The Wildcat Protocol
@WildcatFi
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5,843
Following
5
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117
massively configurable, unopinionated, hands-off on-chain credit rails; live on ethereum mainnet
Joined August 2022
Don't wanna be here?
Send us removal request.
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We’re doing an airdrop for our earliest supporters: follow and drop your address or ENS in the replies!
2K
552
1K
We appreciate this healthy response
Every respondent has been added to a blacklist and will be receiving an untransferrable Sepolia token indicating as such
All wallets two hops in or out will be ineligible to use the protocol or any real airdrop in future
Thank you all
We’re doing an airdrop for our earliest supporters: follow and drop your address or ENS in the replies!
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The Wildcat Protocol is live on Ethereum mainnet
Undercollateralised, highly customisable, adaptable
Credit facilities for arbitrary ERC20 assets
Over a year in the making, but here it is
We want to tell you why we built it and who it’s for
Settle in
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As of today, we are actively handling undercollateralised credit facilities on Ethereum mainnet
Wintermute is using Wildcat to implement a 100 Bitcoin loan paying 5% APR, with a 10% reserve ratio via their Wintermute Wrapped Bitcoin market
It's nice to be out the gates
Onwards
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Wake up babe, new version of whitepaper just dropped
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Market on the precipice on meltdown due to collateral issues? Don't know where funds are sitting? Unsure what loans are currently in force?
We can help.
Let's end the markets together, anon. Forever.
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Good morning
Our lawyers didn't burst into tears when they saw this
So now you can see it too
This will evolve, it's not the mainnet variant
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They don’t know we’re organising a party at
@EthereumDenver
Our team will be there, presenting and discussing everything on-chain credit (while standing in the corner)
Let us know if you’re going to be there and want to meet up!
We even paid for the drinks
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This is why we're here
NEWS: New protocol takes a stab at undercollateralized DeFi lending
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Alright, it's time to name the Wildcat mascot
What are we calling the big guy
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Eight figures of WBTC credit is being settled via Wildcat
Up
A lot
Thank you
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You should be able to select your own counterparties
You should be able to decide on terms that suit you
You should be trusted with the freedom to contract
The Wildcat Protocol
Banking, but worse
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Okay fine, we heard you
Fixed duration markets
Self-on-boarding of lenders
0% collateral ratio option
More granular market access
We’re nearly done writing Wildcat V2
Everything is totally fine
We didn’t like V1 anyway
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We see this being used by market makers and funds
New tokens are often distributed in shadow
Wildcat can force terms into the light
No more rehypothecation of assets across entities
No more opaque agreements to market make PEPE
It's time for DeFi entities to use DeFi more
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Wildcat cannot upgrade the code for a market
Wildcat cannot change the parameters of a market
Wildcat cannot unilaterally shut down a market
Wildcat cannot do these things, because we shouldn't
It is not our place - we aren't part of your arrangement
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We invert the typical model of credit platforms
We do not source willing capital for borrowers to use
We give borrowers mechanisms to contract on-chain
Who then select who they want to engage with
This is not a currently a tool for retail to use for yield
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You might be the type that wants to learn more
We wrote longer-form stuff for you if so
A whitepaper
A manifesto
A Gitbook with the kitchen sink in it
You know where we are if you have more questions
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The
@wintermute_t
Wildcat markets for WETH and USDC have accepted their first deposits! They're currently offering:
* WETH @ 4.5%
* USDC @ 15%
* WBTC @ 5%
There's still plenty of space in all of these - if you're interested in lending to Wintermute, reach out to them via DM!
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hi
Crypto needs credit expansion.
Crypto needs credit expansion.
Crypto needs credit expansion.
Crypto needs credit expansion.
Crypto needs credit expansion.
Crypto needs credit expansion.
Crypto needs credit expansion.
Crypto needs credit expansion.
Crypto needs credit expansion.
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Undercollateralised credit protocols exist already
We view them as very useful, but too hands-on
Borrowers need to be approved by delegates
Credit limits must be negotiated
Discussions abound concerning underwriting
These are distracting from the main point
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Come and join us for drinks and tacos
You get a free hoodie if you replicate the splits
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Wildcat is designed to be completely hands-off
We onboard borrowers, and give them free reign
They select asset, maximum capacity, initial APR
They choose collateralisation ratios, penalty rates
They even choose how long before they pay penalties
Then they pick their lenders
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We've moved onto the podium in the undercollateralised lending category on DefiLlama!
With US$25.6 million in TVL,
@WildcatFi
is now the third largest credit facilitator on any chain.
Not bad for something three months old!
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Are we a joke to you
Many years ago the egyptians were studying $WCAT
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If you want to read the code, you're welcome to
We're not sorry about the assembly
It's hard to squeeze things into EIP-170 nowadays
We welcome feedback and Immunefi bounty reports
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Customisable credit agreements weren’t possible
The demand for credit is inelastic
Individual circumstances for credit are not
If a mechanism for freedom in terms is not on-chain
Those agreements will not appear on-chain at all
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Points tonite 👀
Points tonight queen?? 👀
Points tonite 👀
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We ask all users to interact with the Wildcat protocol via a Safe multisig to mitigate concerns around lost or compromised keys
Proud to announce that this means that our security practices are more advanced than those of the SEC
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So true bestie
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We're looking into next steps already: we have ideas
Right now we just offer vanilla credit facilities
Wildcat can be extended with multiple market types
Long-dated strike options payable in different assets
Minimum deposit periods, bond-like structures
Some fever dreams too
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Won't go into all of the mechanics here, but:
Rebasing debt tokens issued for depositors
No preferential repayments: one FIFO queue for all
Freely adjustable APR and capacity
But dropping APR may require more liquid reserves
It’s only fair to offer a ragequit
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We’re also looking into generalising the lender model
Perhaps a borrower doesn’t want to select lenders
We can make use of attestation credentials here
We built all this technology for selective ID revelation
It’s time someone integrated it into a credit facility
So we will
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If you're at ETHDenver today, at 11:40
@functi0nZer0
will be speaking about the promises and pitfalls of on-chain undercollateralised credit at the Submarine stage
Points to all attendees!
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We went to Switzerland, told them about making credit rails public and they took us out back and shot us in the leg?
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Over the weekend, we activated our protocol-level
@SpherexTech
protection on mainnet
We think this is a really neat component, so we thought we'd quickly explain how it works and why we're using it
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Great demo video of creating a loan onchain with terms encoded, shopping it to the market, distributing funds, etc.
Great work from Coinbase Asset Management team.
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Our
@code4rena
contest ends at 21:00 GMT+1 tomorrow.
If you've been holding off on pointing out we're bad at assembly, now's the time!
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Clearpool's 🆕 product - Credit Vaults - was featured by
@coinspeaker
.
"If the adoption of the solution follows the success of Permissionless Pools, it has the potential to revolutionize lending practices in the
#DeFi
industry."
Read more 👇
$CPOOL
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We'd like to thank all market sellers for stopping us from reaching our 30M TVL milestone
We will remember this
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Choose your asset
Choose your APR
Choose your reserve ratio
Choose your source of lenders
Choose everything you need
Choose what works for you, and deploy your own credit line
Just don't be surprised if folk raise an eyebrow at it
Choose Wildcat
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Bet she’d hate us too
"Crypto loans typically require overcollateralization before they are extended, so those without wealth (in the form of collateral) will not be able to receive loans."
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If the people working at your preferred magic money protocol aren’t getting banned from conference competitions, pack it up
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We will not apologise for maintaining professional standards, and have released Shizzy from their engagement with us
Going forward the Wildcat mascot will be generated by imgnAI
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To kill the rumours: Wildcat boxers/cheeky shorts are NOT being handed out as merch at Denver, the production turnaround time was sadly too long
It's zipper hoodies instead
We will make this up to you in Brussels
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They're also very likely to accept your dog money, so you should probably also ask them about that en masse
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Join us
How hard could it be
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Our analysts asked me, "How do we get back to the same credit market in crypto as before?"
We can't, we wouldn't know how to do it.
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We’re on Farcaster as
@wildcat
Waiting for Disney to request it because of High School Musical
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We've partnered up with
@immunefi
for the purposes of maintaining an ongoing bug bounty program - max reward 10,000 USDC
If you missed out on our previous reviews, or just want a motivation to stare at our contract code again, consider this an invite!
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The last 15 minutes or so of this episode of the Scoop with
@fintechfrank
, Reed and Greg discusses the state of credit nowadays compared to the previous cycle
TL;DR - 'I feel like I need to start a lending desk'
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It's integration adds execution cost, of course, but
@SpherexTech
is driving towards an exploit prevention solution that eliminates edge cases in smart contracts, preventing hack attempts before they finalise
That's worthy of praise and further attention
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As time goes on, we'll be adding more functionality and integrating more protocols such as Chainlink
Our worries about introducing risks in this way are at least partially alleviated by knowing we have a bouncer at the door which we can sculpt
You should speak to them too
/Fin
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@0xTogbe
@EdgarArout
Correct - no liquidations involved here by design
We'd prefer if no one had to go to court in the first place...
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This effectively creates an iron dome around the Wildcat Protocol: you can attempt to interact with it outside of the expected bounds, but you'll simply bounce off the rim
At present it analyses calldata - going forward it will also analyse slot interactions, gas usage and more
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We take EVM security seriously, and so do they.
It helps that they're incredibly friendly and helpful, and that the integration was, in all senses of the word, seamless - all we 'had' to do was tweak the range of application due to Spurious Dragon
That's very rare these days
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If your transaction is rejected by our SphereX cover, a log of the attempt is sent to a dashboard along with an analysis of the path you attempted to take and what the impact would have been
If it turns out that it was a legitimate attempt we overlooked, we can update the engine
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The idea here is that at present, there are only so many ways that you can interact with Wildcat: depositing, withdrawing, changing parameters and so on - and we know how these actions 'look' in the EVM
Anything that deviates from these patterns doesn't make it into a block
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If a transaction touches any of our contracts that isn't 'shaped' in a way that we expect (based on training that we performed using a simultaneous Sepolia deployment when we launched), the modifier reverts and the transaction fails
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This doesn't mean that the counterparty risk of default goes away, of course, but it *does* mean that we have a reasonably high degree of confidence that assets at rest within the protocol cannot be extracted by a malicious third party
We still have an
@immunefi
bug bounty, mind
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If you look at our deployed code, you'll see a bunch of modifier-level code referring to SphereX, specifically with regards to validation pre- and post-function calls
The fundamental idea here is that there is an engine contract sitting in between analysing transaction structure
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@0xprinc
@functi0nZer0
@code4rena
The jury is out on whether or not the “convert everyone’s funds to Bored Apes” function is a crit or a low
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@unpr0phete
@functi0nZer0
@leytonorientfc
Market deployment (plus controller if it’s your first time) hauls out over thirty contracts in total through the embedded initcode
After that it’s reasonable, promise
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@coinhunter4life
@code4rena
If they’ve not been identified by other wardens during the contest, you can submit them to our Immunefi bug bounty program once we’ve spun it up!
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