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Arbitrum STIP Risk Analysis | Case Study #3: Pendle Finance

Cover Image for Arbitrum STIP Risk Analysis | Case Study #3: Pendle Finance
  1. Preamble
  2. Introduction
  3. Pendle Overview
    1. Pendle Liquidity
    2. Pendle Trading
    3. Pendle Yield Token Integrations
  4. Use of Incentives
    1. Liquidity Incentives:
    2. Trading Incentives:
    3. Ecosystem Incentives:
  5. Pendle Incentives Impact
    1. Liquidity Provider Reactions
    2. Trading Activity
      1. Weekly Trading Volume
      2. Total Trader Numbers
      3. New User Acquisition
      4. User Retention
      5. Average Weekly User Volume
      6. Supercharged Swap Fees
    3. Ecosystem Growth
    4. Pendle Incentive Distribution
  6. Incentive Risk Analysis
  7. Key Takeaways
    1. Pendle Incentive Positives
    2. Pendle Incentive Potential Improvements
  8. Pendle STIP Useful Resources

Preamble

As part of our recent election as the Risk Member on the Arbitrum Research & Development Committee (ARDC), Chaos Labs is pleased to share a blog post detailing our third case study for the ARDC: Pendle Finance. This is the third and final case study of a three-part series that entails an in-depth analysis of the risk and efficiency of the Arbitrum STIP on three major protocols, the third of which is Pendle Finance.

As requested by the DAO advocate for the ARDC, L2BEAT, Chaos Labs has been conducting case studies on STIP recipients. This case study provides an in-depth analysis of the Arbitrum STIP program’s impact on Pendle Finance, focusing on its efficiency and associated risks. This analysis is part of a broader series that evaluates the STIP program across three major protocols.

Following our previous analyses of Vertex and Silo Finance, we now turn our focus to Pendle Finance to provide a comprehensive evaluation of its performance and risk profile.

Introduction

An in-depth, bottom-up analysis of the protocol is essential to comprehensively understand the specific risks and efficiency factors influencing the Pendle STIP allocation. The initial section of this report delves into all pertinent aspects of Pendle Finance's functionality, providing context and reference.

Following this, detailed analyses of efficiency and risk are conducted, using the insights gained from the protocol deep-dive as a foundation. This analysis aims to identify all factors that could potentially result in adverse outcomes. These findings are then used to derive positive and negative insights from the Pendle STIP incentive program, which will inform the design of future incentive schemes.

Incentive Amount: 2m ARB

Incentive Uses: Liquidity incentives (55%), trading incentives (40%), Ecosystem integrations (5%)

Grant Matching: Yes

Pendle Overview

Pendle is a permissionless yield-trading protocol where users can execute various yield-management strategies. This is achieved by first wrapping yield-bearing tokens into Standardised Yield (SY) tokens. SY tokens are compatible with the Pendle AMM and can be split into its principal and yield components, PT (principal token) and YT (yield token), respectively. This process is called yield tokenisation and allows both PT and YT to be traded on Pendle’s AMM.

By creating a yield market in DeFi, Pendle unlocks the full potential of yield, enabling users to execute advanced yield strategies, such as:

  • Fixed yield (e.g. earn fixed yield on stETH)
  • Long yield (e.g. bet on stETH yield going up by purchasing more yield)
  • Earn more yield without additional risks (e.g. provide liquidity with your stETH)
  • A mix of the above strategies

Each PT and YT has a maturity date. For PT, you can redeem the full underlying yield-bearing token after this date. For YT, the yield of the yield-bearing token is only accrued up until the maturity date, after which YT has no value.

Pendle Liquidity

Pendle liquidity comes from holders of yield-bearing tokens wrapping and depositing them into AMM pools. These liquidity providers then earn swap fees, PENDLE rewards, and any other incentives on top of the tokens' native yield. The fixed maturity nature of these pools also means that if LPs keep providing liquidity until maturity, there will be no impermanent loss, and they will receive their initial tokens back along with the additional yield.

During the STIP, Pendle launched an Order Book system alongside its AMM to enable peer-to-peer trading of PT and YT. This allows users to place limit orders to buy or sell at a specified implied APY.

Together, the Order Book and AMM enhance market liquidity, facilitating smoother trading on Pendle.

The total liquidity in a pool impacts slippage and is therefore crucial for user experience and seamlessly offering the use cases users desire.

Pendle Trading

Liquidity pools in Pendle V2 are set up as PT/SY, e.g. PT-aUSDC / SY-aUSDC. Swapping PT is a straightforward process of swapping between the two assets in the pool, while swapping YT is enabled via flash swaps in the same pool.

Flash swaps are possible due to the relationship between PT and YT. As PT and YT can be minted from and redeemed to its underlying SY, we can express the price relationship:

P(PT) + P(YT) = P(Underlying)​

Knowing that YT price has an inverted correlation against PT price, we use this price relationship to utilise the PT/SY pool for YT swaps.

Traders on Pendle obtain SY tokens by depositing yield-bearing tokens, and swap them to gain exposure to the token of their choice. As yields change they then have the option to trade further to alter their exposures.

Pendle Yield Token Integrations

A key feature of Pendle’s principal and yield tokens is their ability to support strategies that create specific exposures for users, enabled by ecosystem integrations with other protocols. Pendle offered incentives for depositing PT or LP positions into specific pools on other protocols to foster the broader ecosystem, liquidity, and trading activity. This initiative began in Week 5 of the program and was adjusted based on general market sentiment.

Use of Incentives

The objectives for the STIP, as stated by Pendle, were:

Increasing yield trading volume, inciting activity on the platform, deepening liquidity on existing pools as well as an additional incentive for users to bootstrap liquidity for newly listed Pendle markets Arbitrum, and finally to encourage activity on protocols built on top of Pendle.

This was implemented by allocating 55% of incentives towards liquidity providers on Pendle, 40% towards trading incentives, and 5% to ecosystem incentives.

Liquidity Incentives:

Slightly over half of the total incentives were allocated to boosting additional yield for LPs, aiming to encourage deeper liquidity and reduce slippage on Pendle.

Initially, Pendle distributed liquidity incentives based on vePENDLE votes for Arbitrum pools. However, this approach soon proved suboptimal as the incentives were neither distributed broadly nor targeted at the most active markets or new markets needing support. Starting from week 3, the Pendle team took over the allocations, using metrics such as the most active yield markets and new pools requiring initial liquidity. Additionally, there was significant experimentation and iteration in the weekly allocations.

The chart below shows the evolution of weekly incentives by category. Over the course of the STIP, incentives were redirected from LST and derivative LP markets to lending, LRT, and Silo Pendle LP markets in response to market interest.

Trading Incentives:

Trading incentives were designed as campaigns targeted at increasing trading activity on Pendle. The initial STIP application suggested that there would be “at least one campaign per month will be done to keep things fresh and to entice users to keep trying out the campaigns.” Over the course of the STIP, the following campaigns were conducted:

  • Swap fee rebates: This campaign refunded a portion of traders' swap fees with ARB tokens. The rebate was set below 100% to ensure wash trading remained unprofitable, starting at 75% and reducing to 50% in week 9. This campaign ran for the entire duration of the STIP.
  • Trading leaderboard with prizes for the most successful traders: An in-app leaderboard showcased the top-ranked users based on percentage gain. These top performers received ARB rewards to stimulate more trading volume and TVL. Performance-based prizes also incentivized traders to improve their strategies, aiding in long-term retention.
  • Supercharged swap fee rebates: For a limited time, certain pools had their swap fee rebates increased to 120% to further incentivize trading activity.
  • Maker incentives to promote the new limit order book feature: Rewards were provided for using Pendle’s newly launched limit order feature. Filled limit orders earned ARB rewards proportional to the order size, drawing attention to this innovation. Pendle's limit orders were initially launched on Arbitrum.

Ecosystem Incentives:

Ecosystem incentives were designed to integrate Pendle tokens further into the broader DeFi ecosystem by encouraging their use on partner protocols. Large lending pools that accepted Pendle LP or PT tokens as collateral received ARB incentives to boost their usage. The incentivized protocols included Stella, Dolomite, Timeswap, Silo, and Teller.

Similar to the liquidity incentives, the focus of these incentives evolved throughout the STIP. Notably, in February 2024, the incentives shifted to emphasize leveraged strategies using LRT PT tokens, aligning with the development of these markets.

Pendle Incentives Impact

The objective of this impact assessment is to evaluate the effects of the incentive program on protocol activity, specifically examining the demand for holding Pendle PT and YT tokens, trading activity and liquidity provision on Pendle’s AMM. This detailed, bottom-up analysis scrutinizes individual components of the STIP, which are unique to Pendle. This allows a clear prescription of how the results of the program were obtained and how this could be applied to other protocols. The unique nature of the Pendle protocol makes direct comparison impossible, but important incentive principles can be gleaned from their program strategy.

Despite the STIP program's short-term nature, this report assesses its prolonged benefits by analyzing protocol usage data following the program’s conclusion. The intention is to identify persistent activity changes and what drove them.

Pendle accepts deposits of yield-bearing assets, wraps these into standardized yield (SY) tokens, and splits these into Principal (PT) and yield (YT) tokens. These PT and YT tokens are then bought and sold on the Pendle AMM, with Arbitrum end users primarily leveraging their PT positions or holding YT for yield.

Therefore, the impact analysis will focus on the effects of the incentives on the growth of the supply of yield-bearing assets available for trading (the supply side), the growth in the trading of Pendle yield tokens (trading activity), and the growth of ecosystem TVL.

The effectiveness of Pendle's incentives is thoroughly examined across various dimensions:

  • How did the incentives affect the supply of yield-bearing assets by LPs?
  • How did the incentives affect trading activity on the Pendle AMM?
    • Did they attract new users?
    • How did incentives affect retention?
    • How did incentives affect the average volume per user?
  • How did incentives affect the ecosystem growth of Pendle tokens?

The distribution of the incentives is also analyzed to gain insight into the structural efficiency of this program.

Liquidity Provider Reactions

Liquidity from AMM LPs on Pendle grew from $52 million to $723 million over the STIP period. Most of this growth occurred between February and March 2024, driven by points programs on Liquid Restaking Tokens (LRTs) that were ideally suited to Pendle’s products. The increase in LRT TVL during this period was clearly due to the demand for Pendle’s offerings, although this growth on Arbitrum was positively affected by the STIP use.

Pendle’s focus on Arbitrum during this time, enhanced by STIP incentives, brought significant LRT TVL to Arbitrum and added considerable value to the chain. Without these incentives, LRT strategies on Pendle Arbitrum would have been less attractive, and the supply may not have grown as it did. It is also important to highlight how the attention flywheel established Arbitrum as a prominent hub for leveraged LRT strategies, with the incentives having a highly asymmetric effect on its success.

The aggressive growth observed after the launch of LRTs overshadows the performance during the first three months of the STIP. Focusing on the period from July 1, 2023, to January 31, 2024, a clear trend emerges with LP supply increasing from $52 million to $116 million by the end of January. Most of this growth occurred within the first six weeks of the STIP, before the launch of ecosystem incentives. It remains unclear whether these alternative avenues for accessing STIP rewards competed with LP supplies or if an equilibrium was reached between demand and supply, making the timing coincidental.

LP Supply up to the end of January 2024.

Trading Activity

These metrics focus on Pendle’s AMM activity. This is where fees are generated on the protocol.

Weekly Trading Volume

Like AMM supply, trading activity skyrocketed once LRTs launched. Weekly trading volumes grew from approximately $4m before the STIP to approximately $450m at its conclusion. This far exceeded the initial stated goal of 20m in monthly volume.

The scale of Pendle’s growth once LRTs launched masks its earlier growth trajectory, which was impressive enough in its own right. Zooming in on Pendle volumes to the end of January 2024 shows two distinct growth phases in Pendle trading volumes before the third LRT-driven acceleration in March 2024. At the program's outset, weekly volumes immediately tripled before remaining at this level for four weeks. Rebalancing incentives from LSTs to derivatives LP markets in early December 2023 reignited trading growth

Total Trader Numbers

Trader numbers increased only slightly until February 2024, when LRTs launched. Earlier incentives targeting derivative LPs, LSTs, and lending aTokens had no discernable impact on trader numbers.

New User Acquisition

Throughout the STIP, 10,556 new users interacted with Pendle. There was no noticeable increase in the rate at which new users were onboarded to Pendle over the STIP until LRTs were onboarded until February 2024. This acceleration in new users was caused more by market developments than by the STIP, and we conclude that the incentives had little impact on attracting new users.

User Retention

The weekly retention rate on Pendle is defined as the percentage of traders who engaged in at least one trade in the previous week and continued to trade in the current week.

Overall, the chart below shows the weekly retention rate in blue and the 4-week m.a. (red dots) clearly improving significantly for the duration of the STIP before dropping to prior levels after. We interpret this as a signal that traders who were attracted to try Pendle by the STIP rewards valued the program and remained engaged throughout the program.

Average Weekly User Volume

Most of the growth in trading volume on Pendle came from the increasing average weekly volume per trader rather than an increase in the number of traders.

The trader segment attracted by LRTs is clearly users with a higher volume, who are able to increase their weekly trading volume significantly.

Supercharged Swap Fees

The 120% supercharged swap fee rebate creates the potential for inorganic wash trading. The rapid growth of over 400% in just four weeks suggests some signs of wash trading activity, particularly in the gDAI market. However, aside from the gDAI market, the supercharged markets maintained higher weekly volumes even after the period ended. We conclude that while there may have been some wash trading in the gDAI market, the increased activity in other markets was mainly unrelated to wash trading.

Weekly trading volumes in supercharged swap fee pools highlighting the period when the program was live.

Weekly trading volumes in supercharged swap fee markets excluding the gDAI market highlighting the period when the program was live. Volumes began accelerating before the program began, and maintained well after it concluded. We find no real evidence of wash trading at scale in these markets.

Ecosystem Growth

For most of the STIP, the growth of TVL in ecosystem-incentivized pools was relatively muted. However, there was a clear growth in Stella of PT pools, justifying the majority of ecosystem incentives flowing there.

In the last month of the Program, Pendle switched the focus of this incentive segment, directing most incentives to the Silo eETH PT pool initially and two Dolomite LRT PT pools in the last four weeks. The impact here was dramatic, with TVL in these pools growing from $5m to $58m over five weeks.

Pendle Incentive Distribution

Pendle rewards were distributed across 4489* wallets with limited concentration amongst the highest earners. Only 40% of rewards went to the top 10 wallets, which is much lower than typically seen. The highest earner only earned 18% of total rewards.

This, combined with the observation that there was no benefit to Sybil activity, leads us to conclude that the program’s rewards materially benefited a large number of users.

  • Rewards claimed by the Penpie pool are further broken down by the end users claiming them. Only wallets claiming at least 1 ARB are counted.

Incentive Risk Analysis

The incentive risk analysis uses the above deep bottom-up analysis of the Pendle Protocol to inform the specific potential manifestations of these risks in a protocol-specific context.

Pendle Risk Factors Under Investigation

  • Pendle incentives create excessive speculation: This could destabilize aspects of the protocol, cause excessive user losses, or potentially affect ecosystem partners.
  • Pendle incentives skew the natural growth of trading activity and liquidity: This could cause risks such as bad debts from liquidation slippage, or poor user experience.
  • Pendle incentives do not grow liquidity over the long term: Liquidity leaves once STIP incentives end.
  • Incentives do not lead to sustained trading activity: Trading activity leaves once STIP incentives end.

Each of these risks are individually covered in detail below.

Pendle incentives create excessive speculation

Despite significant enthusiasm for leveraged strategies involving Pendle yield tokens, there has been limited destabilizing behavior or liquidations. We conclude that, to date, there has been no evidence of excessive speculation spilling over to negative externalities.

Pendle incentives skew the natural growth of trading activity and liquidity

There are currently no direct yield token competitors on Arbitrum, so this use case is novel to Pendle. There is no unnatural growth because of the incentives.

Pendle incentives do not grow liquidity over the long term

Although it fluctuates according to market conditions, Pendle liquidity remains more than 60x where it started at the beginning of the STIP.

Incentives do not lead to sustained trading activity

Similar to liquidity, trading volumes have increased by over 40x from the beginning of the STIP.

Key Takeaways

Pendle Incentive Positives

Using Incentives to Amplify New Protocol Upgrades and Announcements

This often-overlooked aspect of incentive programs can go almost unnoticed. Pendle allocated significant incentives to the most exciting new pools, enabling them to scale rapidly. Similarly, new ecosystem pools received early incentive support. The introduction of limit orders also garnered more attention due to maker order incentives throughout the entire second half of the program.

Keeping the Incentive Criteria Clear and Simple

The incentive criteria on Pendle were extremely clear, even though they iterated throughout the program. Liquidity providers in incentivized pools received incremental yield in the form of ARB tokens.

Growing The Protocol Through Incentivized Integrations

This was an important focus area for Pendle, unlocking incremental utility for its yield tokens.

Iterating and Experimenting

Pendle aggressively experimented and culled underperforming strategies on a fortnightly basis using market data.

Some positive examples included:

  • The focused but aggressive iteration in liquidity pools incentivized. Pendle targeted incentives aimed at increasing activity where the market was at almost every week. This enabled hypergrowth in LRT markets in February, almost since launch.
  • Iteration in ecosystem incentives, resulting in the highly productive growth in Silo pools, offering leverage and growing YT token utility.
  • Experiments in trading campaigns.

Pendle Incentive Potential Improvements

Grow the Rate of New User Acquisition As Well As TVL and Activity

For most of the STIP Pendle active users, there was little change from the prior period. While it is true that volumes increased significantly, growing the user base along with overall volumes and TVL could have great long-term benefits.

Pendle Ecosystem Integrations on Dolomite and Timeswap GLP, wstETH and rETH Markets Had a Poor ROI while Continuing Receiving Incentives

Dolomite rETH and GLP markets received 31 500 ARB over 14 weeks during the STIP, but only grew to a combined $345k in TVL. Timeswap GLP received 10,000 ARB and only grew to $485k. Both of these pools continued receiving incentives despite poor ROI, and these incentives could have likely been better used in alternative ways.

Pendle STIP Useful Resources

Application:

STIP Application

Bi-weekly updates:

Forum Thread

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dYdX Chain: End of Season 1 Launch Incentive Analysis

Chaos Labs presents the end-of-season 1 review of full trading on the dYdX Chain. All aspects of the exchange performance are covered with a focus on the impact of the launch incentive program.

Omer Goldberg
Omer Goldberg
Cover Image for The Imbalance Score: A Novel Metric for Ostium's RWA-Focused Perpetual DEXes

The Imbalance Score: A Novel Metric for Ostium's RWA-Focused Perpetual DEXes

Exploring risk mitigation levers and methodologies for weakly correlated assets, a key feature of the Ostium Perpetual DEX.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Partners with Bluefin

Chaos Labs Partners with Bluefin

Chaos Labs is thrilled to announce our partnership with Bluefin, a leader in decentralized derivatives trading. This collaboration marks a significant milestone in our mission to blend the robustness and security of blockchain technology with cutting-edge trading solutions. We aim to revolutionize how on-chain trading is experienced, ensuring a seamless and secure bridge to off-chain asset offerings.

Omer Goldberg
Omer Goldberg
Cover Image for Seamless Risk Monitoring and Alerting Platform

Seamless Risk Monitoring and Alerting Platform

Chaos Labs is excited to share our partnership with Seamless, centered around risk management and optimization, following their successful launch on Base.

Omer Goldberg
Omer Goldberg
Cover Image for sBNB Oracle Exploit Post Mortem

sBNB Oracle Exploit Post Mortem

Chaos Labs summarizes the snBNB oracle exploit affecting the Venus LST Isolated Pool. The post-mortem focuses on the event analysis and risk management efforts following the exploit.

Omer Goldberg
Omer Goldberg
Cover Image for dYdX Chain Analytics and Risk Monitoring Portal

dYdX Chain Analytics and Risk Monitoring Portal

Chaos Labs is thrilled to introduce the dYdX Chain Analytics and Risk Monitoring Portal, a significant development in our continued partnership with the dYdX community. This portal encompasses the emerging dYdX Chain, providing valuable insights and risk assessment capabilities. Additionally, it features a dynamic leaderboard that offers real-time tracking and visibility into traders' points, providing transparency and clarity regarding their positions in the Launch Incentives Program.

Omer Goldberg
Omer Goldberg
Cover Image for dYdX Chain: A Comprehensive Overview of the Launch Incentives Program

dYdX Chain: A Comprehensive Overview of the Launch Incentives Program

In collaboration with dYdX, Chaos Labs is excited to announce a $20 million liquidity incentives program to mark the launch of the new dYdX Chain. This initiative, a significant step towards enhancing user experience and liquidity, is tailored to transition users to the dYdX Chain seamlessly. It's not just a program; it's an invitation to be at the forefront of dYdX's vision, shaping the future of decentralized finance.

Omer Goldberg
Omer Goldberg
Cover Image for The Role of Oracle Security in the DeFi Derivatives Market With Chainlink and GMX

The Role of Oracle Security in the DeFi Derivatives Market With Chainlink and GMX

The DeFi derivatives market is rapidly evolving, thanks to low-cost and high-throughput blockchains like Arbitrum. Minimal gas fees and short time-to-finality make possible an optimized on-chain trading experience like the one GMX offers. This innovation sets the stage for what we anticipate to be a period of explosive growth in this sector.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Partners with Liquity Protocol

Chaos Labs Partners with Liquity Protocol

Liquity and Chaos Labs have announced a strategic collaboration centered around the development of Liquity v2, an upcoming, new Reserve-backed stablecoin protocol.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Partners with Ostium

Chaos Labs Partners with Ostium

Chaos Labs will work closely with Ostium Protocol to improve their mechanism design and create a risk modeling and monitoring system. The partnership will prioritize the system's robustness and secure functioning, helping bridge the gap between on-chain trading and off-chain asset offerings.

Omer Goldberg
Omer Goldberg
Cover Image for GMX V2 Risk Portal Product Launch

GMX V2 Risk Portal Product Launch

Chaos Labs is excited to launch the GMX V2 Synthetics Risk Hub, expanding our existing V1 GLP Risk Hub to provide complete coverage, including all protocol versions.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Partners with Ethena Labs for Mechanism Design, Economic Security and Risk Optimization

Chaos Labs Partners with Ethena Labs for Mechanism Design, Economic Security and Risk Optimization

Chaos Labs is partnering with Ethena Labs to fortify mechanism design and develop risk frameworks for the novel protocol. This collaboration is set to amplify the economic security and robustness of Ethena's innovative stablecoin, USDe.

Omer Goldberg
Omer Goldberg
Cover Image for crvUSD Risk Monitoring And Alerting Platform

crvUSD Risk Monitoring And Alerting Platform

Chaos Labs launches the crvUSD Risk Monitoring and Alerting Platform, providing thorough analytics and visibility and serving as a central hub for the crvUSD community to access a wealth of data and risk insights related to the protocol.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Risk Portal 2.0 Launch

Chaos Labs Risk Portal 2.0 Launch

Chaos Labs is proud to announce the official launch of the latest version of our Risk Hub.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Partners with Nexus Mutual for Economic Security and Risk Optimization

Chaos Labs Partners with Nexus Mutual for Economic Security and Risk Optimization

After an extensive RFP process, the Nexus Mutual Foundation selected Chaos Labs as an economic security and risk partner. This collaboration is set to fortify the future of the Ratcheting AMM (RAMM) design, a critical component of the Nexus Mutual protocol.

Omer Goldberg
Omer Goldberg
Cover Image for Radiant Risk Monitoring and Alerting Platform

Radiant Risk Monitoring and Alerting Platform

Chaos Labs launches the Radiant Risk Monitoring and Alerting Platform, providing thorough analytics and visibility and serving as a central hub for the Radiant community to access a wealth of data and risk insights related to the protocol.

Omer Goldberg
Omer Goldberg
Cover Image for Venus Risk Monitoring and Alerting Platform

Venus Risk Monitoring and Alerting Platform

Chaos Labs launches the Venus Risk Monitoring and Alerting Platform, providing thorough analytics and visibility and serving as a central hub for the Venus community to access a wealth of data and risk insights related to the protocol.

Omer Goldberg
Omer Goldberg
Cover Image for Compound Multi Chain Risk Monitoring Hub

Compound Multi Chain Risk Monitoring Hub

Chaos Labs has partnered with Compound via the Grants program, launching a state-of-the-art Compound Cross-Chain Analytics and Observability platform.

Omer Goldberg
Omer Goldberg
Cover Image for dYdX Risk Parameter Recommendation Portal

dYdX Risk Parameter Recommendation Portal

Chaos Labs and Considered.finance are excited to present our collaboration, the dYdX Risk Parameter Recommendation Portal 4. This dashboard provides real-time parameter recommendations informed by market liquidity and objective order book liquidity measures.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Partners with TapiocaDAO for Risk Management and Optimization

Chaos Labs Partners with TapiocaDAO for Risk Management and Optimization

Chaos Labs is thrilled to announce a strategic partnership with TapiocaDAO, centered around risk management and parameter optimization for the imminent launch of the omni-chain money market protocol and USDO.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Launches the Aave Asset Listing Portal to Streamline New Collateral Onboarding

Chaos Labs Launches the Aave Asset Listing Portal to Streamline New Collateral Onboarding

Chaos Labs has launched the Aave Asset Listing Portal, a tool that will streamline onboarding new collateral to the Aave protocol. The portal automates collecting and analyzing key market data around assets, enabling the community to make informed decisions and enhance risk management.

Omer Goldberg
Omer Goldberg
Cover Image for GMX GLP Risk Hub: A Public Derivative Risk Monitoring and Analytics Platform

GMX GLP Risk Hub: A Public Derivative Risk Monitoring and Analytics Platform

Chaos Labs is proud to partner with GMX, a leading DeFi perpetual platform, to launch the GMX GLP Public Risk Hub (Version 0), a cutting-edge platform designed to provide real-time user metrics, margin-at-risk analysis, alerting, and market simulations to assess the value at risk (VaR) in fluctuating markets.

Omer Goldberg
Omer Goldberg
Cover Image for Uniswap V3 TWAP: Assessing TWAP Market  Risk

Uniswap V3 TWAP: Assessing TWAP Market Risk

Assessing the likelihood and feasibility of manipulating Uniswap's V3 TWAP oracles, focusing on the worst-case scenario for low liquidity assets.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Partners with Compound for Cross-Chain Risk Analytics Grant

Chaos Labs Partners with Compound for Cross-Chain Risk Analytics Grant

Chaos Labs, a cloud-based risk management platform for DeFi applications, has been awarded a Compound Grant to build a Cross-Chain Risk and Analytics platform.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Risk Dashboard Launches Live Alerts for Real-Time Risk Management

Chaos Risk Dashboard Launches Live Alerts for Real-Time Risk Management

Chaos Risk Dashboard has rolled out new functionality that provides real-time alerts covering crucial indicators on the Aave v3 Risk Dashboard and BENQI Risk Dashboard.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs USDC Depeg - War Room Summary

Chaos Labs USDC Depeg - War Room Summary

Chaos Labs summarizes the USDC depeg event and risk management efforts following the collapse of SVB.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Launches the BENQI Parameter Recommendations Platform

Chaos Labs Launches the BENQI Parameter Recommendations Platform

Chaos Labs launches the BENQI Parameter Recommendations Platform to streamline risk parameter recommendations for the BENQI protocol.

Omer Goldberg
Omer Goldberg
Cover Image for Introducing the GHO Risk Monitoring Dashboard by Chaos Labs

Introducing the GHO Risk Monitoring Dashboard by Chaos Labs

Chaos Labs unveils a new version of the Aave v3 Collateral At Risk Dashboard monitoring the GHO deployment on the Goerli testnet in preparation for mainnet launch.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Raises $20M in Seed Funding to Automate On-Chain Risk Optimization

Chaos Labs Raises $20M in Seed Funding to Automate On-Chain Risk Optimization

Chaos Labs raises Seed funding led by Galaxy and Paypal Ventures to automate on-chain risk optimization.

Omer Goldberg
Omer Goldberg
Cover Image for AAVE v3 Collateral At Risk Dashboard Expands Deployments Support to Ethereum v3

AAVE v3 Collateral At Risk Dashboard Expands Deployments Support to Ethereum v3

Following the successful launch of the AAVE v3 Collateral At Risk Dashboard, we're proud to announce expanded support for Ethereum v3.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Unveils Parameter Recommendation Platform.

Chaos Labs Unveils Parameter Recommendation Platform.

After becoming full-time contributors to the Aave protocol in 2022, Chaos Labs has been working on all fronts to deliver tools that will increase the community’s understanding of Aave and its potential. We’re proud to publish V0 of the Chaos Labs parameter recommendation platform to the community!

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Selected by Uniswap Foundation for TWAP Oracle Research Grant

Chaos Labs Selected by Uniswap Foundation for TWAP Oracle Research Grant

Preceded by earlier V3 TWAP oracle research, the Uniswap Foundation announces a Chaos Labs grant.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs & Hathor Nodes launch platform to optimize Osmosis incentive distribution

Chaos Labs & Hathor Nodes launch platform to optimize Osmosis incentive distribution

Funded by the Osmosis Grants Program, the pair launches an open-sourced incentives model and community dashboards.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs receives a Uniswap Foundation grant for LP strategies for V3

Chaos Labs receives a Uniswap Foundation grant for LP strategies for V3

Chaos Labs has been awarded a grant from the Uniswap Foundation to test and simulate sophisticated LP strategies.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs helps navigate DeFi volatility with an expanded Aave V2 risk partnership

Chaos Labs helps navigate DeFi volatility with an expanded Aave V2 risk partnership

Chaos Labs announces further collaboration with Aave to include Aave V2 risk coverage.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Osmosis Liquidity Incentives Portal Update

Chaos Labs Osmosis Liquidity Incentives Portal Update

An update on the Osmosis Liquidity Incentives Portal collaboration with Hathor Nodes.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Launches Benqi Risk Dashboard

Chaos Labs Launches Benqi Risk Dashboard

Chaos Labs is launching the Benqi Risk Dashboard, utilizing real-time user metrics to understand the value at risk across volatile markets as well as yield earned and paid over time.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Asset Protection Tool

Chaos Labs Asset Protection Tool

Chaos is unveiling a new tool to measure price manipulation risk and protect against it. Introducing the Chaos Labs Asset Protection Tool

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Joins AAVE as Full-Time Contributor

Chaos Labs Joins AAVE as Full-Time Contributor

After a successful governance vote, Chaos Labs is joining Aave as a full-time contributor to focus on risk management and parameter recommendations for all Aave v3 markets.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Receives Osmosis Grant

Chaos Labs Receives Osmosis Grant

Chaos Labs has received a grant from the Osmosis Grants Program and will partner with Hathor Nodes on optimizing the Osmosis incentives program.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs <> Benqi veQI Calculator

Chaos Labs <> Benqi veQI Calculator

Chaos Labs, a cloud security platform for DeFi applications, announces the launch of the Benqi veQI calculator.

Omer Goldberg
Omer Goldberg
Cover Image for Maker Simulation Series: Auction Price Curve & Keeper Gas Strategies (Pt. 4)

Maker Simulation Series: Auction Price Curve & Keeper Gas Strategies (Pt. 4)

Chaos Labs, a cloud-based simulation platform for smart contract applications, has collaborated with Maker to model and simulate how Keepers with competing gas strategies impact the Auction Price Curve for liquidations.

Omer Goldberg
Omer Goldberg
Cover Image for Benqi veQI Economic Analysis

Benqi veQI Economic Analysis

Diving deep into Benqi's veQI tokenomics and utility.

Omer Goldberg
Omer Goldberg
Cover Image for Maker Simulation Series: Peg Stability Module (Pt. 3)

Maker Simulation Series: Peg Stability Module (Pt. 3)

Chaos Labs, a cloud-based simulation platform for smart contract applications, has collaborated with Maker to model PSM simulations.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs launches AAVE v3 Risk Bot

Chaos Labs launches AAVE v3 Risk Bot

The AAVE v3 Risk bot will provide monitoring, notifications and daily summaries for risk related activity across all v3 deployments.

Omer Goldberg
Omer Goldberg
Cover Image for Maker Simulation Series: Flapper Surplus Dai Auctions (Pt. 2)

Maker Simulation Series: Flapper Surplus Dai Auctions (Pt. 2)

Chaos Labs, a cloud-based simulation platform for smart contract applications, has collaborated with Maker to model and simulate Flapper Surplus DAI auctions.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Launches AAVE v3 Risk Application

Chaos Labs Launches AAVE v3 Risk Application

Chaos Labs, a cloud security platform for DeFi applications, has launched an AAVE v3 collateral at risk and real-time user metrics dashboard.

Omer Goldberg
Omer Goldberg
Cover Image for Maker Simulation Series: Flipper Black Thursday (Pt. 1)

Maker Simulation Series: Flipper Black Thursday (Pt. 1)

Chaos Labs, a cloud-based simulation platform for smart contract applications, has collaborated with Maker to model and simulate Flip Auctions, liquidations and auctions.

Omer Goldberg
Omer Goldberg
Cover Image for AAVE Simulation Series: stETH:ETH Depeg (Pt. 0)

AAVE Simulation Series: stETH:ETH Depeg (Pt. 0)

A simulation series focused on economic security for the AAVE protocol. Let's examine the effect of a stETH:ETH depeg.

Omer Goldberg
Omer Goldberg
Cover Image for Maker Simulation Series: Introduction (Pt. 0)

Maker Simulation Series: Introduction (Pt. 0)

Chaos Labs, a cloud-based simulation platform for smart contract applications, has collaborated with Maker to model and simulate liquidations and auction mechanisms.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Dives Deep Into AAVE v3 Data Validity

Chaos Labs Dives Deep Into AAVE v3 Data Validity

Chaos Labs, a cloud security platform for DeFi applications, has discovered

Ron Lev
Ron Lev
Cover Image for Chaos Labs Collaborates with Benqi For Liquid Staking Analytics

Chaos Labs Collaborates with Benqi For Liquid Staking Analytics

Chaos Labs, a cloud security platform for DeFi applications, announces a partnership with Benqi to support Liquid Staking on the Avalanche network.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Receives AAVE Grant

Chaos Labs Receives AAVE Grant

Chaos Labs, a cloud security platform for DeFi applications, has been awarded an AAVE Grant to build a collateral at risk and real-time user metrics dashboard.

Omer Goldberg
Omer Goldberg
Cover Image for Pushing Economic Security Boundaries with MakerDAO Pt. 2

Pushing Economic Security Boundaries with MakerDAO Pt. 2

Chaos Labs, a cloud security and testing platform for smart contract applications, has created a cloud platform for Maker to test their liquidation and auction mechanisms.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Open Source Uniswap v3 TWAP Hardhat Plugin

Chaos Labs Open Source Uniswap v3 TWAP Hardhat Plugin

Chaos Labs, a cloud security platform for DeFi applications, has open source a utility package for interfacing with Uniswap v3.

Omer Goldberg
Omer Goldberg
Cover Image for Uniswap V3 TWAP Oracle Deep Dive - Pt. 2

Uniswap V3 TWAP Oracle Deep Dive - Pt. 2

An in depth look at Uniswap v3 TWAP architecture and usage in development.

Omer Goldberg
Omer Goldberg
Cover Image for dYdX Maker Liquidity Rewards Distribution Report

dYdX Maker Liquidity Rewards Distribution Report

Chaos Labs releases the dYdX Market Maker Liquidity Rewards Distribution Report.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Receives Chainlink Grant to build Terra Oracle Infrastructure

Chaos Labs Receives Chainlink Grant to build Terra Oracle Infrastructure

Chaos Labs, a cloud security platform for DeFi applications, has been awarded a Chainlink Grant to build tooling and infrastructure for Terra Oracles.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs releases the dYdX Perpetual Funding Rate App

Chaos Labs releases the dYdX Perpetual Funding Rate App

Chaos Labs releases the dYdX Perpetual Funding Rate application for the dYdX ecosystem.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Open Sources Chainlink Price Feed NPM Module

Chaos Labs Open Sources Chainlink Price Feed NPM Module

Chaos Labs, a cloud security platform for DeFi applications, has open source a utility package for interfacing with Chainlink price feeds.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Open Sources dYdX Trading CLI

Chaos Labs Open Sources dYdX Trading CLI

Chaos Labs, a cloud security platform for DeFi applications, has open sourced a trading tool for the dYdX ecosystem.

Omer Goldberg
Omer Goldberg
Cover Image for Pushing Economic Security Boundaries with MakerDAO

Pushing Economic Security Boundaries with MakerDAO

Chaos Labs, a cloud security and testing platform for smart contract applications, has created a cloud platform for Maker to test their liquidation and auction mechanisms.

Omer Goldberg
Omer Goldberg
Cover Image for Uniswap v3 TWAP Oracle Tooling and Deep Dive Pt. 1

Uniswap v3 TWAP Oracle Tooling and Deep Dive Pt. 1

Chaos Labs, a cloud security platform for DeFi applications, has released open source tooling for developing with Uniswap v3 TWAP Oracles.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Receives dYdX Grant

Chaos Labs Receives dYdX Grant

Chaos Labs, a cloud security platform for DeFi applications, has been awarded a dYdX Grant to build analytics and tooling for the dYdX ecosystem.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Receives Uniswap Grant

Chaos Labs Receives Uniswap Grant

Chaos Labs, a cloud security platform for DeFi applications, has been awarded a Uniswap Grant to build tooling for Uniswap v3 TWAP Oracles.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Adds Chainlink Oracle Cloud Integrations

Chaos Labs Adds Chainlink Oracle Cloud Integrations

Chaos Labs receives grant to enhance Chainlink Oracle Cloud Testing Environment.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs joins Maker SES

Chaos Labs joins Maker SES

Chaos Labs, a cloud security and testing platform for smart contract applications, has recently joined the SES incubation program.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Receives Chainlink Grant

Chaos Labs Receives Chainlink Grant

Chaos Labs, a cloud security platform for DeFi applications, has been awarded a Chainlink Grant.

Omer Goldberg
Omer Goldberg
Cover Image for Chaos Labs Mission Statement

Chaos Labs Mission Statement

Chaos Labs is a cloud security and testing platform for smart contract applications. Mission statement coming soon 🎉 🥳

Omer Goldberg
Omer Goldberg