Julian TraversaFeiRari Vulnerability Post-Mortem
This Saturday, April 30th at ~9:30 EDT (1:30 UTC), Rari Capital suffered a re-entrancy attack which left their pools insolvent to the tune of roughly ~$80 million. This attack included the FEI market that we’ve integrated here at Swivel — FeiRari Pool 8.TL;DR:As of now, May 2nd, ~90% of our user’s funds have been recovered, and ~198,000 FEI remain. With the FeiRari community call happening tomorrow at 8:00 PM ET (0:00 UTC), the Swivel DAO is initiating recovery SIP (#006) preemptively at 12:0...
Julian TraversaAnalysis of Decentralized Interest-Rate Swap Models
At ETHDenver 2020, my partner and I started the development of DefiHedge, a protocol for fixed-rate lending and interest-rate swaps. At the time, we had the impression that we were the first and only team building interest-rate derivatives, but shortly thereafter learned that was not the case. It happened that not only had the team at CherrySwap released a pooled interest-rate swap mechanism at ETHBerlin 2019, but Paradigm’s own Dan Robinson released a primitive for decentralized zero-coupon ...
Julian TraversaFeiRari Vulnerability Post-Mortem
This Saturday, April 30th at ~9:30 EDT (1:30 UTC), Rari Capital suffered a re-entrancy attack which left their pools insolvent to the tune of roughly ~$80 million. This attack included the FEI market that we’ve integrated here at Swivel — FeiRari Pool 8.TL;DR:As of now, May 2nd, ~90% of our user’s funds have been recovered, and ~198,000 FEI remain. With the FeiRari community call happening tomorrow at 8:00 PM ET (0:00 UTC), the Swivel DAO is initiating recovery SIP (#006) preemptively at 12:0...
Julian TraversaAnalysis of Decentralized Interest-Rate Swap Models
At ETHDenver 2020, my partner and I started the development of DefiHedge, a protocol for fixed-rate lending and interest-rate swaps. At the time, we had the impression that we were the first and only team building interest-rate derivatives, but shortly thereafter learned that was not the case. It happened that not only had the team at CherrySwap released a pooled interest-rate swap mechanism at ETHBerlin 2019, but Paradigm’s own Dan Robinson released a primitive for decentralized zero-coupon ...
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The growth of money-markets like Compound, Aave & Yearn as well as newer entrants Rari and Euler has led to a new yield landscape that provides access to increasingly interesting and complex yield strategies.
ETH & stablecoin lenders will soon be able to earn significant (25%+) yield across simultaneous lending/staking/underwriting, however the volatility of these yields will be significant.
We officially launched our Guarded Mainnet on December 23rd as the most capital efficient solution to combat this rate volatility, and since have launched 2 Compound USDC markets — One maturing in March, and one in June.
These Swivel markets help rate-traders and lenders manage their risk and lock in fixed-yields, while others speculate on Compound’s USDC market rates. In only one month of our guarded mainnet, we’ve had ~$3,500,000 in volume on only ~1,000 whitelisted users (~50–100 DAU)!
With consistent liquidity growth, the time has now come to open our mainnet up to the public!
We will be lifting our guarded mainnet restrictions on Thursday, February 10th at 5:00 PM UTC, finally bringing Swivel to the wider community.
This launch also marks the genesis of our liquidity incentive program, and represents the true start to our protocol’s progressive decentralization. For more information on liquidity incentives, stay tuned for a follow-up post on our token’s role in the Swivel ecosystem.
We first introduced $SWIV in our last post on the Swivel DAO and the Swivel Safety Module.
As a quick TL;DR, the Swivel DAO, and SWIV Token’s primary use cases are to:
Steward the protocol and gather community consensus regarding future technical development
Ensure stakeholder consensus regarding key protocol function:
Align incentives among all Swivel stakeholders through programs including liquidity incentives and development grants
Provide an additional layer of safety to the lenders utilizing our protocol
As an extension of these goals, today we are announcing the retroactive distribution of SWIV tokens to our most important community members and stakeholders.
The launch of our protocol would not have been possible without the cumulative effort of thousands of community members that have continued to contribute to our growth.
Starting with our genesis during Gitcoin Kernel, continuing through a year of iteration and community feedback, and bringing us to our current launch alongside early adopters and liquidity providers, we owe an enormous debt to the community that has gotten us to where we are today.
As a way to ensure these community members are represented in our governance, SWIV tokens have been retroactively allocated to these community members based on their proportional contribution.
~4.5% of our token supply will be distributed across:
0.5% Guarded Mainnet Lenders
1% Verified Community Contributors (Verified Feedback & Content)
1% Gitcoin Kernel Alumni & Mentors
2% Compound, Aave, FEIRari (Fei + Rari) & Gitcoin On-Chain Governance Participants
A full list of all currently recorded addresses is available here:
If your address was not included, and you believe this is a mistake, please fill out this form: Request Link
**SWIV **has been allocated to historical users of our guarded mainnet based on a snapshot ending 2–08, 2022, at 08:00:00 UTC. Additional allocation tiers depend on a number of qualifying contributions (described above) since our inception.
To claim SWIV, historical users and contributors must first meet progressive milestones to unlock their rewards.
For every $2,500 traded (in notional value), 100 SWIV tokens are unlocked for distribution. Rewards will be distributed with the completion of our first liquidity incentive epoch on 3–10.
For more information, stay tuned for a follow up post as mainnet launches!
In line with restrictions on the availability of SWIV in the United States, retroactive mining may not be available to users located in, or incorporated or otherwise established in, or a resident of, the United States or any other prohibited jurisdiction. Any accounts that were clearly associated with bot activity speculating on a future airdrop are also excluded from retroactive rewards. Any displayed rewards on a testnet or before 2–10 are not representative of claimable tokens.
For more information on the SWIV token, and its role in our ecosystem, stay tuned for our follow up article as we launch!
With only two markets live on mainnet, one big question we’re asked is… What launches next?
Stay tuned for an upcoming overview of plans for our upcoming Rari integration, as well as our thoughts on everything L2.
We’ll be looking for the community to help decide what to launch next, so keep up with things over at our Governance Forum!
We’re headed to Denver!
Swivel was started as a hackathon project at ETHDenver 2020, and we’re paying it back as a sponsor of this years ETHDenver 2022 at Denver’s Sport’s Castle.
Come and meet the team throughout the event to either hang out or get help on your hacks, and check out our Founder, Julian Traversa, speaking a few times throughout ETHDenver and Gitcoin’s Schelling Point!
Swivel is the protocol for fixed-rate lending and tokenized cash-flows.
Currently live on Rinkeby and on Mainnet, Swivel provides lenders the most efficient way to lock in a fixed rate as well as trade rates, and liquidity providers the most familiar and effective way to manage their inventory.
Website | Substack | Discord | Twitter | Github | Gitcoin | Careers
The growth of money-markets like Compound, Aave & Yearn as well as newer entrants Rari and Euler has led to a new yield landscape that provides access to increasingly interesting and complex yield strategies.
ETH & stablecoin lenders will soon be able to earn significant (25%+) yield across simultaneous lending/staking/underwriting, however the volatility of these yields will be significant.
We officially launched our Guarded Mainnet on December 23rd as the most capital efficient solution to combat this rate volatility, and since have launched 2 Compound USDC markets — One maturing in March, and one in June.
These Swivel markets help rate-traders and lenders manage their risk and lock in fixed-yields, while others speculate on Compound’s USDC market rates. In only one month of our guarded mainnet, we’ve had ~$3,500,000 in volume on only ~1,000 whitelisted users (~50–100 DAU)!
With consistent liquidity growth, the time has now come to open our mainnet up to the public!
We will be lifting our guarded mainnet restrictions on Thursday, February 10th at 5:00 PM UTC, finally bringing Swivel to the wider community.
This launch also marks the genesis of our liquidity incentive program, and represents the true start to our protocol’s progressive decentralization. For more information on liquidity incentives, stay tuned for a follow-up post on our token’s role in the Swivel ecosystem.
We first introduced $SWIV in our last post on the Swivel DAO and the Swivel Safety Module.
As a quick TL;DR, the Swivel DAO, and SWIV Token’s primary use cases are to:
Steward the protocol and gather community consensus regarding future technical development
Ensure stakeholder consensus regarding key protocol function:
Align incentives among all Swivel stakeholders through programs including liquidity incentives and development grants
Provide an additional layer of safety to the lenders utilizing our protocol
As an extension of these goals, today we are announcing the retroactive distribution of SWIV tokens to our most important community members and stakeholders.
The launch of our protocol would not have been possible without the cumulative effort of thousands of community members that have continued to contribute to our growth.
Starting with our genesis during Gitcoin Kernel, continuing through a year of iteration and community feedback, and bringing us to our current launch alongside early adopters and liquidity providers, we owe an enormous debt to the community that has gotten us to where we are today.
As a way to ensure these community members are represented in our governance, SWIV tokens have been retroactively allocated to these community members based on their proportional contribution.
~4.5% of our token supply will be distributed across:
0.5% Guarded Mainnet Lenders
1% Verified Community Contributors (Verified Feedback & Content)
1% Gitcoin Kernel Alumni & Mentors
2% Compound, Aave, FEIRari (Fei + Rari) & Gitcoin On-Chain Governance Participants
A full list of all currently recorded addresses is available here:
If your address was not included, and you believe this is a mistake, please fill out this form: Request Link
**SWIV **has been allocated to historical users of our guarded mainnet based on a snapshot ending 2–08, 2022, at 08:00:00 UTC. Additional allocation tiers depend on a number of qualifying contributions (described above) since our inception.
To claim SWIV, historical users and contributors must first meet progressive milestones to unlock their rewards.
For every $2,500 traded (in notional value), 100 SWIV tokens are unlocked for distribution. Rewards will be distributed with the completion of our first liquidity incentive epoch on 3–10.
For more information, stay tuned for a follow up post as mainnet launches!
In line with restrictions on the availability of SWIV in the United States, retroactive mining may not be available to users located in, or incorporated or otherwise established in, or a resident of, the United States or any other prohibited jurisdiction. Any accounts that were clearly associated with bot activity speculating on a future airdrop are also excluded from retroactive rewards. Any displayed rewards on a testnet or before 2–10 are not representative of claimable tokens.
For more information on the SWIV token, and its role in our ecosystem, stay tuned for our follow up article as we launch!
With only two markets live on mainnet, one big question we’re asked is… What launches next?
Stay tuned for an upcoming overview of plans for our upcoming Rari integration, as well as our thoughts on everything L2.
We’ll be looking for the community to help decide what to launch next, so keep up with things over at our Governance Forum!
We’re headed to Denver!
Swivel was started as a hackathon project at ETHDenver 2020, and we’re paying it back as a sponsor of this years ETHDenver 2022 at Denver’s Sport’s Castle.
Come and meet the team throughout the event to either hang out or get help on your hacks, and check out our Founder, Julian Traversa, speaking a few times throughout ETHDenver and Gitcoin’s Schelling Point!
Swivel is the protocol for fixed-rate lending and tokenized cash-flows.
Currently live on Rinkeby and on Mainnet, Swivel provides lenders the most efficient way to lock in a fixed rate as well as trade rates, and liquidity providers the most familiar and effective way to manage their inventory.
Website | Substack | Discord | Twitter | Github | Gitcoin | Careers
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