Mat (∞) retweeted
Right now you can buy BTC at a price lower than each of the last 82 day closes except yesterday. It has declined for 6 straight weeks and retraced its summer breakout right back into the 200 day moving average after the Nasdaq had a -16% peak to trough decline and we saw a climactic macro selling event. If you want to go even further down the spectrum, ETHBTC is red going on 8 weeks in a row. At worst this is a great risk/reward setup to try the long side, at best its an attractive swing long opportunity. 90k BTC by year end is on my bingo card.
New Pendle PT-USDe maturities are live: fixed duration markets for USDe.
Pendle has added a number of new markets for USDe across 3-12 month maturities, with zero Ethena token incentives supporting these markets.
Ethena will now also receive 50% of all fees generated via third-party operated Ethena Pendle pools which are due to the Pendle treasury.
The new Pendle assets will be available on Ethereum, Base and Avalanche.
More details below:
Introducing Pendle USDe Fixed-Term Markets, a new market design by Pendle that lets users lock in fixed-rate terms, similar to a discount note bought below par and redeems 1:1 for USDe at maturity
3, 6, 9 and 12-months maturities are now live on Ethereum via Pendle, granting flexibility to choose the term that suits your needs
Last time the market didn't properly sell off after a huge event like this was the FTX collapse
When I saw the lack of follow through then I got giga bullish
And we subsequently went from 16k to 100k
Hard to be bearish here after having been given the same setup yet again
Mat (∞) retweeted
User funds are safe!
It does look like a hack on Binance. Appreciate the quick freeze from Tether (~$971m) and Circle (~$823m).
I don't manage Binance (.com) anymore, but as a shareholder, I expect all user funds will be fully covered.
Mat (∞) retweeted
This is one of the product releases you glance over and don't take seriously but you should. Earn+ will be one of the killer features for Ethena Pay that is almost impossible to compete with for dollar savings at scale.
I'd hope I'm within the top ~5% of DeFi power users, but I don't even spend the time and energy to optimize DeFi loops across multiple chains and lending markets which requires 24/7 attention.
This is a one-click access point to optimized levered USDe rewards with the capability to operate cross chain from a single vault with no management of debt positions required at all.
This is the highest unincentivized reward rate on dollars at multi-billion scale with a simple one-click user experience that has averaged ~10-15% APY even during the bear market, and much higher in the bull market.
Available exclusively on Ethena Pay 🌍.
Introducing Earn+: up to 12% rewards on your dollars in a single click.
Available exclusively on @EthenaPay.
Mat (∞) retweeted
> can’t own stonks with capex slowing
> can’t own crypto with quantum and ai risk
> can’t browse the internet cause everything is hacked
> can’t own software cause everything is hacked
> can’t own gold cause alchemy is solved
> can’t own bonds as inflation and crowding out hurting it
> mfw
Mat (∞) retweeted
Deutsche CEO Sewing sounds the alarm on #France: Its fiscal & political instability is a “wake up call” for Europe. The bond mkt is flashing red: France’s 10y spread over Germany has surged to 156bps, highest since 2011. Not a debt crisis yet, Sewing says. bloomberg.com/news/articles/…
Mat (∞) retweeted
This entire industry is becoming fully casinoized and it’s either adapt or die.
Even companies who didn’t want to partake in that will have to pivot/offer casino-esque products to compete.
Whether it’s 1000x leverage or trading platform raffle tickets [equivalent to spinning slots].
The only solution is owning Bitcoin as an expression of purity and disassociation with everything else.
Unironically, the more things become degenerate/hypergambling coded,
The simpler it is to simply fall back on BTC and stay in one defined lane.
Everyone playing will lose it all whilst the one true cryptocurrency goes up only.
~ Dr. Axius.
Mat (∞) retweeted
I don't recommend anyone scramble to move their funds to new wallets today. But we should take the risks to cryptography from AI-accelerated math seriously, and minimize our exposure to not just quantum-vulnerable cryptography, but also potentially AI-vulnerable cryptography.
The core new area of risk from this viewpoint is, unfortunately, ML-DSA / FHE / lattices.
(and it's also another reason, along with quantum, why ECDSA might fall even faster than expected, hence the "fresh address" recommendation)
So far most people have been in the mode of thinking "elliptic curves broken, hashes safe, lattices safe". But there is a good chance that the concrete security of lattices will take serious hits from the next two years of AI math.
The basic threat model is: factoring is something that naively takes 2^(n/2) time, but over decades smart people have found and optimized number field sieves, and degraded that to 2^O(n^(1/3)), which is why RSA keys and signatures need to be ~400 bytes (and not 64 bytes). What if there are skeletons in the closet like that, both for elliptic curves and lattices, that we are simply not smart enough to discover - but bots soon will be?
This is a major part of the reason why for the past year ethereum's lean roadmap has been going in the "hash-only" direction: no lattices, no ML-DSA, no Falcon, no lattice-based commitments inside ZK proofs, etc. Signatures in lean ethereum are all hash-based, either WOTS or SPHINCS-.
For signatures and proofs, we already know how to go hash-only. The bigger challenge is for *public-key encryption* - and this goes far beyond blockchains. Secure communication, anonymizing protocols, lots of things need public-key encryption.
And unfortunately there are long-standing mathematical theorems showing why public-key encryption cannot be done with hashes alone. You have to have some kind of trapdoor object that has at least one form of usable "structure" - either group theory (incl. isogenies) or lattices or code-based or potentially in the future even more newfangled and spooky things (local mixing?). But for anything that has structure, you should assume that AI will make at least some progress in breaking that structure. Here, one reasonable inference is that if you want to make something plausibly long-term secure, multiply the key sizes by 10.
To me that's a very plausible world and something not at all extreme to predict. If AI will bring us 50 years of math in 2 years, then that 50 years of math may very plausibly include a "naive factoring -> GNFS" level of improvement to our ability to break lattices. In that world, lattices will still exist, but they will have to be significantly bigger to guarantee the same level of safety.
And at those new larger sizes, hash-based constructions will beat lattice-based constructions on concrete efficiency in every use case where hash-based constructions are possible at all.
Theoretically, of course it's possible that hashes are broken too (eg. P = NP would imply that). But I think P = NP is very unlikely. And intuitively, it's much more likely that a mathematical object has exactly no exploitable structure (like hashes are intended to), than that a mathematical object has exactly ~3 forms of exploitable structure (for elliptic curves: associativity, Schoof, pairings) and not some secret fourth form of structure we have not yet discovered that greatly degrades its security (for elliptic curves, ECDLP and pairing security). Similar for LWE, SVP, RLWE and the zoo of lattice problems.
For this reason, we do not yet see any reason to worry and start padding the byte size of hashes (if we start to worry more, we would pad the round count first before doing anything to the byte size).
Concrete TLDR, my own personal views:
* Hash-based > lattice-based, in those situations where hash-based is possible at all
* For anything lattice-based, be much more paranoid on param sizes. Remember that blockchains are only a small portion of the cryptography story; this point goes far beyond blockchains and applies to eg. access to websites, secure messaging, Tor / VPNs ...
* For privacy protocols, strongly favor NOT putting encrypted notes onchain. Instead, send them offchain through some third-party mechanism.
* If it's not difficult for you, keeping your funds in addresses which have not yet been used to make a transaction is a good idea. If it's easy for you, do it. **But be careful about migrations; I personally have lost more money in botched migrations than I have lost in all hacks combined**.
* For multisig wallets, doing confirmations offchain is better than onchain, because this way the signatures of signer wallets do not get exposed to the public, so if ECDSA falls to AI much faster than expected, at least the multisig "gracefully degrades" to a 1-of-1 where the 1 is whoever was gathering the signatures - a much better place to be than "anyone can take the money"
firefly.social/post/x/210783…
Mat (∞) retweeted
time of the cycle where ppl will miss on 40% moves just so they can capture a 10% short, sound smart and get outperformed by retarded bulls
dont miss forrest for the trees
Ethena is partnering with @Binance as our first venue for the extension of the basis trade into equity perpetuals, one of the most exciting updates to the USDe collateral backing since launch.
This expands the addressable market of underlying collateral from $2.5 trillion of crypto to $150 trillion+ of real-world assets.
As part of the partnership, bStocks will serve as tokenized spot collateral, hedged with Binance USDT-denominated equity perpetuals - the same delta-neutral structure Ethena has securely executed across crypto assets since inception.
Importantly, Binance provides lower ADL priority for eligible delta-neutral accounts including Ethena's, adding another layer of risk mitigation for USDe holders.
Binance equity basis has averaged ~11%+ annualized over the past 6 months, while open interest has grown on average ~30% per month in the last 3 month period.
We expect the market opportunity size for equity perpetuals to far exceed the $15b+ of crypto perpetuals captured by Ethena last cycle.
Allocations begin today.
Mat (∞) retweeted
Many alt setups look extremely good:
- some finally bottoming out and starting the way up: eigen, op, tia, sei, ldo, etc
- some already well on the way up but still plenty of room to run: near, arb, inj, link, etc
- some breaking out again after consolidationg the last month: ena, eth, sol, bnb, avax, etc
- some already in price discovery: lit, hype, zec, xmr, etc
yes, most of these coins are garbage, but just look at the charts, opportunities there
pay attention
$ENA good start
range highs next hurdle, if those are reclaimed i can see this move towards $0.25 pretty quick
$ENA from stream – took out the lows as discussed.
IF we get a decent overall market reaction around FOMC, and this shows local strength, it's a bid, imo.
('decent reaction' can also mean dip first, strength later btw)






























