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SILO

Silo Finance  

#SILO

SILO Price:
$0.06
Volume:
$141.5 K
All Time High:
$0.92
Market Cap:
$18.8 M


Circulating Supply:
306,551,456
Exchanges:
2+
Total Supply:
1,000,000,000
Markets:
2+
Max Supply:
1,000,000,000
Pairs:
4



  SILO PRICE


The price of #SILO today is $0.06 USD.

The lowest SILO price for this period was $0, the highest was $0.061, and the exact current price of one SILO crypto coin is $0.06123.

The all-time high SILO coin price was $0.92.

Use our custom price calculator to see the hypothetical price of SILO with market cap of BTC or other crypto coins.


  SILO OVERVIEW


The code for Silo Finance crypto currency is #SILO.

Silo Finance is 2.2 years old.


  SILO MARKET CAP


The current market capitalization for Silo Finance is $18,771,083.

Silo Finance is ranking upwards to #1112, by market cap (and other factors).


  SILO VOLUME


There is a medium volume of trading today on #SILO.

Today's 24-hour trading volume across all exchanges for Silo Finance is $141,467.


  SILO SUPPLY


The circulating supply of SILO is 306,551,456 coins, which is 31% of the maximum coin supply.


  SILO BLOCKCHAIN


SILO is a token on the Ethereum blockchain, and has digital contracts with 1 other blockchain.

See list of the SILO Blockchain contracts with 2 different blockchains.


  SILO EXCHANGES


SILO has limited pairings with other cryptocurrencies, but has at least 4 pairings and is listed on at least 2 crypto exchanges.

View #SILO trading pairs and crypto exchanges that currently support #SILO purchase.


  SILO RESOURCES


Websitewww.silo.finance
Whitepaperdrive.google.com/file/d/1qmRLiHpqZjdysy52FSiPzzTcL...
TwitterSiloFinance
Telegramsilo_community
Discordsilo-finance
Mediumsilo-protocol


  SILO DEVELOPER NEWS



Silo Report — August ‘23

Silo Report — August ‘23 - Greetings to our beloved readers and welcome to another SiloDAO monthly report. It has been an incredible month for core contributors and community alike as we break milestone after milestone with the release of Silo Llama. Now let’s take a look at August’s so-called “statistics”! — Market Metrics - — TVL. — Silo-wide TVL has grown to $97.4m which is a MoM growth of 80%. This is split between: Silo Legacy: $32.6m, Silo Llama: $49.2m, Silo Arbitrum: $15.6m, Silo Deployment of the Month award goes to Silo Llama which, when you think about it, had TVL growth of infinite percent. — Utilization. — Silo-wide utilization is 21% with Silo Arbitrum, as usual, leading the charge for highest borrowing activity. This is split between: Silo Legacy: 16%, Silo Llama: 24%, Silo Arbitrum: 29%, — Degenerate Silo of the Month. — How could this prestigious award go to any market other than the new $CRV silo on Silo Llama. While rates have since settled to a healthy 15% Total APR, we are keeping this here for the sake of posterity. — Protocol Metrics - — Revenue. — Note that these are estimates based on current assets deployed, utilization, and an assumed APR. The estimated monthly revenue for SiloDAO during August is $47.4k. Protocol Revenue Protocol revenue refers to revenue earned from SiloDAO’s share of interest as well as ...




Announcing: Silo Llama

We are incredibly excited to announce the launch of Silo Llama, a new deployment of the Silo Finance on Ethereum Mainnet. But wait a minute? Isn’t Silo Finance already live on Ethereum Mainnet? Well we like llamas, we like Curve Finance, and most of all we like $crvUSD. — Introducing: Silo Finance — Llama edition - Silo Llama is a fork of the original Silo Finance Protocol that uses $crvUSD as its only bridge asset. As the bridge asset, $crvUSD lenders can lend or borrow against any token asset while remaining completely isolated from activities occurring in any other market on the protocol. Silo Llama opens tremendous opportunities for $crvUSD holders in the form of: Capital Efficiency — borrowing against your $crvUSD, Yield Opportunities — earning interest on $crvUSD or deploying borrowed assets collateralized by $crvUSD across DeFi, Utility — $crvUSD is the lifeblood of Silo Llama that powers lending and borrowing activity, The most important aspect about Silo Llama — as for any lending protocol — is the depositor’s security. In contrast to other money markets, this is a fundamental design feature rather than a tacked-on afterthought. Let’s see what we mean. — Risk-Isolation - Most lending markets use a shared-pool design where all deposits are collected in a single lending pool. As a $crvUSD depositor in a shared-pool protocol such as Aave, if any single asset ...




Silo Report — July ‘23

With nearly a year under our belt since contract deployment, your favorite contributors at Silo are excited to bring you our first monthly DAO report! Here we will provide regular updates on key metrics you might find interesting, including: Market metrics such as TVL and activity, User metrics such as daily active users, DAO metrics such as revenue and buybacks, Farm metrics such as liquidity farms for $SILO and $XAI, We will also include links to educational tweets we have done throughout the months on Silo and various strategies you may find interesting — and why not top it all off with regular roadmap updates! Let’s dig in, our beloved community! — Market Metrics - — TVL - Silo-wide TVL is sitting comfortably at $54m, with $37m on Silo Ethereum and $17m on Silo Arbitrum. TVL has remained relatively stable although there were a number of large-scale liquidations in the past few weeks which were all executed safely. — Utilization - Utilization on Silo Ethereum is sitting at 18% whilst Silo Arbitrum is experiemcing more activity with utilization at 29%. What do Arbitrum users know? Hmm… — Degenerate Silo of the Month - The $QNT silo was our most degenerate silo of the month, with deposit APRs on $ETH exceeding 180% at one point. APRs have since settled down to about 36% — our dynamic interest rate model hard at work to protect our lenders. Degen wisely! — User Metrics...




Vulnerability disclosure 2023–06–06

Summary - On April 27, 2023, a whitehat submitted a vulnerability report via Immunefi., The report showed that in markets with $0 in deposits for any of the assets, it was possible to manipulate utilization rate to points above 100%, increasing interest rates to extremely high levels., The core team identified the interest rate model contract (IRMV1) as the source of the vulnerability., A fix was coded into a new interest rate model contract (IRMV2) and deployed., Certora confirmed IRMV2 fixed the vulnerability and that no other exploit vectors were possible. Read Certora report here., No attacks were carried out, no user funds were lost, no protocol funds were compromised., The Silo protocol is now more secure and functioning normally., — Bounty and comments - We paid out a bounty of 100,000 USDC to the whitehat for finding a critical vulnerability. We appreciate the work of kankodu and invite all whitehats to sift through the code again and submit reports via our bug bounty program. We are grateful for the Certora team, who reviewed the shipped fix (IRMv2) manually to confirm the vulnerability was fixed and made sure no other attack vectors were possible. Although a security vulnerability was spotted in one smart contract, Silo protocol’s code is now more battle tested than ever. The vulnerability is fixed and no one was affected by it. This incident provided our team with a great opportunity to review our code...




Silo Finance: Status Quo Report

TL;DR So far our markets remain solvent on Ethereum & Arbitrum., We need to act fast to prevent risk (Ethereum), No measures are needed for Silo Finance (Arbitrum), — Introduction - With the recent news of Silvergate and Silicon Valley Bank, it’s become clear that USDC backing is undercollateralized. The DAO is a major holder of USDC and uses it as a primary backing for XAI. The team has already taken steps to secure the treasury and the backing of XAI by USDC which has since been greatly decreased — more details below. A governance proposal will be needed for additional measures to protect protocol users on Ethereum from a worst-case scenario. — What’s backing XAI now? - Verify: analytics.silo.finance — Measures taken to date - Yesterday we pulled an all-nighter to ensure our markets remained solvent and DAO’s borrow positions over-collateralized. Here is a rundown of measures we took: We removed XAI/USDC liquidity from Uniswap and XAI/FRAXBP from Stake DAO — roughly ~$700K to overcollateralize borrow positions. You might see CG/CMC reporting erratic prices for XAI because liquidity in the Uniswap V3 pool is shallow (CMC/CG doesn’t use our main Curve pool to report real XAI value)., We added more collateral to our main positions borrowing XAI with USDC (and LPing in Curve). We used protected-ETH collateral to increase HF and disallow others to borrow the ETH as volatile crypto h...




The Plight of Long Tail Assets

Thesis 2: Long-Tail assets cannot be included in Shared-Pool Lending Markets Background: Long-tail assets may refer to tokens that are relatively new, have limited liquidity on exchanges, or are yield-bearing tokens that derive their value from another asset. In a DeFi context, this makes it difficult to integrate into protocols due to risk of manipulation or other exploit. As explored in Thesis 1, an exploit in a single token in a shared-pool lending market precipitates risk that can affect the entire protocol. If you observe the dominant lending protocols such as Aave and Compound, they are highly selective about which assets they are able to list. Inclusion of a single token that gets exploited could translate to a protocol-critical event with bad debt accruing to all lenders. Now where does this leave long-tail asset holders? If large lending protocols cannot list you due to risk exposure to other lenders, long-tail asset holders are unable to use their holdings as collateral. This means their tokens may need to sit idle if they cannot be collateralized to be used for yield-bearing activities elsewhere. This creates an opportunity cost for holding long-tails relative to collateralizable assets. Another issue is that the notion of NOT being a long-tail and permissible to list on dominant lending protocols is relatively arbitrary. Since listing of tokens on shared-pool lending platforms are controlled by governance, user...




Silo Arbitrum: Now Live

Silo is proud to announce that we are now live on Arbitrum, the premier Ethereum Layer 2 scaling solution. Arbitrum’s Optimistic Roll-Up design enables high-speed, low-cost transactions whilst harnessing the underlying security of Ethereum. Additionally, it is home to a robust ecosystem of DeFi protocols that we aim to become well integrated with. — What is Silo? - Silo is a lending protocol with one key difference — while other markets share risk between all deposits, our markets (silos) are completely risk-isolated. — What does this mean? - In the past few years (and as recently as months), we have seen a number of exploits affecting lending markets. If we look at who bears these losses, it is irrelevant what asset the lender originally deposited — once your deposit is in these lending markets, you are automatically exposed to all other assets on the market and all depositors are at risk of bad debt. Rather than a single pool to house all assets, Silo creates individual lending markets (that we call ‘silos’) for each base asset. Each silo only accepts deposits of the base asset of each respective silo and our bridge assets ($ETH and $USDC). Depositors are only ever exposed to our bridge assets and are thus completely insulated from contagion risk affecting our other markets (silos). — Silo’s Arbitrum launch plan - Our markets on Arbitrum will be slightly different from our silos on ...




Silo Report

Metrics (January 2023) - Total Deposits: 23.5M, Total Borrows: 4.65M, DAO’s January Revenue: $35,000, Claimed January Revenue: $25,000, View more analytics — Active farms - $SILO/ETH Balancer pool: 65.8% — 122.5% vAPR, $XAI Stable Curve pool: 12%-15% vAPR (Frax Convex), Read more: How to farm $BAL/$AURA with $SILO, How to farm $CVX/$CRV/$FXS with $XAI, — Roadmap Q1/Q2 2023 - — $SILO buyback program. — The SiloDAO generates revenue from multiple sources. We expect the annualized revenue to be somewhere between ~$250K-$500K in 2023, depending on market conditions. We have started to claim revenues and deposit them in a Gnosis Safe controlled by the core team. We will use all realized revenue to buy back $SILO tokens directly from the SILO/ETH balancer pool, amounting to roughly $25,000–$35,000 buys every month. — $SILO rewards program. — Tokens purchased in the buyback program will be used to incentivize users for using the Silo protocol. For example, we can reward ETH depositors in rETH silo. Rewards will likely attract more deposits and loans. Users will receive $SILO rewards passively and claim them directly in the app. The new rewards program will be designed such that users will still be able to borrow against their positions whilst earning rewards. This will also come with the ability for other protocols to incentivize their own pools with any ERC-20 of their...




Shared Pools, Shared Risk

Thesis 1: Every token introduce to a shared-pool lending market confers systemic risk to the entire protocol Background: Shared-pool lending markets such as Aave and Compound pool all deposits into a single pool. Assets that have been whitelisted can be used as collateral to borrow any other token. The nature of the shared-pool design means that a price exploit in any single token will allow holders of that exploited token to borrow any other token. Let’s say you have $ABC whose price is being incorrectly read at 10x (1,000%) its current market price. If $ABC has 60% LTV, $ABC holders can effectively borrow 600% (1,000% * 0.6) its fair market valuation from any token in the pool. Now what happens when the price of $ABC returns to its fair market value? There is now insufficient $ABC collateral to be liquidated to repay lenders, resulting in bad debt. In a shared-pool, who suffers the impact of this bad debt? Since $ABC can be used to borrow any other asset, all lenders bear the risk of bad debt. This means that regardless of what asset lenders initially deposited, you are at risk of not recovering the full value of your deposit! Example: This is a well-known issue with shared-pool lending markets, with protocols such as Venus and Mango Markets experiencing price exploits that resulted in hundreds of millions of dollars worth of bad debt accruing to the protocol due to exploits in individual tokens. Battle tested shared...




Silo Finance Integrates Chainlink Price Feeds to Help Secure Pricing on Isolated Lending Markets

We’re excited to announce that Silo Finance has integrated Chainlink Price Feeds on Ethereum mainnet. By integrating the industry-leading decentralized oracle network, Silo Finance now has access to high-quality, tamper-proof price feeds needed to help ensure proper financial operations. Specifically, this integration helps assure users that Silo Finance lending markets will run smoothly and seamlessly, even during volatile market conditions. Our initial integration involves the use of 8 Chainlink Price Feeds and 38 more are yet to come. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans. As a risk-isolating lending protocol, Silo Finance seeks to create lending markets for all digital assets without sacrificing security. To that end, each market (or ‘silo’) consists of only three assets: a base asset such as CRV and two bridge assets — ETH and the protocol’s native stablecoin XAI. Depositors in one market can borrow from another using the bridge assets while remaining exposed to the risk of one token asset. This novel mechanism positions Silo Fin...



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