Discover and read the best of Twitter Threads about #DEFICALYPSE
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1/ THE HORSEMAN OF #DEFICALYPSE IS HERE!
Yesterday #DeFi markets had an irregular day, as the famous trader @avi_eisen, known for very profitable trades, opened a massive $63M short for $CRV Curve token on @AaveAave.
It did not go well. Keep reading.
👇👇👇
Yesterday #DeFi markets had an irregular day, as the famous trader @avi_eisen, known for very profitable trades, opened a massive $63M short for $CRV Curve token on @AaveAave.
It did not go well. Keep reading.
👇👇👇
2/ Shorting and longing using Aave loans is normal in trading. However, what marks this event special, is that the size of the Avi's position ($63M) was oversized to the relatively illiquid $CRV market.
3/ Aave is an over-collateralised lending platform. For taking a short position, you deposit US dollars (USDC) and take out $CRV. Then sell $CRV to USDC, deposit it to Aave, rinse and repeat.
