Steakhouse Financial
@SteakhouseFi
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We are pioneering open and transparent finance. Financè should be open, transparent, and neutral for every human being to participate in the economy
Gud projects
Joined August 2022
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Send us removal request.
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Our team contributes to
@MakerDAO
, implementing >$2bn of RWA generating >$150M of annual revenues. We also advise
@VenusProtocol
@AngleProtocol
We know a thing or two about stablecoins
Today, we release our operating manual for decentralized stablecoins
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We're excited to release an independent and hopefully comprehensive overview of the restaking landscape from our point of view
"Restaking and the Price of Trust"
We try to answer the qs:
1) What is restaking?
2) How does it affect the price of trust for capital providers?
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How did MakerDAO do in 2022? A review of some of the key financial results. Many thanks to reviewers across the community and to the Strategic Finance Core Unit at MakerDAO for putting this together
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We conducted the most comprehensive review yet of
@BlackRock
's first product, issued in partnership with
@securitize
, on public blockchains
BUIDL
BlackRock USD Institutional Digital Liquidity Fund, Ltd (Ethereum)
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1/ We are delighted to publish our latest research note, "Risk Management Framework for DeFi Protocols".
We wanted to design a framework to help improve monitoring, management and disclosure of risks in DeFi
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Proposing a RWA initiative 🏗️🏨 for
@VenusProtocol
. Come join the discussion 📝 .
@SteakFi
🧑🍳 going cross-chain. 🚀
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Steakhouse's
@sonyasunkim
, in collaboration with Lido DAO analytics contributors, recently proposed a framework for how
@LidoFinance
DAO could think about surplus management and puts forward an initial set of proposals and discussion points:
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1/
building the first crypto-native gaap standards for protocols has been a significant accounting undertaking for the chefs at
@SteakFi
, which is why we are calling it:
SAFU: Steakhouse Accounting and Financial Undertaking 💯
fairly sure this is a brand new acronym 😂
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Steakhouse is excited to announce that we'll be launching a flagship RWA-backed USDC MetaMorpho vault in partnership with
@MorphoLabs
!
The vault will allow suppliers of USDC to lend against RWAs - bridging real world yields with DeFi.
🧵
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Together with wizards from
@Dialectic_Group
, we are excited to announce the first edition of
"Benchmarks and performance attribution for DAO treasuries"
Can we learn from investment performance evaluation in traditional finance to help DAOs make better decisions?
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We saw major liquidations on one Morpho Blue market for ezETH/WETH
Thanks to
@MorphoLabs
's modular risk management, our vaults, such as steakETH or steakUSDC, are unaffected and remain, proudly, very boring
Always be maxxing
Boringmaxx
Yieldmaxx
Steakmaxx
Morphomaxx
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1/ We just shipped two
@DuneAnalytics
dashboards to track T-Bills off-chain exposure of
@MakerDAO
. It's close to $2B.
Granular data, daily periods and all open-source. As you know, the revolution will not be reported quarterly, DeFi is not
@CreditSuisse
.
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Complete financial statements where you can drill down to each transactions/accounting entry. All open source on
@DuneAnalytics
.
The Revolution Will Not Be Reported Quarterly🧙
@SteakFi
🤝
@MakerDAO
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Steakhouse is pioneering open and transparent finance with a mission to help DeFi succeed and flip TradFi
We partner with DAOs as professional CFO & ops partners, arming them with the financial intel to make gud decisions and the muscle to implement them
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We are happy to announce we've reached $50mm in stablecoin deposits on
@morpholabs
, up nearly 3x over the last 30 days
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We're excited to announce that
@SteakhouseFi
will be joining the Tokenized Asset Coalition to help champion the adoption of public blockchains, asset tokenization and institutional DeFi
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Great to see
@VenusProtocol
getting $VAI at $1.00. 🍾
Still room to harden the peg and make the PSM more visible to avoid being above $1.00 and get more liquidity on
@PancakeSwap
🧵
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Our research into
@MountainUSDM
and their novel USDM rebasing stablecoin has culminated in a comprehensive economic and legal review, that we are happy to announce today:
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1/ What do you know about
@gnosispay
the non-custodial credit card 💳 💸on
@gnosischain
using
@monerium
?
@SteakhouseFi
we love to see open and transparent finance getting build.
Let's dig in 🧶👇
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The Rise of Stablecoins in Global Finance
with
@SebVentures
,
@leptokurtic_
,
@PayPal
and
@FireblocksHQ
at
#DAS2024
@blockworksDAS
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All Steakhouse
@MorphoLabs
vaults are now secured with an
@AragonProject
DAO
Along with a 7-day timelock, on-chain dual governance protects vault users
This mitigates potential attack vectors that vaults w/o guardians and with short time locks are exposed to
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What's next for Tokenized T-Bills at
@MakerDAO
?
@SteakhouseFi
and
@phoenixlabsdev
have you covered.
Some 🥩 alpha in it about how the landscape might shape itself.
=>
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We are happy to publish our overview of
@fonbnk1
, an innovative Kenyan airtime minutes to stablecoins provider for millions of mobile users
Africa has leapfrogged adoption of mobile payments and we were interested to dive deeper into how stablecoins integrate in this model
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5
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Enjoy some freshly baked Steak Py 🥧
The first-ever listing of
@PayPal
USD on a lending market on Ethereum
Available today on
@MorphoLabs
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Steakhouse MetaMorpho trustlessness has been achieved internally with
@AragonProject
We already lead the curated vaults with a 7-day timelock
Now we want to iterate by removing trusted intermediaries from the guardian
@MorphoLabs
lenders should always be in control
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Announcing the (informal) MakerDAO ALCO PPG.
Like regular bank ALCOs but with memes and Dune dashboards instead of suits and guesswork.
Featuring guest star Prof. Moorad Choudhry:
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1/ Introducing our first annual Steakhouse Year in Review: 2023! Here’s a timeline of some of the things we were up to last year
It’s been a great year and we’re excited for what’s to come in 2024!
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Worth recognizing
@SteakhouseFi
and all the devs and contributors who helped get $VAI firmly back on peg. Looking forward to a bright future for og stables 😈
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Happy Friday tomorrow just another day of grinding until everyone has migrated from tradfi to defi
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1/
@SteakhouseFi
is providing a source of real organic yield to
@PayPal
$PYUSD stablecoins by allowing DeFi to borrow PYUSD against bluechip collaterals (
@LidoFinance
stETH and
@BackedFi
tokenized T-bills).
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What is ALCO? What is ALM? What is a stablecoin?
It's not boring as it sounds.
Announcing the (informal) MakerDAO ALCO PPG.
Like regular bank ALCOs but with memes and Dune dashboards instead of suits and guesswork.
Featuring guest star Prof. Moorad Choudhry:
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Wanna see transparency on the $2.5B of Treasuries exposure of
@MakerDAO
?📊
@SteakhouseFi
got you covered, one off-chain transaction at a time. 📔
Clydesdale =>
Andromeda =>
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1. We recently published "Real-time Risk Metrics for Programmatic Stablecoin Crypto Asset-Liability Management (CALM)" on arXiv
A synthesis of some of the work we've been doing over the past few years on solvency and liquidity risk metrics for crypto ALM
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6
20
Chef
@dzidzoh
discussing the evolution of Real World Assets and
@SteakhouseFi
's role in helping out the community and providing transparency at
@MakerDAO
.
Dai now has almost $2bn in non-stablecoin real-world backing:
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When you create a situation where stablecoin issuers are incentivized to bid openly for a
@MakerDAO
PSM allocation
It turns out issuers respond by bidding
🫡🥩
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Our very own
@SebVentures
on this afternoon's panel "Breaking the Stablecoin Trilemma" at
@stable_summit
🥩
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Did you know on
@MorphoLabs
borrowing USDC against wstETH is below 5%? And there is $15M of liquidity.
Only 2.3% borrow rate for PYUSD.
Is is time to refinance?
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Working with both
@MountainUSDM
and
@OndoFinance
, they have nothing to do with Terra/Luna.
Same assets as fiat-backed stablecoins. Giving back the yield makes it riskier? 🤡🇺🇸
last week, bloomberg published a piece on interest-bearing stablecoins, featuring myself and mountain protocol, which contained several errors and misrepresentations. this is my response
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At
@SteakhouseFi
we support
@PayPal
PYUSD, the supervised stablecoin managed by
@Paxos
As part of our effort to promote supervised stablecoins, we curate a
@MorphoLabs
vault, steakPYUSD which offers permissionless yield
Do consider the risk profile of your stablecoins
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SAFU - A Proposal for MakerDAO Stablecoin Exposure Allocation
where we propose a diversification framework for stablecoins.
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Chef 🧑🍳
@SebVentures
sharing some hoodies advice on website by
@centrifuge
Full speech for more 🥩 grilling tips on
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aah we're respondiinngg
to the
@bankofengland
Discussion Paper on a proposed regulatory regime for stablecoins.
It's open until 6th February 2024, do respond if you have views.
Weirdly you have to reply in Cockney rhyming slang we don't make the rules.
We have published a Discussion Paper setting out the Bank’s proposed regulatory regime for systemic payment systems using stablecoins and related service providers:
Share your views on the regime by Tuesday, 6 February 2024:
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New
@SteakFi
dashboard on
@DuneAnalytics
to follow evolution of the
@ethereum
ecosystem.
L1+Polygon+L2s (zk-layers 2 to come next).
What can we learn 🧵
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"Reflections on the Past and Future of Real-World Assets from MakerDAO" by
@SteakhouseFi
🧑🍳 from the Real-World Zine of
@centrifuge
🥩🥩🥩
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It's Launch Day! 🥩 🤝 🦋
Steakhouse is excited to announce the launch of the Steakhouse USDC MetaMorpho vault!
1/ Morpho Blue is officially live on Mainnet! 🟦🦋
Lend and borrow on the most efficient lending protocol on Ethereum.
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This illustrates the importance of trustless MetaMorpho setups
Steakhouse MetaMorpho Markets are guarded by its depositors, through a transparent, decentralized
@AragonProject
DAO
Any changes to our markets have to go through a 7 day timelock and depositors remain in control
sure we can say "those users were being degen and they got what they deserved" but gauntlet gave them the rope
what prompted them to raise the supply caps twice in two weeks?
no mention of what went in to this decision anywhere on the forums or otherwise that I have found
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1/ What happens with the billions invested off-chain by
@makerdao
? Don't worry
@SteakhouseFi
has you covered with some very granular
@DuneAnalytics
dashboard.
It's not because it's off-chain that it should be opaque.
🧵
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the orange gecko eats steak and stables
Ad Cv (
@adcv_
), Co-founder & Chef
@SteakhouseFi
is speaking at
#unstSummit
Discover what the seasoned team of chefs are cooking up at
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Tune in to catch chef
@adcv_
:
- Stablecoin nerding and elements of a decentralized stablecoin
- Surplus management for decentralized protocols
- Working with institutions to embrace open protocols rather than closed boxes
- "It depends"
- More grilling tips
DAOversified Episode 3, featuring Chef
@adcv_
from
@SteakhouseFi
! 👨🏻🍳
Topics include:
• Steakhouse as a CFO for DAOs
• The Evolution of
@MakerDAO
• Onboarding Institutions and RWAs
• The Next Innovative Stablecoin (hint:
@BadgerDAO
👀)
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1/ Two weeks since launch, the
@SteakhouseFi
MetaMorpho Vault holds $7M USDC and there is $4M USDC liquidity to be lent against wstETH collateral.
Borrow APY? 1.91% 🤯
Let's dig into it a bit 🧶
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@safetyth1rd
We have been working on this for a number of years, starting with
@MakerDAO
We also develop similar reports for
@LidoFinance
and other DAOs in accordance to common-sense accounting principles (SAFU, Steakhouse Accounting and Financial Undertaking)
How did MakerDAO do in 2022? A review of some of the key financial results. Many thanks to reviewers across the community and to the Strategic Finance Core Unit at MakerDAO for putting this together
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The USDC vault we curate on
@MorphoLabs
is now yielding 14% + MORPHO tokens due to a lack of lenders.
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For stablecoins technical design matters way less than
1) making something people want to use
2) pick: return to surplus, return to stablecoin users, alternative objectives
3) subject to hard constraints: solvency + liquidity
–
@SebVentures
at
@stable_summit
(2023, colorized)
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🚨🚨🚨 This is a drill 🚨🚨🚨
Today we test the defenses of
@MorphoLabs
and using the guardian feature.
Let's zoom on what is a guardian and how steakUSDC holders can protect themselves in a fully non custodial way.
🧵
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We're pumped to contribute to
@eBTCProtocol
in its mission of bringing stablecoin utility to Bitcoin on Ethereum!
As
@BadgerDAO
ecosystem expands, we’re excited to focus our expertise on the development and implementation of a novel type of DeFi primitive: a Bitcoin stablecoin
Are you ready to take the purple pill anon? 🟣
Announcing the official release of the eBTC dapp live on testnet.
Try It Now ➡️
Huge day as we’re that much closer to mainnet launch!
🧵
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The MakerDAO Digital ALCO meeting on Nov 16, 2023, reviewed the ALM Dashboard, showcasing a diverse asset portfolio including crypto-backed vaults, private and public credit, and stablecoins. The total assets amounted to 5318 M, with a focus on balancing exposure and returns.
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Chef
@AesPoker
on transparency standards in stablecoins
There are 3 main functionalities stablecoins must consider in their next phase of growth: Report
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USDA is the new stablecoin from
@AngleProtocol
with the first ever decentralized FX pair on-chain
EURA already dominates on-chain FX volumes for trades with USDC
with USDA, this pair can now take place with fully transparent on-chain reserves
1/ We are thrilled to introduce USDA, Angle's USD stablecoin! 🇺🇸
USDA will offer:
- a Savings solution 💰
- the same liquidity as USDC 💧
- anti-depeg mechanisms 🛡️
- borrow/leverage features 📈
Paired with EURA, USDA will boost onchain forex trading!
All you need to know🧵👇🏼
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Another poast with noats from
@stable_summit
in Istanbul
Do we really need truly decentralized stablecoins?
Chef
@adcv_
- Stablecoin trilemma is a bit of a psyops
- Decentralized stablecoins benefit the user rather than the shareholder
- We need more competition, more…
🚨unStable Panel Alert: Maintaining A Treasury of Centralised vs Decentralised vs Mixed Assets
Feat:
@adcv_
,
@SteakhouseFi
@SamExotic3
,
@LiquityProtocol
@cassidydaly
,
@centrifuge
@martinkrung
,
@CurveFinance
&
@mattgurbiel
,
@redstone_defi
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0x🥩🥩🥩🥩
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2/ the first protocol we've fully mapped is
@MakerDAO
, which now has its own MakerGAAP open source financial statements produced w/
@DuneAnalytics
Accept no substitutes, only fully auditable txn hashes and financial transparency
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Chef
@allan_kakai
is helping national legislative bodies in Kenya understand digital assets and develop comprehensive and balanced legislation to unleash productive potential in Kenya and East Africa
🫡🇰🇪
🏛️ REGULATION I Kenyan Parliament has given the
@BlockchainKenya
an EPIC task to craft the first draft of the Crypto Bill, paving the way for Virtual Asset Service Provider regulation! 🤝📊💱
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Steakhouse Financial welcomes
@BIS_org
's efforts on a cryptoasset framework
As professional stablecoin nerds, we offer insights on the treatment of stablecoins & the BIS' stance on public blockchains. 🧵
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the dashboards will continue until all the assets are tokenized and permissionless
Tokenized Securities [On-chain T-bills/ETFs] are going strong with over $220 Million Market Cap - almost all in the last 4-5 months!🔥
What's going on in the space - why it's booming, how it works, and what's ahead? 🧵⇩
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1/ January Financials for
@ENS_DAO
, the public good that powers the .eth domain names.
Full report =>
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However, RWAs as a proportion of total revenues at Maker reached all time highs by the end of the year, with ca. 600m DAI or >10% of protocol assets backed by real-world vaults
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1/ Financials for
@ENS_DAO
, the public good that powers the .eth domain names.
Full report =>
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meat more chefs in Denver on February 28th
There’s only a few people in the world as deeply experienced in the realm of risk management for RWAs and stablecoins.
Don't miss
@0x_roo
, Chef,
@SteakhouseFi
, as he serves up some sizzling hot takes at the unStable Summit. Feb 28, ReelWorks Denver.
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Join the
@banquedefrance
conference on digital finance on November 15th, 2023 in Paris.
Our Chef,
@SebVentures
, will attend to discuss Tokenization of Real World Assets during a panel
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we made a /cryptobanking channel on farcaster for the venn diagram intersection of
A) crypto enthusiasts
B) RWA enjoyers
C) accounting respecters
D) people on farcaster
look forward to hearing from both of you
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"Where did our name come from?"
We were founded during the Roman Republic in 100BC – the below mosaic was unearthed at our original HQ
Our founder, Steakdomus Pecuniarius, strongly believed in open and transparent finance and in public blockchains. We continue his legacy today
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1/ Our vaults are currently the highest organic apy and the higher MORPHO token yield. There is a vault for everybody.
Bit let's dive in the differences 🧵
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You might wonder why we allocate 10% of the steakETH vault to the idle market.
This is to avoid lending rate going too low and creating a liquidity trap. For the ETH/wstETH we want to achieve a minimum rate at target of at least 1% (4% borrow rate if 100% utilization).
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Proud that our $PYUSD
@MorphoLabs
vault is now above the $1M mark. Still earning >4% organic yield (plus some MORPHO tokens).
There are only 5% fees vs the 20% on competing platforms.
Let's build on supervised stablecoins.
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Did you know that
@SteakhouseFi
steakETH is the only ETH Morpho vault with no LRT and no oracle manipulation risk?
Only pure wstETH with 1 stETH = 1 ETH.
Simple. Boring.
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1/ Respectfully, we duly updated the community at the top of our RWA report over 2.5mos ago. We are aware and are following closely as per our remit. We have engaged in mitigation measures to maximize positive outcomes for the protocol
This is also backed 100% by defaulted loans and I’m very upset that the people paid to monitor this let it sit at the bottom of a regular monthly report and not draw attention to it. Thankfully it’s a tiny vault.
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Want to track the USD<->EUR exchange rate on DeFi?
@SteakhouseFi
got you covered with its latest
@DuneAnalytics
dashboard.
TL;DR EUR<->USD on-chain is sub 20bps on average.
Best routes: agEUR/USDC on Ethereum and Polygon and EURe/stable on
@GnosisDAO
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Greater transparency about
#Stablecoin
reserves has an ambiguous effect on run risk when reserves are not volatile. When reserves are volatile, stablecoin pegs can withstand small shocks but not large ones
#Crypto
#Runs
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Chefs at
@SteakFi
are cooking some granular accounting for
@MakerDAO
inside
@DuneAnalytics
going through
@MSPowerBI
to be worked in
@msexcel
.
2.7 millions accounting entries from loan, expenses, MKR issuance, ...
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Notes from
@stable_summit
in Istanbul
"What do you do if a stablecoin depegs? And how
do we define a depeg event in the first place?"
@adcv_
answers:
- Some price volatility (under eg. 1%) is expected
- The primary peg is what matters
- We need to talk to the lizard people
🚨unStable Panel Alert: Maintaining A Treasury of Centralised vs Decentralised vs Mixed Assets
Feat:
@adcv_
,
@SteakhouseFi
@SamExotic3
,
@LiquityProtocol
@cassidydaly
,
@centrifuge
@martinkrung
,
@CurveFinance
&
@mattgurbiel
,
@redstone_defi
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🫡
today in lesser-known charts showing clear crypto pmf
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PDF:
EPUB:
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@lyt_eth
MakerDAO continues to push the boundaries of real-time financial transparency with the first-ever crypto-native GAAP (MakerGAAP?) standard for double-entry accounting accessible to the broad public (thank
@DuneAnalytics
)
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Vroom vroom 🏎️🏎️🏎️
Highlighting the recently launched Steakhouse USDC Metamorpho vault, the chefs will join up with
@MorphoLabs
and
@BackedFi
to discuss the Dual Crypto-RWA Engine and the optimization of yields for lenders.
Come join us @ 4PM CET tomorrow! 🥩🦋
MetaMorpho Curators 002 🎙️
Understanding
@SteakhouseFi
's Dual Crypto-RWA Engine
We're hosting
@SebVentures
,
@sonyasunkim
,
@erwan_backed
to discuss how lending against both crypto-native & RWA collateral can optimize yield.
📅 Thurs 18 Jan @ 4 PM CET
🔔
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How to measure the value of native tokens in a DAO's onchain treasury? I think we really need standardization across DeFi. Would love to hear people's opinions on this. Not sure how we'll ever get to real-time balance sheets without it.
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The FCA and the Bank of England recently issued two Discussion Papers on a proposed regulatory regime for stablecoins.
Today we submitted our responses to the FCA leg of the journey, as always in canonical Cockney
aah we're respondiinngg
to the
@bankofengland
Discussion Paper on a proposed regulatory regime for stablecoins.
It's open until 6th February 2024, do respond if you have views.
Weirdly you have to reply in Cockney rhyming slang we don't make the rules.
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The MakerDAO Digital ALCO meeting for January reviewed the ALM dashboard, showcasing the changing composition of the MakerDAO balance sheet, along with its corresponding risk exposures
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Correction:
The first-ever listing of
@PayPal
USD on a lending market on Ethereum
*or any chain
Since January 19th, 2024
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gm
it's the weekend and we will still not rest until everyone has migrated from tradfi to defi
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USDT on Tron update. Lower amounts transactions are still on decline. Maybe migrated to
@solana
.
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We recently posted MakerDAO's October 2023 Real-World Asset Report. This report includes insights through October, with an upcoming update expected to incorporate November's data for a complete analysis.
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