Rough timeline of events here: 1. Justin Sun pulls ETH supply from Aave. 2. Utilization spikes ETH borrow rates on Aave. 3. stETH loopers are now unprofitable, so start de-leveraging. 4. A bunch of this de-levered stETH hits the staking withdrawal queue. 5. stETH depegs 30 basis points as some sell to avoid the queue. 6. Loopers are now forced to either take this 30 bips hit (3% loss on 10x leverage), or lose money on the position until peg re-gains. All of these stETH oracles use redemption not market rate, so lenders are stuck in the position for potentially ~18 days as thats the ETH unstake queue right now. We may end up seeing some stETH liquidations from interest accrual which will only make the situation worse by de-pegging stETH further.

Ranking DeFi liquidation mechanisms: 1. Euler: dutch auctions are best at finding the correct spread to offer liquidators, but can be slow. 2. Fluid: gas-optimization definitely helps, but less of a factor when large loans are concentrated by user; offering liquidations as swaps may be powerful but there are issues in practice with integrating liquidations into aggregators, and in practice any market maker via RFQs can offer the same coincidence of wants execution for liquidations. 3. Aave: Chaos risk oracles help optimize the liquidation bonuses, but this is not as accurate as auctions. 4. Morpho: Pre-Liquidations help users control their own liquidation flow, although this modular construction is a worse UX for users, and less impactful for the protocol as a whole.

Atlas is the most egalitarian thing we've ever seen. It's insanely ambitious, and if it works, can really reshape the fabric of society - anon

Something huge is coming soon. It’s looking like a RedStone summer.

This was by far the most interesting interview i've done so far. Words can't even describe it. Just listen to the first 10 minutes. If you're active in any of the Monad telegram groups you know Hyungsuk. Monad. CLOB. Waifus. Listen now.

Do you take the Monad FastLane or the Monad SlowLane?

FastLane makes Monad Faster

MEV Protection is now plugged in! 🔌  Life on the fast lane just got safer. Users are now protected from MEV transactions while using the Atlantis platform. 🏎️ Powered by @0xFastLane

Fast blockchains introduce new challenges for bandwidth management and RPC fairness. Today we’re introducing a mechanism for shaping RPC access using liquid staking commitments. The system is live via FastLane’s ShMonad RPC. This thread explores the architecture and rationale. 🧵

More apps are being built on Monad with App-Specific Sequencing than in any other onchain ecosystem in the world. At this rate, not even Ethereum will be able to keep up. Lesson in there.