Thread by @CanuckLink

1/ This is one of the wildest things right now in #AVAX #DeFi. @steakhut_fi just launched a vampire attack against @vector_fi. But it is such a scorched earth approach, who knows what will happen. 🧵 #joewars $joe $ptp $vtx $steak

https://twitter.com/traderjoe_xyz/status/1526693797886836737?s=20&t=SAQEXjMsd-tzBqXMRITjLA

2/ Vector is absolutely dominating these #JoeWars, the kingpin narrative has worked well for them & they have a great team and community.

3/ Steakhut which ranks second in locked $joe after vector has launched a $zjoe blitz. Users can zap their $zjoe, a staked Joe derivative on vector, for any LP and get bonus $Steak. medium.com/@SteakHut/stea…

4/ Steakhut is obviously selling that zjoe for the LP & diluting their own token as the reward. While it hurts steak to dilute, it also hurts Vector since dumping into the zJoe/Joe LP could lead to it losing peg. $zjoe peg has been holding up quite well.

5/ Although exciting, it will be tough to take down a juggernaut like Vector. Still crazy seeing vampire attacks from these yield aggregators.
You can read prior work on my substack. canoecapital.substack.com