cryptotesters @cryptotesters

a lot of crypto cards and neobanks advertise 0 FX fees what they actually mean is that they are not *adding* any additional FX fees to the one already charged by Visa/Mastercard to date, every crypto neobank piggybacks on the FX infrastructure provided by Visa & Mastercard if a user has a USD card and spends in 🇧🇷Brazil, the merchant gets $BRL and the exchange is handled by Visa to really get 0 FX you would need to receive the so called "interbank rate" which is the rate at which banks exchange currencies between one another and what you see on online currency converters like XE the only way to get close to this and offer a more competitive rate is to build an FX engine in-house which is what players like Revolut and Wise have done but it involves complex treasury management and operations in a nutshell they hold pools of different currencies on their balance sheet and when a user swaps e.g USD to EUR it's just an internal swap in their treasury they can then settle with Visa/Mastercard directly in the merchant currency and avoid the markup for the user but to avoid the FX risk that comes with holding multiple currencies on their balance sheet they need to hedge via forward contracts and try to net flows to hold as little float as possible this is why they mostly only offer major currencies and not the more exotic ones because the cost of hedging, ops and lack of bi-directional flows makes it too costly and even on major currencies the 0 FX amount is capped to $1000/month for most users i think there's a real opportunity to move FX markets on-chain and let every neobank large or small tap into wholesale liquidity 0 FX for every user worldwide with no amount caps is how crypto neobanks become significantly better than their tradfi counterparts

92% Liquidation Thresholds and 1% Liquidation Penalty with partial liquidations can give you a bit more certainty

Lookonchain @lookonchain

2 weeks ago

Note that 343,075 $ETH($547M) in DeFi protocols is at risk of liquidation! 46,741 $ETH($74.71M) will be liquidated at $1,565.72 58,032 $ETH($92.85M) will be liquidated at $1,555.04 100,394 $ETH($159.43M) will be liquidated at $1,426.31 137,908 $ETH($220.41M) will be

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x.com/i/article/2061…

salary deposits are obviously the holy grail for neobanks to create stickiness but there’s several reasons why it’s not trivial to achieve first, habits are deeply entrenched most people set their salary bank details once when they start working for a company and are unlikely to go through the hurdle of changing after once the salary comes into the account, your outgoings like direct debits for rent, insurance, mortgage etc. are all connected to that account and it becomes a hassle to close the account this is why bank customers have among the highest lifetime value (LTV) of any product segment many people keep their first bank account for their entire life the second reason is more technical and has to do with the inadequate banking rails used by neobanks most neobanks give you a virtual iban allowing you to deposit funds but it’s not a full bank account capable of direct debits for recurring payments like rent and it’s not localized e.g in the EU your neobank will give you a Lithuanian IBAN (LT…) bc the Lithuanian regulator is the most fintech friendly but you’re based in Germany and the dinosaur payroll software used by your employer only works with a DE 🇩🇪 IBAN the good news is that there’s a whole segment of young people, travellers, freelancers etc. who are way more flexible and willing to jump through some hoops in exchange of a good UX (low FX, cashback etc.) this is the early adopter segment that e.g Revolut grew with before obtaining more banking licenses and connecting more local payment networks to go after more normie audiences

Rishabh Khurana @0xrishabhai

3 weeks ago

I'm confused why most neobanks optimize their products and incentives around card spending? I understand spending is the biggest revenue driver But shouldn’t the real north star be salary deposits? Getting users to accept their paychecks into an account seems like the truest

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Lite ETH Vault operations are back to normal with 6.27% APR. Lite Vault users have experienced no losses, $25M withdrawal liquidity has been replenished, and all reserves remain fully verifiable onchain.

The aWETH Redemption Protocol is now live on @arbitrum and @base. After processing $400M+ in redemptions on Aave Ethereum, we're expanding to L2s. This time, we’ll be opening up for all loopers to unwind while ETH lenders exit to LSTs. How it works 🧵

Fluid 🌊 @0xfluid

2 months ago

Introducing aWETH Redemption Protocol With ETH utilization at 100% on Aave, many lenders are currently unable to withdraw and face increasing risk if markets move. aWETH Redemption Protocol allows ETH lenders to: • Exit into wstETH or weETH • Regain immediate liquidity •

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If you live under a rock for the last 4 days, this is for you 🫡 Full recap of the rsETH / Kelp DAO exploit! Includes: - Detailed walkthrough of what happened - Turmoil and contagion it created within the broader DeFi space - Available options to resolve it YT 🔗 in comment

a $20m swap via @1inch routing 100% via the redemption protocol

Fluid 🌊 @0xfluid

2 months ago

Introducing aWETH Redemption Protocol With ETH utilization at 100% on Aave, many lenders are currently unable to withdraw and face increasing risk if markets move. aWETH Redemption Protocol allows ETH lenders to: • Exit into wstETH or weETH • Regain immediate liquidity •

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Introducing aWETH Redemption Protocol With ETH utilization at 100% on Aave, many lenders are currently unable to withdraw and face increasing risk if markets move. aWETH Redemption Protocol allows ETH lenders to: • Exit into wstETH or weETH • Regain immediate liquidity • Reduce exposure to liquidation risk If you’re just lending ETH — you can fully exit. If you have ETH collateral and another debt — your collateral is seamlessly swapped into wstETH or weETH while your debt remains the same. We’re working alongside @LidoFinance , @ether_fi, @0xProject, @1inch, @KyberNetwork, and other ecosystem partners to: • Reduce systemic risk in DeFi • Ease utilization pressure • Support a healthier DeFi market Our goal is simple: protect users while reinforcing the foundations of DeFi. Capacity is initially limited to $1B in ETH. fluid.io/lite/aave-v3/e…

NEW: JUPITER HAS ENABLED BORROWING AGAINST xSTOCKS LIKE $TSLA, $NVDA & $SPY THE BORROW RATE IS 1.5% IN $USDC AND 1% IN $jupUSD 👀

Jupiter @JupiterExchange

2 months ago

Jupiter Lend just unlocked a new asset class. SPYx, QQQx, NVDAx, and TSLAx are now live as collateral. Borrow against your xStocks, or multiply them with up to 3.8x leverage. Earn xPoints on every position 👇

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JUST IN: ETHENA ADDS 4 NEW STRATEGIES TO $USDE BACKING TO MAKE THE YIELD MORE RESILIENT AND LESS DEPENDENT ON MARKET CYCLES

Ethena @ethena

2 months ago

USDe reserves are evolving: reducing concentration and building resilience across market cycles with a diversified collateral base. Four additions to the collateral backing are detailed below for consideration by the risk committee, each a natural extension of existing Ethena

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Growing security related product trend in DeFi Just this week: 1) Safenet by @safe: Guardian network run by security companies to pre-screen your txs 2) Revoke Cash: browser extension that runs in parallel to your wallet 3) @OpenCover: insured yield vaults More of this 👏

Revoke.cash @RevokeCash

3 months ago

We just shipped the biggest update to the Revoke extension ever. New features, new partner, and a completely overhauled approach to protecting your wallet. Here’s everything 🧵

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BREAKING: SAFE LAUNCHES SAFENET OPT-IN GUARDIAN NETWORK THAT RUNS SECURITY CHECKS ON YOUR TXS BEFORE SUBMITTING IT ON-CHAIN

Safe.eth @safe

3 months ago

$20B lost to hacks since 2017. Self-custody has been under relentless attack. As an industry, we need to level up defences. 🔊 Today, we introduce Safenet Beta🔰 A defence protocol for self-custody, powered by the $SAFE token. Onchain enforcement of security can protect users

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Private transfers (with good UX) coming to Ambire wallet soon.

ambire.eth @ambire

3 months ago

Ambire is bringing privacy to mainnet.

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PRODUCT SPOTLIGHT Neat new feature by Jupiter Wallet on the browser extension

CRYPTO CARD TRANSACTIONS CONTINUING TO GO FROM ATH TO ATH. 1.@RedotPay$375M 2.@ether_fi: $60M 3.@KASTxyz: $58M 4.@Karta_Personal: $16.5M 5.@useTria: $15M 6.@Cypher_HQ_: $9.5m 7.@gnosispay: $9.1M 8.@ready_co: $7.6M A TOTAL OF $584M WAS SPENT USING CRYPTO CARDS IN MARCH.

@EstateProtocol @arbitrum congrats

PRODUCT SPOTLIGHT @dreaming is a mobile app focused on trading spot, perps & options in one unified interface. They have nailed the difficult task of making options UX as easy to use as Robinhood did for stocks.

since the twitter algo changes i have been finding it increasingly hard and time consuming to find signal on the timeline back in 2021 there was 'the daily ape' which was really good but stopped in the last bear market i am determined to bring crypto optimism back by helping people find the daily news that matter in this space

NEW: POPULAR BUSINESS BANK RAMP LAUNCHES STABLECOIN ACCOUNTS BUSINESSES CAN NOW PAY VENDORS IN $USDC AND EARN YIELD ON THEIR STABLECOIN BALANCES