It'd actually be dope to have decentralized stablecoins being used for grants on rotating basis. crvUSD, BOLD, GHO, DOLA, frxUSD? Or even non-dollar ones?

That’s not the flippening we ordered

I see a lot of doomposting about Bitcoin and crypto because crypto is somehow not the favourite toy of the market at the moment (AI stonks are). I want to remind that crypto is not a toy, and it's serving its true purpose - self-sovereignty of every user, financial rails which are always on and do not stop working. Institutions are also into adopting something which has no clunky intermediaries now, so fundamentally we are better than ever. AI is foundational, but it will go through its own valley of death: replacing humans by AI would put AI outputs into AI inputs, quality will degrade, and costs will grow exponentially to maintain it. Large companies who push AI everywhere aren't necessarily using it correctly, so they report some overly large expenses. Both technologies - crypto and AI - are foundational. They are not the same thing though, and they are not competing with each other in principle. Crypto is the future of Finance!

New @yieldbasis markets already make fees. But they will start being distributed as soon as this new vote will pass yieldbasis.com/proposal/45

Ahhhh this is how all projects should be analyzed: identifying ways how money can be lost. From all the dependencies. Excellent stuff!

So let me start. DeFi is the future of the World Financial System. That's my belief, and this is why we are here. This amount of absolutely preventable hacks we see in DeFi (with root causes attributable to CENTRALIZED points of failure) is enormous recently. This damages out industry, and I build for this industry. So I cannot remain silent. Imagine an average grandma (mass adoption is here?) putting her life savings on Aave. And then BOOM, she cannot withdraw her funds on Monday. Aave (the biggest DeFi protocol btw) said it's operating as intended - just rsETH got exploited. rsETH said that all code is safu - just LayerZero bridge got hacked. LayerZero (the biggest bridge securing quarter of a trillion $) said that everything operating as intended. Yet, she cannot withdraw here funds. WTF? Are we industry of clowns? But here's the thing. All issues like this should be prevented BEFORE they happen, not AFTER. Number of single points of failure should be reduced, not increased. When these points of failure are unavoidable - trust should be split. If there's a reliance on infrastructure - we should share best practices how to configure it. Not to mention that code should be very well checked - everyone gets that already. We should probably come together and develop safety standards for DeFi. How to build safely, and how to verify safety. Probably everyone should bring their best practices, and the projects, auditors and risk assessment groups should know them. Maybe we need @ethereumfndn and @SolanaFndn bringing all the ecosystem projects to participate and come up with principles, rules and recommendations of safe building. And, perhaps, we can even learn something about protecting the few remaining centralized points of failure from traditional finance who have many more of those. DeFi will win