
Let's dive into the data on :
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🚨 OpenSea is looking to hire a principal engineer with deep fluency in event driven architectures to help lead an ambitious build out for OpenSea 2.0
If this sounds like you or someone you know, drop me a DM or apply below:
OS is the largest dapp in…
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DeFi Summer ☘️-> NFT Winter ☘️-> DAO Spring ☘️
The next lillypad
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Going to
@ETHGlobal
events like
#ETHIndia
is a strong reminder that ETH 2.0 competitors need *much* more than just better TX throughput & whizz-bang dev features if they want to narrow the lead.
It turns out that the mushy, interpersonal stuff matters.
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In the not-so-distant future, your crypto wallet will be more central to your day-to-day life than your phone
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Next up: Stop-Losses 💆🏻♂️
1/ 🤖🔄 Limit Orders are Live in Dharma 🔄🤖
- Free order creation and cancelation ✅
- Support for any ERC20<>ERC20 pair in
@UniswapProtocol
✅
- No more waking up at 4am to check token prices ✅
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It kinda makes sense that the first creators to really gravitate towards NFTs are electronic music producers and digital artists.
Both mediums require a high tolerance for super-technical, wonky software, which translates well to the current crypto UX.
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@Dharma_HQ
is on the cusp of rolling out bank purchases of any asset in Uniswap up to $25,000 / week.
Want to help us test it? DM me and I'll white-list you to play with the feature starting this weekend :)
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1/ In Q1 of this year, OpenSea was alerted to a critical vulnerability in Wyvern 2.2 by a white-hat researcher. That vulnerability has since been remediated, with no exploit-in-the-wild having ever been detected.
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We pushed out another fix tonight to make sweeping much, much more reliable in "substitute listings" mode.
If you're sweeping in a fast-moving collection on fast-moving chains like
@base
check the box ✅
@sm0ggyeth
btw flagged that
@opensea
wasn't showing the collection to the team and it's now fixed! they are working on leveling up
@base
support, so if you have any other feedback, please share it!
cc
@NadavAHollander
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I want to go short on EOS -- where are my
@EOS_io
bulls at? CC:
@KyleSamani
Looking to borrow on at the following terms:
📋Principal: 16 EOS (~$200)
📈Interest Rate: 6.5%
📅Term: 1 Week
🔒Collateral: 300 DAI (~$300)
🙏Grace Period: 1 Day
#DharmaDebts
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There are <3 hours left to vote on UP002, with 98% of votes cast FOR.
There are 40+ million delegated UNI that have not voted yet.
Regardless of where you stand on the proposal — VOTE!
CC:
@UniswapProtocol
@haydenzadams
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Starting today, all debit card deposits into Dharma are 100% fee-free 🤯
📱Download the app
💳 Link up your debit card
🌐 Upload your dollars to the Internet with a tap
📈 Earn 6.98% APR in real-time.
No fees, no headaches, just magic.
1/ Today we’re excited to announce that debit card deposits on Dharma are now fee-free.
That’s right. Go from $250 in your bank account to 250 DAI in your Dharma account, in seconds. 💳📲💸
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At least, this time around, the beneficiaries of the speculative run-up will disproportionately be creators / artists, and not...you know...sociopaths
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If you're sitting on the sidelines wondering when you should take the plunge and work full time in crypto — the best time was yesterday, and the second best time is now.
@Dharma_HQ
's hiring across engineering, support, compliance and more — my DMs are open 👋🏻🤗
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Incredible.
I still remember when
@brendan_dharma
pitched the acronym DeFi to me in 2018 for the community we were trying to form.
Millions of Americans just learned about DeFi on Wheel of Fortune. Jeremy's not the hero we deserve, but he's the hero we need.
I'll say it again - we're just getting started friends.
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It would be
#dopefi
if there was a Chrome extension that made any online checkout flow accept DAI payment. Would replace the CC input with a QR code invoicing the needed amount in DAI. When payment received, would populate the CC input with a one-time CC containing USD amount
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MKR is much more akin to a tokenized Credit Default Swap than it is to a community-governance mechanism
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