Michael Bentley
@euler_mab
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CEO of Euler Labs @eulerfinance . Dynamical systems and evolutionary game theory @UniofOxford . Opinions my own.
Ethereum
Joined September 2020
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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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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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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 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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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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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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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
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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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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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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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If there's one thing that's clear from recent events, DAO governance of lending protocols is not a great idea.
Most people are simply not qualified/in possession of sufficient information to determine appropriate risk parameters on complex protocols whose risks evolve in time.
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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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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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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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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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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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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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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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@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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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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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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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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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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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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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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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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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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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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Reading this?
Your brain just paid an energy premium on a call option to read this sentence too.
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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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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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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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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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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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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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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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I may have finally cracked a key component of the fee maths for EulerSwap. Completely novel approach.
Now to code it up and test. Back in the day I might've attempted it in solidity.
Due to CEO induced brain rot, tonight I will be coding exclusively in JavaScript. IDGAF.
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Sushi would be bigger than Uniswap today if it weren't for this guy.
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Two months have passed since I was calling taxi firms in another country to plead with them to go wake someone up at their home at 4am to get online.
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@Toneball28
@PhilHay_
We conceded goals under bielsa because we played the most attacking brand of football the Premier league had ever seen with an injury-hit championship-level defence and GK. Board couldn't see it.
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Some thoughts about the stETH/ETH nightmare black swan scenario, since people are talking about it again.
A depeg is definitely very unlikely in my opinion, but it’s not beyond the realms of possibility.
Here’s my loose thoughts about the conditions in which it is at greatest
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Delighted to reveal that Euler Labs
@eulerfinance
is building on BASE testnet.
Coinbase's millions of users are about to be introduced to a future which is open, on-chain and non-custodial.
This is the beginning of the start for mass adoption. Euler will play its part. 💙
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95%+ of governments are not primed to tell people what they can spend their money on or not without creating a corrupt, unequal society. Best you can do is heavily constrain their authoritarian desires through democracy, and nudge people into financial literacy and education.
95%+ of humans are not primed to invest in financial assets or make financial risk decisions. Best you can do is heavily constrain their possible investment portfolio through regulation, and nudge them heavily into low fee index funds + buy and hold strategy through tax breaks
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@paulscheer
My wife and I watched a film once with maybe 20% of the dialogue in a foreign language with no subtitles. We thought it was a bit 'arty' but watchable.
As the credits rolled we realised the TV aspect ratio had been altered. Subtitles were there all along hiding at the bottom.
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Back working on mechanism design (the best part of my job that I never had time to do any more until recently).
Shill me the latest and best lending, DEX, stable coin, token design, governance system innovations and white papers.
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Many people are understandably concerned about what will happen next. While there is still much to figure out, everyone associated with Euler is working tirelessly to achieve the best possible outcomes as quickly as possible.
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If I understand correctly,
@uniswap
appears to have independently innovated a mechanism for $UNI that is very similar to the FeeFlow mechanism we described in the Euler v2 relaunch announcement.
FeeFlow gives the right for e.g. UNI token holders to acquire fees from a protocol,
🔈 New Governance Proposal Posted 🔈
UF Governance Lead
@eek637
just posted a proposal to upgrade Uniswap Protocol's governance system. Specifically, this upgrade would reward UNI holders who have staked and delegated their tokens.
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Never mind the ETF, the EVC is here.
The Ethereum Vault Connector is a new immutable primitive that will power
@erc4626
vaults on Euler v2 and beyond.
It's a pure public good funded by
@eulerfinance
.
Immutable. No governance. No fees. Open to anyone.
Come and build with us!
1/ The first building block of Euler v2 is here.
Introducing the Ethereum Vault Connector - a powerful primitive that enables anyone and everyone to build products and credit-based protocols.
Let's dive into the details:
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I don't see a problem with people building partially decentralised or even centralised stuff on top of Ethereum, so long as they are honest about it.
Fully decentralised everything will never reach mass adoption because of trade offs. And the more users Ethereum has the better.
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Please join the
@eulerfinance
team for beer and pizza at
@EthereumDenver
.
This has been an incredible time of rebuilding, and as we lead up to relaunch, we want to start the year off by celebrating with all of you.
The support the ecosystem has given us is above and beyond,
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The first claims smart contract audit just came back.
Not too long to go.
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@jackfifield
@freddie_poser
The problem is that there’s not much point me spending lots of money researching and innovating a new, better standard any more if I can’t sell it. So top down initiatives end up hurting innovation even if they claim to allow a path for improvement.
In this particular case I
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Here's why you should consider integrating new LST/LRT/stablecoin tokens with the Ethereum Vault Connector (EVC).
Introducing ERC20Collateral: a simple extension to ERC20 that allows you to use your token as collateral whilst holding it your wallet i.e. there's no need to put
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@MonetSupply
@z0r0zzz
I would advocate for it again, too.
Developing a protocol and auditing it costs many millions of dollars. Why should that immediately all be given away for free? Development companies need to do all their research on the legal side and take on a variety of unique risks as well.
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@0xMerp
@Brentsketit
@inversebrah
You're telling the CEO of Euler Labs, co-creator of Euler and soon to be co-, co-creator of EulerSwap, that you don't know who he is? Just wanted to help provide context for your tweet thread.
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@0xngmi
Former evolutionary biologist here.
You can think of all possible animal designs in terms of a multi-dimensional fitness landscape.
A wheel is a good design (a peak in the landscape), but is surrounded by deep canyons. That's because there's zero benefit of a half measure.
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DeFi needs a robust, secure decentralised price oracle. So watch my cofounder Doug give a short masterclass on building one.
A thing of beaty for anyone that loves oracles or just old school computer science.
Open-sourcing soon. DM for info.
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Trusting third-parties to custody your funds is totally fine and trustless blockchains have no use cases*.
*providing you're privelged enough to live in one of the few countries in the world with a democratic government, reliable banks, and you have 4.5m followers on twitter.
And tweeting got results. A representative called and we seem to be up again.
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Crisp winter's day in Leeds. No place I'd rather be this time of year.
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@mochains
Great to see recognition for litecoin and bitcoin cash as the top tier assets we all know they are
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I love Euler and it will always be my first love. But working on EulerSwap is really fun.
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Developing privacy-preserving technology looks like it could now be a criminal offence, unless you can verify that every single user of said technology is not one of the bad guys.
Since this is clearly impossible to do, governments are de facto outlawing privacy.
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The three largest lending protocols on Ethereum are all going in different directions right now.
@compoundfinance
is proposing to raise max interest rates
@AaveAave
is pausing borrowing
@eulerfinance
is proposing to do nothing
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💪
@eulerfinance
has survived and THRIVED in the most hostile of environments for almost a year now.
It has been battle tested against a backdrop of luna fud, celsius fud, 3ac fud, tether fud, stETH fud, the merge fud, and whatever yesterday was. It works.
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Had to work pretty hard yesterday for EulerDAO launch with flu symptoms and running on 2 hours sleep.
Yes, this is a needy request for sympathy from a bunch of random anons who I would probably never talk to IRL.
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Made a couple of killer hires recently.
But we're not done.
We're looking for senior front-end developers to help us keep innovating.
Euler v1 UI had features people are only just catching up with today.
We want to keep pushing the boundaries with v2.
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Out for drinks with
@functi0nZer0
. He's refusing to let me buy a drink. Says
@WildcatFi
is going to be 'the biggest rug in history bro, I got this'.
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My feeling is that the long term $ETH borrow cost should stabilise close to the $stETH yield.
There should be some discount to reflect increased risk of staking/leverage staking vs lending ETH.
But the days of ultra low ETH lending/borrowing APY are gone forever IMO.
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BREAKING: My sanity. Crypto twitter is now trying to convince me that a baguette is not bread.
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Money Lego is what excited me about DeFi in the first place.
But if you margin trade in DeFi today you usually pass through 5+ protocols, paying gas fees, lending fees, risk manager fees, DEX fees, UI fees, hook fees, aggregator fees, MEV costs…
Is this disintermediation?
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Whatever you think about crypto or a given exchange or protocol, it is not the job of unelected regulators to define, from a position of authority, what has value or not.
In a free society, that's what markets are for.
SEC CHAIR GENSLER: "We don't need more digital currency, we have digital currency.
It's called the US dollar. It's called the Euro. It's called the Yen.
They're all digital right now."
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Friday night and
@andrewjleone
has been shilling perpetual futures to my 3-year old daughter. Now she won’t shut up about funding rates.
I tried to explain to her that you get better rates and deeper liquidity margin trading using lending protocols, but she’s having none of it.
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We've developed a simple extension to ERC20 that will make integrations into lending protocols for use as collateral 10x easier.
If you're creating a new token soon, especially an LRT or LST, and want to know more, get in touch.
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The bad debt issues and bank run on Rari pool
#136
are a timely reminder of just why the reserve mechanism pioneered by Compound is so important for the security of over-collateralised lending protocols.
What is bad debt? What is a bank run? How do reserves protect lenders? 👇
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Quick analysis of the recent hack using manipulation of $FLOAT price on
@RariCapital
Fuse pool 90 just now.
Our
@RariCapital
pool just experienced effects from a weak oracle.
We're looking into the issue and will update with more information shortly.
Primarily protocol owned liquidity was affected.
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I just had an idea for scaling Euler that was so good I woke up at 4am and started writing it down.
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The harsh reality is that immutability is a major constraint on making things people want to use.
It's OK criticising DAI, but how many of those outspoken critics are actually using immutable alternatives?
The market prefers efficiency and stability over hard decentralisation.
ETH-only RAI was a mistake
the ETH staking yield means that borrowing RAI against pure ETH will always have some % opportunity cost
the RAI redemption rate should almost always be negative to reflect this opportunity cost
decentralization is expensive, people don't want to pay
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