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Earlier today, a user attempted to buy AAVE using $50M USDT through the Aave interface. Given the unusually large size of the single order, the Aave interface, like most trading interfaces, warned the user about extraordinary slippage and required confirmation via a checkbox. The user confirmed the warning on their mobile device and proceeded with the swap, accepting the high slippage, which ultimately resulted in receiving only 324 AAVE in return. The transaction could not be moved forward without the user explicitly accepting the risk through the confirmation checkbox. The CoW Swap routers functioned as intended, and the integration followed standard industry practices. However, while the user was able to proceed with the swap, the final outcome was clearly far from optimal. Events like this do occur in DeFi, but the scale of this transaction was significantly larger than what is typically seen in the space. We sympathize with the user and will try to make a contact with the user and we will return $600K in fees collected from the transaction. The key takeaway is that while DeFi should remain open and permissionless, allowing users to perform transactions freely, there are additional guardrails the industry can build to better protect users. Our team will be investigating ways to improve these safeguards going forward.

The Bank of England is proposing a cap on individual stablecoin holdings, limiting ownership to just £10,000–£20,000 per person in the name of “systemic risk.” This is absurd, and we need to push back against this kind of regulation. Stablecoins issued onchain do not pose greater risks than traditional electronic money issued on more fragile electronic databases. https://t.co/wYB1bCBUBd

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After four years, we are finally ready to share that the SEC has concluded its investigation into the Aave Protocol. This process demanded significant effort and resources from our team, and from me personally as the founder, to protect Aave, its ecosystem, and DeFi more…

Let's be clear about something regarding Ethereum. 1. Highest security First of all Ethereum has the highest security amongst the programmable execution environments. Yes this matters. When world moves onchain, that means that most important and mission critical use-cases will use Ethereum. Most importantly this means $25T finance industry. 2. DeFi TVL The only PMF for onchain has been DeFi. Out of the 122B TVL Ethereum is the home for over half of it and almost 6x to the second biggest. The economies of scale is on Ethereum. Mainnet Aave is the only place you can borrow $1B in stables by posting a collateral. You can't do it anywhere else. All the most relevant DeFi innovation I keep being pitched is still on Ethereum. 3. Developer ecosystem and tooling While building DeFi sounds an easy to replicate anywhere, that is not really the case. DeFi protocols need solid network security and stability to be able to serve collateralized products and any product that include a oracle price feed. Second, in most nascent network ecosystems its much more harder to build DeFi and to secure it. Ethereum has advantage here as the developer ecosystem has build solid tooling around development (Hardhat, Foundry), multiple different testing tools, i.e. different fuzzy-testing, simulation tooling such as Tenderly for debugging and robust ecosystem of auditors that are really going deep into the code and caring, not just rubber stamping audit reports. 4. EVM innovation EVM has been the most valuable innovation in the Ethereum ecosystem. We are seeing more exciting innovation happening on EVM space, including from ZK-based EVMs to solve scalability from ZKSync, Scroll to Linea and Succinct. Instead of seeing one path of innovation, we are seeing multiple options competing to provide the best scalability and also privacy for users. 5. L2 strategy (+ Beef up Ethereum L1) People critisize the L2 strategy on Ethereum but it actually works. It allows L1 to offer highest security for Ethereum while allowing innovation to foster on L2s (as per previous point). Every major exchange or institution is looking to run their own network. They want customization and they want economics. How I would like to see this continue is that we keep innovating on the L1 side, and beef up Ethereum mainnet, faster. Once cross-chain liquidity is solved and ux challenges are removed, it all feels unified, and super fast. 6. POTUS is building on Ethereum WLF Aave instance is going to be deployed on Ethereum mainnet. Lot of innovation will follow on DeFi with WLF. This is where POTUS fundamentals are happening. 7. The institutions are deploying on Ethereum For institutions like BlackRock their main base is Ethereum and this is because Ethereum provides the highest security and stability for institutions to issue assets like RWAs, its also where all the DeFi network effects are. 8. Talent pool Most of the talented smart contract developers are on Ethereum, writing Solidity. This is also the reason why the most biggest protocols are on Ethereum and have been running for years and the same reason why the developer tooling on Ethereum is light years ahead of everything else. It's a more mature ecosystem. Remember, onchain is full of short term (very risky) opportunities that take the moment of attention but what really matters down the line is fundamentals. The ecosystems and its users that focus most of fundamentals will get the most adoption. It's just a matter of time when ETH pumps, but when it does, it's going to be the biggest revenge pump ever.

I read the Ethereum Report 2024 budget report and here is whats needed to make EF sustainable: - Cut be burn rate from 130M to 30M right away - Cut the head count to 80 people - Review carefully who can stay. Remove executive roles, advisories, any part time roles, interns, free riders, cockroaches and parasites - Ban advisories or any conflict of interests - Ensure that 80% of the headcount is technical - All tech teams broken down to small 5-person teams with own focus areas and speciality - Leadership should be 5 people committee, merit-based, with one is chair who is VB - Part of the non-technical team is treasury management (do it in-house) - Diversify treasury into various LRSTs and also to DeFi projects and non-DeFi that have good fundamentals and are profitable and build on Ethereum - Diversify staking yields into stablecoins and supply into DeFi - Borrow from Aave to manage treasury and time sales when ETH outperforms everything else - Create a sustainable revenue model from transactions or staking fees that can fund a reasonable EF budget Currently EF has an expenses and treasury problem. Lets fix it.

Say hello to the Aave app. We are simplifying access to DeFi for everyday users. Waitlist is open.

After two years of hard work, we’re excited to announce that Aave Labs has received MiCAR authorization from the Central Bank of Ireland to operate a zero-fee on- and off-ramp for GHO and other stablecoins. Accessing Aave will soon be seamless for everyday users, bringing DeFi to millions across 30 EEA member states.

Drop your Lens profile below 🫡

Earlier today, a user attempted to buy AAVE using $50M USDT through the Aave interface. Given the unusually large size of the single order, the Aave interface, like most trading interfaces, warned the user about extraordinary slippage and required confirmation via a checkbox. The user confirmed the warning on their mobile device and proceeded with the swap, accepting the high slippage, which ultimately resulted in receiving only 324 AAVE in return. The transaction could not be moved forward without the user explicitly accepting the risk through the confirmation checkbox. The CoW Swap routers functioned as intended, and the integration followed standard industry practices. However, while the user was able to proceed with the swap, the final outcome was clearly far from optimal. Events like this do occur in DeFi, but the scale of this transaction was significantly larger than what is typically seen in the space. We sympathize with the user and will try to make a contact with the user and we will return $600K in fees collected from the transaction. The key takeaway is that while DeFi should remain open and permissionless, allowing users to perform transactions freely, there are additional guardrails the industry can build to better protect users. Our team will be investigating ways to improve these safeguards going forward.

The Bank of England is proposing a cap on individual stablecoin holdings, limiting ownership to just £10,000–£20,000 per person in the name of “systemic risk.” This is absurd, and we need to push back against this kind of regulation. Stablecoins issued onchain do not pose greater risks than traditional electronic money issued on more fragile electronic databases. https://t.co/wYB1bCBUBd

Drop your Aave App referral code below 👇 Will bump up for visibility. DeFi for everyone.

After four years, we are finally ready to share that the SEC has concluded its investigation into the Aave Protocol. This process demanded significant effort and resources from our team, and from me personally as the founder, to protect Aave, its ecosystem, and DeFi more…

I'm hosting a dinner in Berlin next Monday, reply with a 👻 if you'd like to join

The state of Solana DeFi: - Copycat Aave's old tech - Slap a half baked UI - Restrict also UK users from using it - Solana foundation president calls it a better product Expect people to buy the bluff.