Back by popular demand. Again, with everything on DeFi being on-chain, we can see connect firms & addresses.
A breakdown of some of the known Ethereum addresses of a16z, Celsius, Nexo. Also, a look at addresses *likely* operated by firms like Alameda, Struck Capital, & more.
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a16z's (1/2) interesting because it became the first "mainstream" VC to go big on DeFi tokens.
They have $26m in MKR, $2m in SNX, and $1.5m in REP.
Of note, they're up $11m in their MKR.
a16z (2/2)
What I really remember about this address is others in the space eyeing it last year:
Someone deposited $250k of SNX into the address.
We still don't know if it was a16z.
Not much else to say though - I guess Pool 2 yield farming isn't in their mandate.
Nexo (1/2):
Nexo is a CeFi lending and borrowing service.
First address seems inactive (no outgoing txes in 400 days), though has $10m in NEXO and the assorted stablecoins seen below.
Nexo (2/3):
Second address has a lot more going on - seems to be the main operation of Nexo.
$6.3m in LINK, $7.5m in assorted stablecoins, $520k in Paxos Gold.
Nexo (3/3):
Biggest thing to note here is that from my quick glance, outflows are *outweighing* inflows by a good amount.
This simple fact could suggest that DeFi is, well, eating CeFi.
Yields: 8% CeFi vs. 10%+ DeFi
Celsius (1/6):
Celsius is another top CeFi lender and borrower like Nexo.
Wider variety of coins deposited due to yields offered on many more coins.
Biggest holdings CEL (which it pays out as interest), LINK, Paxos Gold, TrueGBP, and UNI. The address also holds $12.5m in ETH.
Celsius (2/6):
Here's where it gets *really* interesting: I noticed that one address gets regular 5,000 ETH, 10,000 ETH+ from the Celsius web.
This must be a company address: 0xb1a...
$212m address net worth, with many funds yield farming.
Celsius (3/6) - Expanding more on the last address:
$125m in WBTC, ETH, and LINK collateral deposited into Compound and Aave.
That collateral is being used to withdraw $70m in stables from Compound and $10m in WBTC, $5m in ETH, YFI, SNX, and REN.
Celsius (4/6) - Cont.:
This address is big on yield farming, as I suggested earlier.
Favorite farms seem to be Uniswap LPs, Keeper, 3pool Curve LP (used to be in yAxis), and Harvest Finance.
Interesting to see the funds stay in Uniswap as opposed to diverting to SushiSwap.
Celsius (5/6):
That's not all: This address has around 500,000 LINK in the Yearn AAVE delegated yVault, millions in stable yVaults, some capital in Ichi, and some CREAM and BAL in Cream.
The address is also a big Saffron Finance (SFI) farmer, with around 1m DAI in the pool.
Celsius (6/6):
The Celsius web is much bigger than I depicted here. I noticed a bunch of smaller addresses with millions of different tokens on em: WBTC, stables, etc.
Again, the last address cannot be confirmed. Though, it regularly receives hundreds of thousands in ETH.
typo, oops. Forget the "see."
Alameda(?) (1/1):
This address has a ton of FTT, SRM, and SUSHI.
Of course, no confirmation it's Alameda, though I'm fairly sure it is.
An interesting note is the 8m xSUSHI.
Struck Capital(?) (1/1):
Struck (h/t: @nansen_ai) holds $2.5m in SNX, $700k in Rocket Pool, $450k of sUSD as collateral in AAVE, and more.
They also own 1.1m tokens of old SNX for some reason.
There remain a bunch of other entities in the space with publicly-known/likely Ethereum addresses.
Will have to cover those at a later date.
The Celsius one is fascinating to me because they seem to be on top of the yield farming game.
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Two hours ago, a suspicious transaction was seen involving Pickle's new pDAI jar.
$20m worth of DAI was withdrawn to an EOA, which funded the attack with 10 ETH from Tornado (mixer).
No flash loan was involved as first believed.
At this moment, the attack vector seems to be related to a function in the Pickle controller (v4), which can swap coins from one strategy to another.
Rumor has it that there was no check on the Jar Swap function. Pickle was audited but seemingly before this function was added.
Affected users are already contacting the attacker.
The first image here shows someone, a purported "nurse," asking for $100,000 back from the attacker. The use of the nurse bit was popularized last week with the Value attack, where the attacker returned $50k to a "nurse"
Tranches in finance are when a financial product/vehicle is split up into separate baskets to divvy up risk and yields to appeal to different investors.
There are junior tranches, which carry the most risk. If there is a default/crash, junior tranche holders take most losses.
To acquire Saffron Finance's governance token, SFI, users must deposit ETH-SFI Uniswap LP tokens or deposit into the two supported tranches, the "S" (senior) tranche and the "A" (junior) tranche.
- S tranche gets 71.25% of emissions
- A tranche gets 3.75%
- Uniswap LPs get 25%
Hands down one of the coolest DeFi products I've seen in recent months is Alpha Homora by @AlphaFinanceLab.
The product has seen a lot of attention over recent days as investors seek higher yields on Ethereum yield farming and liquidity mining.
Let's take a closer look.
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To put it simply, Alpha Homora allows users to obtain leverage on Ethereum yield farming.
It also automates the yield farming process, even if the user does not want to take leverage.
This is similar to what the @zapper_fi team did in its early days with Zaps.
When you want to LP one ETH into ETH/WBTC on Uniswap, you swap 0.5 ETH into WBTC, then supply both to the pool. Cool.
But let's say you want to collect more in trading fees or in UNI (if rewards are voted back in), you can take leverage of up to 2.5x (used to be like 3x).