Benji

@CoWSwap @CoWSwap please answer you DM

CoW Upgrade news! 📰 Two solver infrastructure updates just went live - both aimed at strengthening solver competition and execution flow. Let's explain. 🧵

@dcfgod @sshxbt The number mentioned for the Umbrella module doesn't seem right, which significantly changes the conclusions

Really good article on the situation Big difference in how this plays out is if this is a “bridged rseth” problem or a problem socialized to all rseth Could mean all aave eth is fine on mainnet where most of the fear is But arbitrum aave extra hosed in that case Doubt this is resolved within 24h - and the growing negative rates on lst loopers isn’t good defiprime.com/kelpdao-rseth-…

@Marczeller @PhiMarHal 5%-8% for whom? Non ETH related assets too?

@PhiMarHal I think worst case current scenario is 5-8% haircut. you won't get nuked.

Bloody hell. Lost a lot on this one, and can only blame myself. Thank God the drama was public and I withdrew most of my funds weeks ago, but I wish I cleaned all my wallets thoroughly.

@TKL_Adam @KobeissiLetter @KobeissiLetter do you provide the exact portfolio breakdown and trades to subscribers? All i can see on your site is "analysis".

Our 2025 annual report has just been published, concluding one of our best years yet. Thank you to our wonderful community here on X and the @KobeissiLetter team. Let’s make 2026 even better!

@ImperiumPaper forgot: 1) Mint/redeem contract: debank.com/profile/0xe349… 2) Reserve fund: debank.com/profile/0x2b5a…

@ImperiumPaper Numbers change daily but you can easily verify over 4b in stables via these 3 wallets: 1) debank.com/profile/0x2d4d… 2) debank.com/profile/0xB873… 3) debank.com/profile/0x1c3b… The rest are sitting with Copper and Ceffu, see latest Attestations here: mirror.xyz/0xF99d0E4E3435…

Complex topic here, and one where I will uncharacteristically side with Ethena partly while (also uncharacteristically) agreeing with Sam directionally. First, Ethena redemptions. I see at least $980m in USDC alone in their major addresses. They also hold basically the entire $1.8b USDtb supply (bc no one else wants it; BUIDL underperforms other tokenized tbills materially, and USDtb just inserts Ethena for an extra layer of fees and counterparty risk, further lowering the appeal to investors). So that’s $2.7b sitting in cash equivalents, easily verifiable onchain. That’s a pretty healthy reserve vs $8.6b total supply already. Moving into harder-to-verify numbers, Ethena claims an additional $3.3b in unencumbered stables. That puts 58% of all USDe backed by USDC or USDtb *that isn’t even deployed as collateral*. That seems pretty unlikely to depeg unless you imagine fraud risk at Ethena or a custodian to be high. If this much cash is on hand, it’s not stressful to redeem. Now, let’s move onto Sam’s claims. > You, as the lender on these protocols, have signed up for underwriting 3b+ (31.5% of balance sheet) to USDe. I find this an astonishing about-face from when Sam - an early angel investor in Ethena Labs - was gung-ho about Sky (then called MakerDAO) mysteriously giving USDe vaults an enormous credit line and hardcoded $1 oracle price, despite USDe having been completely untested and new. To see him now touting zero exposure to USDe should either ring alarm bells or be seen as a shallow PvP post aimed at Spark competitors. The years-long failure to institute consistent risk assessments while maintaining a major conflict of interest makes me firmly believe the latter. BUT (and I hate that there is a but) he is 💯 spot on with this: > This is a dangerous game, and we need to grow up if we are ever to be taken seriously by TradFi. This is why I am supporting DeFi ratings as a check on the major players in this industry to support low-risk DeFi as the goal of Ethereum. Spark is itself a huge, repeat offender in team COI management (most recently asking Spark to invest $4m into an unknown broker that the team already got into for $400k x.com/imperiumpaper/…) If there’s anything that everyone has learned this past week is that there is a huge role for someone like @CredoraNetwork - free of perverse incentives like curator fee-maxing and undisclosed deals to add risky assets to what were originally launched as blue chip vaults. Institutional depositors, I have little sympathy for - even if many of them appear to be borderline financially illiterate. But many depositors - especially through consumer-facing apps and fintechs - are in DeFi because they don’t have reliable financial services access. That also means they don’t have experience to know how to evaluate and monitor their investments. Risk scoring by a neutral 3rd party won’t fix all of the weak risk management practices that were exposed as rampant this week. But it’s a good first step down a very long road, and Spark and Morpho both deserve credit for recognizing this and expanding Credora coverage.

@ImperiumPaper Two things I would like Ethena to add: 1) Ability to verify/view their short positions in real time. 2) Public wallets on the custodians, instead of Attestations. That would make transparency unmatchable.

@Mind_XXXXX How do accounts like this have 8K users following them (assuming not bots) is beyond my understanding.

Within just three days, two stablecoins with over $500M in market cap lost their pegs — and every “buy the dip” attempt turned into a trap. The panic has now spread to Ethena’s synthetic stablecoin, USDe, whose market cap has plunged from $14.8B to $8.7B in under 72 hours — and it’s still falling.

@Han_Gate Gate is holding my funds - 2 days waiting, no reason given, no follow-up. Security protocols can’t justify holding funds indefinitely with zero communication. Withdrawal request 82626779. Please get involved.

@Gate_supportHQ @Gate @Gate_io Unacceptable - 2 days waiting, no reason given, no follow-up. Security protocols can’t justify holding funds indefinitely with zero communication. How do I escalate this to a company director?

We understand your frustration and apologize for any inconvenience caused. We would like to inform you that your withdrawal issue has been escalated once again to relevant team. They are actively working to resolve this matter. Due to nature of manual review process and involvement of internal checks, additional time may be required. While we are unable to provide exact resolution timeframe, we kindly ask for your continued patience throughout this process. Rest assured, we will inform you via ticket #30608100 as soon as possible once we have any new information or progress to share. Thank you for your cooperation!

Call us Gate. Just Gate. We’ve officially changed our X username from @Gate_io to @Gate. A new name deserves a fresh look — meet our brand-new visual identity. Gate Blue is bold, clean, and unmistakably us 💙 We're building the next generation crypto exchange.

@Gate It’s been 24 hours since you froze my funds for “withdrawal under review.” I provided all info and evidence but got no response. Please process the withdrawal and release my funds. Ticket ID: 30608100

@AleaResearch Just turned them on now! @AleaResearch

@benji5337 can you turn DMs on? Or message us first

Our $ENA Thesis report, exclusive for premium members, drew strong feedback. With Converge on the horizon, $ENA is the top trade to capitalize on TradFi onboarding. Like, Retweet, & Comment " $ENA " & we'll send you the report.

@LucidityCap Would you share the fund's wallets to results can be tracked and verified on chain? Or are these strategies that can be shared cause they will dilute you?

Lucidity’s flagship market neutral fund delivered a 1.62% effective return in April 2025, translating to a 21.3% APY.

@PendleIntern @ethena Cant believe it will be only 3% for S3, especially after the price action of the past month.

AFTER ALL THIS TIME? Always. Yeah @ethena pools are still this good. 71% Profit + 249% APY for YT-USDe (July 2025). And this is considering: 🔹3% airdrop for both Season 3 + Season 4 🔹A "bear market" FDV of $7B → down from previous months' highs of $14B-15B iUSDe is coming online this year. Gateway for more institution adoption. Strong catalyst + a very strong @pendle_fi exclusive multiplier of 50x and you have yourself a recipe for some jooocy returns 😋

@pakpakchicken Unfortunately, it happened to me as well, on a much larger scale. Nothing can be done about it, the faster you move on, the better. Dont waste your time. If you submit a report with FBI, you might be able to recover something once they catch inferno.

just clicked a wrong link and lost half a million dollars on my public port. my mistake, I'm shaking. I'm done. Bye

@PendleIntern @ethena @pendle_fi Only 2.5% drop allocation? Seems too low. Ethena previously mentioned that AT LEAST 15% would be allocated toward airdrops.

With @ethena making big money moves, ENA price action has followed. Not enjoying a fat discount via PT-sENA? Let's see how YT-USDe and sUSDe on Pendle are ALSO tools to nab ENA at a discount. 👇

@ethena How can you suddenly out of the blue come out with such rules? Is this for real now?

In addition, as of 17th of June, any user receiving $ENA via airdrop for Season 1 will be required to lock a minimum of 50% of the claimable $ENA in one of the three options outlined in the first section

Today marks an important step forward in more closely aligning the growth and use of $USDe with $ENA The launch of a generalized staking capability for $ENA with @symbioticfi and @LayerZero_Labs is the first step in adding functional utility for $ENA within the Ethena ecosystem

@octal @blader @rpnickson The hardware key is useless cause they still force you to have a phone number as a recovery method.

@blader @rpnickson They should be much more clear about how this all works, though.

apple sherlocked 1Password today, so i'd like to remind you that your Apple ID is only as secure as your carrier. if you have 2FA on and get SIM swapped, attackers can lock you out of it PERMANENTLY. last month it happened to me. make sure it doesn't happen to you: 🧵