Thread by @NineIronCapital

1/x Blockchains don’t lie. $pDAI was destined to be #Pulschain’s native stable from well before launch. ATROPA, USDC, and Lido are all helping. A thread:

2/x Lets start with MKR vaults. None of the 20 wallets staking vaults had assets in them post the Pulsechain fork. Here are the vaults: maker.defiexplore.com

3/x Here is the debank link for the largest vault and you can navigate to the portfolio to see nothing copied: debank.com/profile/0xeaa7…

4/x Why didn’t they copy over? Curious isn’t it! The wallet’s last interaction with #Pulsechain was 9-months ago: otter.pulsechain.com/tx/0x46ea20003…

5/x 9-months ago MKR implemented what seems to be an auto forward function. otter.pulsechain.com/tx/0x46ea20003…

6/x All of the vaults seem to have been forwarded to Liquid staked Ether 2.0 address 102 days ago:

Here is the transaction I am referring to: otter.pulsechain.com/address/0x66E2…
otter.pulsechain.com/tx/0xbd7f767d1…

7/x What is the Liquid Staked Ether Address? It allows people to deposit PLS and mint stETH. stETH can be converted 1:1 back into PLS and re-invested.
otter.pulsechain.com/address/0xae7a…

8/x Why is this relevant? Because it seems like LIDO DAO replaced MKR on Pulsechain pre-launch. It was all setup on May 11th. How do I know? Have a look at the contract creator (remember the 443525):
otter.pulsechain.com/address/0x2b33…

9/x Using Etherscan, the wallet belongs to dev.izqui.eth. When searching him, I found him on twitter @izqui9
etherscan.io/address/0x4cB3…

10/x Guess who he is the co-founder of? Aragon, the governance framework DAO that Lido uses. Lido replaced MKR and his signature is on chain to show it. lido.fi/governance

11/x To show this, you can see that one day before Pulsechain Launched he approved and interacted with this contract etherscan.io/tx/0xb37ad3264…

12/x Back to the 4425 app. There are two feeder wallets for the Lido (fE84 wallet above) which comes in via the 4425 app. These are the 0x80eb5d6213437c3F5DB70563D71E8448FcFCd5AB and (0x886ea629d449ffB216Aca2A0AF8C647F74a478c2)

13/x Both addresses perform the same function. And act as a confusing circular loop to hide whatever is happening. Here is the “5AB” wallet minting stETH for PLS:

Here is the 8c2 wallet minting stETH for PLS: debank.com/profile/0x80eb…
debank.com/profile/0x886e…

14/x The big question is who is funding these stETH transaction and with what ETH. We already know. But its late now and I would rather give people a few hours to help me dig. But rest assured, we can tie $pDAI / ATROPA / USDC all into the one big pool here.

15/x Here is an example of how the stETH is being used to mint into Pulsex LPs this contract debank.com/profile/0x9796…
scan.pulsechain.com/tx/0xaeba8984c…

16/x Here is an example of how those LPs managing liquidity between ATROPA and USDC
through this contract scan.pulsechain.com/tx/0xc381b9508…
debank.com/profile/0xa0ec…

17/x Keep digging friends, the answer is very findable based on this bread crumb trail 😊