shadow
@0xmev
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A critical lesson many top 0.1% engineers need to hear: allocate your time as one allocates his/her capital. Where you decide to invest your talent is the single highest convexity decision in life. @hyperunit we have incredible problems to solve, and era-defining products to.
Spot volumes on Hyperliquid reached a new 24h ATH of $3.4B. This was driven largely by growth in BTC and ETH deposits and spot volume, facilitated by @hyperunit. This makes Hyperliquid the second largest venue to trade spot BTC across both centralized and decentralized.
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It's good that people are starting to consider the intersection of traditional assets and blockchain venues. I look forward to future discussions of the idea and its implications. For now, I'd like to highlight a couple flaws in the logic here. A few notes on S&P 500 perps. .
Timeline talking about "S&P perpetual futures on Hyperliquid" today. They can't do it. The S&P 500 is owned by McGraw-Hill. They won't licence a CME competitor. The real time price of the instrument is owned by CME. Anyone keying off real time CME data to price the instrument by.
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pump fun guys might just pitch a perfect cycle .> monopolize the cycle narrative .> clear $1B with a few employees.> float a rev-share token in time for a forward multiple on pico top revenue.Chef’s kiss: 100B supply bc a 25¢ token "can easily 10x bro".
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remember when SBF fed the suits $100 million of serum tokens at a 15% "discount" on $100 BILLION fdv
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Binance is literally daylight robbery, you have to trade 150mm, resulting in > 90k net fees starting at vip 0, just to get the same fee tier as a regular hyperliquid spot user
Coinbase is literally daylight robbery, you have to trade 250m, resulting in >300k net fees starting at vip 0, just to get the same fee tier as a regular binance spot user
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The most performant self-custodial BTC/USD spot market, enabled now on @HyperliquidX.
Introducing Unit: the decentralized asset tokenization layer for all of finance, built exclusively on Hyperliquid. Unit will enable seamless deposits, withdrawals, and trading for a wide variety of assets. Our first integration allows major spot crypto tokens to flow between.
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In the scenario this actually unfolds, it's likely that the most sufficient counter-measures would similarly need to utilize AI. If persistent, the "white hat" side would eventually need to permit the agent to deploy code unsupervised.
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I believe there's a non-negligible chance we encounter severe issues across our internet infrastructure within the next year or so, from attacks utilizing AI tools + basic cryptography. I could think of a few ideas that could be deployable, at scale, within ~6-9 mo. .
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Fin/ It's impossible to say exactly how much Avi lost on this trade (bc of CEX side), but my guess is around $10-15mm. Main mistakes:. - not enough gas in the tank.- not enough float to control market.- didn't predict CT would join the front lines for @CurveFinance.
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10/ Before discussing Avi's specific mistakes, I should note that he *did* show that even the "big" protocols are exposed to manipulation, and bad debt. I highlight this point.1) for everyone that punched down on Mango Markets.2) so we can further harden our DeFi primitives.
1/6 We want to address the cycle of liquidations that occurred in the CRV pool on the Aave Protocol today. The liquidations were successful (and worked as designed), but unfortunately, the size of the position left some excess debt within the protocol.
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9/ By 6:48 pm UTC, it was clear Avi got rekt by Curve gigachads. 0x30 declares victory in tx data to the liquidated address.
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7/ Avi had a lot of uncovered CRV shorts, and the momentum was turning. At this point, he should have closed as much CRV shorts as he could. Impossible to tell if he did, as we can only see what's on-chain.
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6/ Around 10:15 am UTC, 0x30be05fe3ed386b8d8afb327b03f50c9d97dcb85 begins to counter Avi's positions. On-Chain: Swap for CRV, and lend it to borrow USDC.Off-Chain: Giga squeeze the orderbooks.
First, he came for Mango, and I did not speak out, for I am not an investor. Then he came for USDT, and I did not speak out, for he did not pose a risk. Now, he tries to hunt the loan of one of the godfather's of DeFi and that's when the foot is put down to defend
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5/ November 22: beginning at 5 am UTC, Avi unloads. $24.5mm USDC collateral added to Aave.55mm additional $CRV tokens borrowed.60mm $CRV sent to CEX to dump. At 10 am UTC (5 am EST), everything is going according to plan. but then
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3/ Now for how it played out. On November 13, Avi deposits $39mm $USDC into Aave. It's fair to assume he put on a $CRV short on the order of ~10-50mm on a centralized exchange
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2/ Overall, this is pretty similar to the Mango strategy: manipulate oracle price to get favorable DeFi loans. Note: There was an optional plus of wicking low enough to liquidate Curve Founder @newmichwill Aave $CRV position between steps 3 & 4.
Mango 'very profitable trading strategist' @avi_eisen has an $8m short on CRV. @CurveFinance founder @newmichwill has $48m of CRV supplied on Aave with a liquidation price of .259. Yesterday they had an interesting discussion in the Convex discord. 🦙🏫 ↓
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