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Lunaman
5K posts
Lunaman
@Alacomm
DeFi Maxxing as Head of Jardineros @ClearstarLabs 🧙 Opinions are my own ♦️
Novosibirsk, Russia เข้าร่วม Kasım 2011
377 กำลังติดตาม1.1K ผู้ติดตาม
@pendle_fi @strata_markets @ethena it's hilarious that you STEAL the yield from unredeemed PTs lmao
Ethena and all others should just make their own platform and ditch you. you're worse than JEWS 👃
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⚠️ We're shutting down the @strata_markets pools
The April ones specifically. When they mature. As scheduled.
In other news, the June pools are already live:
• srUSDe (25 June 2026)
• jrUSDe (25 June 2026)
Migrate now to keep your yield rolling!
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Lunaman รีทวีตแล้ว
On 22 March, @ResolvLabs was exploited via a compromised private key, resulting in the illicit minting of unbacked USR.
In this thread, we explore how the Resolv team has responded since, and where the open questions remain.
1/14 👇🧵
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Lunaman รีทวีตแล้ว
It’s been 8 days that @ResolvLabs has closed RLP redemptions. It is unclear why it is still paused. Why are RLP redemptions still blocked?
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Lunaman รีทวีตแล้ว
RLP collateral backs delta-neutral yield and covers losses WITHIN those strategies, such as negative funding or a CEX blowout. RLP only covers losses to the Reserv Collateral Pool, which is intact.
RLP collateral CANNOT cover the USR exploit. That was never in the terms.
Framing RLP as “junior tranche to the USR ecosystem” is a scheme to strip RLP holders of their assets and redirect them to third parties.
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Lunaman รีทวีตแล้ว
As the mitigation process continues, we want to provide clarity on an important point. We strongly advise against trading or acquiring USR at this time.
Onchain data indicates that illicitly minted USR has mixed with pre-hack USR across many wallets and continues to change hands on secondary markets.
USR created illicitly by the exploiter was never backed by collateral and carries no redemption rights. Any transactions at this time carry a risk of involving illicit tokens and add complexity to the recovery process.
We are in the early stages of evaluating recovery options for affected holders and cannot make guarantees, but any relief that may ultimately be available could be limited by continued trading activity.
We are working closely with affected protocols to develop a resolution plan and will share details when ready.
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Lunaman รีทวีตแล้ว
RLP is not designed as a junior tranche. Read section 4.3 of the terms: if the collateral is intact (as confirmed by @ResolvLabs ) they have no authority in repurposing it to bail out DeFi markets or protocols.
lito@litocoen
i like YO and understand the motive here but i strongly disagree with this take RLP was clearly designed as a junior tranche to protect the $USR peg against *any* losses the mechanism was conceived precisely to make lending markets comfortable with the risk of listing
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Lunaman รีทวีตแล้ว
We are still seeking clarity on the path forward for RLP from @ResolvLabs
- The Resolv Collateral Pool was not impacted by the exploit
- Any use of this collateral must align with the stated Terms and be fair to RLP holders
- DeFi markets are not covered by the Terms
Therefore, it is unclear to us why RLP redemptions have not yet reopened. We remain optimistic that the collateral pool will not be repurposed to support third parties in a manner contrary to the Terms.
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Hey Juan, we are following the recommendations from Morpho regarding this situation. The idea is that vault v2 can realize the loss, while vault v1.1 cannot. If RLP goes to 0, we might not be able to prevent a bankrun at vault v1.1 level but you could at vault v2 by removing the vault v1 adapter.
Also we are not going to cut the RLP market until there is clarity regarding the backing for RLP. It makes no sense to materialize a loss when the actual underlying of RLP is still there, just waiting on Resolv to make their decision if they follow their legal docs or not.
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$1.2M of depositor funds in the @ClearstarLabs Yield USDC V2 vault are soon to get NUKED.
If/when this upcoming action is executed in 6 days, it will dump the share price of the V2 vault to 0, wiping out all depositor funds.
TO EXIT NOW: hopper.to/exit
@ClearstarLabs was this intentional? Some clarity on this would be great, feel free to correct me if I'm wrong here.
It seems unfair to forcefully cause V2 depositors to suffer the brunt of the $1M bad debt, in turn letting V1 depositors to be relatively unscathed.
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Lunaman รีทวีตแล้ว
Resolv Incident Update
Work is actively underway with @ResolvLabs and relevant stakeholders to restore RLP redemptions as quickly as possible.
We appreciate the community’s patience and will continue to share updates as more information becomes available.
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Lunaman รีทวีตแล้ว
Resolv Incident Update
All vaults are resuming normal operations with no exposures to Resolv except for Clearstar Yield USDC on Mainnet which still has RLP exposure.
We have been focusing all our efforts in having conversations and meetings with @ResolvLabs and other stakeholders to unblock the RLP markets and have a positive resolution for vault lenders.
We'll update again once we get more information.
Leave any questions or doubts below, if you are directly affected by RLP exposure reach out to us via DM.
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Gm,
Still tired after spending all Sunday on calls and chatting with Resolv and many affected LPs and stakeholders.
Glad to see things steering in the right direction and seems like RLP will be minimally affected.
Another official communication post will be posted from @ClearstarLabs’s account and I will be sharing some self-reflection later today about how we can do things better next time.
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@dcfgod @yieldsandmore @ResolvLabs @StreamDefi That seems to be his interpretation, I surely hope this is not the path Resolv will take which goes against their legal terms of service.
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RLP, @ResolvLabs's junior tranche might face losses given the USR exploit. There's 29,999,625 RLP in circulation, or about $38,616,759 at the pre-exploit price.
The biggest holder? @StreamDefi.
A 13,627,618 RLP position on Morpho with $511,507 of USDC debt. That comes out to ~$17m of net exposure, and therefore possibly ANOTHER big loss for stream depositors.
Wallet: debank.com/profile/0x14bc…
@yield's yoUSD also holds 943,248 RLP, or $1,214,187. Will they cover the (potential) losses this time?
Wallet: debank.com/profile/0x0000…
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Yep "collateral pool" is key here.
The users that are KYC'd (can mint and redeem) and that collateral that is backing USR and RLP are the only two parts that matter. The secondary market LPs are unfortunately not protected by this.
Similar thing has happened several times in the past with uniBTC and most recently with Makina's DUSD.
It's for their own good that they don't suddenly change the risk profile of the tokens.
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Lunaman รีทวีตแล้ว
Regarding the Resolv Exploit:
Resolv’s USR contract experienced an exploit where $50M USR was minted for approximately $100,000 USDC.
The collateral backing Resolv remains untouched, however the contracts are now paused as their team assesses how to move forward.
The Clearstar Yield USDC vault on Morpho has an allocation to RLP from Resolv and that market is currently illiquid. We do not have reasons to believe RLP will be affected since it was not underwriting smart contract risk.
We will post further updates here as the situation evolves and we have more clarity.
Feel free to post questions below.
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You will be able to do this and many other similar strategies on Euler soon.
Brought to you by @ClearstarLabs
TFTC@TFTC21
JPMorgan and Goldman Sachs are now offering hedge funds ways to short the $1.8 trillion private credit market. They've assembled baskets of companies with exposure, alt managers, BDCs, and lenders tied to private credit. This isn't speculation. These are structured products designed to bet against an entire sector. Private credit defaults hit a record 9.2% in late 2025. Blackstone's $82 billion flagship credit fund saw $6.5 billion in redemption requests in Q1. BlackRock had to cap withdrawals after requests hit 9.3% of its HPS fund. Morgan Stanley and Cliffwater are also gating redemptions. JPMorgan already started marking down software-related loans in private credit portfolios. When the banks that lend to these funds start cutting the value of the collateral, it forces deleveraging at the worst possible time. US banks have lent nearly $300 billion to private credit providers. The exposure is not contained. Goldman's own data shows hedge funds are "aggressively shorting" financial stocks, the most-sold sector of the year. Financials are down 11% on the S&P. The same banks that helped build the private credit boom are now building the tools to bet against it. If that sounds familiar, it should.
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Lunaman รีทวีตแล้ว
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