December 1, 2023: $sdCAKE Eats it Too 🐘🍰
Lessons from Stake DAO's close call
Welcome to the final month of 2023!
At the start of 2023, 1 BTC was worth $16.5K, today it’s worth $38.4K, over a 2x gain. Are you a trading genius again? Have you stopped complaining about the bera?
We’ll grant you, $CRV price being up only $0.04 is a tough pill to swallow… fortunately you have one month left to turn the year around. Your December challenge, should you choose to accept it, is to make it all back in one trade (not Not NOT financial advice)
Spot Price
We really enjoyed this great repository to calculate the spot price of any Curve token pairing, which shows off some of the newer features like the Curve Metaregistry and is written fully in Ape.
Some more context in the Curve Discord #dev channel… check the full github repo: https://github.com/Aviksaikat/Get-Curve-Spot-Price
sdCAKE
A scary situation out of Stake DAO thankfully got nipped in the bud before it could have turned dangerous. The team had put together a liquid locker on Binance Smart Chain for PancakeSwap’s CAKE token.
Thankfully, because the issue was detected so early, the losses were minimal, just $3,760.
What happened? Basically, the wrong type of contract got deployed. Stake DAO has several types of Liquidity Gauge contracts
But the wrong one got deployed.
You can see from the diff that the corrected version correctly prunes the logic related to the nonexistent SDT Boost
A rough slip of the finger, but thankfully the damage was contained by catching it early.
We saw something roughly analogous earlier this week, when a thread000r noted about an early deployment of Curve’s StableSwap-NG, which got redeployed after a minor issue was detected.
Nov. 30, 2023: The Oracle of Truth 🔮🏛️
crvUSD Update Seems as though some $crvUSD borrowers are starting to get the hint that they are NOT welcome in these parts?
In fact, the chad Curve devs quite frequently operate this way, running what essentially amounts to test deployments early on, making sure everything looks OK, and then redeploying as the code is observed in the wild.
$crvUSD famously (infamously?) got dragged by haters who weren’t super familiar with this process back in May, when it deployed a number of times.
May 8, 2023: The Deployment Era 🌌🔭
Did you expect $crvUSD deployment would wholly lack dimension? A single block on the chain, whereafter subsequent blocks would exist irrevocably in a new era? Thus far, the Deployment Era has already revealed $crvUSD to be a dimensional phenomenon, existing like a ray with a finite beginning, but potentially no end.
While detractors dragged this as a notably chaotic era, they didn’t bother circling back to point out that the process resulted in a final deployment of $crvUSD that attracted 9 figures of TVL without incident. So, maybe the devs knew what they were doing more than random social media influencers…
Are there any more actionable takeaways, other than logging off social media?