1/ Ah!! What a crazy day yesterday was. Finally now getting a breather to tweet about the Solana network troubles yesterday and what it meant for us. It was obvious that $142.069 was the bottom of $SOL and bears had to be punished.
2/ Let's start from the beginning. I was sitting at my desk, making a list, checking it twice, trying to find out who's long and who's short. All of a sudden I notice I'm no longer making money on Serum fills. I call SBF and he confirms that the Masternode is down.
3/ We immediately get on a conference call with @KyleSamani, who immediately rushes to the data center in his Ferrari. Unfortunately, he ran into a bit of trouble himself:
4/ With our key man unable to help, I knew I would have to deal with this myself. I noticed the market was giving me opportunities because even on a double digit % down day for $SOL, shorts were getting liquidated at a high clip.

5/ I did some gorilla math with my gigabrain to quickly calculate a $SOL price under $142.069 would result in some instability on Solana with onchain liquidations and potential for liquidators to sell into empty books. See this thread.

6/ Knowing the sell pressure might be heavy, I had SBF send me a yard ($1B) that he lost in his couch cushion. This was spread out between our FTX, Binance, and a few other exchange accounts.
7/ From that point on my instructions were to bid s.t.

p(SOL) >= $165 ∨ all $1B spent

17 furious hours of bidding later, the network was about to come up, and due to proprietary execution methods we build at Alameda, I still had $69,420,694.20 left from the $1B SBF sent.
8/ Fixing the network was quite easy. SBF simply had to unplug and reboot the masternode, and blow in it a little bit to get the dust out. Special thx to @DegenSpartan for the rec, saved people with $11B TVL on the network from having to wait longer.

9/ And that's about it! The chain is back up and running and no one was liquidated (yet, evil laugh).

• • •

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

Keep Current with Alabama Tabasco

Alabama Tabasco 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!

PDF

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 @Evan_ss6

14 Sep
This is why we have "ETH maxis". To push back against bullshit and smearing like this.

Fix your network without trying to drag down others.
2/ No. These things are *NOT* the same. You literally cannot do a Solana tx right now. If you need to save a position from being liquidated, you cannot do it, and without a bot you're not getting in the first block when the network starts producing blocks again.
3/ When Ethereum gas prices spike, the network and fee market is working as intended. Yes it needs to scale, the current levels aren't good enough. But you *CAN* do a transaction if needed, and you can weigh the cost of getting liquidated against the cost of gas.
Read 5 tweets
4 Dec 20
(1/3) @hasufl and I are going to be hosting a free Ethereum+DeFi 101 seminar. The goal is to share the tech, why it’s important, and demonstrate real txs on mainnet.

This is targeted at people who have exposure to crypto but have not really used DeFi.
(2/3) Things we will cover:
-What is DeFi
-Ethereum basics: blocks, txs, gas, fee market dynamics
-What is yield farming/liquidity mining? Where does yield come from?
-@compoundfinance
-@UniswapProtocol and @CurveFinance
-DEX aggregators @1inchExchange
-@iearnfinance
Goal is to keep this basic and under 1 hour and consider further ones in the future if people enjoy it. If you’re interested, feel free to reply or message me. We will follow up with further details on when this will occur. If you have questions you’d like answered, reply w them
Read 4 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!

:(