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Fede N◎tte ⚡ Profile picture
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Jun 27 • 5 tweets • 2 min read
Updated the stablecoin depeg bingo for the month of June with #flexUSD from @CoinFLEXdotcom

PS if you want to be added to this prestigious leaderboard you need >50M circulating supply Image
flexUSD has currently 200M outstanding and trading at 0.87$ Image
flexUSD is backed by USDC, they are used by users to trade on margin on the platforms (mostly perp swaps)

Few days ago, the platform blocked withdrawals citing problems with a counterparty ("not 3AC or any lending firm")

Could be a trading counterparty sitting on large unrealized negative pnl? so large the platform does not have enough liquid assets to meet withdrawals?

We need to wait for more details to find it out.

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More from @crypto_notte

Fede N◎tte ⚡ Profile picture
Apr 5
Let me show you the relationship between:

- #LUNA Foundation Guard sale of 1B USD of LUNA
- swap markets (and how to read them)
- "secret" VC deals

Time for a thread 🧵 Image
The Luna Foundation Guard (LFG) has raised $1 billion through an over-the-counter sale of LUNA, the native token of the Terra blockchain.

As per the article Jump Crypto, 3AC, Republic Capital, GSR and others also participated

How do these deals work? Keep reading 👀
Do you think they get the same price as the one on the exchange? Absolutely not ❌

They get a discount versus the spot market, and sometimes this discount is quite big (for some tokens I've personally seen up to 50% discount!)
Read 12 tweets
Fede N◎tte ⚡ Profile picture
Mar 16
Here is how I made 6’400 USDC in the last 30 days by trading on @mangomarkets 🥭 with no directional risk.

I will explain you how to do this trade that market makers do not want you to know about 🤫

Time for a thread (or trade?) 🧵
The trade is called “funding arbitrage”, take out your notebook and follow me in the rabbit hole 🐇

First some definitions you need to understand the trade..
1⃣ Spot trade: a trade that result in the immediate delivery of the underlying. I pay USD, I receive SOL. Also the opposite, I sell SOL and I receive USD. No derivatives.

2⃣ Swap trade: a financial derivative where the underlying asset is not exchanged between the parties..
Read 31 tweets
Fede N◎tte ⚡ Profile picture
Feb 5
Yet another thread on DeFi Option Vaults (DOV)⚠️

Let me show you why you should never trust the UI. Most of the time you will see nice green APR but does that mean you are making money?

I deposited 50k USDC on @friktion to test it, see the results below 🧵
I deposited on the Cash Secured Put vault 50k USDC on the 4th of January and left it there for 4 epochs (1 month) for testing purposes.

What is a cash secured put?
It’s an option strategy where you sell (write) an OTM put option and set aside the cash in case you are assigned

This strategy makes money as soon as the underlying is above the Strike Price at the expiration. It has a capped upside (the premium collected) and unlimited downside
Read 18 tweets
Fede N◎tte ⚡ Profile picture
Feb 3
DeFi is currently a $200bn+ market!

Current risk management systems tend to be either capital inefficient or altogether ineffective. Hacks happens everyday and they undermine the credibility of the overall system and prevents capital from flowing in.

How do we solve this? 🧵
We are building @VyperProtocol to bring tranching - a tradFi risk management concept - to DeFi

How does it work?✍️

Alice and Bob both deposit $50 to a lending protocol. Alice gives up part of the interest generated but Bob’s capital is impacted first if any hack/default happens
We would refer to Alice as having a senior tranche (less risk, less yield), and to Bob as having a junior tranche (more risk, more yield). This simple yet effective concept is at the base of a $10tn market in tradFi.
Read 4 tweets
Fede N◎tte ⚡ Profile picture
Jan 16
What are Saber wars inside #solana and how do they impact you? Time for a thread 🧵
What is @Saber_HQ first? Saber is an AMM that provides the liquidity foundation for stable pairs such as USDT/USDC

Here, I am exchanging 1M USDC -> USDT and paying only 7bps for it. Pretty good!
This liquidity comes from users, they deposit USDC and USDT and receive part of the fees from the other users when they make a trade.

✍️Plus, they also earn SBR rewards - the proprietary token of Saber. But how many SBR?
Read 11 tweets
Fede N◎tte ⚡ Profile picture
Nov 1, 2021
Following up on my previous post on leveraged yield farming, here are some thoughts and numbers 24hr later 👇

@ApricotFinance has a nice UI which allows for a full breakdown of interests, both paid and received.

My position in SOL-USDT LP returned 6.11$ since yesterday, my mSOL deposited returned 0.06$, my borrowing cost for SOL is 2.73$ and for USDT circs 2.56$ Image
For a final net profit of.. 0.89$ 🤑🤑

Very simplistic but - keeping everything else constant, assuming yields do not change and no IL - this is a nice 32.5% APR.
Read 9 tweets

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