Our
@ButtonDeFi
account is safely under the control of the core team again. We will be sharing updates in the future on how this might have happened, but can assure everyone that security is of the utmost importance to us. In other news, Buttonwood is cooking on something right
I'm going to
@EthereumDenver
with only 1 goal - get hired.
And I know I'm not the only one.
So, I've compiled a list of web3 projects & companies that are hiring and hosting side-events at ETH (pt 1). LFG ⬇️
🧵
💧Wrapped staked ETH ($wstETH) is live on
@avax
and you can get it on
@poolside_party
!
Thanks to
@LayerZero_Labs
, wstETH is now available as an omnichain fungible token (OFT) which can be seamlessly transferred across networks including BNB, Avalanche, and Scroll.
🔺Supporting
In 20 minutes our founder
@mrinconcruz
and our friends from
@eco
&
@BuildOnBeam
are hosting a workshop at the
@stable_summit
"Exploring different stability models of a web3 native unit of account" -- come join us!
LIVE ON STAGE NOW!
@mrinconcruz
from
@poolside_party
& FourWinds is presenting "History Suggests LSTs, Not RWAs, Will Be DeFi's Treasuries"
Watch the clip below 👇
interesting new defi protocol for stablecoins, it takes a coin and split it into two assets: one with muted volatility and one with higher volatility
higher vol is great for degens that want to speculate, while lower vol creates a decentralized flatcoin
🎙️ Our very own
@mrinconcruz
will go live soon with
@coinclub_
to talk about Buttonwood and
@Poolside_Party
!
Tap in if you're interested in DeFi, LSTs, and Protocol Design!
🤝 We're partnering with
@BenqiFinance
to bring sAVAX to Poolside! The LST leader on
#AVAX
meets the DEX built for value-accrual! It's a match made in DeFi heaven!
Ready to earn double rewards on
@Poolside_Party
?!
🏊 Jump into the sAVAX pool today!
There isn't a better DEX for liquid staking tokens than
@Poolside_Party
! We're working with
@BenqiFinance
to bring double rewards for Poolside LPs 👀
LP today, and we'll see you Poolside!
🏊♂️ Don't miss
@Poolside_Party
posts! They leaked some alpha from the DEX that never leaks value for LSTs, RWAs, and more!
Poolside Parties are permissionless incentive programs that algorithmically distribute rewards to LPs. This means rewards, as long as they are on-chain, can
👀 We're going to be sharing some big news in our Community AMA tomorrow! If you want the latest info on
@Poolside_Party
and incoming incentives then join us in our Discord at 9:30PM EST!
Link is in the bio!
🎙️ Poolside AMA 🎙️
Join our host
@0xYissey
every Tuesday at 9:30PM EST! We share the latest alpha on
@Poolside_Party
and answer all community questions! Let us know in the comments if you have any questions. Last week, we let some Party info leak.
Discord link is in the bio 🦩
🏊♂️ Have you heard about
@Poolside_Party
?
Check out our updated docs and learn why your favorite LSTs are coming to our next-gen DEX! DeFi finally has pools that LPs can really relax in 😎
👀 Liquidity providers interested in getting ready for Party Points should look at
@Poolside_Party
on Base!
LPs can wrap cbETH for rcbETH and provide liquidity for our rcbETH/ETH pool!
Help make low-slippage swaps possible and see how our AMM is a gamechanger for $CBETH 🏊♂️
🎙️ Poolside AMA Recap
@Poolside_Party
is growing to be DeFi's most exciting new DEX. Here is what was discussed in our Discord and why you should be LPing:
🤝 Partnerships
We've announced partnerships with
@BenqiFinance
&
@LayerZero_Labs
! Can't wait to show the difference our
Friday at 11am⏰, come meet 10 of the hottest
#DeFi
projects at
#ETHDenver
.
Come for four amazing panels, stay for the networking,
@ChickfilA
and
@ChipotleTweets
Join us at:
1881 35th Street
Denver, CO 80216
So who's coming? See below👇
🐳 Points Party
Get ready for Poolside's Points Party by following
@Poolside_Party
and providing liquidity to these pairs:
• stETH/ETH
• SPOT/AMPL
• rcbETH/ETH (Base)
• rsAVAX/AVAX (Avalanche)
More eligible pairs coming soon 👀
🏊♂️
@Poolside_Party
is a step forward in AMM design.
Most existing AMMs struggle to support value-accruing tokens and rebase tokens because of how pools work. Pools use the token balances of their reserves to determine the price between a pair of assets. This works fine for
1/ BIG day for us!
- The first bonds on ButtonZero are live!
- The whitepaper has been published
- The docs have been updated
We will give you the weekend to digest, and will host a Discord Event next week to run through the app, talk about our approach, and answer questions
1/ ButtonZero Part 1: Zero-token, single-token, double-token debt
Implosions of
#Celsius
&
#3AC
make it clear that web3 needs alternatives to margin leverage.
ButtonZero’s approach involves what we call double-token debt. Let us explain using the history of debt innovation🧵:
"Bank runs are a common feature seen in extreme crises that have played a prominent role in monetary history" - 2022 Nobel Prize winners Diamong & Dyvbig
SPOT is not vulnerable to runs due to how it treats redemption🧵
1/ Coming July 1: ButtonZero
Looking for leverage without liquidation risk? Our web3 bond market will be live on Ethereum next week!
Unlike everything else in DeFi, ButtonZero creates non-callable debt meaning:
Zero Margin Calls
-Zero Liquidations
-Zero Coupons
-Zero Worries
1/ Button Auctions
A new way for DeFi to transact. Price new assets. Conduct large trades. Button Auctions allow liquidity to exist from the start and for large trades to be executed without slippage.
Today (1st of April) is the maturity date of our first cycle! (our alpha phase)
Even though there was a negative supply movement on AMPL since the bond configuration date, A-tranche token holders were able to gain more than %20 interest rate on 3 months! Congrats everyone! 🥳
Characteristics of what we call 'responsibly-designed' independent money:
- no reliance on lenders of last resort
- no risk of undercollateralization
- no reliance on continual growth
- no explicit feedback loops
- no risk of bank runs
- no opaque risk
- no liquidations
SVB and Silvergate both suffered from an asset-liability duration mismatch, unable to match mass customer withdraws (S-T liabilities) with long term debt holdings (assets)
Relevant time to bump this thread and remind that
#SPOT
is not runnable
As
@mrinconcruz
has penned in a recent essay, runs can happen when 1) rules allow for on-demand note burning, and 2) rules that allow for collateral choice at redemption:
1/ Money Trilemma
Most of us were taught that money is a "unit of account, store of value, and means of exchange".
There's reason to think that's wrong. Time for a thread🧵:
1/ Announcing ButtonAuctions
Today we’re launching the beta version of Button Auctions, a double-sided permissionless Auctions market for any pair of ERC-20 tokens. ButtonAuctions serves as a transparent, cost-effective, and fairly competitive means of price discovery.
1/ The first fully on-chain, permissionless non-callable debt
In TradFi, non-callable debt is commonplace. Companies issue corporate bonds without having to worry about margin calls & liquidations. They borrow funds against their reputation, company assets, and cash flows.
Stablecoins -> tied to fiat currency
Bitcoin -> too volatile
Dalio then suggests a “storage of value” coin tied to inflation.
@AmpleforthOrg
reached the same conclusion… get your $SPOT today on
1/ Building from First Principles
The Buttonwood Foundation was formed with the goal of providing frameworks and tools for building DeFi from first principles🧵:
1/ Discount Rate vs. Interest Rate, and A- vs. B-Tranche Risk
The Discount Rate and the Yield (Interest Rate) are two *different* calculations for the bonds on Buttonwood Zero🧵:
1/ We are excited to officially welcome HourGlass into the Buttonwood ecosystem🤝
@NimbleNavis
was the first grant recipient, using Buttonwood core contracts to construct a convertible bond market⏳⌛️
1/ ButtonTranche
Risk cannot be created or destroyed. It can only be hidden, transferred, and stratified. As the bear market has shown us, opaquely transferring risks makes DeFi more fragile.
In contrast, stratifying risk allows us to more clearly price, hedge, and sell it🧵:
🏖️ SPOT/AMPL Pool 🏖️
We're excited to share our first pool on
@Poolside_Party
. Being a DEX that supports rebase tokens unlocks trading opportunities you can't find anywhere else.
Excited to see how people price inflation on-chain, using
@AmpleforthOrg
and
@SPOTprotocol
👀
Welcome to the Buttonwood Foundation!
Our mission is to provide the framework and tools for rebuilding DeFi from first principles.
To read our Docs:
To join our Discord:
3/ Read our whitepaper by
@mrinconcruz
!
- Intro
- State of the field—margin, margin everywhere
- The scourge and terror of margin call liquidations
- Zero-token, single-token, & double-token debt
- Buttonwood Zero
- A web3 bond market
- Conclusion
Congratulations to our friends at
@NimbleNavis
🥳
Another significant milestone is now achieved by the $AMPL community. We're just as excited as you are!
#AMPL
#FORTH
#HourGlass
Thank you to everyone who helped vote on the HourGlass grant proposal! It's finished execution on-chain. We're excited & looking forward to delivering product! $AMPL $FORTH
@AmpleforthOrg
@ButtonDeFi
@forthdao
ButtonToken: a Rebasing Converter
1/ Rebasing assets unlock new design choices, gas optimizations, and applications. ButtonToken converts any crypto-asset into a rebasing asset. Want to learn more?🧵
1/3
We are excited to finally share our new logo with the community!
The new logo will be followed by a new Buttonwood website in the coming weeks. The new logo & website are meant to signify our renewed commitment to grow the DeFi ecosystem.
1/3
Join us this Friday, at 1:30 PM PT (8:30 PM UTC), when our very own
@mrinconcruz
will debate Beanstalk’s
@isthispublius
on Wagmi Lab’s inaugural Stabilizing Conversation!
Stabilizing Conversations brings together key DeFi thinkers to discuss core questions in crypto.
There are dozens of stablecoins already, why do we need one that is credit based?
How did past implementations of credit based stablecoins (ESD, DSD, Basis Cash) fail?
In what ways is $BEAN similar and how is it different when compared to past credit based stablecoins?
🤫
@Poolside_Party
is optimized for stETH liquidity!
Unlike other AMMs, Poolside is designed for rebase tokens! LPs can earn swap fees alongside rewards from liquid staking.
stETH/ETH pool is on the way 👀
Going to want to stay for the final panel. On-chain debt from founders
@0xErbil
&
@CWALK_19
along with new innovations in tranche-land from
@nmsclafani
In the coming days, weeks, and months, you will learn more about how SPOT:
- is not vulnerable to bank runs
- does not need interventional bailouts
- has no feedback loops
- has no hidden risk, but transparent risk
Among other things. Supplemental material to come⏳
1/3
Q: How exactly can we avoid liquidations?
A: As a borrower, you are guaranteed to get some USDT, as well as some Z-tranches as a result of your loan. This means that if your collateral loses any value, your Z-tranches will absorb the impact of that loss.
#borrowing
#lending
We are excited to drive the next wave of DeFi innovations and push the industry forward.
We will begin by solving truly permissionless long term lending. More to come soon...
For DeFi to eat TradFi, it will need infrastructure that can handle elasticity.
Poolside is an AMM protocol that solves unnecessary yield loss for elastic assets inside liquidity positions.
Stay tuned. It's going to be a big week for Poolside 🌊
Borrowers of
#Mooncake
will reap the benefits of a possible
#AMPL
pump!
As CDR would increase to >1, Z-tranche token holders would receive all the upside of an
#Ampleforth
positive rebase.
If you believe in your $AMPL and you are in a need of cash, Mooncake is the way to go!
Finally after months of consolidation/ correction
$AMPL looking really juicy here for 2/5x or more pump
It should break 100/120M sooner than expected
Not a financial advise
$FORTH $WAMPL $SPOT
While using MoonCake:
*You never get liquidated as a borrower!
*You can get fixed rate returns & great interest rates as a lender!
And all the risk is settled upfront!
Want to learn more? We are hosting our first AMA on Discord next week!
Join here👇
🏊♂️ Our team has done the complex math and hard work of solving for on-chain value-accrual.
Ultimately solving for value loss and leakage that occurs with these tokens inside liquidity positions.
Read the Whitepaper at 🏖️🦩
🏊♂️ Button Swap will be rebranded into Poolside.
Poolside is an AMM where LPs earn swap fees on top of real yield from liquid staking and lending protocols.
1/3
REMINDER: Today is the day!
At 1:30 PM PT, the first ever Stabilizing Conversations episode will feature our beloved Manny (
@mrinconcruz
), Publius (
@isthispublius
) and the special host Asfi (
@WagmiLabsInk
).
1/ ButtonZero Part 3: State of Play — Existing DeFi Solutions
DeFi debt today is ill suited for longer term borrowing. This is because all DeFi debt today is callable.
Let us explain what we mean🧵:
🏊♂️
@Poolside_Party
is a next-gen DEX built for LPs. What makes our AMM unique?
🌊 Reservoirs
👙 Rebasing Wrappers
🎉 Party Rewards
Reservoirs solve for value accrual inside of liquidity positions. Rebasing Wrappers map receipt tokens to their underlying asset for better UX
Q: What is tranching?
A: Tranching is breaking an asset into its less risky portion and its more risky portion. Buttonwood has generalized the concept of tranching. Using Tranche, we can rebuild a wide variety of financial products in a simple, robust, and composable way.
LPs on other AMMs get robbed of liquid staking rewards by arbigrateurs like this. Protocols also waste rewards covering LPs' losses.
@Poolside_Party
solves this. LPs keep their liquid staking rewards. Protocol rewards aren't wasted and pool parties are just so much better!
🏊♂️ stETH/ETH 🏊♂️
Poolside is the best DEX to provide liquidity and trade for Lido's Staked ETH! Why? Because our AMM was built for rebase tokens!
LPs keep staking rewards and reduce divergence losses during a rebase. Traders get accurate pricing and execution!
The pool's open!
🏊♂️
@Poolside_Party
is a DEX built for tokens that accrue value like LSTs. Our reservoirs and pool parties are a game-changer for staking rewards and incentives.
Key partnerships and incentives coming soon!