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the Binance hacker's Aave loan can be liquidated if $ETH rises 6%
he put $60M of stolen $USDT into @aave, then borrowed 19,763 $ETH against it, so Tether can't freeze that $ETH
i checked the position onchain at 12:00 UTC, and once $ETH passes about $2,366, liquidators can start aking his $USDT plus a bonus
a post calling this move genius has over 1.5M views, while the genius has $60M of $USDT locked in Aave for about $44M of $ETH
he put $60M of stolen $USDT into @aave, then borrowed 19,763 $ETH against it, so Tether can't freeze that $ETH
i checked the position onchain at 12:00 UTC, and once $ETH passes about $2,366, liquidators can start aking his $USDT plus a bonus
a post calling this move genius has over 1.5M views, while the genius has $60M of $USDT locked in Aave for about $44M of $ETH
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Ethena's own wallet now holds 60% of the $USDe on Aave Core
@LlamaRisk's new proposal for @aave Core would freeze several assets and keep $USDe if it meets the criteria
the same proposal notes that 3 positions hold 69% of the $rsETH debt
this @ethena wallet owes 14% of all so the same share of what $USDC lenders earn there comes from Ethena
fine with $USDe staying, so why does one wallet at 60% get no mention when 3 positions at 69% did?
@LlamaRisk's new proposal for @aave Core would freeze several assets and keep $USDe if it meets the criteria
the same proposal notes that 3 positions hold 69% of the $rsETH debt
this @ethena wallet owes 14% of all so the same share of what $USDC lenders earn there comes from Ethena
fine with $USDe staying, so why does one wallet at 60% get no mention when 3 positions at 69% did?
Ethena is Aave's biggest $USDC borrower at $382M
i spoke with the @ethena team and they confirmed it's company funds
the loan costs $47K a day in interest, while its $USDe and $sUSDe collateral earns $10K a day
i can't see its offchain side
if you lend $USDC on @aave's Ethereum market, the rate formula puts your 3.8% near 2.8% if this loan closed today
54% of that gap is Ethena's interest, the rest is every other borrower paying a higher rate
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one night made almost all of HLP's 25% APR
92% of its pnl this past month came from sunday night, when HLP's liquidator took over most of two liquidated $ETH longs
that night earned depositors about $2M, roughly what HLP made from mid-april until then
both traders lost $27M in s, a week earlier HLP lost $532K in one day on another liquidation
if the 25% is why you're depositing, know it's mostly one night, and you can't pull out for 4 days
92% of its pnl this past month came from sunday night, when HLP's liquidator took over most of two liquidated $ETH longs
that night earned depositors about $2M, roughly what HLP made from mid-april until then
both traders lost $27M in s, a week earlier HLP lost $532K in one day on another liquidation
if the 25% is why you're depositing, know it's mostly one night, and you can't pull out for 4 days
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half of all $AERO gets $0 of that revenue
@aeroxyz pays all of it to stakers, roughly $150 a year per $1,000 staked, but people stake for almost 4 years on average
@Pumpfun and @HyperliquidX spend theirs on buybacks of $PUMP and $HYPE, no staking needed
$AERO is down 51% over half that never staked got none of that revenue
@aeroxyz pays all of it to stakers, roughly $150 a year per $1,000 staked, but people stake for almost 4 years on average
@Pumpfun and @HyperliquidX spend theirs on buybacks of $PUMP and $HYPE, no staking needed
$AERO is down 51% over half that never staked got none of that revenue
Only 3 projects share $100M+ in revenue annually with their token holders:
1. Hyperliquid
2. Pump Fun
3. Aerodrome
What's impressive is that all of them went live only 3 years ago.
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the wait to exit Maple's $syrupUSDC went from 32 hours to 3 minutes
40 exit requests were paid since nov 10, none waited more than 20 minutes
respect to @maplefinance here, the exit is the first thing i check and today it works
Maple's founder says slow days happen when cash ns, so one can still come back
40 exit requests were paid since nov 10, none waited more than 20 minutes
respect to @maplefinance here, the exit is the first thing i check and today it works
Maple's founder says slow days happen when cash ns, so one can still come back
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Aave's main $ETH pool still has a $109M deficit from the $rsETH hack
in may Aave seized the attacker's 53,400 $rsETH, which went to refill @KelpDAO's bridge
the $ETH he borrowed became a deficit in the pool, so for every $10,000 of $ETH lent there $250 has no cash or loan kers who insure the pool won't be slashed because Aave left this deficit to the DAO
i found no update on it since june
@aave when will the DAO cover it?
in may Aave seized the attacker's 53,400 $rsETH, which went to refill @KelpDAO's bridge
the $ETH he borrowed became a deficit in the pool, so for every $10,000 of $ETH lent there $250 has no cash or loan kers who insure the pool won't be slashed because Aave left this deficit to the DAO
i found no update on it since june
@aave when will the DAO cover it?
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the number on the screenshot is in wei, so it reads 52,964 WETH, and 0xC02a…6Cc2 is the WETH token
for context, april's funding plan listed 25,000 ETH from the Aave DAO and 14,570 ETH of partner pledges, i just can't see any of it reaching this pool onchain
for context, april's funding plan listed 25,000 ETH from the Aave DAO and 14,570 ETH of partner pledges, i just can't see any of it reaching this pool onchain
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only 1% of the $200M PT-USDe Ethena minted yesterday was bought
Ethena put no $USDe behind it, and the rest still sits in its own multisig
one wallet bought 95% of that 1%
it withdrew $2M of $USDe from @aave today to lend to @ethena at a fixed 5.8% for a year
that's only a paid last month
i'd want more for a year with no easy exit, since each @pendle_fi pool you could sell into holds about $10K
Ethena put no $USDe behind it, and the rest still sits in its own multisig
one wallet bought 95% of that 1%
it withdrew $2M of $USDe from @aave today to lend to @ethena at a fixed 5.8% for a year
that's only a paid last month
i'd want more for a year with no easy exit, since each @pendle_fi pool you could sell into holds about $10K
Ethena can mint $200M of PT-USDe tonight without depositing $USDe
@pendle_fi compares them to discount notes
onchain the contract behind each maturity holds $10K of $USDe for $35K of tokens, and it records the gap as debt
that gap is unsold PT, minted on credit by Ethena's the same multisig queued $50M more per maturity, ready to mint at 20:02 UTC
every PT it sells is a loan to @ethena at up to 6%, repaid in full only if Ethena keeps enough $USDe in the contract
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the wallet that lent $56M on Morpho Midnight belongs to Ethena
@ethena shows it on its own backing dashboard as a @Morpho lending wallet
so 54% of everything Midnight has ever lent came from $USDe backing
for Ethena that's 1.2% of the backing
Morpho's data shows those loans ge, mostly with $BTC as collateral
thanks @JMSCavalheiro for spotting the wallet
@ethena shows it on its own backing dashboard as a @Morpho lending wallet
so 54% of everything Midnight has ever lent came from $USDe backing
for Ethena that's 1.2% of the backing
Morpho's data shows those loans ge, mostly with $BTC as collateral
thanks @JMSCavalheiro for spotting the wallet
one wallet lent $56M of Morpho Midnight's $100M+ in loans
@Morpho celebrated this milestone today, so i looked at who is behind it
on the borrower side 5 wallets owe 67% of the open loans, mostly with $BTC as collateral
their average fixed rate on $USDC is about 4%, which is on @aave today
99% of the debt has to be repaid by dec 25
if this one wallet leaves after that, Midnight loses most of its lending
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one wallet lent $56M of Morpho Midnight's $100M+ in loans
@Morpho celebrated this milestone today, so i looked at who is behind it
on the borrower side 5 wallets owe 67% of the open loans, mostly with $BTC as collateral
their average fixed rate on $USDC is about 4%, which is on @aave today
99% of the debt has to be repaid by dec 25
if this one wallet leaves after that, Midnight loses most of its lending
@Morpho celebrated this milestone today, so i looked at who is behind it
on the borrower side 5 wallets owe 67% of the open loans, mostly with $BTC as collateral
their average fixed rate on $USDC is about 4%, which is on @aave today
99% of the debt has to be repaid by dec 25
if this one wallet leaves after that, Midnight loses most of its lending
$100M+ in loans originated on Morpho Midnight
Still day 1 for onchain fixed rate markets
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Ethena can mint $200M of PT-USDe tonight without depositing $USDe
@pendle_fi compares them to discount notes
onchain the contract behind each maturity holds $10K of $USDe for $35K of tokens, and it records the gap as debt
that gap is unsold PT, minted on credit by Ethena's the same multisig queued $50M more per maturity, ready to mint at 20:02 UTC
every PT it sells is a loan to @ethena at up to 6%, repaid in full only if Ethena keeps enough $USDe in the contract
@pendle_fi compares them to discount notes
onchain the contract behind each maturity holds $10K of $USDe for $35K of tokens, and it records the gap as debt
that gap is unsold PT, minted on credit by Ethena's the same multisig queued $50M more per maturity, ready to mint at 20:02 UTC
every PT it sells is a loan to @ethena at up to 6%, repaid in full only if Ethena keeps enough $USDe in the contract
New Pendle PT-USDe maturities are live: fixed duration markets for USDe.
Pendle has added a number of new markets for USDe across 3-12 month maturities, with zero Ethena token incentives supporting these markets.
Ethena will now also receive 50% of all fees generated via hena Pendle pools which are due to the Pendle treasury.
The new Pendle assets will be available on Ethereum, Base and Avalanche.
More details below:
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4 keys can rewrite the $32M Elysium bridge before you can exit
getting your $HYPE out takes at least 5.5 days, while those keys need one transaction
it's a Safe where any 4 of 11 sign, with no timelock between it and the bridge code
that's normal for a new chain, the deployer own upgrade rights already
still, the bridge doubled since yesterday morning, so a lot more $HYPE now depends on those 4 keys
just wanted you to know the risks before you bridge
the docs plan open fraud proofs later, i'd add an upgrade delay longer than the exit to that list @Enter_Elysium
getting your $HYPE out takes at least 5.5 days, while those keys need one transaction
it's a Safe where any 4 of 11 sign, with no timelock between it and the bridge code
that's normal for a new chain, the deployer own upgrade rights already
still, the bridge doubled since yesterday morning, so a lot more $HYPE now depends on those 4 keys
just wanted you to know the risks before you bridge
the docs plan open fraud proofs later, i'd add an upgrade delay longer than the exit to that list @Enter_Elysium
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for now the 5.5 days protect less than they sound: there's one whitelisted validator, and data availability runs on a single server by Conduit (their docs say so)
the same Safe raised the L2 min gas price from 0.1 to 0.5 gwei on nov 9, with no delay
the same Safe raised the L2 min gas price from 0.1 to 0.5 gwei on nov 9, with no delay
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World Liberty's $WLFI buyback looks 5% done
since @worldlibertyfi posted the buyback wallet yesterday, the $WLFI/$USD1 pair on @Aster_DEX took about $500K of market buys
the pair was almost dead before
the buys come in equal chunks every 5 seconds, about $35K in most hours, i can't tie these trades to their wallet onchain, but they started the same hour the wallet was posted
at that pace the rest of the $10M they sent to Aster needs another 10 days or more
slow is the right way to buy on a pair this thin
since @worldlibertyfi posted the buyback wallet yesterday, the $WLFI/$USD1 pair on @Aster_DEX took about $500K of market buys
the pair was almost dead before
the buys come in equal chunks every 5 seconds, about $35K in most hours, i can't tie these trades to their wallet onchain, but they started the same hour the wallet was posted
at that pace the rest of the $10M they sent to Aster needs another 10 days or more
slow is the right way to buy on a pair this thin
ethereum:0xda5e1988097297dcdc1f90d4dfe7909e847cbef6 buybacks are intended to strengthen WLFI governance participation by an active community of long-term holders.
USD1 is an important part of the WLFI ecosystem. As USD1 supply grows, the potential economics associated with USD1 and overall ecosystem activity may also grow. WLFI buybacks may be funded from various sources. A substantial portion of USD1 gross revenue is paid to partners and service providers. Any resources available to support buybacks from USD1-related economics therefore depend on the amounts retained after partner distributions, direct costs and other obligations.
Buybacks will be executed on Aster through this wallet: bscscan.com/address/0x0f5d…
The community can follow the wallet’s activity and buyback transactions onchain.
The timing, size and execution of any buybacks will be determined based on available resources, applicable requirements and assessment of buyback impact on governance participation, and may be modified or discontinued at any time.
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$AVAX jumped 8% on NYSE news that doesn't mention the token
@NYSE picked @avax to clear and settle trades on its coming tokenized stock platform, but Ava Labs' release doesn't say the platform needs any $AVAX
@CharlesSchwab also opened $SOL, $AVAX and $LINK to its clients NK barely moved, so the jump was about NYSE
after the sep 18 report that NYSE spent a year testing Avalanche, $AVAX went from $8 to $12, and yesterday it closed at $7.93
i'd read today's jump as traders paying for the NYSE name, at least until NYSE says how much $AVAX the platform will use
@NYSE picked @avax to clear and settle trades on its coming tokenized stock platform, but Ava Labs' release doesn't say the platform needs any $AVAX
@CharlesSchwab also opened $SOL, $AVAX and $LINK to its clients NK barely moved, so the jump was about NYSE
after the sep 18 report that NYSE spent a year testing Avalanche, $AVAX went from $8 to $12, and yesterday it closed at $7.93
i'd read today's jump as traders paying for the NYSE name, at least until NYSE says how much $AVAX the platform will use
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btw most of the jump came around 12:30 UTC, half an hour before Ava Labs' release went out at 13:00 lol
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buybacks didn't save DeFi tokens that lost half their revenue
in my last post 12 of 16 tokens that pay holders still fell, so i widened the check to 26 DeFi tokens over the past year
for scale, $ETH fell 38% and $SOL fell 46% over the same year
what i found:
- 14 tokens lost ore on DefiLlama (last 90 days vs the same 90 days a year ago), and all 14 fell, even $CAKE, $JUP and $SPK, which bought back tokens
- the median drop for these 14 was 44%, for the other 12 it was 11%
- the 5 tokens that went up ($HYPE, $RAY, $SKY, $UNI, $MORPHO) all kept more than half their revenue in that window, $RAY only after a launchpad wave in september
- each of the 5 also got something new over the past year, a fee switch with a 100M burn at @Uniswap, new markets and a fund treated as burned at @HyperliquidX, that launchpad wave at $RAY, cut emissions at $SKY and Apollo as a buyer at @Morpho
- keeping revenue wasn't enough on its own, $SYRUP and $LDO kept most of theirs and still fell 60% to 70%
a buyback is paid from revenue, so when revenue falls the buyback shrinks with it
the tokens that rose had both revenue that didn't halve and a fresh reason for someone to buy
$ENA has neither yet, fees are down 63%, team unlocks keep adding new tokens every month, while the fee switch needs $USDe at $7.5B and it's $5.0B now
in my last post 12 of 16 tokens that pay holders still fell, so i widened the check to 26 DeFi tokens over the past year
for scale, $ETH fell 38% and $SOL fell 46% over the same year
what i found:
- 14 tokens lost ore on DefiLlama (last 90 days vs the same 90 days a year ago), and all 14 fell, even $CAKE, $JUP and $SPK, which bought back tokens
- the median drop for these 14 was 44%, for the other 12 it was 11%
- the 5 tokens that went up ($HYPE, $RAY, $SKY, $UNI, $MORPHO) all kept more than half their revenue in that window, $RAY only after a launchpad wave in september
- each of the 5 also got something new over the past year, a fee switch with a 100M burn at @Uniswap, new markets and a fund treated as burned at @HyperliquidX, that launchpad wave at $RAY, cut emissions at $SKY and Apollo as a buyer at @Morpho
- keeping revenue wasn't enough on its own, $SYRUP and $LDO kept most of theirs and still fell 60% to 70%
a buyback is paid from revenue, so when revenue falls the buyback shrinks with it
the tokens that rose had both revenue that didn't halve and a fresh reason for someone to buy
$ENA has neither yet, fees are down 63%, team unlocks keep adding new tokens every month, while the fee switch needs $USDe at $7.5B and it's $5.0B now
neither for $ENA holders because this loop pays them $0
they get no revenue until the fee switch arms, and that needs $USDe supply to average $7.5B
today it's $5.0B
to be fair, paying holders doesn't guarantee a token goes up
i took 18 DeFi tokens that earn real fees, from and $PENDLE
16 of them pay holders through buybacks, burns or staking, and 12 of those 16 still fell over the past year
$MORPHO pays nothing and still went up
until the switch arms, holding $ENA is a bet on $USDe supply growing
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neither for $ENA holders because this loop pays them $0
they get no revenue until the fee switch arms, and that needs $USDe supply to average $7.5B
today it's $5.0B
to be fair, paying holders doesn't guarantee a token goes up
i took 18 DeFi tokens that earn real fees, from and $PENDLE
16 of them pay holders through buybacks, burns or staking, and 12 of those 16 still fell over the past year
$MORPHO pays nothing and still went up
until the switch arms, holding $ENA is a bet on $USDe supply growing
they get no revenue until the fee switch arms, and that needs $USDe supply to average $7.5B
today it's $5.0B
to be fair, paying holders doesn't guarantee a token goes up
i took 18 DeFi tokens that earn real fees, from and $PENDLE
16 of them pay holders through buybacks, burns or staking, and 12 of those 16 still fell over the past year
$MORPHO pays nothing and still went up
until the switch arms, holding $ENA is a bet on $USDe supply growing
@grok is this bullish or bearish case for ethereum:0x57e114b691db790c35207b2e685d4a43181e6061
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Ethena is Aave's biggest $USDC borrower at $382M
i spoke with the @ethena team and they confirmed it's company funds
the loan costs $47K a day in interest, while its $USDe and $sUSDe collateral earns $10K a day
i can't see its offchain side
if you lend $USDC on @aave's Ethereum market, the rate formula puts your 3.8% near 2.8% if this loan closed today
54% of that gap is Ethena's interest, the rest is every other borrower paying a higher rate
i spoke with the @ethena team and they confirmed it's company funds
the loan costs $47K a day in interest, while its $USDe and $sUSDe collateral earns $10K a day
i can't see its offchain side
if you lend $USDC on @aave's Ethereum market, the rate formula puts your 3.8% near 2.8% if this loan closed today
54% of that gap is Ethena's interest, the rest is every other borrower paying a higher rate
the $USDe loop wallet shares 2 signers with Ethena's Reserve Fund
i checked all 11 signers on that Safe. per @ethena's own docs, 2 of them also sign its Reserve Fund, Dev and sUSDe Payout Fund multisigs
it minted $327M of $USDe in 4 hours with $USDC borrowed on @aave and owes needs 5 of 11 signatures, so those 2 can't do it alone. @ethena could you explain who runs this Safe?
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