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Tom
@0xfastlane makes monad faster
Tom kirjasi uudelleen
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.
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Tom kirjasi uudelleen
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.
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Tom kirjasi uudelleen
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.
🧵

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