Michael Bentley
@euler_mab
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Co-founder and CEO of Euler Labs @eulerfinance. Previously dynamical systems postdoctoral research scientist @UniofOxford.
Joined September 2020
@wassielawyer I feel gaslit as an outsider. It’s so wild to watch. Political discourse keeps sinking to new lows. It’s not enough to dislike Trump’s brand of politics and point out the flaws in his character and ideas. No, he needs to be literal Hitler.
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A few words about recent events. These have been the hardest days of my life and I’m absolutely devastated for everyone who’s been affected.
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If you are borrowing ETH ahead of the Merge, you might want to read this. With just a few days to go we can see more clearly what DAOs are doing to prepare and how it impacts lenders and borrowers.
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Let's have a conversation about how to manipulate @Uniswap v3's time-weighted average price (TWAP) oracles. How would you do it? How much would it cost? How much profit could you make? . Read on, or check out my short paper here: .
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A lot is being said about the stETH/ETH price peg right now. Here's some thoughts on how we got here, and what can be done in future to prevent similar issues arising.
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Pretty depressing to see Vitalik throw OGs under the bus like this so nonchalantly. These are the people that brought real value to Ethereum and to crypto more generally. Not to mention making Vitalik enormous amounts of personal wealth. @StaniKulechov and I did a big crypto.
What Ethereum needs is a lot of young blood who shared the cypherpunk vision. All OGs are jaded. It’s on the next generation now.
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Friday night. Locked in with a solo pint fixing the inverse solution function to f() for EulerSwap, waiting for a million fuzz tests to run, ready to go watch my daughter do some kind of ballet performance in 20 minutes. You can just do things.
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Success is how high you bounce when you hit bottom.
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THE THING IS, PROTOCOLS JUST NEED TO STOP USING ILLIQUID ASSETS AS COLLATERAL. THEY KEEP GETTING EXPLOITED AND BLAMING THE ORACLE, BUT THEY SHOULD BE MUCH MORE CONSERVATIVE WHEN CHOOSING COLLATERALS AND/OR WORK TO ISOLATE RISKS WHEN LETTING PEOPLE BORROW LONG-TAIL VOLATILE ASSETS
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Euler V1 is by far the most advanced liquidity protocol in terms of features, security, and scalability - nothing else even comes close. We've been in safe mode. Now we are ready to grow. It's time to disrupt the incumbents.🧵.
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Euler is now $1.5B in total deposits and $720m in total borrows. For borrowing Euler is higher than Fluid and Venus and almost at Compound, and pretty much half way to Morpho. Capital efficient much?.
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Euler is growing quickly. We’re hiring cracked web3 devs into smart contracts, dev rel, integrations, full stack, front-end. If you're ambitious and want to build the best in DeFi, drop us a line: careers@euler.xyz. Deep DeFi lending/DEX knowledge required.
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Euler is coming back, LFG!. Euler v2 has been almost two years in development and it will comfortably be the most powerful lending protocol on the market when it goes live. We've abstracted everything a lending protocol needs to be successful and rebuilt the foundations up in a.
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As Euler approaches $1B total deposits, I can't stress how much harder it has been to achieve the growth it has had with an illiquid almost fully diluted token compared to a shiny new low float, high FDV, one. Just imagine if Euler had the $100m+ budgets others have had to
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Competition has never been fiercer in the landscape of new networks and differentiation will be key to survival. Got to take my hat off to Sonic for building something that's so rapid and smooth it almost feels *too* fast. Needs a setInterval() just to make it feel realistic.
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Introducing LAMMbert, a concentrated liquidity AMM defined by the Lambert W function. I'll confess that just over a year ago I had never even heard of the Lambert W (LW) function. Now I seem to see people talk about it all the time. I first came across it myself whilst doing
Ok, after this, I gonna chill. Lambert W0 function (product log). h/t @0xfoobar .
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What comes after testnet? Mainnet, of course! . We're extremely pleased to announce that Euler is now live on Ethereum Mainnet for the community to use and test!.
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Had my hopes on it being EUL, but congrats on what must have been a brutal selection process.
DYDX token approved to become native asset of upcoming dYdX Chain
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I am working tirelessly right now to help people investigate the attack on Euler. But this misinformation is helping fuel threats against me and my family and I have to ask for it to stop please. Sherlock audited the code. Yesterday they paid a claim.
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We spent a whole year developing Euler v2 only to find out all of crypto is going to literal zero in summer of 2024. Damn.
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Euler was many people's favourite lending protocol and grew market share in a brutal bear market. RIP. Euler v2 will be everyone's favourite lending protocol. Combined with EulerSwap and [redacted] there's plenty to be optimistic about. Lots of hard work ahead. LFG.
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2023 was a year full of twists and turns (to put it politely) for the Euler community. I can’t think of a better way to say goodbye to it than by telling the story of how it played out. I warn you now, It’s a lengthy story. So strap in. See my War and Peace blog post below. It
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A strategic reserve that looks like a retail trader’s 2017 portfolio indicates that the US admin doesn’t really understand the value proposition of bitcoin or the rest of the rest of the crypto market. Strong chance this is abandoned when it becomes apparent US tax payers are.
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The @opyn_ team are a class act. You won't meet smarter, nicer, more thoughtful people. It reflects terribly on the US that such people are their priority for enforcement, all the while there are 1000x more fraudsters, hackers and market manipulators here openly doing real harm.
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I am so grateful for the outpouring of support over the past few days. I want to thank each and every person who has reached out. I would also like to extend a special thank you to @functi0nZer0 for his kindness in helping to care for my family during this difficult time.
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Here's two innovations we developed @eulerfinance to prevent the bad debt scenario that arose on Aave today:. 1. Borrow factors.2. Protected collateral. We would be honoured if the Aave DAO wants to borrow these ideas. Excuse the pun. How do they work?.
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There is no such thing as uncollateralised lending. You always offer *something* as collateral. Your reputation. Your future income. Your freedom. It works in tradfi because state-level power exists to enforce the creation of new collateral classes.
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"The problem with Euler is that there's no drama or hype around it so people don't talk about it. It just quietly works really well.". Someone said this to me last week. Frustrating to hear tbh, but my conviction is that this is a feature not a bug in the long run.
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0.5 of a full billy. Incredible.
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Protocols vs Products.I recently saw this claim: "If a smart contract is feature-oriented, then it is a product, not a protocol." . I thought this was an interesting distinction worth exploring in more detail, especially given the current trend of people advocating for the
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Potential governance attack on Compound seems to have passed.
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Wonder how many people have cried whilst watching Etherscan.
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"It's pronounced OIL-er, not YOU-ler, because it's named after this Swiss math guy who was studying compound interest, like hundreds of years ago, and discovered a transcendental number called e, which I don't really understand, but anyway, it's kind of cool, you know?"
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Oracle-free lending protocols. Lots of discussion about them recently. How do they work? Are they a good idea? As ever, this is all about trade-offs. Here's some meandering thoughts about them as we work on the relaunch of Euler.
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Observation on the @InverseFinance attack. Note that the attacker manipulated both the DOLA/INV price and the WETH/INV price. Why? . Because if they only manipulated the @SushiSwap pool from which the keep3r oracle was taken then they would have exposed an arbitrage opportunity.
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I never get asked "why is Euler called Euler?" . But I'm going to tell you anyway. Compound was taken.Compound interest is calculated as (1 + 1/n)^n.Take the limit of that to maximise your interest and you get e, Euler's constant. How is it pronounced you ask? "Euler.".
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Binance should be listing EUL, MORPHO, and FLUID, if it really wanted to show it cares about genuine crypto builders and real PMF. But lending and borrowing doesn’t have millions of users / token holders. So this vote is heavily biased towards yet more grifty meme coins.
What are the top 3 coins you'd vote for?.
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Peer-to-peer loans.Fixed-rate.Fixed-term. Built on top of Euler for maximum capital efficiency, so that borrowers can build leverage positions atomically and lenders can earn a variable rate whilst they wait to be matched with borrowers. Who wants to see this?.
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The time immediately after an attack is crucial and I've done everything I can to support the recovery process. I've had to sacrifice time with my newborn son. I'll never forgive the attacker for that, but they can put things right and return funds to the EulerDAO Treasury ASAP.
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Euler has significantly more TVL and generates more fees and revenue than a network valued at $50B.
The bull case for ADA is there can never be a major hack or exploit on cardano bc there's nothing going on over there . $300m TVL.Only $21m in stablecoins on the chain .$735 in daily app revenue
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The EulerSwap equation is so beautiful. I'm cautiously optimistic that it might turn out to be the finest bit of mathematics I've ever done. It's not especially difficult, but just contains so much depth of meaning and symmetry.
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Pendle PT tokens from @pendle_fi are increasingly being used as collateral in lending markets to create high-yielding positions. Yet there are substantial challenges for creating and managing these kinds of markets using existing solutions. Here’s how Euler vaults can make life.
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Wake up babe, new lending fork just dropped. [INSERT AUDITORS HERE].
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There is zero reason for anyone to be forking Compound or Aave or Morpho or Maker in today’s world. You can build your own versions of all of the above and much more using Euler v2. Get in touch if you’d like to learn how.
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Taxes are also a major part of why venture capital and innovation is dead in Europe, and why we have no chance of leading on AI or tech in the years to come. Imagine a venture firm backing a new AI startup in the UK. To be competitive, its highly skilled employees would need.
My household takes in around £130,000 from salary pre-tax annually. I live in the region with the lowest median wage in the UK: a quarter of that. I still *feel* like we’re just about above water. My brother makes less than £20,000 and lives with our parents. It’s dire here.
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DeFi is a terrible misnomer. Personally I prefer the term 'Open Finance.'. DeFi has widespread adoption now so it's probably too late to change, but I think 'open' better captures the transparent, composable, (often) permissionless nature of most on-chain finance apps.
The crypto ecosystem is quite bad at naming things, too much techno-jargon and acronyms . They're called cryptocurrencies, but most tokens aren't trying to be currencies . NFTs? No Fucking Thanks, I mean come on, just call them digital collectibles.
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Flattered by the number of Euler innovations copied into Aave v4. Sub-accounts, reactive rates, dynamic liquidation bonus, dynamic close factor. The list goes on.
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Chain abstraction is talked about a lot. Is it really such a good idea?. Chains have very different properties in terms of security, reliability, decentralisation, and more. Users should therefore care which chain they are entrusting to hold their assets, especially in DeFi.
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@ivangbi_ It's totally dumb AF to try to do anything remotely legit. Would have been orders of magnitude more profitable to fork Compound or Aave, buy 100k followers on Twitter, 'fair launch' a token, give Binance 5% to list, sell, hand over to the community. Regulators wouldn't care and.
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Did you notice that $EUL had a tokenomics upgrade?. Every few weeks all the fees collected by the protocol are auctioned off to the highest bidder. You can only bid using $EUL though. It's automated, decentralised and completely permissionless to participate in.
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Some animated debates about lending protocol design have been going around recently. Let me take you through my view of things and where I see Euler v2 and its unique ability to chain together vaults and build lending vault clusters fitting in. By the end of this thread I hope
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Redemption rate now >95%. Aztec users + smart contract wallets have required a lot of work but will largely be complete very soon. Huge thanks to everyone who helped on those. Next up: the comeback.
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Wake up babe, new @eulerfinance dev just dropped. If it's a boy, we're going to name him Marc Zeller. That name deserves a second chance in life.
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The narrative that lenders should somehow never lose in DeFi is very strange. Risk-free reward does not exist. People should be free to take risks. Sometimes they pay off, sometimes they don't. Any protocol which claims to provide risk-free rewards is lying to you.
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Euler TVL looks beautifully exponential in ETH terms. Euler would be proud
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Less than 12 hours later and Euler is the largest lending protocol on Unichain with $22m in total deposits. Just a light sprinkling of Euler incentives and a first class product.
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I posted on the Compound governance forum just now to pitch Euler as a flexible alternative to its existing tech. Lots of things you might want to build are only possible on Euler. Let's make Compound great again!.
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Out for a Christmas walk. The message is clear. Buy Ethereum coin.
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Euler is live on Base! . It has been a veeery long time coming, as @jessepollak details below. The journey was a little harder than we expected, I'm not going to lie. Better late than never!.
fun history of Euler x @base: @euler_mab and the @eulerfinance team were literally one of the first 2-3 protocols who when we told them we were doing @base in early 2022 took us seriously and leaned in. me and him met in London, then did an event where we hinted at what was.
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I cannot put into words how hard we've worked for this. Even so, I'm in awe of what our team has achieved when I see crazy stats like this. Can't wait to reveal the next major growth driver.
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Today AI is able to fake an ID screenshot for KYC. Yesterday someone used a deepfake on a video call to defraud $25m from a CFO. The dark web is already littered with thousands of hacked KYC databases. Seems like only a matter of time before KYC is dead.
New: inside the underground site where "neural networks" churn out fake IDs.- I tested, made two IDs in minutes .- used one to successfully bypass the identity verification check on a cryptocurrency exchange .- massive implications for crime, cybersecurity.
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Not many people know this but the day after the attack on Euler, @functi0nZer0 turned up at my house to help out in his dressing gown with chicken, lager and a fishing rod. Top man.
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$1,250,000 if you break Euler v2.
Welcome. to the new largest competition in history with @eulerfinance!. 💰 $1,250,000 USDC.🗓️ May 20th - June 17th.📍 @cantinaxyz . Invite only. Don't have one? Details below:
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Dear @SBF_FTX, I think you are throwing front end hosts under the bus. DeFi websites might look to the untrained eye like exchanges etc, but in practice they are purely information providers. Please can we all agree not to concede ground on this so soon?.
@SBF_FTX @ErikVoorhees Front ends are just tools for sharing info and creating JSON blobs. They are like cheque writing facilities. Nothing actually happens with the info until the user submits their JSON blob to the chain, which is usually done via another app entirely. Front ends aren't exchanges.
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I was holding my 7 month-old son on a walk moments ago and for the first time out of nowhere he said. "Daddy, why do people tag @inversebrah under your tweets?". I started to quietly tear up. He couldn’t see my face and I didn’t make a sound, but he said. “Don’t cry. It’s okay.”.
I was holding my two year old daughter on a walk moments ago and for the first time out of nowhere she said,. “God is good. God is real.”. I started to quietly tear up. She couldn’t see my face and I didn’t make a sound, but she said,. “Don’t cry. It’s okay.”.
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I want to thank the security experts who are working on leads for the investigation. There is little I can say publicly about this, but I want everyone to know that there is a large team of world-class individuals doing all they can night and day.
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This is quite something.
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Going head to head with Trump was not on my list for 2024, but there you go.
*TRUMP'S 'WORLD LIBERTY FINANCIAL' IS A DEFI LENDING PLATFORM, WHITE PAPER SHOWS: COINDESK. Source: DB.
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Showing the relationships between credit markets in tradfi is difficult due to a lack of transparency. Not so on Euler, where relationships within the universe of vaults are clear as day. We’re working on a powerful explorer to visualise these. Wdyt so far?
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Forex on Ethereum enabled by EUROC will be huge in my opinion. Institutions are going to find a way to trade and hedge over the weekend if there's global news. No doubt about that.
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Reading this?. Your brain just paid an energy premium on a call option to read this sentence too.
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My son is nearly eight months old now. He's absolutely huge from feasting on the proceeds of all the EUL selling.
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For those asking, the USD0++ vault on Euler uses a market pricing oracle from @PythNetwork rather than being hard-coded to 1. Today's volatility therefore led to several liquidations among borrowers, as is to be expected with such events, but otherwise has caused no issues for.
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You can build Morpho or Aave on Euler, but not the other way around. Euler is primitive infrastructure. The other two are opinionated products you can build using said infrastructure.
what's the best lending platform between Morpho and Aave @aixbt_agent?.
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Once again, in spite of the most hostile of conditions, DeFi proved that it works. CeFi is broken, not DeFi.
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The amount of love shown towards us at Euler the past week at @EthereumDenver has blown me away. Hands down the best conference I’ve ever been to.
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Hundreds of messages to get through today so please bear with if I've not responded. Really overwhelmed by the welcome back we've received.
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I'm absolutely blown away by the quality of these @variantfund founder fellowship pitches. Ignoring the charts and all the legal drama, there's a really bright future here with lots of cool new stuff being built.
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DeFi is insanely robust. Natural selection weeds out the weakest protocols. What is left is anti-fragile. Provably built to survive the most hostile of environments.
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New chain, familiar strategies. @ethena_labs paired with @Tether_to looking pretty spicy out of the blocks on @BNBCHAIN launch.
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I have huge respect for anyone building a lending protocol and trying to innovate in this area of DeFi. There's so many trade-offs and variables to consider. Alongside bridges it's one of the hardest of all protocol types to build, in my humble opinion.
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Euler has always been a security-minded project. The Euler smart contracts, including the vulnerable lines of code, were audited.
@crypto__theory @eulerfinance Euler in particular had 10audits from 6 diff firms, including a frontend audit which I've never seen in a defi protocol. It looked super solid. And most of these auditors already run automated scans through the code to find some of the most common stuff.
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If you squint hard enough there’s an argument this is bullish for DeFi. I think Uniswap will win and bring clarity for the industry in the US. The rest of the world will follow their lead.
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Ok, which one of you mfs did the Wrapped Ethereum Liquidity Program post on ethresearch?. I've been absolutely done here. Cropped my tweet criticising bridge yield to make me look like the leader of a new cult haha.
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Almost 5 years ago I began working on an idea for what I called 'reactive interest rates'. This GIF I made demonstrates how control theory can be used to stabilise utilisation of liquidity pools in the face of volatile external rate environments. This is how Euler was born.
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The Euler Foundation has launched a $1M reward for any information that leads to the identification and arrest of the attacker. If you come across any clues on chain, Discord, Telegram, Twitter, or GitHub, please share them.
Today the Euler Foundation is launching a $1M reward in the hope that this provides additional incentive for information that leads to the Euler protocol attacker’s arrest and the return of all funds extracted by the attacker.
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That's my quant
the most inspiring vision uniswap was able to draw up shows you paying $30 in gas to dump eth.
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