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Oliver Mehr
CEO @ Phuture
Oliver Mehr is a seasoned professional with a strong background in investing in blockchain enabled companies and decentralized protocols.
With a focus on transforming passive investing in a web3 environment, Oliver currently works at Phuture Finance.
His expertise was further honed during his tenure as a Partner at SVK Crypto, a Block.one backed venture firm that invests in businesses utilizing blockchain technology.
Oliver Mehr pursued his education in finance, including studying Corporate Finance at Columbia, earning a Bachelor of Science in Finance from Canterbury Christ Church University, and attending Uplands Community College.
Having previously held key roles like Co-Founder and CEO at Phuture and Partner and Investment Analyst at SVK Crypto, Oliver Mehr brings a wealth of experience to the table.
Highlights
Testing Phuture v2 in production really highlights how much of a LayerZero Labs power user the protocol is.
We've been doing extensive testing of the multi-chain redemption mechanism, one of the most complex flows in the system and here is what's going on under the hood.
𝐓𝐰𝐨-𝐖𝐚𝐲 𝐌𝐞𝐬𝐬𝐚𝐠𝐞𝐬
v2 concurrently sends redemption requests to all chains that are part of the index.Each message has two legs - the outbound message to the remote chain and the inbound message back to the homechain.
These messages are packed with payload data which provide instructions on trading each asset via 0x and then bridging the proceeds via Stargate.
Remember Phuture v2 is built for scale, so what happens when we exceed the maximum payload limit for a message?
𝐌𝐞𝐬𝐬𝐚𝐠𝐞 𝐁𝐚𝐭𝐜𝐡𝐢𝐧𝐠
If we have to sell a large number of assets on the remote chain and the transaction data exceeds the maximum limit, v2 will split this data into multiple messages.This ensures we always respect message limits regardless of how large the payload gets. Once received on the remote chain, these individual messages will be stitched back together and executed as a whole.
But what happens if a trade reverts, will the message pathway be blocked?
𝐄𝐬𝐜𝐫𝐨𝐰 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐬 (𝐄𝐀𝐬)
Each user has their own EA which acts as a safe harbour for reversions of any kind. Funds unsuccessfully exchanged or bridged will be transferred to the EA for retrieval later.
So what happens if we underestimate gas, will this block the message pathway? 𝐆𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐑𝐞𝐝𝐞𝐦𝐩𝐭𝐢𝐨𝐧𝐬
Redeeming your index shares and taking ownership over the assets they control is a constant gas operation. A minimum gas amount is enforced onchain, that guarantees you control over your assets and prevents blocking the message pathway. This is achieved by transferring to your EA an IOU of the tokens, otherwise known as a snapshot, instead of the actual tokens themselves.
So what happens if the index rebalances whilst im holding a snapshot?
𝐒𝐧𝐚𝐩𝐬𝐡𝐨𝐭𝐬
A new snapshot is created anytime the composition of the constituent assets change. Snapshots are split into shares, owning a % of these shares gives you ownership of a fixed amount of the underlying tokens.
When a new snapshot is created the index owns 100% of the shares. When shares are distributed to users, the index loses control over those assets.
Which means during the next rebalancing those assets will not be touched, preserving both the composition and quantity.
