Post

@BenqiFinance

@vector_fi

More from @DeltaPrimeDefi

DeltaPrime

@DeltaPrimeDefi

Jan 10

Today DeltaPrime turned2⃣ years!

And what a year this was. Where our first year was all about exploration, this past year has been all about growth.

External growth for the first six months
Internal growth for the second six months

Let's have a look 1/3🧵

Jan 10th - July 10th (2024): Number goes up

Where DeltaPrime initially gained stable footing on both Avalanche and Arbitrum, after its first birthday we saw a period of massive wins, where DeltaPrime:

✅collaborated with @GMX_IO and @avax to bootstrap @GMX_IO's first synthetic pools on @avax

✅became the first protocol to join @Colonylab's ESF, which was oversubscribed by $946k / $500k

✅was awarded a 750k LTIPP grant by @arbitrum; the same size as @aave & @LidoFinance

✅launched PRIME & sPRIME, most owners of which received a 50% $AVAX & $ETH airdrop in their wallets within its first month

✅saw its TVL increase from $28M to $72M in 6 months time...

and plenty more.

2/3🧵

July 10th - January 10th (2025): back to priority #1

However, there is no growth without hardship. And boy did we accumulate some hardship in the second half of this year.

Next to firing three North Korean hackers who had infiltrated the dev team, the protocol was attacked three times in a short period of time.

After the third attack, the protocol went in full lockdown for an extended period. Since then the @BlockSecTeam has been going over every single piece of code in the platform to make ensure its safe resumption.

But next to that, for six months, the protocol has undergone massive growth as well. In the background, as it was six months of focus on nothing but security, but essential growth nonetheless.

In this period DeltaPrime:

✅hired an experienced Chief Information Security Officer who provides strategic security guidance and oversight (will be brought on on the next video community call)

✅overhauled literally everything internal security. From procedures to physical machines, and from on-chain ownership reports to a granular audits

✅introduced the Iron Wall to Prime- and Saving Accounts: A 24-hour withdrawal timelock on all functions. Harsh, yet extremely effective (would have prevented all previous attacks).

While this period of growth is less visible on the outside, our birthday marks the beginning of a new 6-month phase.

A phase of utility, expansion, repairs and regrowth.

Massive thanks to everyone who's with us on this journey 🙏

3/3🧵

Read 4 tweets

DeltaPrime

@DeltaPrimeDefi

Dec 18, 2024

Utilization Based Interest incoming

Today, at 4pm CET, we're unpausing one of DeltaPrime's most essential elements: the Utilization Based Interest rate (UBI). This will have a volatile effect on interest rates for the next few days.

UBI follows a list of granularly unpaused features, each thoroughly audited by @BlockSecTeam before unpausing:

✅ Trading
✅ Deposits / Withdrawals
✅ Borrowing / Repaying
✅ and more

Here's what this means 🧵1/9

Tweets:

Current Interest 🧵3/9
Current Utilization 🧵4/9
Utilization Based Interest rate 🧵5/9
So why hardcode 6/9
What is next: For Savings? 🧵8/9
What is next: For Prime Accounts? 🧵9/9

🧵2/9

Current Interest

Right now the interest rates of different assets are hardcoded at pre-attack levels.

USDC earns 21% APY
AVAX🔺 9.33% APY
etc.

However, the utilization of all assets (excluding BTC) is at 100%. This means that most borrowers can't borrow, and most lenders can't withdraw.

That's an issue.

🧵3/9

Read 10 tweets

DeltaPrime

@DeltaPrimeDefi

Nov 25, 2024

Update thread

Earlier this month DeltaPrime's Savings pools were attacked for a total damage of $4.75M.

In this thread we'll dive into the updates made since then. Specifically:

- Where to find updates? 🧵2/8
- Damage per pool 🧵3/8
- Partial unpause Live 🧵4/8
- Restrictive security feature incoming 🧵5/8
- Unpause ETAs 🧵6/8
- Fund retrieval 🧵7/8
- Way forward 🧵8/8

1/8

https://x.com/DeltaPrimeDefi/status/1856343701381058677

Where to find updates?

This update is a follow up on our earlier update which can be found through our profile: .

Additionally, our first line of communication is on our Discord, which can be found on our profile or official website. Don't click any links in this thread.

https://x.com/DeltaPrimeDefi/status/1856343701381058677

Damage per pool

$4.75M in a variety of assets were stolen. Since then the protocol has been paused. Once Savings unpause, to prevent any first-come-first-serve, damage will be shared over all depositors within every pool, depending on that pool's damage.

This means that your max loss is confined to the max damage per pool. The remaining assets (for example 70.61% for #AVAX ) will be available in your Savings pool at unpause.

Read 9 tweets

DeltaPrime

@DeltaPrimeDefi

Nov 9, 2024

🚨Convert rTKNs to $PRIME before Wednesday!🚨

(important note: there are no links for conversion. You can find conversion within your Prime Account)

After the September attack, affected users received rTKNs. These will be redeemable for their dollarvalue in assets through future revenue.

However, additionally, 33% of the team allocation will be sold and donated for faster reimbursements.

If you consider claiming $PRIME: continue reading🧵 (1/8)

This thread is written to help those affected by the attack in their decision between the two assets. If you were affected, you hold rTKNs today.

We will dive into:

- The rTKN
- $PRIME & $sPRIME
- rTKN -> $PRIME conversion
- How to choose
- How to convert

(2/8)

The rTKN

rTKN is short for Reimbursement Token. For every $100 you lost in the September attack, you received 140 rTKNs.

1 rTKN = $1 from future revenue

Until all rTKNs are redeemed, 33% of DeltaPrime's revenue will be claimable by all rTKN holders.

DeltaPrime revenue is highly inconsistent due to its sole source (currently) being liquidations. That means we can have a month with a couple k revenue, or a day with $1.5M in revenue.

(3/8)

Read 7 tweets

DeltaPrime

@DeltaPrimeDefi

Nov 7, 2024

DeltaPrime Pulse: Edition #1

This month:

✅ DP on Stage
✅ New: Video Community Call
✅ New: Burd Log
✅ Partner Spotlight (ft: @GMX_IO, @GoGoPool_ & @yieldyak_)

Read the full Pulse:

Or the TLDR mini-thread 🧵👇 1/8deltaprime.io/blogs/news/the…

DeltaPrime at the Avalanche Summit...

Last month, the Avalanche Summit took over Buenos Aires, and the DeltaPrime team was there in full force!

Without a booth, we roamed freely, connecting with partners and building new relationships across the @Avalanche ecosystem🔺 (2/8)

...and on Stage

DeltaPrime was also represented on stage. Gavin joined @Ravageur @yieldyak_ and @DavideFi_ @LFJ_gg for a panel discussion on liquidity. They discussed the various perspectives on incentives and airdrops.

Find the video here: (3/8)

Read 9 tweets

DeltaPrime

@DeltaPrimeDefi

Oct 28, 2024

Did you notice the new Burd Log?

Over the course of the next months, we will be publishing weekly articles, diving into Web3, DeFi and DeltaPrime specifically.

With today:

Cross-Margin: The Unsung Hero of Capital Efficiency:

Smol thread 🧵1/6deltaprime.io/blogs/academy/…

2/6: The Basics of Cross-Margin
Did you know that cross-margining can offset risk and boost portfolio resilience?

Unlike isolated accounts, where each position operates independently, cross-margin combines multiple positions within a single account.

This allows gains📈 in one position to offset potential losses📉 in another—creating a more resilient portfolio strategy.

3/6: Real-World Example
In the article, we will consider Ivan and Lucas, who hold similar crypto portfolios.

Ivan’s isolated positions are more vulnerable to market swings. When Bitcoin’s price drops, he risks liquidation.

In contrast, Lucas’s cross-margin setup leverages his Ethereum holdings to stabilize his account, reducing his risk ⚖️

Read 8 tweets

Share this page!

Enter URL or ID to Unroll

DeltaPrime

Try unrolling a thread yourself!

More from @DeltaPrimeDefi

DeltaPrime

DeltaPrime

DeltaPrime

DeltaPrime

DeltaPrime

DeltaPrime

Did Thread Reader help you today?

Don't want to be a Premium member but still want to support us?

Send Email!