msmsdks

@CryptoFuckerman @NFTcryptology @Main_St_Finance I cant believe that they at like 0 liquidity at all?? Not even trying to redeem anything to start the wind down process

@NFTcryptology @Main_St_Finance Agree atleast ounce a week would be good. If not proof of reserves atleast proof of life would be good.

Main Street Update We wanted to provide a further update on the remaining box positions, the minter, and the Morpho market. The key point is that Main Street remains collateralized above 100% when valuing the remaining box positions at expiry. The boxes are expected to mature at $1, and our focus remains on liquidating them safely and efficiently as they move closer to expiry. We are continuing to actively monitor the remaining boxes. As these positions get closer to expiry, pricing generally improves and we are able to exit more of them without taking unnecessary haircuts. Whenever boxes can be sold in a way that is accretive and does not harm overall backing, we will continue to do so. As USDC is freed up, there will be two separate processes: 1. msY holders outside of Morpho For msY holders outside of the Morpho market, USDC will continue to be added to the minter and used to support the pool. This allows users to continue exiting through the normal pool/minter process as liquidity is restored. The minter will continue buying msY from the pool and redeeming/burning that supply over time. As more boxes are liquidated or mature, more USDC can be used to support this process, with the goal of continuing to reduce circulating msY supply outside of Morpho. 2. USDC lenders in the Morpho market Morpho needs to be handled separately because of the way Morpho v1.1 works under extreme utilization. Some looped borrowers are now accruing interest at very high rates. Over time, this can cause their debt to become larger than the value of their msY collateral, even when valuing msY at $1. This creates a technical bad debt issue inside the Morpho vault. It is important to be very clear: users who lent $1 of USDC into Morpho should receive $1 of USDC back. The issue is not around the original principal that was lent into the market. The issue is the excess interest that has accrued on top due to extreme utilization. That excess interest will effectively need to be sacrificed and remain as bad debt within the vault. This does not mean that lenders lose the dollar they originally lent. It means that the additional interest above principal cannot be safely paid out without creating unfair outcomes elsewhere. Because of this, the msY collateral currently inside the Morpho market will effectively remain there and be treated as written off from the rest of the system. The portion of backing associated with that msY will instead be allocated to USDC lenders in the Morpho market through a dedicated claim process. In practice, this means: msY outside of Morpho will continue to be bought through the pool/minter and redeemed over time. The circulating msY supply outside of Morpho will continue to be reduced as USDC becomes available. The msY left inside the Morpho market will remain there as the residual written-off supply. Morpho lenders will receive a separate USDC claim corresponding to the principal they originally lent. Once the remaining boxes have either expired or been liquidated, and the final amount of available USDC is known, we will create a dedicated claim contract for Morpho lenders. This ensures the process is based on final confirmed numbers and avoids creating unfair outcomes between different groups of users. The end state is designed to be clean: msY outside of Morpho is bought and redeemed through the minter until that circulating supply is reduced down, while the only remaining msY will be the written-off collateral inside the Morpho market. Morpho lenders will then claim USDC separately, and economically the system nets down as though the remaining redeemable msY supply has been reduced to zero. We understand that this has been a stressful period, especially for users affected by the Morpho market. The team is working through this carefully and methodically to avoid rushed actions that could create worse outcomes. The goal remains the same: continue liquidating boxes efficiently, restore liquidity through the minter for msY holders outside of Morpho, and ensure that Morpho lenders are able to recover the USDC they originally lent. We will continue to provide updates as more boxes are liquidated and as more USDC becomes available.

@CryptoFuckerman @NFTcryptology @Main_St_Finance this is funny but true lol

@circle @ddisparte pls respond to your support emails thank you

“You don’t send a cross-border email. You message someone you trust.” @ddisparte explains how stablecoins combine the payment instruction and settlement asset, enabling value to settle when it is sent. Real-time global settlement, by design.

@noxiousvillain @HaterReport i wouldnt say corruption, just a lot of inconsistency

So we’re supposed to believe that VAR can detect hair touching a ball but absolutely nothing when it hits the sky cam and falls out of the sky.

@fifamedia where is the y axis comparison for the norway one and crotia one??? why u never compare y axis???

Before England’s goal in minute 45+2 against Norway, the sensor in the Connected Ball showed no peak in the 'heartbeat of the ball' when in the air, and therefore no evidence that the ball touched the overhead wire and changed the movement of the ball.

@0xMakima_ the only thing he should do, but also shouldn't do at the same time for any credit related reserves, because it takes time to unwind, they should lock for some time for liquidity purposes

the reality is if you are deposited into a scammy team's protocol it is always going to be adversarial things you have to constantly worry about: - will they rug me of rewards? (yes) - will their private keys suddenly get social engineered? - will an obscure exploit happen? these are all risks you have to further price because its depositors vs. team and you are being paid 4.5% for these risks or less than 1% above tbills in @Benjamin918_'s words: "Today anyone can unstake and redeem from stcUSD with 0 slippage directly from the protocol any day at any time. No cool down or whitelist." this is the only thing i agree with him you should do

@usermarat1 @Main_St_Finance because there is something fundamentally wrong with their design and their action, they actually put msUSD's reserve into option margin i believe.

@Main_St_Finance and why it is only msY you're mentioning in your updates? what about msUSD depeg restoration?

@deficrimewatch @Main_St_Finance but are they buying? doesnt seem like

@kobeeeezed @Main_St_Finance Higher roi to buy back liabilities for cheaper first

@RockyYa33667854 @Main_St_Finance exactly, and they should do claims first if they already decided to fix the interest to 0..... write off msy give reserve to lender, immediately

@Main_St_Finance That's unfair for Morpho users. The interest has been paused couple days after the bank run. You are robbing the interest accumulated months before the event.

@julian_colombo @Main_St_Finance but yea, i agree this is dumb af with 360 days of maturity wtf

@Main_St_Finance Oh, another one. The msY claim will be at market rate (0,29 today) or you'll respect the 1:1 parity you once promised?

@julian_colombo @Main_St_Finance claim will be 1:1, otherwise, they can just put in oracle 0.29 and liquidate and let morpho lenders race to exit

@R0cc0Anth0ny @nuganuk @FTPoliceHQ @DanisMCFC could say the other way around, if belgium player didnt foul defender, defender couldve cleared ball easily

@nuganuk @FTPoliceHQ @DanisMCFC He didnt kick Teileman's foot. He was there first and no it was not a clear opportunity. I'm a Gooner who was rooting for Trossard. Senegal has repeatedly been robbed and im not even a supporter.

This is one of the worst world cups ever how was this given as a penalty?? Senegal robbed in broad daylight man and they’re not the only country x.com/wins_lfc/statu…

@healt32671 @DanisMCFC tell me why he missed the ball pls? Dumbass brainless health

@DanisMCFC Literally fouled him and missed the ball. Where’s the robbery?

SENEGAL HAVE BEEN ROBBED HOW IS THIS A PENALTY?????? x.com/ritaplumbtlw2/…

@cobonot @Main_St_Finance Exactly, if positions cant be exited at mark, proof of reserves should not use mark. Should use the taker price as the reserve level..

@Main_St_Finance Selling boxes to generate real USDC is the one action that would prove the marks are real. Declining to do it also happens to be exactly what you'd do if you couldn't sell them anywhere near the claimed value. The reluctance to realize value is itself a data point.

msY Portfolio & Redemption Update We want to provide a clear update on the current msY portfolio, the remaining box-spread maturity profile, and the path forward for restoring liquidity to the minter. As previously communicated, the msY box-spread strategy began approaching capacity in its original short-duration Deribit execution environment. In response, Main Street expanded execution across additional centralized venues and OTC box-spread counterparties in order to continue optimizing risk-adjusted yield for holders and avoid forcing new capital into increasingly compressed shorter-dated opportunities. As part of that expansion, certain OTC box-spread opportunities were executed at longer maturities than the initial short-duration target range. Following the unwind of the shortest-dated and most liquid positions during the initial phase of the Morpho market squeeze, the remaining portfolio now consists of boxes with approximately 60 to 340 days remaining to expiry. The remaining book is therefore naturally more concentrated in the medium-to-longer dated part of the maturity ladder, because the shortest-dated liquidity was used first to support the minter and reduce near-term pressure. Importantly, this does not change the core economics of the strategy. These are fixed-payoff box-spread positions. If held to expiry, and assuming the relevant venue or counterparty performs, the positions accrete toward their known maturity value. The current situation is therefore primarily one of timing, secondary-market liquidity, and redemption pacing; not a change in the expected terminal payoff of the portfolio. Current portfolio position: Current CR, assuming boxes are held to expiry: 100.04% Insurance fund: $525,527 in msUSD Insurance fund treatment: if required, the msUSD held in the insurance fund can be burned, increasing protocol coverage Coverage including the insurance fund: above 100% Our priority is to preserve full backing and avoid crystallizing unnecessary losses. We are actively exploring opportunities to unwind or sell selected boxes where executable pricing is available and where, after taking into account the insurance fund and any applicable protection mechanisms, the system remains above 100% coverage. Where that threshold can be met, we intend to take those opportunities and use the proceeds to continue refilling the minter. We do not expect that every remaining box necessarily needs to be held all the way to expiry. As boxes move closer to maturity, the discount between secondary-market pricing and maturity value should naturally compress, which can create further opportunities to exit closer to NAV without impairing coverage. This means liquidity can be restored progressively through a combination of scheduled expiries and selective secondary-market unwinds where pricing is acceptable. Where secondary liquidity is not available on acceptable terms, we will continue following the approach outlined in our risk framework: allow box positions to mature, release liquidity as expiries occur, and refill the minter as capital becomes available. Selling fixed-payoff positions at distressed marks simply to accelerate liquidity would be value-destructive for holders. Waiting for better execution, selectively unwinding where coverage remains above 100%, and using the insurance fund as intended gives the protocol the strongest path to preserve backing and restore liquidity in an orderly way. This is a timing and execution-management issue, and the portfolio remains structured around fixed-payoff positions that accrete toward maturity value. We are confident in the path forward and will continue to provide updates as liquidity is released, boxes are unwound, and the minter is refilled. Our focus remains unchanged: preserve NAV, protect holders, avoid uneconomic liquidations, maintain coverage, and work through the maturity ladder in the most responsible way possible.

@AYI1981east @Main_St_Finance thats because the other coin AVLT at least can be liquidated and less depegged, but on one wants msY, msY is severely depegged and oracle stopped

@Main_St_Finance No one is getting anything back from this AlphaUSDC Delta V2 vault and Morpho will not do anything about it. They are slowly draining all the liquidity themselves via private contracts.

@julian_colombo @Main_St_Finance exactly, and also where the heck external funds are,,, and why not buy back msusd at steeper discount and then close box spread at like some smaller loss

@Main_St_Finance Can you provide the list of the box spreads and your reserves so we can assess and make our own judgment on whether you’re trustworthy or not?

@0xLoki_Zeng 你说的完全在点上

Mainstreet 的新公告让它更加不可信，就算公告信息全部属实，仍然存在巨大问题： 1/ 交易场所拓展到了Deribit以外的交易对手，这可能是Accountable无法继续提供POR证明的最主要原因。 随之而来的问题在于，所谓的交易对手方是谁，如果是大型MM，那么履约的可能性相对比较高，但如果是一个皮包公司甚至是项目的另一个壳公司呢？ 更大的问题在于 Mainstreet 直到今天以前都没有披露过这一点，Mainstreet 可以随心所欲地配置用户资金，这是重大的治理问题 2/ 剩余账簿到期日 为60天 -340天的箱式期权。一个随时需要为用户赎回的协议为什么会配置340天到期的期权？团队似乎没有任何常识 3/ 【假设相关场所或交易对手履行义务】，又回到了第一点，对手方到底是谁，真的具有履约能力吗？ 远离有毒的资管团队，远离无视风险的Curator😅

@crypto_notte @Main_St_Finance u gonna lose 50% to bidask just look at out of money btc options, their unrealized pnl is and if realized will be also probably shit right now, unless they hold to maturity

@Main_St_Finance dude, this is just an option trade, same way you opened it you can close it unless there's something wrong ofc

@ArnoldoGendron @Main_St_Finance but stream lost 93m lol Mainstreet claims to be fully backed?

@kobeeeezed @Main_St_Finance I suspect at this point they may retain legal services similar to stream last year

Mainstreet Update — Morpho, Proof of Reserves & Liquidity We want to address the current situation around the Mainstreet Morpho market and provide clarity. First and most importantly: Mainstreet remains fully backed. The recent shutdown of our third-party proof-of-reserves dashboard does not reflect any loss of assets or deterioration in portfolio quality. This is an infrastructure and reporting issue, not a solvency issue. As a result of the dashboard going offline, the oracle supporting the Morpho market is expected to pause within the next 24 hours. This has created understandable concern and triggered elevated borrowing rates as leveraged loopers rush to unwind positions. We are actively responding on multiple fronts: Engaging alternative proof-of-reserves providers to restore independent verification as quickly as possible. Continuing to unwind box spread positions and redeploy liquidity into the minter / Morpho ecosystem. Preparing to act as liquidity provider and liquidator of last resort if necessary to prevent disorderly market conditions. Over the past several days, we have already unwound our shortest-dated box positions and released free cash, with more than $8 million in USDC already transferred to the minter to support liquidity and assist with unwinds. Mainstreet’s core portfolio consists primarily of box spreads. These are structurally low-volatility positions designed to converge to fair value at expiry, making them highly predictable from a NAV perspective when held to maturity. However, box spreads are not always frictionless to exit early. Selling before expiry may involve: Transaction fees Wider bid/ask spreads Temporary market-maker discounts Liquidity-dependent haircuts based on expiry and position size This means that while our portfolio remains fully backed, converting positions into immediate liquidity depends on prevailing market depth and market-maker appetite. Our priority is clear: protect NAV while maximizing liquidity for the protocol. We are willing to accept elevated fees and modest execution costs to accelerate liquidity release, supported by the protocol insurance fund. However, we will not realize losses beyond the insurance fund purely to force immediate exits. If market pricing becomes materially irrational, we will allow positions to continue toward expiry and realize full value at settlement, as outlined in our risk disclosures and discussions with key partners. If borrowing rates continue to rise and liquidations occur, Mainstreet is prepared to step in as liquidator of last resort. As additional USDC is freed from box maturities and unwinds, part of that capital may be deployed to absorb and liquidate stressed Morpho positions to minimize bad debt risk. Weekend liquidity is currently limited, and market-maker quotes are materially less favorable than during normal trading hours, which temporarily slows execution. We expect to have a clearer picture over the coming days and will continue providing updates as progress is made. We understand this is a stressful situation and sincerely appreciate the community’s patience and trust. Our commitment remains unchanged: protect user funds, preserve NAV, and restore normal market conditions as quickly and responsibly as possible.