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DeFiyst Profile picture
DeFiyst
@DeFiyst
Full time degen, part time DeFi Analyst. @apg_capital
Jerome Ku Profile picture Silver Laus Profile picture SlashyReal Profile picture 3 subscribed
Dec 5, 2022 • 5 tweets • 5 min read
Holy shit.

Nexus Mutual deposited 15.3k Ether into the @M11Credit WETH pool on Maple 3 months ago and haven't withdrawn (69% of the pool!)

TX - 0x6728da3222ec225303fa94e4fb3f0835bd2ff319719eb432fd915b9c593bc969

h/t @DegenSpartan, @0xSuperTrooper Given Auros is 37.8% of the WETH pool, and Orthogonal is 17.6%, the total pool losses are 12.3k Ether (55% of the total pool value, assuming written down to 0).

That's an implied loss of $10m for @NexusMutual

That's AFTER the $6.8m from FTX coverage...

Dec 5, 2022 • 15 tweets • 7 min read
Quick dive into the Maple fuckery + some overlooked points and my thoughts...

TL;DR: @OrthoTrading likely rekt, retail lose out again.

Severe incompetence from both @maplefinance and @M11Credit whom allowed this to happen🧵 Image Orthogonal is currently 80.5% of liabilities in the $38.5m M11 USDC pool. Relative to the Babel default post LUNA collapse, which was low single digits % loss, this is magnitudes worse for Maple LPs (the majority of whom are likely retail)

Blog post here: maple.finance/news/maple-sev…
Jul 7, 2022 • 5 tweets • 2 min read
They added another 3k BTC to this, now moving to 0x019.. which is their pre-exchange wallet.

$500m in BTC very likely to hit the markets. 0.01 BTC in (test amount). Fair to assume the $0.5bn in BTC is all going to FTX now.
Jul 7, 2022 • 5 tweets • 5 min read
As promised, updating on any sizable moves:

All DAI debt paid down in @CelsiusNetwork wBTC maker vault and collateral removed ($450m in BTC).

I'd imagine they already have an OTC deal setup. Doubt this hit the spot markets but we shall see. @CelsiusNetwork Interestingly, this has been sent to their main wallet which has the Aave + Compound positions in. I expected this to go to FTX Out.

Maybe no OTC deal yet @SplitCapital

Although, if this goes into the Aave position as collateral, they would have enough to withdraw ALL stETH
Jul 6, 2022 • 6 tweets • 3 min read
Quick summary of @investvoyager Chapter 11 Bankruptcy docs page 15-24 (filed today).

cases.stretto.com/public/x193/11…

h/t @0xHamz for finding. His initial thoughts here;
"Circumstances Leading to These Chapter 11 Cases", on pg. 15 Voyager blame:
- Turbulent conditions (Covid, monetary policy)
- Market volatility from the "Ukrainian War" -> bear mkt
- "Cryptopocalypse" -> citing the Fear & Greed Index 😂
- Terra collapse + resultant sell-off...
Jun 20, 2022 • 4 tweets • 4 min read
@CelsiusNetwork are very active on-chain ATM, pulling in various tokens into their 0xEf2 wallet and then transferring to main Aave/Comp wallet (0x8AC).

They moved in the $37m in LINK (previously in Maker vault, see below), $13m in SNX, $2m in BAT, $1.5m in UNI, $1m in SUSHI. They're continuing to use these tokens to shore up prior @AaveAave and @compoundfinance positions.

Aave health factor now 1.95 (requires 49% drop in average collateral value to be liq'd).

Compound at 61% utilization (requires avg 39% drop respectively).
Jun 20, 2022 • 5 tweets • 4 min read
Ahhh Decentralized Governance.

A follow up vote has been cast and passed (already) to invalidate the prior @solendprotocol vote to take control of the SOL Whale's account to sell 5.7m SOL OTC ($170m).

w/$108m borrowed, they own ~48% of all Solend TVL.

realms-explorer.com/#/proposal/3ge… Similar to the prior vote, this one was dominated by a "non-team" Whale (6HFx..), having voted yes to the prior vote (and voting yes to this one to invalidate the prior vote) 😬

If you were on EST time, you likely missed this whole voting window.
Jun 19, 2022 • 4 tweets • 2 min read
Week in Summary:

1) Celsius withdrawal freeze ($28bn AuM 7 mths ago)
2) 3AC likely insolvent (~$10bn AuM)🫡
3) BTC below 2017 ATH & ETH temp 3 figs
4) 152k Ether 0.02% away from being liq'd on Aave twice
5) Solend Gov vote w/$700k dictates $270m in assets
If extended to 6 weeks:

-LUNA/UST -> 0 ($50bn of Terra ecosys wiped in 5 days)
-USDT temp depeg
-Gov vote passed to give Waves Founder control of $400m in user debt (can liq collateral)
-H.E Justin Sun iterating on LUNA model w/USDD
-$1trn wiped from total crypto market cap
Jun 18, 2022 • 8 tweets • 4 min read
🚨 Here we go again🚨

152k Ether 2% away from being liquidated.

zapper.fi/account/0x4093… Given how close they were last time, maybe we'll see this huge liquidation happen.

Eyes back on the ChainLink Oracle.

Jun 18, 2022 • 13 tweets • 7 min read
Since this prior thread took off, ETH is now 3 figs, and BTC is below 2017 all time highs.

Now is a good time to do an update to my prior 🧵

Will focus on:
1) Celsius on-chain update
2) Aave ETH whale movements
3) Three Arrows
4) Babel Finance & miner situ
5) BlockFi & misc 1) @CelsiusNetwork

Relatively unchanged. more debt DAI paid down on the wBTC Maker vault, liq now $13.6k. $LINK vault unchanged since Wednesday.

More activity in the Aave wallet - $20m of both DAI and USDC paid down in the last 24 hrs. Health factor now 1.44.
Jun 16, 2022 • 7 tweets • 3 min read
Looks like @InverseFinance has been exploited for c.$1.2m (53 BTC, $100k Tether).

etherscan.io/tx/0x958236266… Image The individual rapidly sold via Uniswap and has started sending profits (~1k Ether) to Tornado cash. Image
Jun 14, 2022 • 10 tweets • 8 min read
1/10 Celsius on-chain positioning update🧵

TL;DR: Significantly healthier.

Celsius continue to find more shekels, adding to their collateral across the board for 3 main positions:

1) Maker wBTC Vault now has a liquidation price of $14k, having paid down more of their DAI debt 2/10

Some more ETH has been added to their stETH @AaveAave collateral, and $2.4m in USDC debt has been paid off.

Despite topping up small amounts, the Aave health factor is still lower than my prior update given a slide in price of underlying collateral
Jun 14, 2022 • 5 tweets • 4 min read
Meanwhile in @CelsiusNetwork's stETH wallet, they're moving in 12.3k Ether.

I'd imagine this will be used to top up their @AaveAave collateral to increase their health factor to reduce the probability of liquidation in the near term. @HsakaTrades etherscan.io/address/0x8ace… P.S. Celsius didn't pay enough gas for this TX. 4.3k Ether still pending ($5.3m) Image
Jun 13, 2022 • 12 tweets • 7 min read
Only another 12% down in BTC for Celsius to be liq'd for $450m on-chain

Health factor being so close to 1 with users funds is an abuse of their fiduciary duty

Last time this was topped up was during LUNA liq cascade (May 12th) for negligible size (1k BTC) Vs 18k BTC collateral Anyone liquid here is in a good position to pick this up in size. Wonder who else has entered the fray.

May 16, 2022 • 4 tweets • 3 min read
Quickly added up @LFG_org balance sheet losses over the last 9 days. Best buy high, sell low trade of all time? Note, the likely value would be far lower than this given market impact if they dumped $158m of UST.