We are hiring a Senior Market Infrastructure Software Engineer to build the next financial system on top of blockchains.
If you love crypto plumbing, expert in Python and big codebase, devops, some Solidity, this might be for you.
🥩🥩🥩
Our team contributes to
@MakerDAO
, implementing >$2bn of RWA generating >$150M of annual revenues. We also advise
@VenusProtocol
@AngleProtocol
We know a thing or two about stablecoins
Today, we release our operating manual for decentralized stablecoins
We're excited to release an independent and hopefully comprehensive overview of the restaking landscape from our point of view
"Restaking and the Price of Trust"
We try to answer the qs:
1) What is restaking?
2) How does it affect the price of trust for capital providers?
Today, we are excited to formally announce the release of a new institutional grade lending vault on Morpho &
@Base
using
@Coinbase
verified onchain attestations.
We conducted the most comprehensive review yet of
@BlackRock
's first product, issued in partnership with
@securitize
, on public blockchains
BUIDL
BlackRock USD Institutional Digital Liquidity Fund, Ltd (Ethereum)
How did MakerDAO do in 2022? A review of some of the key financial results. Many thanks to reviewers across the community and to the Strategic Finance Core Unit at MakerDAO for putting this together
Excited to unveil our deep dive into the heart of
#DeFi
: The Maker 2023 DAO Retrospective, a 58 page long-form report on everything Maker.
Inside, we unravel the complexities and innovations of
@MakerDAO
, the current landscape, and the transformational Endgame Plan.
🧵/12
1/ We are delighted to publish our latest research note, "Risk Management Framework for DeFi Protocols".
We wanted to design a framework to help improve monitoring, management and disclosure of risks in DeFi
Steakhouse's
@sonyasunkim
, in collaboration with Lido DAO analytics contributors, recently proposed a framework for how
@LidoFinance
DAO could think about surplus management and puts forward an initial set of proposals and discussion points:
Introducing steakLRT
Today we’re launching the Steakhouse Resteaking Vault
A wstETH-based liquid resteaking token powered by Mellow and the Symbiotic resteaking middleware
Our goal is to prove that wstETH is a superior liquid asset buffer for resteaking
1/
building the first crypto-native gaap standards for protocols has been a significant accounting undertaking for the chefs at
@SteakFi
, which is why we are calling it:
SAFU: Steakhouse Accounting and Financial Undertaking 💯
fairly sure this is a brand new acronym 😂
Steakhouse is excited to announce that we'll be launching a flagship RWA-backed USDC MetaMorpho vault in partnership with
@MorphoLabs
!
The vault will allow suppliers of USDC to lend against RWAs - bridging real world yields with DeFi.
🧵
We saw major liquidations on one Morpho Blue market for ezETH/WETH
Thanks to
@MorphoLabs
's modular risk management, our vaults, such as steakETH or steakUSDC, are unaffected and remain, proudly, very boring
Always be maxxing
Boringmaxx
Yieldmaxx
Steakmaxx
Morphomaxx
1/ We analyzed
@BackedFi
bIB01 in detail for
@MakerDAO
.
bIB01 is a tokenized version of the iShares $ Treasury Bond 0-1yr UCITS ETF.
The report =>
NB:
@SteakFi
bought some $bIB01
Together with wizards from
@Dialectic_Group
, we are excited to announce the first edition of
"Benchmarks and performance attribution for DAO treasuries"
Can we learn from investment performance evaluation in traditional finance to help DAOs make better decisions?
steakLRT has reached 2,000 ETH in 3h
At this rate it will reach 18k ETH in 24h, 6m ETH in one year
and if we launched five more steakLRTs we could reach 30m ETH in a month
Introducing steakLRT
Today we’re launching the Steakhouse Resteaking Vault
A wstETH-based liquid resteaking token powered by Mellow and the Symbiotic resteaking middleware
Our goal is to prove that wstETH is a superior liquid asset buffer for resteaking
1/ We just shipped two
@DuneAnalytics
dashboards to track T-Bills off-chain exposure of
@MakerDAO
. It's close to $2B.
Granular data, daily periods and all open-source. As you know, the revolution will not be reported quarterly, DeFi is not
@CreditSuisse
.
Complete financial statements where you can drill down to each transactions/accounting entry. All open source on
@DuneAnalytics
.
The Revolution Will Not Be Reported Quarterly🧙
@SteakFi
🤝
@MakerDAO
1/ Did you know that $steakUSDC is now used as a reserve for not one, but two DeFi stablecoins?
@AngleProtocol
's $USDA and
@__reservoir
's $rUSD.
How and why are these financial institutions using
@SteakhouseFi
and
@MorphoLabs
vaults?
Steakhouse is pioneering open and transparent finance with a mission to help DeFi succeed and flip TradFi
We partner with DAOs as professional CFO & ops partners, arming them with the financial intel to make gud decisions and the muscle to implement them
We've been at the forefront of the Tokenized T-Bills 💵 wave that is providing
#TradFi
yields 💹 with the composability of
#DeFi
. Today, we are shipping the Steakhouse Tokenized T-Bills Review 2023 📜✍️
Web version =>
PDF version =>
Our
@DuneAnalytics
tracks HHI of Ethereum validation to quantify Lido's positive impact on Ethereum decentralization
HHI is an index of market concentration. Bigger number = more concentrated
Thanks to our data chef
@sjuanati
and
@hildobby_
for the underlying data set
We're excited to announce that
@SteakhouseFi
will be joining the Tokenized Asset Coalition to help champion the adoption of public blockchains, asset tokenization and institutional DeFi
Latest research note from the kitchen:
Economic analysis of stETH in ETFs
POV of an ETP issuer looking at the economics of selecting stETH as an underlying asset
We investigated whether the use of stETH could provide robustness for ETP issuers from various angles
Our research into
@MountainUSDM
and their novel USDM rebasing stablecoin has culminated in a comprehensive economic and legal review, that we are happy to announce today:
Great to see
@VenusProtocol
getting $VAI at $1.00. 🍾
Still room to harden the peg and make the PSM more visible to avoid being above $1.00 and get more liquidity on
@PancakeSwap
🧵
Steakhouse MetaMorpho trustlessness has been achieved internally with
@AragonProject
We already lead the curated vaults with a 7-day timelock
Now we want to iterate by removing trusted intermediaries from the guardian
@MorphoLabs
lenders should always be in control
All Steakhouse
@MorphoLabs
vaults are now secured with an
@AragonProject
DAO
Along with a 7-day timelock, on-chain dual governance protects vault users
This mitigates potential attack vectors that vaults w/o guardians and with short time locks are exposed to
@AesPoker
of
@SteakhouseFi
annoucing the
@MakerDAO
RWA Grand Prix. 1,000,000,000$ to be invested in tokenized money market funds. Competition opens August 12th.
1/ Did you know that $steakUSDC is now used as a reserve for not one, but two DeFi stablecoins?
@AngleProtocol
's $USDA and
@__reservoir
's $rUSD.
How and why are these financial institutions using
@SteakhouseFi
and
@MorphoLabs
vaults?
1/ Introducing our first annual Steakhouse Year in Review: 2023! Here’s a timeline of some of the things we were up to last year
It’s been a great year and we’re excited for what’s to come in 2024!
We are happy to publish our overview of
@fonbnk1
, an innovative Kenyan airtime minutes to stablecoins provider for millions of mobile users
Africa has leapfrogged adoption of mobile payments and we were interested to dive deeper into how stablecoins integrate in this model
Announcing the (informal) MakerDAO ALCO PPG.
Like regular bank ALCOs but with memes and Dune dashboards instead of suits and guesswork.
Featuring guest star Prof. Moorad Choudhry:
Introducing USYC/PYUSD market to Steakhouse PYUSD on
@MorphoLabs
Our MetaMorpho market was the first listing of
@PayPal
USD on a lending market on Ethereum
With
@Hashnote_Labs
USYC, our market is the most efficient venue for lending PYUSD
Worth recognizing
@SteakhouseFi
and all the devs and contributors who helped get $VAI firmly back on peg. Looking forward to a bright future for og stables 😈
1/
@SteakhouseFi
is providing a source of real organic yield to
@PayPal
$PYUSD stablecoins by allowing DeFi to borrow PYUSD against bluechip collaterals (
@LidoFinance
stETH and
@BackedFi
tokenized T-bills).
Announcing the (informal) MakerDAO ALCO PPG.
Like regular bank ALCOs but with memes and Dune dashboards instead of suits and guesswork.
Featuring guest star Prof. Moorad Choudhry:
Wanna see transparency on the $2.5B of Treasuries exposure of
@MakerDAO
?📊
@SteakhouseFi
got you covered, one off-chain transaction at a time. 📔
Clydesdale =>
Andromeda =>
1. We recently published "Real-time Risk Metrics for Programmatic Stablecoin Crypto Asset-Liability Management (CALM)" on arXiv
A synthesis of some of the work we've been doing over the past few years on solvency and liquidity risk metrics for crypto ALM
Accelerate the decentralization of Ethereum validation with the Distributed Validator vault
stETH seasoned with DVT medium rare for decentralization enjoyers no sides
We’re thrilled to announce a new cooperation between Mellow,
@LidoFinance
,
@Obol_Collective
, and
@ssv_network
— the Mellow Distributed Validator vault. With it, our goal is to make Ethereum more resilient, decentralized, and open to everyone 🌏
Here is what it is about ⤵️🧵
Chef
@dzidzoh
discussing the evolution of Real World Assets and
@SteakhouseFi
's role in helping out the community and providing transparency at
@MakerDAO
.
Dai now has almost $2bn in non-stablecoin real-world backing:
When you create a situation where stablecoin issuers are incentivized to bid openly for a
@MakerDAO
PSM allocation
It turns out issuers respond by bidding
🫡🥩
At
@SteakhouseFi
we support
@PayPal
PYUSD, the supervised stablecoin managed by
@Paxos
As part of our effort to promote supervised stablecoins, we curate a
@MorphoLabs
vault, steakPYUSD which offers permissionless yield
Do consider the risk profile of your stablecoins
IMPORTANT ANNOUNCMENT REGARDING THE SPARK TOKENIZATION GRAND PRIX
@sparkdotfi
@SkyEcosystem
We have received multiple notifications regarding individuals who are impersonating members of Steakhouse Financial, Phoenix Labs, and/or Spark Protocol in an attempt to meet with and/or
More details on the
@sparkdotfi
Spark Tokenization Grand Prix have been released on the Spark SubDAO forums. Link in the below tweet. We look forward to officially opening applications on Monday, 12 of August!
Did you know on
@MorphoLabs
borrowing USDC against wstETH is below 5%? And there is $15M of liquidity.
Only 2.3% borrow rate for PYUSD.
Is is time to refinance?
Working with both
@MountainUSDM
and
@OndoFinance
, they have nothing to do with Terra/Luna.
Same assets as fiat-backed stablecoins. Giving back the yield makes it riskier? 🤡🇺🇸
last week, bloomberg published a piece on interest-bearing stablecoins, featuring myself and mountain protocol, which contained several errors and misrepresentations. this is my response
look, you need to be more boring. you need to be listing easily liquidatable collateral, hitting the longest timelocks. these people are cooking. they're celebrating
@AragonProject
dual governance for lenders. you need to be boringmaxxing
aah we're respondiinngg
to the
@bankofengland
Discussion Paper on a proposed regulatory regime for stablecoins.
It's open until 6th February 2024, do respond if you have views.
Weirdly you have to reply in Cockney rhyming slang we don't make the rules.
We have published a Discussion Paper setting out the Bank’s proposed regulatory regime for systemic payment systems using stablecoins and related service providers:
Share your views on the regime by Tuesday, 6 February 2024:
New
@SteakFi
dashboard on
@DuneAnalytics
to follow evolution of the
@ethereum
ecosystem.
L1+Polygon+L2s (zk-layers 2 to come next).
What can we learn 🧵
Our chefs have been cooking up research for the
@radicle
network, proposing ideas and frameworks for DePIN tokenomics design based on three pillars:
Incentives, rewards distribution and competition
1/ Did you know that $steakUSDC is now used as a reserve for not one, but two DeFi stablecoins?
@AngleProtocol
's $USDA and
@__reservoir
's $rUSD.
How and why are these financial institutions using
@SteakhouseFi
and
@MorphoLabs
vaults?
One of the more interesting primitives to emerge out of crypto have been perpetual futures
The path we are excited to see with
@OstiumLabs
is how reactive and liquid hedging markets for commodities can help make primary industries more efficient
Thanks to the brilliant Stonks module, nobody 'manages' the
@LidoFinance
treasury
On-chain actions executed through Stonks in a non-custodial setup, designed to be automatable
1/ What happens with the billions invested off-chain by
@makerdao
? Don't worry
@SteakhouseFi
has you covered with some very granular
@DuneAnalytics
dashboard.
It's not because it's off-chain that it should be opaque.
🧵
This illustrates the importance of trustless MetaMorpho setups
Steakhouse MetaMorpho Markets are guarded by its depositors, through a transparent, decentralized
@AragonProject
DAO
Any changes to our markets have to go through a 7 day timelock and depositors remain in control
sure we can say "those users were being degen and they got what they deserved" but gauntlet gave them the rope
what prompted them to raise the supply caps twice in two weeks?
no mention of what went in to this decision anywhere on the forums or otherwise that I have found
It was a pleasure to work with
@DuneAnalytics
on this project to enhance transparency and visibility into the world of blockchain data
Our chefs, like
@sjuanati
, worked closely to share recipes, condiments and seasoning to make finance open and transparent for all Dune users
1/ 🚀 Introducing Owner Labels!
Dive deep into the "who" behind blockchain transactions with our latest feature, designed to revolutionize how you interact with blockchain data. 🧐🔍
@safetyth1rd
We have been working on this for a number of years, starting with
@MakerDAO
We also develop similar reports for
@LidoFinance
and other DAOs in accordance to common-sense accounting principles (SAFU, Steakhouse Accounting and Financial Undertaking)
How did MakerDAO do in 2022? A review of some of the key financial results. Many thanks to reviewers across the community and to the Strategic Finance Core Unit at MakerDAO for putting this together
1/ Two weeks since launch, the
@SteakhouseFi
MetaMorpho Vault holds $7M USDC and there is $4M USDC liquidity to be lent against wstETH collateral.
Borrow APY? 1.91% 🤯
Let's dig into it a bit 🧶
The Steakhouse Resteaking Vault on
@mellowprotocol
has a highly quantitative framework for selecting
@symbiotic
networks to restake
this is our quant 👇
Tune in to catch chef
@adcv_
:
- Stablecoin nerding and elements of a decentralized stablecoin
- Surplus management for decentralized protocols
- Working with institutions to embrace open protocols rather than closed boxes
- "It depends"
- More grilling tips
DAOversified Episode 3, featuring Chef
@adcv_
from
@SteakhouseFi
! 👨🏻🍳
Topics include:
• Steakhouse as a CFO for DAOs
• The Evolution of
@MakerDAO
• Onboarding Institutions and RWAs
• The Next Innovative Stablecoin (hint:
@BadgerDAO
👀)
We're pumped to contribute to
@eBTCProtocol
in its mission of bringing stablecoin utility to Bitcoin on Ethereum!
As
@BadgerDAO
ecosystem expands, we’re excited to focus our expertise on the development and implementation of a novel type of DeFi primitive: a Bitcoin stablecoin
Are you ready to take the purple pill anon? 🟣
Announcing the official release of the eBTC dapp live on testnet.
Try It Now ➡️
Huge day as we’re that much closer to mainnet launch!
🧵
🚨🚨🚨 This is a drill 🚨🚨🚨
Today we test the defenses of
@MorphoLabs
and using the guardian feature.
Let's zoom on what is a guardian and how steakUSDC holders can protect themselves in a fully non custodial way.
🧵
For stablecoins technical design matters way less than
1) making something people want to use
2) pick: return to surplus, return to stablecoin users, alternative objectives
3) subject to hard constraints: solvency + liquidity
–
@SebVentures
at
@stable_summit
(2023, colorized)
USDA is the new stablecoin from
@AngleProtocol
with the first ever decentralized FX pair on-chain
EURA already dominates on-chain FX volumes for trades with USDC
with USDA, this pair can now take place with fully transparent on-chain reserves
1/ We are thrilled to introduce USDA, Angle's USD stablecoin! 🇺🇸
USDA will offer:
- a Savings solution 💰
- the same liquidity as USDC 💧
- anti-depeg mechanisms 🛡️
- borrow/leverage features 📈
Paired with EURA, USDA will boost onchain forex trading!
All you need to know🧵👇🏼
Steakhouse Financial welcomes
@BIS_org
's efforts on a cryptoasset framework
As professional stablecoin nerds, we offer insights on the treatment of stablecoins & the BIS' stance on public blockchains. 🧵
Another poast with noats from
@stable_summit
in Istanbul
Do we really need truly decentralized stablecoins?
Chef
@adcv_
- Stablecoin trilemma is a bit of a psyops
- Decentralized stablecoins benefit the user rather than the shareholder
- We need more competition, more