Dan Elitzer
@delitzer
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Building and backing early-stage teams @nascentxyz
Zoom, mostly
Joined March 2009
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Pinned Tweet
No one outside of North Korea is happy with the current state of DeFi security
Fortunately, there is something we can do about it:
SPEND MORE ON SECURITY!
Strap in for a discussion of security budgets, bounty flywheels, and a new tool from
@NascentSecurity
...
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DeFi is broken.
Last year, we had $3.8b was stolen via exploits, a frequency and severity far too high for mainstream adoption.
We need to fundamentally rethink how DeFi protocols are designed and secured.
Here's one place to start:
🧵 (0/28)
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The Coinbase Super Bowl ad fully captures the Coinbase experience
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Alright, we're going longform to explain why I and the
@nascentxyz
are long-term bullish on appchains.
How about we do it with a case study?
Presenting...
The Inevitability of UNIchain
🧵
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Saddle exploit
Fuse exploit
APE swings
FTM liquidations
Solana down
How much longer until Monday?
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Crypto regulation in Mexico is impressively nuanced and well-publicized
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I grew up on these streets
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Perfect example of why monolithic L1s w low fees are not sustainable long term. If you make global state&computation ~free, people will do stupid shit until it breaks or the price increases enough to make them stop. There is no TPS high enough for this.
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As a crypto investor, I prefer when shit is liquid.
As a parent, not so much.
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Announcing a new crypto investment firm,
@nascentxyz
, in partnership with
@josh_felker
and
@sidrmsh
.
Looking forward to many years of backing and building with the best founders and teams in crypto! 🌱🚀
1/ We couldn’t be more thrilled to introduce Nascent 🌱 to the world today.
At the highest level, Nascent is a multi-strategy investment firm that pursues compelling opportunities in crypto, DeFi, and the open economies they enable.
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Staked ETH derivatives (DETH) have the potential to supercharge DeFi yields by allowing ETH to be simultaneously staked and lent. 🌗
Unfortunately, this will also likely lead to high centralization of ETH staking and the Ethereum network. 😬
Here’s why:
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Hot take:
If your DeFi protocol uses an oracle, you’ve designed it wrong
Oracles, if needed, should only be used in middleware/position-management tools, not within core protocols
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A common mistake I see with a lot of crypto founders is worrying too much early on about business model, defensibility, or tokenomics.
95% of teams never get to the point where those matter.
Just build something people love. If you succeed at that, you can figure the rest out.
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Today marks my last day at
@IDEOVC
.
It’s been 5+ years working alongside
@Joe_Gerber_
@ianjohnlee
@taratan
and
@GavinMcDermott
, and I couldn’t be more proud of what we’ve accomplished.
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Sam is a legend.
The fact that he rescued funds at risk from a platform run by a competitor to
@paradigm
's largest portfolio company is a credit to him, the Paradigm team, and the amazing ethos of collaboration across the industry.
Auditor's logs, 16th of August. I found a critical vulnerability in SushiSwap's MISO platform
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$COMP and $BAL started the liquidity wars, but there's plenty of room for cooperation... for now.
Welcome to the dawn of Aquaponic Yield Farming, the Rise of Symbiotic DeFi Protocols, and perhaps someday the evolution of Prime Brokerage Protocols.
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Are you hyped about
@RariCapital
's Fuse permissionless lending pools yet?
What if I told you they are going to be an absolute godsend for DAOs with treasuries, and especially for communities like
@FWBtweets
and
@BanklessHQ
?
Let's unpack a DAO Treasury Fuse Pool Template 👇
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If you live in the US, call your senators. Now. You don’t even need to spend time looking up and dialing phone numbers, this tool automated that and gives you a script. It literally took me 4 minutes.
18/ But we *can* stop them.
To do that, we need to make more calls to Senators. A lot more. We need to tell them to vote YES on Wyden-Lummis-Toomey & NO on Portman-Warner.
If you're willing & able, please use the number & script here to call today:
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Memes aside,
@ethena_labs
bringing CEX funding rates onchain in tokenized form is having massive ripple effects across DeFi
Right now, Maker, Aave, and others are reacting by raising their borrow costs and the native yield they pay holders
But we're about to enter Act II... 🧵
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The most successful defi protocols will be the ones that realize the truth: they are not lending or exchange protocols, but LIQUIDITY PROTOCOLS.
Lending, exchange, futures, options... just starting points. What matters is sitting on the efficient frontier of risk and return.
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Ok, it's finally time:
@ethena_labs
has hit mainnet!
Half the people I talk to are insanely hyped (20%+ yield!) and half are understandably skeptical (20%+ yield?!)
I think this deserves some explanation 🧵
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For crypto to go mainstream, the industry NEEDS better security
So, we're sharing the Simple Security Toolkit 🔒 🧰
Practical tips & tools for smart contract development from
@nascentxyz
🔗
🧵
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Ok,
@compoundfinance
liquidity mining is crazy:
_ $COMP is trading @ ~$60 on Uniswap
_ Lending USDT is earning 14% APY + 166% APY in $COMP = net 180% APY
_ Borrowing USDT costs 19% APY but earns 215% APY in $COMP = net 196% APY
Yes, borrowing USDT has > APY than lending USDT
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Today, token holders often need to choose btw providing liquidity to DEXs/lending protocols and having the ability to participate in governance by voting on proposals.
This is backwards. If anything, LPs should have MORE influence in governance, not less.
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UNIchain is inevitable.
There are 3 costs to DEX traders:
1) Swap fee (to LPs)
2) Tx fee (to validators)
3) MEV (to validators/MMs)
Today, UNI holders can only flip switch to take part of 1.
2&3 are more attractive long-term and better align incentives.
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I'm increasingly convinced that it's only a matter of time before
@MorphoLabs
' protocols are THE dominant lending markets in crypto
They will far surpass Compound and Aave
As both an investor, user, and long-time DeFi observer, here's why I'm so bullish on Morpho:
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Don't think I've seen Coinbase Ventures (co-)lead a round before. Extremely rare for them to be a major investor and also for Coinbase as company to be a real strategic partner.
1/ We're thrilled to announce a $5M strategic investment from
@cbventures
and
@hiFramework
into Socket!
With this investment, we expand our collaboration with Coinbase to bring cross-chain primitives to their products like Coinbase Wallet and Base.
🧵👇
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"
@compoundfinance
is generating too much demand for DAI. Should we ask them to stop?” Really?
If
@MakerDAO
can’t handle keeping the peg with a curveball from one protocol’s liquidity mining program, good luck with the wave that’s coming.
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I've been looking forward to sharing this news for a long time!
@NascentSecurity
is a new type of security team incubated by
@nascentxyz
It does NOT do:
❌ portfolio services
❌ private bookings
It DOES do:
✅ public competitions (e.g.
@code4rena
@immunefi
)
✅ public goods
Crypto offers the promise of an open financial system, but security incidents are far too frequent for DeFi’s potential to be actualized
With this in mind, we’re thrilled to formally announce the creation of
@NascentSecurity
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I know no one cares about DeFi right now, but…
Hanging out in pool 2s for projects that you think are underpriced maybe isn’t as bad an idea from an IL perspective as it might seem, given a 2x in price also 2x’s the yield you’ve been earning.
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How many Coinbase employees are going to roll their shares into BTC, ETH, and other cryptoassets? 👀
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It is REALLY hard to discern PMF in crypto bc even if you say there will be no airdrop, everyone still thinks there will be an airdrop
Hell, even if you say "no token," people are still like "yeah, but maybe you're just saying that..."
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Me: and then I put some of the ETH and DAI into Uniswap
Accountant: wat
Me: and I technically received liquidity pool share tokens in return
Accountant: stopppp
Me: crypto taxes?
Accountant: Sure.
Me: So if I bought BTC and then exchanged it for ETH to open a CDP and then used my DAI to buy more ETH... what do I owe?
Accountant: the government doesn't understand what you're talking about
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Real farmers: waiting for rain to increase my yield
Yield farmers: waiting for yield, so I can make it rain
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I still don't think most of you understand how game-changing
@RariCapital
's Fuse is.
Instead of using a classic mintr/masterchef LM contract, you can just add LP shares as non-borrowable collateral and incentivize that.
Zero downside to stakers + new optional line of credit.
Are you hyped about
@RariCapital
's Fuse permissionless lending pools yet?
What if I told you they are going to be an absolute godsend for DAOs with treasuries, and especially for communities like
@FWBtweets
and
@BanklessHQ
?
Let's unpack a DAO Treasury Fuse Pool Template 👇
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This is by far the most interesting thing I've seen built on top of UniV3:
- Any asset
- Unlimited leverage
- No oracles
- No liquidations
- No counterparty risk
Nailing the UX will be tricky, but this design is a very cool breakthrough in what I thought was possible in defi
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2017: ICOs 🤑😭
2018: Private token sales 🕵️💰
2019: Open Finance 🛠💸
@MakerDAO
is leading the way for
#OpenFinance
. Integrations with other protocols like
@compoundfinance
and
@UniswapExchange
will introduce the concept of
#LiquidCollateral
.
1/
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Welp, it’s official: Coinbase’s lawyers are comfortable with listing digital Chuck-E-Cheese tokens. The Howey Test is clearly out the window.
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The
@feiprotocol
team coming out the gates hot in 2022.
Bringing
@RariCapital
into the Tribe is producing results even sooner than expected.
Major alfalfa in Github... 👀
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DeFi is going bananas right now.
I sat down for a fun conversation with
@RyanSAdams
and
@TrustlessState
on Friday to discuss what the $#*% is going on with $COMP, yield farming, and what to expect over the coming months and years.
🎧 👇
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Cryptographically guaranteed privacy is far more important than many believe. The only way the average person will have it is if we build systems that are private by default.
Aztec has never taken shortcuts in delivering on this vision.
Today's release of Aztec Sandbox is huge.
Today we're announcing Aztec Sandbox, a local developer testnet for smart contract privacy.
Aztec Sandbox is the most ambitious software release in Aztec Labs history and the first major step toward Aztec's endgame:
A fully decentralized, privacy-preserving Layer 2.
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Today:
@AngelList
announces ICO platform
@0xProject
launches OTC dapp
@YoursOrg
switches to $LTC
$BTC tops $1,900
Big day in crypto!
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The future is weird: meet
@0mllwntrmt3
, founder of
@HegicOptions
Thanks,
@real_alethea
, for enabling this conversation
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This is one of the easiest checks the
@nascentxyz
and I have ever written.
The reason: founders and execution.
Time for a story about
@sinitias
and
@ItsAlwaysZonny
...
Interwoven rollups will bind together the modular future.
Initia is proud to announce our $7.5m seed fundraise led by
@Delphi_Digital
and
@hack_vc
along with prominent angels
@cobie
,
@dcfgod
, and
@SplitCapital
to build a network for interwoven rollups.
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Think flash loans sound crazy? How about being able to mint infinite ETH, so long as you burn it by the end of the transaction.
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Many DeFi protocols style themselves as “primitives,” hoping other teams will build on top of them.
Here's what I call a primitive: a set of contracts w zero external dependencies, other than the underlying blockchain.
This means no governance, no upgradeability, no oracles.
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That said, it’s time for a new adventure. I’ll always be a part of the
@IDEOVC
family and look forward to continued collaboration. 🙏
I’ll have more to share soon on what’s next, but expect continued investment and support for early-stage crypto/DeFi teams. 🦄🚀❤️
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This was the conclusion to a piece I wrote 2 years ago, a couple months before starting
@nascentxyz
.
I still believe:
1) The promise of truly open, permissionless financial services is too great to die
2) Building new financial infrastructure is a multi-decade marathon
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Best news in the crypto today:
@googlefi
is expanding and now supports iPhones!
No customer support # means no social engineering to port your number and steal your coins.
Switching today gets you $200 credit w existing phone, up to $1K for new phone.
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🧑✈️ Pilots complete checklists before flights
🧑⚕️ Doctors and surgeons complete checklists before medical procedures
🧑💻 Developers complete pre-audit and pre-launch checklists before deploying contracts
Be a good developer:
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At
#ETHDenver
and care about Non-Fungible Tokens? Come to the hack area to discuss ERC821 at 1:30pm w
@0xProject
@decentraland
@ideocolab
@CryptoKitties
@DharmaProtocol
@coinbase
@projectopensea
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The
@optimismPBC
is stacked beyond belief. Congrats to all the new hires who get to work with
@jinglanW
@karl_dot_tech
@ben_chain
and each other.
Oh, and public mainnet next month!!!
We just hired the dopest rockstars in town and they've expedited our timeline. Mainnet will be open to the public in March (more details soon). Read about the people who're making this possible⭐
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A lot of folks dunking/joking about making this pledge too, but there's actually a meaningful pledge they could make:
Not using LSTs from providers that make up >22% of Ethereum validators
Guess what? I'm not willing to make that pledge and neither are most of you.
These providers are committed (or are in the process of committing) to self-limit to <22% of Ethereum validators. This is how our chain will be successful: Coordination above greed. Cooperation instead of winner-take-all.
@Rocket_Pool
@stakewise_io
@staderlabs
@divastaking
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“At
@ideo
, we often use a concept of ‘designing for the edges.’ We identify extreme user personas on opposite edges of the spectrum. By designing prototypes for them, you discover more about meeting the needs of ‘normal’ users.” -
@taratan
@ideocolab
#SFBW2018
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At the
@coinbase
#StateofCrypto
Summit today
Haven’t been at a crypto event with this many suits in a long time 😅
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DeFi is going crazy, and things are just getting started.
- TLV will have tripled over past 3 months
-
@compoundfinance
has already passed
@MakerDAO
in market cap and will pass in TLV within a few days
-
@WrappedBTC
will cross $100M within a week
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$YFI
@iearnfinance
is the latest yield farming crazy, driving insane volume to Curve. Looks like 0 sale to investors, 0 held by (1-person) team, 100% farmed in 1 week.
I think
@AndreCronjeTech
is amazing, but if I were a YFI holder, I’d want him incentivized to keep building.
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This is insanely dangerous behavior by
@SlackHQ
. Like, someone-needs-to-be-fired dangerous.
- sent by *
@email
.slackhq.com
- suggests sending reply to *
@slack
.com
- wants cert installed for
I assumed it was a scam, but nope 🤦♂️
@hndmnstertrtl
Hey there, it is legit. For a bit more context/information:
**I don't know what I'm supposed to do with this email / I don't know what the next steps are**:
- The `ISRG Root X1` certificate from **Let's Encrypt** will be necessary for Slack to function properly in the 1/4
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So, everybody knows this new Flow Carbon thing is being built on a chain with basically the same economic mechanisms as Terra, right?
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I’m FOMOing hard about
#MITBitcoinExpo
right now, so let’s take a trip down memory lane.
LOTS of folks involved w the ‘14/15-era
@MITBitcoinClub
are still active badasses in the industry.
THREAD 👇
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"Zero fee" crypto trading, as advertised by
@RobinhoodApp
@circlepay
@AbraGlobal
, isn't really free of fees. You can't buy or sell at the headline price. When you go to buy/sell, they quote a higher/lower price. Yes, "spread," but also a way to hide fees.
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I agree with
@zhusu
. Everyone needs to SLOW THE F DOWN with these
@compoundfinance
governance proposals! Far more damage will be done with YOLO governance than letting the $COMP farming dynamics remain out of whack a few more days or weeks.
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Lots of talk about impact of security tokens vs native cryptoassets.
I’m not hearing anything about the potential for cryptosynthetic securities, e.g., shares in
@AugurProject
markets designed to track returns of GOOG, S&P 500, etc
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“Designers need to be brought in at the _beginning_ of the product development process, not just asked to ‘make it look pretty’ at the end.” -
@taratan
@ideocolab
UX and design are a major topic of conversation at
#CryptoSprings
!
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It's memes all the way down
It's social consensus all the way down
Neither of these are bad things, but if you don't understand why they're true, you're gonna have a bad time
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Poking around on
@etherscan
, I realized
@UniswapExchange
pool shares are ERC20 tokens.
That means it would theoretically be possible to have the same assets SIMULTANEOUSLY provide liquidity (earning fees) & act as
@MakerDAO
or
@DharmaProtocol
collateral.
🤯
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Today, I'll explain the concept of “oracle-free protocols” and why we at
@nascentxyz
think they point to a fundamentally more robust and secure architecture for DeFi.
Full post here with the nuance that's not possible on Twitter:
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The winning DeFi protocols won’t have liquidity pools 🏊♂️
The winning DeFi protocols will have liquidity oceans 🌊
Oceans are full of whales 🐋, sharks 🦈, and, eventually, vampire squids🧛🏼♂️🦑
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Crypto has two primary value props: speculation and sovereignty
Like it or not, you’re much more likely to be able to deliver the latter if you sprinkle in some of the former
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31% of Americans ages 18 to 29 (and 43% of men in that age range) say they have invested in, traded or used a cryptocurrency.
Politicians, take an antagonistic stance against crypto at your own peril.
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Nascent is still... nascent... but we're growing and wanted to re-introduce ourselves to the world.
We couldn't be more excited to build alongside all of you for many years to come!
Hello, we're Nascent! Nice to meet you (again).
You may have seen us around, writing venture checks, being active in the order books and on-chain, or building public goods.
But what is Nascent, exactly?
Simple:
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I should really throw in the towel on this whole crypto investor thing and just go into brokering audit engagements full time
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Due to $COMP rewards, there is currently a perverse incentive where it is more profitable on
@compoundfinance
to borrow an asset than to lend it.
The only practical way to fix it is to weight the $COMP distribution to suppliers instead of the current 50/50 split w borrowers.
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What's this?
@ethena_labs
' sUSDe as collateral on Day 1, thanks to
@ajnafi
's permissionless lending markets
Deposit sUSDe (keep earning that 27.6% APY!), borrow DAI:
Lend DAI (expect rates to climb fast):
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I am OBSESSED with the potential for “no-loss lotteries” like
@PoolTogether_
. Unlike regular lotteries where only around 2/3 of revenue is returned to players, here EVERYONE gets 100% of their money back, PLUS someone wins a prize.
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If it can be wrapped, it will be wrapped*
.
.
.
*everything can be wrapped
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Uhhhh, so... it’s possible to make a
@BalancerLabs
smart pool comprised entirely of cTokens, then lever it up with
@compoundfinance
debt to multiply pool liquidity and earnings of both $COMP and $BAL.
🤯🤯🤯
@delitzer
@AFDudley0
Yes, the smart pool controller can do that. The erc20 shares of the smart pool are issued by the controller itself, so it can represent ownership of the assets in the private pool + debt in compound.
Also: a smart pool controller can control more than one pool...
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Huge!
My default trading UI (
@matchaxyz
) now makes it easy to do cross chain swaps, powered by my default bridging service (
@SocketDotTech
).
In both cases,
@nascentxyz
is an investor because we are such avid users.
Introducing: Cross Chain Swaps on Matcha
Go where opportunity awaits:
✅ Swap directly for tokens across 7 chains
✅ Self custody the whole way
✅ Tap into Matcha’s aggregated liquidity across 100+ DEXs
One trade. 7 chains.
Try it now for zero fees:
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20x leverage, on a non-custodial exchange, with zero slippage, using an AMM...
@futureswapx
is 🔥!
Mainnet alpha (CAUTION!) is live at
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Besides
@emptysetsquad
's ESD,
@HegicOptions
is another project with a pseudonymous founder that I'm excited about having backed early.
Risks abound for sure with pseudonymous founders, but this industry was started by one - don't write them off.
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Looks like
@MakerDAO
is about to inject a whole heap of DAI on various
@ethena_labs
USDe and sUSDe markets on Morpho Blue, with anywhere from 77% to 94.5% LLTV
This ability to offer more discrete risk parameters is one of the advantages of
@MorphoLabs
’ modular protocol design
Integrators prep yourselves. The floodgates are about to be opened.
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Decentralized sports betting is going to be a massive market and there's already one team live with traction:
@SportX_Project
💰 600,000+ ($80M) bets all time
📈 $15.5M bet over the last 30 days
💻 Live on
@0xPolygon
w
@SX_Network
coming soon
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