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Kno クノ
18.3K posts

Kno クノ
@kno_web3
i just make things and trade, that’s about it
เข้าร่วม Aralık 2011
897 กำลังติดตาม1.8K ผู้ติดตาม

why is a car rental company worth more than future of finance, AVAX? >_<
lyxe@cryptolyxe
Avis (yes the car rental company) stock is up 600% in the last two weeks… Hedge fund called Pentwater capital triggered a massive short squeeze sending the stock from 4B > 25B in market cap. GME 2.0 but it’s organised by the suits this time lmao
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Kno クノ รีทวีตแล้ว

Nochillio #54 sold for 12.46 $AVAX ($114.51) on Salvor.io.
Marketplace: salvor.io/collections/0x…
Transaction: snowscan.xyz/tx/0x3d8899b1d…

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@PolyPup @0xNeothon @KelpDAO @LayerZero_Core @avantprotocol Nice catch poly. No one is really safe in this buisness and we will never be ig lol.
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Kno クノ รีทวีตแล้ว

A lot of users in my $AVAX chats are saying we’re unaffected by the @KelpDAO / @LayerZero_Core mess are missing where the real risk sits.
@avantprotocol is one of the biggest DeFi protocols on Avalanche which wasn’t directly hacked. The risk is second-order: a huge leveraged sUSDe loop on Aave Mantle that can bleed itself into distress and then transmit losses back into Avant.
Avant’s published avUSD strategy addresses is running a ~$156M sUSDe loop on Aave Mantle with HF 1.02, borrow power 100%, and net APY around -100%.
HF 1.02 is basically no cushion.
On Mantle, Aave set sUSDe stablecoin e-mode at 90% max LTV, 92% liquidation threshold, and 4% liquidation bonus.
If most of that ~$156M had to be liquidated, the liquidation bonus alone is about $6.24M before slippage and carry.
Avant’s avUSD reserve fund is only about $1.26M right now.
That is why this is not something people should wave away.
Avant’s docs say losses hit in this order:
reserve fund -> governance backstop -> avUSDx -> senior savUSD
So if this gets disorderly, avUSDx is the first explicit user-loss layer after the reserve is exhausted.
It would be good if Avant can provide more clarity on this situation so us users can understand how we're affected.
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