It was called Yield and you added Keep3r Oracle support for it? I thought you would be aware of fully decentralised protocols on Fantom? Isn’t that what DeFi should be about?
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What are your thoughts on Tomb Finance?
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I don’t believe any algorithmic stable coins work, nor will they
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But what about one pegged to FTM?
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Is FVM still on track? Any updates you can give?
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The peg doesn’t matter, as long as it is algorithmic and not backed, it won’t work
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Everything is on track, we will release updates when it is prudent, we don’t want to release information prematurely as the FVM is a competitive advantage we would like to secure.
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its pretty kewl actually Kanpeki - Isolated Individual Fixed-Rate Lending and Borrowing - YouTube
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What are your thoughts on Harry and him building on L2 on top of FTM?
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Fantom isn’t close to its max throughput. An L2 doesn’t serve a purpose.
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Hello Andre
Thank you very much for allowing this access to your person. I describe my questions below:
- Why does a mind like yours decide to work in 2021 with Daniele Sestagali who promotes and achieves super hype with a ponzi like Wonderland, that in your mind you knew was unsustainable and many people were going to lose money sooner or later?
- Why did you come out solidly like that, knowing that there would be many people who believe in you and consider FTM as their home and they would be affected?
- Why you have a relationship with Harry, the only thing Harry has done is harm his community?
With these questions I am not trying to question FTM, since I consider it my only and favorite L1, I will always defend it and since I met her I thought that everything else was garbage.
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Hi, is there any developments in regards to FUSD?
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Really, because I seem to recall a specific moment last year in which someone (whose name rhymes with douche) got himself liquidated for more money than the chain could come to terms with at which point gas fees skyrocketed to Ethereum base layer levels for 1-2 weeks. Are you sure this specific example is not the exact situation a layer two is built to avoid?
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During 2021 I was bombarded with negative sentiment after Eminence, a large part of that sentiment was; “I don’t care about the users” or “I don’t put the users first”, Danielle had managed to build what I considered a very strong community, and having had a few chats with him, I believed he truly cared about community building and his users, he seemed to care very deeply, an element I was told, I don’t have. I was not involved with Wonderland, but respected the work they did with Abracadabra / MIM, and the research he was doing at Popsicle, both of those were/are real products, Danielle had seen Wonderland as a community building exercise, but as you rightfully say it wasn’t sustainable, that’s why I never supported it or was involved with it. Truth be told, if it wasn’t for the events that transpired with Sifu, I would have had no issues to continue working with Danielle. Unfortunately how that unraveled meant that door was firmly closed.
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With Solidly, I had thought I had communicated two things clearly (in hindsight, it seems I should have emphasized these more); 1, Solidly was completely immutable, after I deployed it, I could not, even if I wanted to, update it, so there was nothing left for me to do, the second I deployed it, I had already walked away from the code. I did communicate this and that it would not be a “project” but simply a new primitive, but it seems this part wasn’t stressed enough or I communicated it badly, both faults on my part, that is why I am trying to spend more time creating environments for discussion, since I don’t want this to happen again, and 2, that a user could manipulate the system to their own benefit, but then they would be shooting themselves in the foot, since they would have to amass a large position of Solid (costing them a large amount of money), and then by benefiting themselves, they would end up devaluing their own position, I didn’t think any rational person would do this, but clearly I was wrong as both Bebis and Roosh ended up doing this, depreciating the platform. All the forks since have decided to instead centralize this part, as the decentralized nature was the weakness. I still think (maybe naively) that solidly was a success, since it proved in a real world environment that truly decentralized governance doesn’t work (further the code breakthroughs in terms of the new stable AMM, the new weighted oracle, and the ve tokenomics), and proved that users care more about a “team and a project” than they do about a primitive. That being said though, I do have remorse for how it turned out and that is why I’m focusing on more communication this year (like this very thread)
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I don’t have a relationship with Harry Yeh, I’ve only met him at the Abu Dhabi Fantom conference, but have always made it clear that Harry is not part of the foundation, nor is he a core contributor.
I appreciate the questions, its good to be able to discuss the bad and the good. I believe discussing the bad is better, since we can learn from it.
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Not at all, that was a momentary stress peak, one that with today’s Fantom tech would also have had significantly less impact, an L2 is suppose to alleviate consistent stress, not one small event, and the system still worked as expected, even if gas did peak, that was also a pre-FVM, pebbleDB, flat storage, etc. L2’s are something we aren’t planning on ever exploring as we believe with our tech stack we can manage hundreds of millions of transactions on the base layer.
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We have created a dedicated team currently to focus on first decommissioning fUSD, and then re-activating it under new architecture. The focus right now is simply liquidations and clearing up bad debt and slashing validators with bad debt. I have expectations that this should be resolved in Q1.
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Have you checked out what people call Solidly v2? Is it any good or is it riding on the name of Solidly?
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I have not had a look at code, but I have seen projects like Equalizer / Velodrome / SolidlyETH in my protocol and ecosystem research, I am very happy others are building ontop of the primitive. The only comment I do have, I think people fixate a bit too much on the ve / bribe / voting modification, that was the smallest improvement in the overall codebase, the big items are;
- new stable swap AMM formula
- new time & liquidity weighted TWAR (time weighted average reserves), which are flash proof and slippage including oracles, TWAP assumes infinite depth, so TWAR is a more practical oracle for defi projects
- fee split, the way fees are split means protocols that incentivize liquidity can earn fees, with Curve for example, if you incentivize a pool, only veCRV holders gain trading fees, with Solidly if you incentivize a pool, you can earn those fees.
I hope in the future to see more people expanding and building on those, and less focus on the voting / bribes (since those needed to be centralized to work in forks), but again, I am super happy to see more projects building off of it, but I haven’t yet seen anyone implement it with the vision I intended. There are still lots of improvements I don’t think that have been practically discovered yet
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Hi Andre, Hope you’re doing good!
Excerpts from Sam’s write up on FUSD decomm proposal
“Our concern mainly lies in current fUSD holders that have purchased fUSD at a higher price, and are now waiting for the price of fUSD to return to its peg. Our plan is to incentivize fMint users to repay their debt first. This should reduce the supply of the original fUSD in the market and in turn pushes up the price of the fUSD closer to its peg, reducing disruptions to the people that purchased fUSD.”
What is the current action plan?
Are those people borrowed FUSD at higher price going to loose their FTM or WFTM ?
Please save them! Thanks!
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The current roadmap is to enable liquidations;
So any positions where fUSD debt > sFTM | FTM $ backing, will be liquidated. If this is sFTM, the rewards will also be forfeit, so we highly recommend fUSD minters to pay back their debt. However, we know liquidity is low, so we are working on an AMM for fUSD minters to be able to get fUSD to pay back their debt. Those that do not wish to pay it back, will be liquidated, and if they are validators, the validators and all delegated stake will be slashed.
There is however no need to worry, we will be announcing each step long ahead of implementation, we expect the full process to take ~6 months and will give ample time at each step.
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