$₿ΞRΞX

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$₿ΞRΞX

$₿ΞRΞX

@sberex

DeFi Pro

Katılım Ekim 2010
1.4K Takip Edilen3.7K Takipçiler
$₿ΞRΞX
$₿ΞRΞX@sberex·
@litocoen @DefiMoon @0xfluid @Plasma Thanks to @0xfluid they have covered the problem of potential losses. But anyway, with 80M USR printed out of thin air, we cannot consider technically wstUSR to be 100% backed except we consider Resolv team announcement as hard collateral.
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lito
lito@litocoen·
this is not bad debt this is pre-exploit wstUSR which is 100% backed as per the last Resolv team announcement there is no bad debt on any other chain than ethereum as for you @DefiMoon such poor taste to kick down on a team like that - the loss was not related at all to the DEX features you were talking about last year what a sad person you must be to run fake victory laps like that in this moment
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DefiMoon 🦇🔊
DefiMoon 🦇🔊@DefiMoon·
UPDATE: Fluid incurred some bad debt today due to the $USR hack. Like I warned a while back.... lending on @0xfluid is much more risky due to the design of the protocol and the incentive structure!! ⚠️ $Fluid dodged a bullet this time as the bad debt isn't fatal, but next time might not be so lucky. Imo lending of Fluid is simply not worth the risk! @0xWismerhill
DefiMoon 🦇🔊 tweet media
DefiMoon 🦇🔊@DefiMoon

Lending $USDC, $USDT on Fluid isn't the same as lending on $AAVE or Compound⚠️ Most borrowers are leverage-loopers with very high LTVs due to Fluid's smart collateral/debt design. Imo the risk of bad debt accrual on Fluid, especially at scale, is much higher than on battle-tested #DeFi protocols like AAVE: ⚠️x.com/lemiscate/stat… ⚠️x.com/lemiscate/stat… $INST

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$₿ΞRΞX
$₿ΞRΞX@sberex·
Seems like the problem will be solved :)
Fluid 🌊@0xfluid

Update on the Resolv incident: The Fluid team has secured short-term loans to cover 100% of the bad debt currently in the protocol. These funds were secured with commitments from @Lomashuk from @cyberfund, @weremeow, and the Fluid core team, ensuring that no user funds are at risk. @ResolvLabs has confirmed they will cover all USR positions that were originated before the security incident, and will enable redemptions required to close those debt positions. Additionally, multiple investors have expressed interest in purchasing $FLUID from the treasury should any additional funds be required, further strengthening the protocol’s backstop. Fluid smart contracts are safe and operating as intended. All other markets continue to function normally, and protocol safeguards remain active. Users may see temporary rate volatility while positions are being unwound. We will continue to provide updates as the situation progresses.

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$₿ΞRΞX
$₿ΞRΞX@sberex·
USDT0 Fluid Plasma vault is still losing liquidity, with all free liquidity having been withdrawn, keeping the utilisation ratio at 100% and the maximum possible rate.
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$₿ΞRΞX
$₿ΞRΞX@sberex·
Immediately, USDT0 suppliers started to withdraw all available USDT0 liquidity from Fluid Plasma vault (more than 140M USDT0), affecting other markets with 33% APR and making leveraged borrowing strategies unprofitable with -100% APR and lower than that depending on leverage. 2/
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$₿ΞRΞX
$₿ΞRΞX@sberex·
This is a "good" example of how contagion works in DeFi. Resolv protocol got hacked with about 50 mln USR minted out of thin air this night. After USR depeg Fluid wstUSR / USDT0 market on Plasma has got about 35.7M USDT0 in bad debt. 1/
$₿ΞRΞX@sberex

Fluid @0xfluid wstUSDR / USDT0 market on @Plasma has about 35.7 USDT0 exposure to wstUSDR @ResolvLabs. USDT0 suppliers are draining the USDT0 liquidity from @0xfluid vault with a risk of losing about 1/3 of USDT0 deposits on @Plasma fluid.io/vaults/9745/18

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$₿ΞRΞX
$₿ΞRΞX@sberex·
@_brizal ye, and 35.7M USDT0 stuck in wstUSR / USDT0 market on Plasma will also be covered by Fluid? and when USDT0 liquidity drain on Fluid Plasma will stop?
$₿ΞRΞX tweet media
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Wismerhill
Wismerhill@0xWismerhill·
Crunched some numbers for Fluid lenders exposure to USR/wstUSR bad debt caused by borrowing post exploit and pre pause: Plasma: +200k wstUSR Ethereum: +11.730M wstUSR (from 8k wstUSR the day before) So potentially 11.2M USDC + 3.8M USDT + 2.5M GHO of bad debt on mainnet
Wismerhill tweet media
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$₿ΞRΞX
$₿ΞRΞX@sberex·
Fluid @0xfluid wstUSDR / USDT0 market on @Plasma has about 35.7 USDT0 exposure to wstUSDR @ResolvLabs. USDT0 suppliers are draining the USDT0 liquidity from @0xfluid vault with a risk of losing about 1/3 of USDT0 deposits on @Plasma fluid.io/vaults/9745/18
$₿ΞRΞX tweet media
Fluid 🌊@0xfluid

We are aware of the incident affecting Resolv earlier today. Fluid automated ceilings prevented excessive borrowing of the funds, and USR markets have been paused. These safeguards worked as intended to contain the situation. In case of any remaining bad debt on Fluid, all user losses will be fully covered. User funds and protocol safety remain our top priority. We’re conducting a full review and will share a detailed post-mortem once the investigation is complete.

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Artem Chystiakov
Artem Chystiakov@Arvolear·
We will probably never see a new UTXO-based chain launched again.
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$₿ΞRΞX
$₿ΞRΞX@sberex·
CPFP (Child Pays For Parent) solution is great! You can put up to 25 consecutive swap transactions in a block, solving the 1 liquidity pool = 1 transaction per 1 block problem for AMM on UTXO chain like @Liquid_BTC
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Artem Chystiakov
Artem Chystiakov@Arvolear·
Naming has never been that hard.
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Ja Leto
Ja Leto@_falsi1ke·
Every man has an addiction. It's either weed, alcohol, cigarettes or women.
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Keşfet

@USDai_Official @arbitrum @Plasma @ResolvLabs @vii_finance @eulerfinance @litocoen @DefiMoon