R🐽ter
@0xrooter
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founder of @save_finance and @suilendprotocol. ex @coinbase engineer, builder, shitposter.
Suilend, SEND
Joined May 2021
USDC has averaged 24.2% APR over the last 24h. it's cool to see @suilendprotocol's algorithmic rates in action, working flawlessly.
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the great thing about DeFi is that everything is onchain. everyone can transparently view every deposit, every borrow, and every liquidation. no "external fund managers" or backroom deals.
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another good call by burniske
Increasingly convinced last Friday's massacre broke crypto for a while - hard to quickly develop a sustained bid, after such a meltdown. This cycle has been disappointing for most, which can paralyze action as people hope for bluer skies, or former ATHs. It's easy to get caught
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with this, suilend users have managed to dodge any potential fallout from the stream finance situation. it also showcases the power of isolated markets, since even if the loans weren't repaid, only depositors in the elixir isolated market would've been affected.
Elixir Isolated Market withdraws have been unpaused, as all USDC debt has been repaid by the Elixir team.
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Sui Bridge temporarily increased the 24h limit to $50M to allow funds to flow, which allowed USDT on Sui to repeg. For the future, Sui Bridge is working on a bypass mechanism similar to Wormhole's, guaranteeing no transaction remains stuck for more than 24h.
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Many had funds stuck for days because Sui Bridge handles transactions first-come, first-serve rather than queued. If other transactions keep cutting in line, a transaction can be stuck indefinitely.
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USDT's price on Sui diverged vs Ethereum due to users swapping to USDC to then bridge out. There was an arbitrage opportunity, but with no way to bridge USDT out it couldn't be exploited.
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Most assets exited smoothly, but USDT got stuck due to bridge limits. USDT on Sui uses Sui Bridge, which caps outflows at just $5M per day. With $350M trying to exit and only $5M of capacity, the bridge was congested.
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The depeg was triggered by large USDT outflows related to the @MMTFinance BuidlPad presale. Participants were required to LP to qualify for allocation. Naturally, most deposits were in stablecoins to avoid price risk. ~$350M flowed in, then out after the snapshot.
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Few noticed that USDT on Sui depegged by 20 bips for 4 days last week. Here's what happened, how it was fixed, and what's being done to prevent it from happening again 🧵
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Kalshi x @SuiNetwork We've expanded our domestic deposits to support Sui-native USDC and SUI! Users can also trade on our Sui-specific markets surrounding the Sui DeFi ecosystem!
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it's taking 2+ days to bridge from sui to ethereum even wires are faster welcome to the future of finance 😭
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anyone who's bridged USDC from solana to sui with CCTP understands that these are the future of blockchains.
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