Someone put in a market sell order for 500,000 $AVAX this morning, $16mm worth, all at once. The open question is, was this a "bear raid," where someone opens a leveraged short position and then dumps to profit, or was it a "fat finger"?
Having spent 10 minutes looking around, the math behind a bear raid doesnt' actually work out. Running a trade of shorting on futures and dumping on spot would not have been profitable given $AVAX's liquidity on spot and futures.
So, the evidence points to a "fat finger," where someone put in an extra zero by mistake.
There was a similar event on FTX last week involving BTC where an analyst needed to sell 20 Btc for his firm but sold 2000 at market instead. He then tried to buy it back in one big buy order of 2000 BTC and market ran up the price on him. Firm lost $55mm.
So, Mr. Fat AVAX Finger out there, hope all is OK.

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with Emin Gün Sirer

Emin Gün Sirer Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @el33th4xor

4 May
So, the $AVAX community is growing quickly, and there are lots of exciting airdrops. Let’s talk a little bit about airdrop etiquette.
Last week, the @Baguette_avax team began airdropping its native token, $BAG, to validators and delegators securing the Avalanche network. They gave around $750 to each validator and delegator, and it cost only $800 to be eligible.

Yesterday, @AvalaunchApp followed suit, announcing that it will be airdropping 2,000,000 of its token, $XAVA, to the Avalanche staking community.

Read 12 tweets
22 Apr
Two weeks ago, @PangolinDEX became the first Avalanche project to surpass $1B in trading volume. Let’s talk about Pangolin, AMMs, community-driven projects and their pros and cons.
Overall, Pangolin is unique because it offers:

- Fully decentralized, non-custodial trades
- Super cheap fees
- Real-time execution, near-instant finality
- No miners front-running orders
- A 100% community-driven project
Low latency and fair trade execution applies for any AMMs that have launched on Avalanche, of course. These AMMs include @SushiSwap, @officialzerodex, @ComplusNetwork, and @YetiSwap.
Read 14 tweets
7 Apr
FEI dropped down to $0.136. In the process, it should have taught everyone a few lessons about stablecoin design and, perhaps, crypto investing.

A thread.
FEI/TRIBE was a two-coin algorithmic stablecoin, with a twist. The twist was flawed from the start and it should have been possible to predict that this idea would not work.
In a typical two-coin algorithmic stablecoin, you have one coin, $FEI, trying to maintain the peg, while the other one is used absorb the volatility. We wrote about this structure in our stablecoin taxonomy paper.
Read 20 tweets
2 Apr
Avalanche surpassed one million total transactions on its smart contract chain, with the vast majority in just the last 7 weeks.

In honor of this milestone, here some thoughts on why I’m bullish on Avalanche and how it is becoming the most advanced public-goods layer-1.
First and foremost, for all its flaws and quirks, the Ethereum Virtual Machine is the dominant engine in DeFi. If a project does not natively support the EVM, I do not see it as being a strong competitor in the layer-1 space.
From the moment Avalanche’s mainnet launched, the platform has supported the entirety of Ethereum’s smart contracting and tooling. No phases, years-away upgrades, or additional layers and complexity. Just feature completeness for what the market demands.
Read 28 tweets
17 Mar
The Avalanche C-Chain is continuing to burn $AVAX at a fairly rapid clip, having crossed the $1m line recently. It's a good time to reflect on the underlying dynamic. (Thread)
A lot of the burn is attributable to DEXes, including @pangolindex, @SushiSwap and @Zer0Dex. These DEXes share a common feature: they constantly offer to buy and sell assets using the Uniswap equation. They are censorship free, and make a market for any asset.
By construction, these DEXes operate constantly provide arbitrage opportunities as prices move. Their bid/ask prices are modified continuously, by anyone, to reflect the market consensus on the price of the assets.

These updates all consume $AVAX as gas.
Read 7 tweets
19 Feb
Today’s #FreeLoveFriday is about a topic that has been seeing a lot of discussion recently. Namely, I want to talk about Non-Fungible Tokens (NFTs) in general, and to make it specific, I’ll focus on CryptoKitties.

First of all, there is the impression that NFTs were invented on Ethereum and that the Bitcoin community is just now getting in on the NFT game. This is not actually how it happened.
The very first NFTs were invented and issued on Bitcoin, by layering them on top of Bitcoin transactions. Among the most notable were NFTs centered around Pepe The Frog. I will leave dissecting the social aspect of Rare Pepes alone and focus on the technical side of NFTs.
Read 23 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!