An interesting story occurred over the past few weeks. It starts with a mistake we see far too often in DeFi - a user has accidentally sent some ETH to the wrong address. The end result is a heart-warming story full of ingenuity.
🧵👇
Sam MacPherson
7,384 posts
Sam MacPherson
@hexonaut
Co-founder / CEO Spark. Previously Protocol Engineering @ MakerDAO.
Toronto, Ontario
Joined July 2011
- I don't think people realize just how much Aave V3 e-mode is going to vacuum all the idle ETH into Lido. Deposit stETH, borrow ETH, stake/trade into stETH, repeat. If you're holding stETH, this virtually risk free until the Curve pool gets depleted. This is going to be nuts.
- The MakerDAO community is excited to announce the Optimism Dai Bridge which solves the 1 week withdrawal problem for optimistic rollups. Here's how it works: 1/
- I like how the PolyNetwork Exploiter is having an AMA right now... what a ridiculous space.
- In the past month Terra's UST has had to spend 100m to maintain its peg. Current burn rate is 4m / day and increasing. By contrast Maker's DAI has earned the protocol 3.6m in the past month. One of these is sustainable.
- 🤯 Cross-chain end-to-end testing has landed in Foundry. These sorts of features are critical for Maker going multichain. Mad respect to the Foundry team - they are shipping new features like crazy. 💨💨
- I want to kick off 2024 with an educational post about the Maker/DAI ecosystem. Memes have a strong influence in crypto and can persist even when no longer accurate. I’ll address the state of some of the larger ones. 1. “DAI is just wrapped USDC” This hasn’t been true for about
- Replying to @hexonautThe user has been notified the ETH has been returned and is over the moon. Thanks to everyone on the Protocol Engineering team for making this happen. In particular @gbalabasquer @NazzMass @iamchrissmith were instrumental in developing and executing this strategy.
- I’m super excited to announce the launch of ⚡️ Spark Protocol ⚡️ - a growth-focused arm of the Maker Protocol. Our first product is Spark Lend which builds upon Aave V3 to bring the best lending market features to Maker. 🧵👇
- Replying to @hasuflThe contagion was also limited by OG DeFi protocols such as Maker, Aave and Compound refusing to add UST as a collateral despite the insufferable amount of noise.
- .@coinbase has put out a proposal to invest 1.6b out of the PSM into a yield bearing account. This will boost Maker revenue by 24m / year. Maker has ~5.5b in USD-like collateral. This is one of the many proposals to generate yield from the real world. forum.makerdao.com/t/mipxx-coinba…
- Wrote an article about deploying your token/dapp to L2 first and the mental model switch involved with making this choice.
- It’s time for the Maker protocol to take bold action and seed the next phase of DeFi. The bull market has been kind to us all, but that time is passing. We need to take the next step and begin integrating with the real world at scale. Here’s how we do it 🧵👇
