kirk
@OneTrueKirk
Followers
4,411
Following
1,711
Media
702
Statuses
6,699
father, garden appreciator, building @creditguild . occasional curmudgeon. Writing at
onetruekirk.eth
Joined December 2013
Don't wanna be here?
Send us removal request.
Explore trending content on Musk Viewer
billie
• 344540 Tweets
CHASING THE SUN
• 336659 Tweets
Alito
• 250036 Tweets
Scottie
• 160939 Tweets
Gabigol
• 130622 Tweets
Crockett
• 112355 Tweets
Valhalla
• 54565 Tweets
RPWP TRACKLIST
• 50218 Tweets
NCAA
• 44268 Tweets
Louisville
• 43960 Tweets
Juventus
• 43206 Tweets
#ساعه_استجابه
• 37559 Tweets
College Football 25
• 36296 Tweets
NAYEON NA ALBUM TRAILER
• 35704 Tweets
Barron
• 34873 Tweets
कन्हैया कुमार
• 28305 Tweets
ジュラシックワールド
• 28299 Tweets
Homofobia
• 25918 Tweets
أبو عبيدة
• 22692 Tweets
ابو عبيده
• 22543 Tweets
Amit Buskila
• 20443 Tweets
LOST IS COMING
• 20077 Tweets
Madden
• 19498 Tweets
Shani Louk
• 18739 Tweets
D-2 TO CHEESE
• 16737 Tweets
Tabilo
• 16737 Tweets
LMPD
• 13691 Tweets
$BASED
• 11449 Tweets
Pinned Tweet
Trying something new -- have you been following our work at the
@CreditGuild
but unsure about taking the plunge?
Book a one on one call to me to ask questions and discuss the protocol. Morning and evening PST slots available
0
3
11
Thiel fellowship but it's
@Tetranode
posting bounties to get Rari devs to drop out of high school
5
10
253
Reminder that the person encouraging you to lock governance tokens for years is not your friend
12
10
146
The
@Uniswap
v4 singleton and its new accounting model would make it easy to do protocol level MEV capture as proposed here
5
19
147
For a lending protocol, buying put options can replace a conventional liquidations framework with either fixed discount incentive or auction model.
8
14
115
I'd like to encourage
@MakerDAO
$MKR delegates to vote YES on onboarding $FEI as collateral. It is backed by more than $1 in reserves (mostly ETH and decent. stables like $DAI itself) for every $1 circulating $FEI and represents a great revenue stream for the risk level
13
13
102
Exciting times in the lending space, lots to learn from:
@MorphoLabs
Blue/Metamorpho becoming the go-to for risk managers to operate their own pools
@LiquityProtocol
v2 interest rate prioritizing redemptions
@aave
v4 implementing a variety of modern features like per-collateral
10
17
115
Hello DeFi friends —
It’s time to start making some noise around smart contract activated withdrawals for ETH staking. This is a barrier to trust-minimized liquid staking or lending against staked ETH positions. Hope to see this prioritized by core devs
3
33
54
@Tetranode
When an optimistic rollup is down, transactions can still be executed via L1, but then you pay L1 gas, so it is infeasible to liquidate the small accounts enabled by the rollup. Imo, need higher collateralization on rollup plus emergency shutdown mechanism if downtime is too long
6
3
88
There is no way to build a scalable (10 billion +) supply stablecoin relying on overcollateralized ETH or derivatives as backing
9
11
89
There is currently no stablecoin without reliance on a trusted oracle (such as $RAI, $LUSD), trusted custodian (like $USDC, $USDT), or both (like $DAI, $FRAX, or the current $VOLT). To solve this requires tackling the oracle problem head on. Below, some fun related reading
11
9
87
𝗪𝗵𝘆 𝗱𝗶𝗱 𝗠𝗮𝗸𝗲𝗿 𝗵𝗮𝗿𝗱𝗰𝗼𝗱𝗲 𝘁𝗵𝗲 𝘀𝗨𝗦𝗗𝗲 𝗽𝗿𝗶𝗰𝗲?
The
@sparkdotfi
-
@MorphoLabs
integration uses a hardcoded $1 price for Ethena collateral. This arrangement has been the subject of much criticism on Twitter. There are two important downsides to a fixed
10
8
83
Early August 2022:
@Elliot0x
identifies oracle attack risk in Compound, after discussion we confirm it applies to Aave as well and tell both teams
Late August 2022: Neither team wishes to take mitigation action before we publish, the report is released
3
9
80
The
@CreditGuild
v1 is now LIVE on
@arbitrum
Lend USDC and WETH to earn GUILD rewards
Borrow against
@pendle_fi
@ether_fi
@KelpDAO
principal tokens,
@Rocket_Pool
rETH, ARB, wBTC, and more
Many more collateral and debt assets coming over the next weeks
The initial GUILD
13
21
76
“Maker is now just a hedge fund”
Y’all know that in the DAI whitepaper it describes the ability of MKR voters to add any kind of collateral asset and manage the risk parameters, right?
Maker has always been about replicating the function of a bank (accepting deposits, extending
5
5
69
Last thing an attacker sees while trying to negotiate
19 hours and 57 minutes later, he cancelled his proposal and took the DAI - four hours before we'd have burned the treasury: we were very serious about that
I haven't stopped laughing at that 3 minute error since
3
1
105
1
4
66
It seems like a large number of Ampleforth fans have convinced themselves of a wrong narrative regarding the Terra collapse.
UST failed not because of any fixable mechanism flaw, but because it is IMPOSSIBLE to safely back a stable value debt obligation/synthetic using more
21
5
67
Honored to build alongside
@hiFramework
. I was motivated to work with framework after
@0x_Osprey
, a longtime
@RariCapital
community member, joined their team, grateful for all the support so far 🙏
1/ We just co-led the $2 million seed round for
@VoltProtocol
, an inflation-resistant stablecoin protocol that uses CPI data pulled on-chain via
@Chainlink
.
Basically, we think Volt could give users the ability to maintain their purchasing power in inflationary times.
A 🧵👇
2
14
138
5
3
63
"Liquidity" has got to be the most misunderstood word in DeFi, a conceptual black hole
8
1
63
With the passing of FIP-96, I am honored to serve as a member of the
@feiprotocol
@VoltProtocol
@RariCapital
Tribal Council. Volt will be open to the public in a matter of days, so it feels like a good time for reflection on the journey so far and some personal introduction. 👇
2
8
63
We’re launching a new layer one blockchain without those greedy DeFi tokens, just our own new public goods altruism token
2
2
58
¤ 🤝⚡️
2
4
53
Days like today reveal the dangers of on chain lending markets and the key importance of reserves for stablecoin issuers and other lenders. The
@feiprotocol
@RariCapital
TRIBE is deeply overcollateralized, allowing it to endure losses in lending venues.
2
5
49
Our snapshot vote has passed! Grateful to see one of the largest $TRIBE turnouts ever yet voting YES.
@voltprotocol
@feiprotocol
2
9
54
Save the date, looking forward to sharing more about Volt and hearing from the Ohmies (⚡, ⚡)
1
13
49
🥹🥲
Not a fast/hyped launch, but feeling a sense of gratitude and awe as users try out the
@CreditGuild
It’s both a heavy responsibility and an uplifting thrill to be in production. Thanks to all who have shared feedback and kind words
And thanks again to the llamas
5
3
50
Hearing about existing DeFi protocols with liquid tokens compensating employees with allocations in hypothetical future tokens 🤡 if this sounds familiar you should work with us instead
4
6
49
𝗢𝗻 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗿𝗮𝘁𝗲𝘀 𝗶𝗻 𝗗𝗲𝗙𝗶
The most popular way to manage interest rates is based on utilization. The current interest rate is defined based on how much of the total lending supply is borrowed. This is how things work on
@aave
,
@compoundfinance
, and
4
6
49
It was
@joey__santoro
's idea to make VOLT a truly stable asset with built in protection from inflation. He made me realize that to fulfil the dream of a better money, you need not only a robust backing and governance mechanism, but to break free of any peg to fiat money
2
4
48
If Wikipedia had a token they wouldn't need to beg me for $2.75 smh
4
3
45
It's been a journey friends -- if you're a TRIBE holder please join in voting on Volt's proposal for a token swap and long term alignment with the TRIBE DAO. See the governance forum for the full details of the proposal.
0
8
40
we're working on a new design for Volt, such that it maintains true purchasing power stability (inflation resistant) and has a more flexible issuance mechanism (minted exclusively through Fuse pools). Excited to share more details on a twitter space soon
1
3
47
Heard from
@Chase
this week that they will be debanking our company. While merely an inconvenience for us, the nakedly political persecution of cryptocurrency-related businesses grinds my gears. Sharing in case others may benefit
1
3
46
Pretty funny considering they have active proposals to onboard sUSDe collateral as well as ezETH, a liquid restaking token which has had only a single audit
Since they are proposing to not only onboard the same collateral, but even one that is much riskier, it’s clear that the
6
3
45
If this happened on mainnet and in the other direction (under report wstETH price instead of over-report) it would cause ~$1b in liquidations
Worrisome, the wstETH / ETH feed on Arbitrum malfunctioned today
17
21
183
4
6
44
During the Scottish free banking era, it was common for banks to take out newspaper ads to denounce their rivals, and even things like accumulating notes of a rival bank, then paying a bunch of people to conduct a bank run, were not unheard of
Why is there suddenly so much pvp between lending protocols?
35
3
106
5
3
46
.
@MakerDAO
should have launched products like Gnosis Pay years ago tbh
Imagine if you could spend DAI using a credit card from mainnet and any major rollup
So much value left on the table by not investing heavily in this + top quality mobile app. I want to use sDAI via Apple
🦉 Major Announcement 🦉
We are thrilled to introduce the vision and roadmap for Gnosis 3.0!
Dive into our journey, our current ecosystem, and the future we're building at Gnosis. ↓
🧵
🔗
25
84
347
9
2
44
Would you like to help build a stablecoin system that can accept any asset as collateral without the bottleneck of governance votes? You should DM ⚡
1
4
43
Debt DAO is an interesting new angle on debt financing for decentralized orgs. Working with the Olympus community has been a great experience for
@VoltProtocol
🤝 glad to see debt dao doing the same.
3
0
45
Calling all $TRIBE members -- I'd like to work with you to build VOLT. Please read and share your input on how we can cooperate.
1
7
44
While GHO peg performance has been embarrassing, mystified why someone who helped create an endogenously backed stablecoin would pick this fight
Wow just saw this for the first time, remind me again why a lending protocol needed a stablecoin 🤷♂️
20
3
74
7
3
43
It was a stressful morning, but all
@VoltProtocol
funds are now safe. More details to be shared soon.
100% of protocol funds have now been recovered. Redemptions are still paused, the peg stability module will be reactivated in 1-2 hrs. No action is needed by Volt holders, all protocol funds are safe.
2
1
19
1
1
41
@ryanberckmans
I would advise against alarm based on draft legislation. First of all, the bill has no relevance to decentralized stablecoins which do not have issuers
2
1
36
I'm working on a new project called Rari Dollar rUSD. We hope to build a Fuse-native stablecoin as a Rari Capital task force. Excited to hear your thoughts and please AMA about the design of the system.
4
2
39
So you've made a valueless token -- now what?
In which we ponder:
- zombie protocols
- the ethics of shutdowns
- mergers that went wrong
- mergers that may go right
- the future that's being built in competitive silence, but which I would love to discuss
1
0
41
It's high time for DeFi lending community to coordinate around migrating all gov token collateral off
@AaveAave
/
@compoundfinance
v2 and onto v3 markets or
@eulerfinance
where more appropriate security measures exist to address long tail assets
3
3
39
.
@VoltProtocol
will be live on mainnet this Friday April 22 and noon pacific time. I’ve already minted my first $VOLT, soon you can too! Below are some details on how to access the system and answers to FAQ
3
7
40
@DeFi_Cheetah
@CurveFinance
It’s the opposite innit — governance is the ONLY way they are able to make changes to the loan parameters. The current parameters of the system are not contractual terms. They have just as much permission to change them as he had to borrow
3
0
39
Thoughts on a few different stablecoins and the role they now or might play in $VOLT
5
12
40
The year is 2023. You create a Fuse pool on Arbitrum to use as your personal savings account, with all the parameters tuned to your personal risk preferences. You deposit DAI and start earning 10%.
5
3
38
Moving to a new L1 to cut out DeFi fees which are trivial compared to gas costs is bizarre, why not just make your own free versions of DeFi apps for Ethereum and other networks? Maybe because then you couldn’t make money from selling a new L1 token to retail 🤔
2
3
36
Join us Monday for a money god AMA!
⚡ 🤝 🗿 learn about what makes reflex indices special, how $VOLT differs from the OG $RAI, and anything else you'd like to ask about
1
8
38
Yesterday my fourteen month old daughter was able to properly assist in the harvest for the first time, passing potatoes handed to her into a basket without taking any bites
If you’re thinking about having a baby, I cannot recommend it highly enough
5
0
38
𝗢𝗻 𝗣𝗿𝗼𝘁𝗼𝗰𝗼𝗹 𝗢𝘄𝗻𝗲𝗱 𝗟𝗶𝗾𝘂𝗶𝗱𝗶𝘁𝘆
While I argued against buybacks, including Maker’s buyback-and-LP strategy, protocol owned liquidity is a useful common good
It allows for more stable liquidity than “renting” from yield farmers, and can be made capital
𝗔𝗴𝗮𝗶𝗻𝘀𝘁 𝗯𝘂𝘆 𝗮𝗻𝗱 𝗯𝘂𝗿𝗻
What’s the best way for protocols to distribute revenue?
The dominant models today are buy and burn vs staking for yield. We favor the latter at the
@CreditGuild
for two reasons:
1. Buy and burn favors those who wish to exit, at the
5
2
13
6
5
38
Quite the house of cards is being built with various “delta neutral” or otherwise “hedged” strategies on top of
@GMX_IO
$GLP despite the fact that like Uniswap, passive LP is structurally unprofitable
9
3
35
.
@VoltProtocol
has begun the process of deprecating support for
@arbitrum
. While we remain excited about L2 scaling, integrating support for multi-layer mint, redemption, and PCV handling was too large a burden to take on prior to completing the market governance MVP.
3
3
36
𝗖𝗿𝗲𝗱𝗶𝘁 𝗚𝘂𝗶𝗹𝗱 𝗚𝗼𝗲𝘀 𝗟𝗶𝘃𝗲 𝗔𝗽𝗿𝗶𝗹 𝟭𝟵
It’s happening… the
@CreditGuild
will go live on
@arbitrum
next Friday, April 19. Join us as we launch the first oracle free lending pool and work toward removing third-party risk from DeFi
Lenders, borrowers, stakers,
1
5
37
July 2023: myself and others speak out in an attempt to encourage the community to follow recommendations by
@chaos_labs
,
@gauntlet_xyz
et al to reduce risk
1
2
34
Come build a more scalable stablecoin while working closely with the amazing advisors and supporters who are making Volt possible
0
10
35
Deleted original tweet about
@eigenlayer
airdrop since it incorrectly stated Pendle and KelpDAO users would not get fair share of tokens, still think it is Very Bad ™️ to allow deposits from US and other jurisdictions users in the frontend, but exclude them from airdrop
1
3
34
Callable loans are the core primitive of the Ethereum Credit Guild, which will be the successor to
@VoltProtocol
. 🧵 on the how and why of oracle free lending
3
7
29
I am planning to host the first Credit Salon in NYC coinciding with
@messarimainnet
//
@ETHGlobal
New York this September. The goal is to get back to fundamentals of removing trusted third parties and bringing crypto settlement/payments into the real world. Format below 👇
7
2
32
.
@samkazemian
made a great point on spaces the other day that even “overcollateralized” stablecoin issuers actually have very thin reserves
1
0
31
@0xngmi
Same issue as UST/LUNA — you cannot achieve stability at scale with endogenous backing
Other than that the mechanism is okay and could work using something like ETH collateral, though will face the same scalability issues as other ETH backed stables
7
0
32
A lot of people seem to think that UST is backed by a $34b “market cap”, when in fact it is backstopped more by a ~$2.2b daily volume that can dry up any time.
3
2
31
Correct. It is beyond obvious that
@GaryGensler
’s SEC is targeting Ethereum not for any principled reason, but simply because he “lost” on the Bitcoin ETF and needs to deliver a win to his patrons if he has any hope of continuing to advance his career in government.
Don’t
Take around 50:00 really grinds my gears
Basically goes: “ETH ETF wouldn’t be the same as BTC ETF because the ETH isn’t staked, so they’d be getting diluted”
This is like saying “The BTC in the BTC ETF isn’t mining, so they’re getting diluted”
Only 1/4 of all ETH is staked!
39
17
306
4
6
30
I chose to build alongside Joey and the Tribe after seeing them uphold a high standard of values and ship like fiends in the face of adversity. Easy to pick winners when world is up only, hard to know who to trust when SHTF. Couldn't choose better than
@joey__santoro
🤝
Fei raised $1.3 billion one year ago today, the biggest DeFi token launch in history
And then everything broke
A thread on painful lessons learned, and an epic comeback that isn’t done yet 💥
59
157
1K
1
0
30
The ongoing strategic response from
@feiprotocol
@RariCapital
to recent events will serve to make the $TRIBE much more resilient to future market volatility and smart contract risk
2
7
29
1
3
31
Calling on
@feiprotocol
@RariCapital
$TRIBE holders to take a look at this proposal regarding and provide comment
1
7
24
My baby just mooed in response to the
@CoWSwap
moo
It’s never too early to teach them to take profit
3
1
31
Auction-based liquidation vs oracle-based liquidation
Most DeFi lending markets use oracle-based liquidation. When an oracle reports a new price, any loan that is below the liquidation threshold according to that price can be immediately liquidated
When a sudden wick occurs,
6
3
30
Our goal is for volt to be the easiest and most reliable way for people around the world to preserve their wealth in an inflationary environment
0
4
30
Have seen some takes unfairly blaming Gauntlet for losses incurred by borrowers on Morpho Blue
Borrowers were the main losers in the depeg, and are NOT borrowing through a Gauntlet vault, but rather directly through Morpho Blue pairs that anyone can lend to or borrow from
The
1/ Following the ezETH liquidity crunch and price drop, we posted a Morpho forum update covering the impact on Gauntlet LRT Core.
tl;dr - LRT Core suppliers in the vault for more than 2 days are net positive in their supply position given accrued interest.
More below 🧵 👇
2
13
65
2
1
29
If you have an idea you want to build in crypto, the first thing you should do is look to existing DAOs for support. The younger DAOs especially ("DeFi 2.0") have the flexibility to support new projects and build powerful ecosystems around themselves
1
4
29
Remembering the debates I used to have with ghostsinthecode about whether on chain yields would compress to at or below off chain yields. You were right, I was wrong! 10yr treasury yield is now twice that available to $USDC depositors on
@AaveAave
4
1
30
Actually, it’s only a public good if it comes from the Canto region of France. Otherwise, it’s just sparkling rent extraction
3
0
30
Two years and change ago, I quit my job to focus on solving a particular problem – governance of lending protocols was both not scalable, and not incentive aligned. The result is a model I call market governance.
Market governance is one of the coolest recent innovations in mechanism design
1
0
9
1
4
28
POV: protocol is launching in <24 hours
ONE day until ̶C̶h̶r̶i̶s̶t̶m̶a̶s̶
@CreditGuild
launch on
@arbitrum
The full set of launch lending terms is linked in the next tweet. A few highlights here. Borrow ETH against
@pendle_fi
@ether_fi
@KelpDAO
August maturity principal tokens (as well as “raw” eETH)
@Rocket_Pool
2
4
13
2
0
29
@soupdefi
It IS cringe, but it’s just a one day old account posting in a public forum, not a reflection on Arbitrum team or core community
2
1
29
The critical difference between the major lending markets is not in the underlying code, but in who is able to make decisions about risk in the protocol, and the specific nature of those decisions
With
@MakerDAO
adopting Aave style lending markets (see
@sparkpool_eth
) and
@AaveAave
launching a stable coin it seems the projects are converging towards the same thing just coming from different directions.
Will there be any differences left?
32
8
134
1
3
29
Correct
1/ Today, we are assigning an 'F' grade to the following stablecoins.
1️⃣
@synthetix_io
tokens like $sUSD and $sEUR
2️⃣ $BEAN by
@beanstalkmoney
These tokens are part of Bluechip's Red Flag List, a list of stablecoins that have triggered a red flag outlined in our framework.
6
16
81
4
4
29
🤝
@InfoTokenDAO
thank you for your support, excited to keep building together
Excited to announce
@InfoTokenDAO
's seed investment in
@VoltProtocol
Volt is forking USD to remove inflation
IT likes to invest in builders, and
@OneTrueKirk
is shipping
2
8
50
0
4
29
You can recognize me at ETH Denver by my bright blue Tribe DAO beanie (RIP)
6
0
29
Soon will be possible to launch token through factory contract with known vesting and initial distribution through […], seed liquidity with
@BalancerLabs
LBP, create options market for it with
@PrimitiveFi
and spin up a
@RariCapital
Fuse pool with $VOLT or $FEI ready to go
4
2
29