Blockworks Advisory @BlockworksAdv

Blockworks Advisory leverages the curated and tested expertise developed at Blockworks Research to accelerate our protocol clients' path to success. blockworksresearch.com/advisory Joined November 2024

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Blockworks Advisory @BlockworksAdv

5 days ago

The voting for ENA fee switch is live now! snapshot.box/#/s:ethenagove…

Blockworks Advisory @BlockworksAdv

5 days ago

1/ Exciting news, the ENA fee switch is coming! We backtested the @ethena new design across 705 days of real protocol revenue, USDe supply and ENA prices to see what it would actually have done. $52.7M a year of ENA buybacks in the months it would have been running. Here is how

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Blockworks Advisory @BlockworksAdv

5 days ago

6/ Our recommendations: - Use the trigger on a 14 day average of USDe supply so one large mint can not switch it on - Disclose and monitor what sUSDe pays after the take compared to sUSDS every period, so anyone can track the trend We tested a hard cap that stops the take whenever sUSDe falls behind. Our results show it costs $4.7M of buybacks to buy about half that in benefit,and we find no evidence in the data that weaker sUSDe yield makes people unstake. We believe the design is strong overall. It ties ENA to the growth of the actual product and anyone can verify it. Find the full analysis here gov.ethenafoundation.com/t/ena-fee-swit…

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Blockworks Advisory @BlockworksAdv

5 days ago

5/ Result two, what it costs sUSDe holders. On the 93 active days where sUSDe was paying more than sUSDS, it still paid more than sUSDS after the buyback on 82 of them. On the other 11 it slipped just behind, all of them within a tenth of the benchmark. Small and worth understanding why it happens. Here is why it happens at all. The buyback takes its 10% whenever USDe is large enough. It never checks whether sUSDe can afford to give up 10%. Usually it can, because sUSDe pays well above sUSDS and losing a tenth still leaves it ahead. On the days sUSDe is only just ahead, the same 10% puts it behind. For context, sUSDe already paid less than sUSDS on 243 of the 705 days we looked at, with no fee switch running at all. This is a market condition the design lives with and not the condition it creates.

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Blockworks Advisory @BlockworksAdv

5 days ago

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Reflect @reflectmoney

6 days ago

Reflect's first tranched market is open for pre-deposits, built on syrupUSDC. syrupUSDC is the yield bearing asset issued by @maplefinance. This market splits exposure into two tranches, each with a different risk and return profile. Deposit here: tranches.reflect.money

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Blockworks Advisory @BlockworksAdv

7 days ago

x.com/i/article/2092…

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Blockworks Advisory @BlockworksAdv

3 weeks ago

The voting is open now, we would appreciate your support! The full proposal here: curve.finance/dao/ethereum/p…

Blockworks Advisory @BlockworksAdv

a month ago

We have submitted our proposal to be @CurveFinance risk provider, supporting with risk assessment and market monitoring Why us? 👇

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Blockworks Advisory @BlockworksAdv

4 weeks ago

At Blockworks Advisory, we believe transparency is what builds trust. Check out Ethena Risk Transparency, live and open to anyone tracking USDe's risk.👇

anastasiia @mathy_research

4 weeks ago

x.com/i/article/2084…

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Blockworks Advisory @BlockworksAdv

a month ago

Full application can be found here gov.ethenafoundation.com/t/announcement…

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Blockworks Advisory @BlockworksAdv

a month ago

4/ Our next priorities for term 5: - Reserve fund methodology reassessment calibrated to the expanded backing universe - Real time mapping of every backing asset through each lending protocol and collateral layer - Live alerting system for internal and public use Besides, we will keep pushing governance updates to maximize institutional credibility and awareness.

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Blockworks Advisory @BlockworksAdv

a month ago

1/ Blockworks Advisory is standing for a 5th consecutive term on the @ethena Risk Committee. Our application is now live on the governance forum. Here is what we shipped in term 4 and what is coming in term 5 🧵

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Blockworks Advisory @BlockworksAdv

a month ago

feel free to comment on the forum or dm us on tg for any feedback (handle: silviobusonero) Full proposal text: gov.curve.finance/t/blockworks-a…

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Blockworks Advisory @BlockworksAdv

a month ago

Our goals with Curve: - Build a reliable and lean risk monitoring product. - Provide deep assessments on the proposals and work proactively with other contributors. - Improve Curve positioning with institutional capital.