Defi Detective

The truth will set you free.

[Defi Detective @DefiDetective7]

My first piece investigating #Crypto #Defi Protocols @cega_fi.

Uncovering
- hidden lending risks
- predatory fees
- fake TVL.

https://t.co/F0xdPgAtS5 1/n

[Defi Detective @DefiDetective7]

@neon___glow @cega_fi @joshua_j_lim @SeoulsGotSOL @AlphaSolana @tmnxeq @toly https://t.co/zFDvbTgvP5

TVL is definitely VC/MM heavy but it's clearly trying to market towards retail as "safer yields"

I'm sure institutions really appreciate the friendly graphics and UI

I hope we can nip this dangerous product/team in its bud

[Defi Detective @DefiDetective7]

So this sham of a protocol @cega_fi is now offering credit free vaults with 0.24% APY after taking 2.5%+ in fees on dishonest credit products that are predatory for retail

Imagine not knowing who you're lending to and getting 13.6M of alameda exposure while paying 2.5% in fees

[Defi Detective @DefiDetective7]

@cega_fi
gives solana protocols a bad name

@neon___glow

@joshua_j_lim

@SeoulsGotSOL

@AlphaSolana

@tmnxeq

@toly

[Defi Detective @DefiDetective7]

Only reason why they got the money back was because Ledger Prime was the biggest depositor into @cega_fi and they are a subsidiary of Alameda.

If it was retail money, it would be completely gone. Remember that next time you use fake #DeFi protocols like @cega_fi

[Defi Detective @DefiDetective7]

@cega_fi gives solana protocols a bad name

@neon___glow @joshua_j_lim @SeoulsGotSOL @AlphaSolana @tmnxeq @toly

[Defi Detective @DefiDetective7]

Only reason why they got the money back was because Ledger Prime was the biggest depositor into @cega_fi and they are a subsidiary of Alameda.

If it was retail money, it would be completely gone. Remember that next time you use fake #DeFi protocols like @cega_fi

[Defi Detective @DefiDetective7]

@cega_fi wait... @cega_fi had credit risk this entire time? 13.6M alameda exposure? Who knew?

[Defi Detective @DefiDetective7]

@bigz_Pubkey @DriftProtocol @cindyleowtt how do you simulate highly adversarial environments?

Is this yet another experiment sacrificing retail to highly profitable trading strategies?

How can we trust you as risk managers after what happened? Why aren't risk parameter adjustments outsourced to third party or DAO?

[Defi Detective @DefiDetective7]

your portco getting absolutely rekt @dragonfly_xyz @hosseeb @tomhschmidt @ani_pai @ScottHershorin

[Defi Detective @DefiDetective7]

@cega_fi, an "exotic options" protocol on #Solana has >$15M+ of exposure of retail funds in uncollateralized lending to #Alameda

Their users may never see their funds again

A deep dive into the gross negligence of @cega_fi and how I WARNED EVERYONE ABOUT THIS 3 months ago

👇

[Defi Detective @DefiDetective7]

A victim of Alameda... a sham of #DeFi

@neon___glow @ledger_prime @0xtuba @0xSisyphus @wireless_anon @joshua_j_lim @dariussitzl

[Defi Detective @DefiDetective7]

got cucked by alameda check this out @0xsmac @toly @rajgokal

[Defi Detective @DefiDetective7]

got cucked by alameda check this out @0xSisyphus @0xngmi @lawmaster @Galois_Capital

[Defi Detective @DefiDetective7]

https://t.co/WooSZGpxfy is a great source for visualizing zeta markets data.

Still waiting on perps data to be listed here!

@michaelmorrell

[Defi Detective @DefiDetective7]

I'm excited to to play around @ZetaMarkets and its new perps launch!

Zeta is one of the most innovative #DeFi protocols out there right now. Congrats to @Tristan0x and the team 🥂

I will post my thoughts about my experience along the way :)

1)

[Defi Detective @DefiDetective7]

the SOL-PERP has around 3 price levels on the orderbook continuously. This is likely 1 or 2 market makers providing liquidity. Props to the
@ZetaMarkets team finding continuous liquidity with relatively good size.