growth @re, running @yieldsandmore
Joined September 2022
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Saul retweeted
Some insane yields are now available on-chain due to the Binance hack.
For example, if you lend USDC against PT-reUSD collateral on Morpho, you'll get a high double digit APY.
Appreciate anyone lending as you're saving my loops from a negative APY🫣
Saul retweeted
It seems @TectonicFi has been exploited for around $66M!
The root cause is simple: TONIC, it's own governance token has a 20% collateral factor, with very thin liquidity. The attacker performed a Mango-market style pump-and-borrow price manipulation attack. TONIC's price surged by 100x within 20 minutes.
The @CronosNetwork has paused the entire chain. The attacker only succeeded in bridging out ~$6M to Ethereum, leaving $60M on Cronos chain.
It's been the third mango-market style attack recently.... The previous ones are Moonwell, reUSD (Pendle YT).
Attacker's profit now parks the money in the following addresses:
- 60M on Cronos (perhaps to avoid blacklisting, the money was deposited into a DEX pool): debank.com/profile/0x7d4e7e5…
- 6M bridged onto Ethereum: debank.com/profile/0xc404160…
- Attacker's borrow position: debank.com/profile/0xd3aac8a…
An imposter account @yamdefi somehow got the real @yieldsandmore account suspended for 'impersonation'. Twitter rejected my appeal.
Does anyone know what else I can do here? It would be a real shame to lose the account. :/
Saul retweeted
RE TGE is coming soon.
A new era for the internet native insurance capital market begins.
More details here:
blog.re.xyz/re-governance-to…
I’ll be in Miami for @consensus2026 from May 3 to May 7.
Happy to meet if you’re a DeFi protocol, neobank, or a customer-facing product that wants to offer USD yield to your users - we share fees with distribution partners.
@re offers two reinsurance-backed products: reUSD (senior tranche, ~6.5% APY) and reUSDe (mezzanine tranche, ~12% APY).
DMs open.
Saul retweeted
It's been a long time, old friends. Mostly because there was no alpha to share, or only cap-restrained alpha. But today, there is ALPHA.
Introducing reUSD positive carry + TGE upside.
reUSD has just been added as collateral on Fluid. And it's magnificent.
Fluid is the first of many lending protocols that will allow you to borrow against reUSD at market borrow rate. Until now, it was only available on Morpho where predatory curators maintained the borrowing rate near reUSD yield level. Now, you can fully enjoy reUSD positive carry by borrowing USDT and USDC at market (Aave/Fluid) rate. I've heard from reliable sources that it will soon be listed on many other lending venues, with more cheap borrowing. APR goes brrrr.
What's reUSD? Ask your AI docs.re.xyz/insurance-capita….
Why I like it:
1) Low backing risk: minted capital sits idle in sUSDe, they keep some reserves in USDC for instant redemptions
2) It's a senior tranche to a mezzanine and junior - junior: $73M, mezzanine (reUSDe): $13M, senior (reUSD): $136M; Re reinsures low volatility insurance portfolios, not catastrophies
3) Yield is above market rate: sUSDe + 2.5%
4) Not another RWA loanbook scam
5) Profitable protocol
6) TGE!!!
Re currently runs a pre-TGE points campaign. I think it's very well worth participating. It's the icing on the cake. You can enjoy positive carry and upside from its upcoming TGE. In my opinion, it's one of the rare TGEs that can do well regardless of the market conditions, because it doesn't care about them: it's tradfi doing an IPO on-chain.
To give you some comparables:
> High-growth AI insurance platforms are valued 8-15x written premium
> Insurtech platforms are valued 5-10x written premium
With $337M written premium in force, Re would be valued between $1.6B and $5B.
Caveat: the protocol doesn't earn 100% of the revenue like a reinsurer, because this revenue goes to the reinsurance business while Re protocol is the layer that connects capital to reinsurers. So you need (and I too) to temper your expectations. Nonetheless, it's valuable, and I will keep digging for comparables.
They still have some work to do to make this easier to digest for the common mortals:
1) Better reinsurance book transparency - historic performance, schedules, etc.
2) Clearer debt tranching and capital exposure risk - especially for the junior tranche that sits off-chain and is mostly team-owned
3) Tokenomics and protocol's reinsurance premiums revenue-share in due time
Bullish. Send it.
I personally sent 229963.24 USDC to the recovery address. I'm very glad to see affected users' losses be lowered!
The only action I took during this situation was buying DUSD through the Curve pool when it depegged, and requesting a redemption back to USDC, as I'm whitelisted.
On behalf of the Makina community and our users, we want to thank the MEV builder (0xbed), the Rocket Pool validator, Saul from Yam, 0x82f, and other anonymous parties who voluntarily returned funds and acted as white hats during this incident.
The majority of recovered assets to date was made possible by their cooperation, and we’re grateful for their constructive engagement.
Our investigation remains ongoing for the remaining addresses. We are actively attempting to establish contact with:
• 0xddf6f217951a1e484ee6b04d621c861bf38d0656 (arbinomics.eth)
• 0xe27176c4991dc3f369741938c0ac225181d69c2f
• 0x50bfdaca63635abd3dccb634136dd017e2aab979
• 0x732fe63200dd4a5eba02ffa11f150a4c81b01e84
Together, these addresses account for ~85% of the remaining unrecovered amount (≈ 679,456 USDC).
A 10% bounty is available if 90% of outstanding funds are returned. We invite the owners of these addresses to contact us to claim the bounty or discuss a resolution.
Other wallets involved who wish to come forward voluntarily will be offered similar terms.
Watching ETH 3.0 happen:
youtube.com/watch?v=rGE_RDum…
Announcement of an announcement!
Tomorrow at 5pm on the Devcon main stage I will unveil my most ambitious initiative to date. For one year I have been thinking about what a from-scratch redesign of the Ethereum consensus layer could look like. The goal is to suggest a credible strategy to ship what is an extremely ambitious and exciting beacon chain roadmap, all on a reasonable timeframe.
After months of gestation alongside researchers and consensus devs I am finally ready to publicly present my proposal. It's early days and your participation is key should this new approach to tackling the consensus layer roadmap ever achieve rough consensus.
Apologies for the cryptic "[title redacted]" on the Devcon schedule—I didn't want to spoil the meme :)