1/ Last 🧵for a while, I promise, but this is an important concept (bridged assets) to understand. The last couple months in crypto have been rough. The last day especially for my $ONE fam. I’m down bad. 2/ The events from the Horizon Bridge hack have highlighted the risks associated with bridged assets and the need to understand such risks. Wanted to share a success and a failure story to hopefully help everyone on their learning journey relating to bridged assets.

1: Long but hopefully helpful thread re what’s happening on Harmony. Bridges have liquidity but not in the same way you have a token pairing on a dex. Well because the Horizon bridge went down, where there was a lot of that bridging liquidity, we are 2: seeing a bank run to get funds off of Harmony. The synapse liquidity for stables is low and that’s why you are seeing a bridge of like 1,000 1USDC in exchange for ~100-200 USDC on another chain.

Harmony Fam - what a disaster... I'm sure all of you are trying to get your funds out of ONE right now. No point trying to bridge any stables using Synapse right now, those bridge pools are completely empty. There's a bank run for other tokens (AVAX, ONE, JEWEL (LOL), FTM and MATIC) all of which can be bridged 1:1 to other chains. But you have to pay nearly 60% extra for those right now and then bridge them 1:1 to a chain where they are obviously worth 60% less.

Synapse is essentially a no go right now. Multichain is still bridging 1:1 assets like

1: A quick thread🧵on decentralized exchanges, AMMs and impermanent loss, and explaining a gross misunderstanding among beginners in #DeFi about liquidity pools and AMMs:

"I'll yield farm with a stable coin pairing, that way at least half of my money is safe." 2: Decentralized exchanges ("DEX") use what is called an "automated market maker" rather than an order book to complete your order when you submit swap on a DEX. An order book is what you see on centralized exchanges like Binance, Kucoin, etc, where you can see all the orders.

Did some #defikingdoms summoning testing, bought 4 Gen 1 10/10 floor heroes (didn't care about profession or stat genes) that could mutate with 4 Gen 1 10/10s that I already owned. Summoned down to 5/10 summons remaining and summoned 2 attempts for elite.
See thread below 2: All in I had 8 parents, 4 previously owned and 4 purchased off the flor, only key was that they had 10/10 summons. I summoned Gen2 heroes with the parents and 2 attempts at a dragoon with some of the Gen2 offspring. I sold high rarity heroes and kept the trash that would have