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tk
391 posts
@MonetSupply @0xngmi @laurashin Why would it in arb’s interest to share the recovered funds with other chains? These specific funds were stolen from their own users
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@0xngmi @laurashin assuming this eth will go back to kelp to reduce overall haircut (returning stolen property), but it does give arbitrum some leverage to force equal socialization with mainnet
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checked the numbers and if arbitrum spends the seized money giving priority to arbitrum's aave market:
- in case of socialization of losses -> no bad debt at all on arb
- in case of rsETH on L2s getting rugged -> aave on arbitrum reduces bad debt by 80% ($88M to $17M)
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Why is the yield on a frozen pool only 13.5%?
The answer probably has something to do with sUSDE loopers
sUSDE/USDE loopers are currently earning 3.8% APY on sUSDE and borrowing at 15% on Aave to loop it
The sUSDE loop is now -12% APY, with many people looping 2-3X leverage.
These loopers are already in trouble at these rates
Any further increases in the interest rate means these loopers get BTFO
Heidi@blockchainchick
USDC and USDT on Aave are pinned at 100% utilization. Lenders can't withdraw. So why is the yield only 13.5%? Under the old model, a pool hitting 100% utilization would send supply APY to 40%, 60%, sometimes 80%+ within minutes. That's what everyone remembers from the 2022 USDT squeeze on Aave V2. Rate goes vertical. Borrowers get liquidated. Suppliers feast. That's not happening this time. Here's why. Aave rolled out something called the Slope2 Risk Oracle earlier this year. Instead of rates spiking instantly when utilization pins, the curve escalates GRADUALLY based on how long the pool stays stressed. A 1-hour spike barely moves the rate. A 24-hour spike moves it some. A 72-hour spike starts to hurt. The ceiling is also lower. Stablecoin slope2 now targets 10-12%. Used to be 22-35%. So instead of a panic rate explosion, you get a slow burn. Who wins from this design? Borrowers. Including the attacker still sitting on $236M in WETH debt, paying a fraction of what they'd be paying under the old curve. Who loses? Lenders. The "your pool is frozen but at least you're earning 40% APY" trade is dead. Now it's "your pool is frozen and you're earning 13.5%." This was meant to prevent deleveraging cascades during stress events. It's doing that. It's also suppressing the market signal that usually tells lenders to supply more liquidity and borrowers to repay fast. Every design choice is a tradeoff. This one just got tested live, with $200M of bad debt on the line.
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At this time, thBILL, thUSD, and thUSD pre-deposits have 0 exposure to rsETH, Aave or any related protocols.
All collateral is in the form of raw stablecoins (USDC and USDT) or sitting off-chain in T-Bills.
Additionally, the thBILL OFT has been turned off for safety measures. We will continue to monitor the situation and turn bridging back on once we are 100% sure there is no exploit at the bridge level.
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.@tradexyz gold perps track closer to the real price of gold over the weekend than Binance, and it comes down to the pricing mechanism and its oracle system.
Most traders assume weekend perps all work the same way: frozen index, funding drag, discount the gap. On tradexyz, that framework breaks.
The oracle and mark keep moving all weekend, so instead of a stale index distorting price, you get live price discovery within a ±4% band.
The result: a perp that stays anchored near fair value, without a large funding discount pulling it away.
Here’s what weekend prices on Binance (XAUUSDT) vs tradexyz (GOLD) actually tell you about gold’s implied fair value.
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Yesterday, Hyperliquid oil perp was paying -300% annualized funding. Onchain infrastructure is telling us something about how commodity markets will work going forward
@tradexyz perps use CME front month as the oracle. Front month ~$95, back month ~$87. Oracle rolls over 5 business days, stepping down ~$1.70 per shift
The "obvious" trade is to short the perp, hedge on CME, collect the roll. We open-sourced a model to price it w/ a link at end of the 🧵
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1/ Today we’re excited to announce our $9.5M seed round, led by Yuri Sagalov (@yuris) of General Catalyst alongside Paul Graham (@paulg), @ycombinator , and a group of incredible partners and angels.
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Long awaited, thGOLD is live
No more dormant Gold, bring it onchain and let it bear yield
$thGOLD
Theo@Theo_Network
1/ Introducing thGOLD, the first ever yield-bearing gold. With thGOLD, your gold works for you. Earn ~2% yield with full gold exposure.
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The shift from tokenized gold as a passive store of value to a productive, yield-earning asset is just beginning.
thGOLD demonstrates what becomes possible when you go beyond issuance.
Read the full report from @fourpillarsfp below:
Four Pillars@FourPillarsFP
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I dreamt that hype pumped and wokeup to it pumping
Gotta believe in smth danke @yusoffkim @kt_nowk
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Yield bearing gold, for the first time ever.
DM if you're interested in allocating into this.
Theo@Theo_Network
1/ Introducing thGOLD, the first ever yield-bearing gold. With thGOLD, your gold works for you. Earn ~2% yield with full gold exposure.
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Tokenized equities are coming to the @NYSE.
Our CIO @iggyioppe joins @SchwabNetwork tomorrow at market close (4:10pm ET) to discuss what this means for global markets.
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