@macbrennan_cc I deposited Hylosol in SOL/LST. Is my money safe? @macbrennan_cc
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Alex Base 🎄
1.3K posts
Quick morning update re: un-pause timeline & goals:
Goal 1: Complete all Drift socializations today. Latest tomorrow.
- We have code & processes in place for this, but the Drift event is still unique. So, we're going thru every single user who was affected to ensure the socialization is done correctly.
- The time we're taking is going over a spreadsheet of users and spot checking numbers. We have over 100K users, but only a fraction of them used Drift.
Goal 2: After we resume the P0 program, operations return to normal. There's nothing further users have to worry about.
- If you're a Drift lender with remaining collateral from other venues, we are doing our best to ensure your account is healthy when we unpause. That way you're not immediately liquidated
- If you're not a Drift lender, the maximum markdown you can expect from our unified pool is roughly 2% . We are containing risk to Drift lenders primarily, but P0 still operates with a single credit pool during its 7-month-old bootstrapping phase.
- All of this will be done before we resume the P0 program. This means once we un-pause:
1) P0 is solvent
2) Program operations are healthy, continue as normal
3) Our unique cross-venue margin engine continues to give users unique cross-venue rate/carry/basis trades between Kamino, P0-native, & soon Jupiter Lend
Also an important note: the socializations above are based on Drift assets being marked at 0.
Drift assets are not at 0, but we have not yet received an update on how Drift intends to distribute remaining assets.
That means that the numbers & processes included here are based on the most conservative scenario, and should be improved materially as Drift resolves the assets that still sit in its protocol.
We will snapshot all users who receive any markdown and distribute these potential recovered Drift funds to them as soon as they become available & next steps are clear from Drift.
Also -- all math and processes will be clear and published before we un-pause.
MacBrennan | P0@macbrennan_cc
Two principles I’m working by as we assess the Drift exploit: 1) Drift lenders on P0 chose Drift specifically, we will ensure these lenders are proportionally socialized (as opposed to other venues like Kamino or Project 0 native market) 2) Keeping P0 paused while we clear these socializations ensures all users of P0 are treated fairly. This a) minimizes socialization per user, and b) also doesn’t potentially punish users who are away from their computer and can’t withdraw. We’ll keep everyone continuously updated.
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Two principles I’m working by as we assess the Drift exploit:
1) Drift lenders on P0 chose Drift specifically, we will ensure these lenders are proportionally socialized (as opposed to other venues like Kamino or Project 0 native market)
2) Keeping P0 paused while we clear these socializations ensures all users of P0 are treated fairly.
This a) minimizes socialization per user, and b) also doesn’t potentially punish users who are away from their computer and can’t withdraw.
We’ll keep everyone continuously updated.
Project 0@project0
We have paused P0 temporarily to disable borrows against Drift banks. We will handle Drift deposits now. This ensures no new borrows can be made against Drift positions.
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Update 6
@jup_lend - team confirmed no exposure
@piggybank_fi - UPDATE: team once again confirmed the exposure of $106k in total, nur they announced they will personally reinject this amount to cover for users' losses
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List of protocols exposed to @DriftProtocol and current status 👇
🔸 @reflectmoney - USDC+ is farming yield on Drift; mint and redemption of USDC+ has been frozen; funds are insured
🔸 @project0 - protocol paused; no new borrows can be made agains drift positions
🔸 @piggybank_fi - $106.4k/$4M of funds were deployed to Drift (~2.6%)
🔸 @ranger_finance - rUSD has exposure to Drift, but no statement from the team so far
🔸 @uselulo - Classic deposits may be affected according to the team
🔸 @DeFiCarrot - team confirmed no significant exposure to Drift for CRT yield (actually only $600)
🔸 @xplaceapp - uses Drift (besides Kamino) for yield on Savings, no statement from the team so far
🔸 @GetPyra - uses Drift for yield and credt; user funds withput open loans are moved away for security reasons
🔸 @TradeNeutral - no remaining NT Vaults should be affected
🔸 @elementaldefi - uses Drift for USDC Vaults, no statement from the team so far
🔸 @Loopscale - team confirmed no exposure to Drift
🔸 @synatraxyz - team confirmed no exposure to Drift
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Alex Base 🎄 retweetledi
Solana is the home of Web3 gaming.
PSG1 is the key.
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Alex Base 🎄 retweetledi
Presenting the Solana On-Chain & Real-Time Gaming Track by @magicblock 🧙♂️
Participants will build games, applications, or interactive systems powered by MagicBlock’s execution layer.
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Alex Base 🎄 retweetledi
Presenting the On-chain Assets & Programmable Gaming Infrastructure Track by @metaplex
Participants will build gaming experiences, creator tools, or gaming experiences powered by Metaplex programs and SDKs, focusing on marketplace integration, NFTs, collections, composable items, royalties, metadata, and identity within games.
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Alex Base 🎄 retweetledi
Presenting the Encrypted Gaming Track by @Arcium ☂️
Participants will build games, applications, or interactive systems powered by Arcium’s encrypted compute.
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Alex Base 🎄 retweetledi
Presenting the Gamification, DeFi & Mobile Adventures Track by @JupiterExchange and @jup_mobile ⚡️
Participants will develop gaming integrations and gamified experiences powered by Jupiter’s infrastructure.
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Alex Base 🎄 retweetledi
Building the future of on-chain gaming on Solana starts today 👾
The registration for the Matrix Hackathon is officially open.
More info and details below.
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Alex Base 🎄 retweetledi
Alex Base 🎄 retweetledi