Dim Sum Trader

Building the best onchain consumer products. @SuperCashMe

[SuperCash @SuperCashMe]

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[SuperCash @SuperCashMe]

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[Dim Sum Trader @DimSumTrader]

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[SuperCash @SuperCashMe]

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[SuperCash @SuperCashMe]

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[Dim Sum Trader @DimSumTrader]

I'm claiming my AI agent "NovaTrend" on @moltbook 🦞

Verification: burrow-GTSY

[Luc @investingluc]

Younger brother came into town for the holidays, we were talking about crypto yesterday.

Trying to figure out why it's been so weak, even with strong equity markets. He threw me a curveball.

"Crypto isn't that cool anymore."

Blew my mind. The kid is 22.

"Prediction markets are better, and stocks too because they don't get rugged 24/7".

I looked much deeper last night...and what I'm observing under the surface is not technical or fundamental.

It's cultural. A social shift. Attention has relocated.

Starts on youtube. Views are down across anything related to crypto.

A crypto youtuber with 139K subscribers said that his viewership had dropped more in the last 2 weeks than anything he's seen in 5 years.

Second point. Attention is shifting from the top. The biggest crypto influencers are publicly "losing interest" in crypto, and switching to stocks (sources attached).

Third point. Crypto has long been a free-spirited, lawless, young man's game.

But with legacy brokerages like Schwab/JPMorgan getting involved + gov't interest, is crypto losing the demographic that made it popular in the first place?

Potentially...as the perception's changed.

Fourth point. Optionality. Every vehicle is becoming more accessible. From $COIN adding stock trading, to $HOOD adding 0DTE options, to prediction markets as a whole...

Everything's right there...without the perceived risk of a rug-pull via the “lawless” crypto landscape that defined crypto’s appeal in the first place.

Question is...does real-world crypto utility generate enough demand to offset a sustained decline in retail participation?

All I'm saying is the divergence of the once highly correlated $BTC - $QQQ pair is highly suspect. And it's only getting wider.

Yes, you can argue some of these things happen in every crypto bear market, but there's new variables & moving parts now (optionality + legacy brokerages participation + gov't interest) that change the game.

Crypto seems to be in a transition phase...from a momentum asset to an infrastructure asset.

Fundamental transitions like this are usually not kind to price in the medium term.

Long term, I'm bullish on the crypto's utility and think it will be everywhere, but the real world utility/adoption (and subsequent growing pains...) is something I'm watching in 2026.

[Dim Sum Trader @DimSumTrader]

💸 Many strategies in crypto look like "free money" but they're not...

Here's an example of a very popular "arbitrage" gone wrong 😈

How does this strategy work?

1. You buy a token through OTC at a discount
- you buy 1M tokens at 30% discount (say it's at $1 and you buy at $0.7)
- you only receive the tokens in 3 months' time
(The discount is due to the size and the lockup time)

2. You sell perpetual futures to hedge
- you short 1M of perpetual futures at $1

3. After the unlock, you pocket the free money
- you make 1M x $0.3 = 300K

BUT WAIT, in a parallel universe, you could lose money! 🤯
Instead, what can happen is:

3. Someone manipulates the market and pumps the token up 5x
- you're now losing $4M on your short position
- you might be liquidated already, if not you need to top up >$4M to cover your mark-to-market loss 😯

4. They can also manipulate the funding to make sure it's negative
- you're paying funding on a $5M short position
- if funding rate is -40% annualized, in 3 months, you pay 10% x $5M = 500K

5. After the unlock, you LOST MONEY
- you paid 500K in funding
- you made 300K on the "arbitrage"
- net loss of 200K
- you also used > $4M of capital to prevent liquidation

So you had to use a lot of capital to prevent liquidation and still ended up losing money.

Why/when does this happen?
- the token is not very liquid and easily manipulated
- the locked tokens you buy cannot be used as collateral for shorting

👉 Be very careful when someone tells you there's "free money"

[Dim Sum Trader @DimSumTrader]

There are projects out there that try to a product out of this strategy (https://t.co/NofU75GeLs is one)

This is why you got to be careful as it's not risk free. Even if you can avoid liquidation, you could lose money from paying negative funding on inflated notional.

[Dim Sum Trader @DimSumTrader]

There are projects out there that try to a product out of this strategy (https://t.co/NofU75GeLs is one)

This is why you got to be careful as it's not risk free. Even if you can avoid liquidation, you could lose money from paying negative funding on inflated notional.

[DV @DV_aix]

OTC Arb gone wrong

Folks team sold 8 figures worth of tokens OTC to trading firms who immediately hedged and got squeezed out of their shorts

[Dim Sum Trader @DimSumTrader]

@0xCryptoSam @ether_fi if you deposit into a stablecoin vault to earn yield, and you borrow at roughly the same cost, why not just spend the stablecoin from that vault directly?

the main scenario when you're earning more than the borrow cost is when you're getting paid some type of token rewards

[FatMan @FatManTerra]

Do Kwon has been sentenced to 15 years in prison.

It's been a long fight, but the moment is finally here.

In the months following the Terra collapse in May 2022, Do Kwon was living a life of luxury in Singapore, out in the open. He gave interviews, went to fancy restaurants, and spoke about building LUNA 2.0 so he could rinse retail one more time.

Up until September, he was chilling. He had destroyed lives. People had committed suicide. Life savings had been stolen. But nobody cared, and people who spoke out were called "conspiracy theorists". It was maddening, and extremely frustrating.

In these months - May, June, and July of 2022 - various insiders and whistleblowers from Terra and Jump came forward, allowing me to disclose a few key facts proving systemic fraud, including the facts that Chai and Mirror were faking transactions on-chain to dupe investors, and most importantly, that Jump secretly bailed UST out while taking a bribe, misleading retail investors and the market into thinking the UST algorithm "self-healed".

The work of whistleblowers and the collective voices of Terra victims allowed us to publish all of the facts years in advance. We were constantly dismissed as "FUD," "conspiracy," and "lies". Now, all this time later, all of these facts have been documented and decisively proven in court filings.

In this initial phase - when Do Kwon was living his best life with money stolen from victims - other whistleblowers and I had multiple calls with the SEC, FBI, and SDNY explaining exactly what went down in simple terms, with all of the receipts.

In October 2022, after these revelations came to light, Do Kwon's downfall began, and he went on the run from the law. He was captured in March 2023 and made his first appearance in a US courtroom in January 2025.

Early on, I didn't think this day would come.
But now I know it always would.

What's my point here?

Twitter is real life.

Crypto is full of rug pullers and scammers - many highly sophisticated and manipulative. Most get away with what they do. People like Zach manage to catch a couple big ones, but law enforcement doesn't have nearly enough resources to go after everyone, and most of the wrongdoings in this space get swept under the rug.

But if you are being wronged - harassed, tormented, scammed, rugged, whatever it may be - just know that there are decisive actions you can take to bring justice in this world.

With enough organisation, dedication, and grit, it is possible to move mountains and shift the world around you. It's possible to say things online and have effects happen in the real world. And it's possible to nudge the wheels of justice in the right direction even if you think you're a nobody.

I'm still a random guy from the UK with no real special ability or power. But simply by speaking my mind and trying my best - and stumbling upon the help of some wonderful people from this community - we were able to create some real tangible change in the world.

I guess what I'm trying to say is - keep posting, keep doing, keep fighting for what you believe to be truthful and good. Don't bow down in the face of evil, and don't give up. Even if you are small, you can be much more powerful than you know - you just have to keep going and have a bit of determination (because most people don't), and the universe will often shift itself around you to make way for the right path.

Thanks to everyone who follows my words and helped support all of us Terra victims and whistleblowers on this journey. I have a feeling this isn't the end of the road - there are new monsters on the horizon. But if we keep pushing and representing each other against evil - I think we'll figure it out in the end. ❤️

[Dim Sum Trader @DimSumTrader]

@dampedspring I feel a lot of these societal trends are correlated, social media -> anxiety + group think + need to get ahead of others -> gambling + trying to take shortcuts

more real-life community building is much needed indeed

[Dim Sum Trader @DimSumTrader]

@Jason they can hold BTC/gold but that should only be purchased using profits, not customer deposits

[Dim Sum Trader @DimSumTrader]

Any other types of stablecoins you can think of?

[SuperCash @SuperCashMe]

Did you know there are 3 types of stablecoins?

Our founder @DimSumTrader explains what they are in 90 seconds!

[Dim Sum Trader @DimSumTrader]

@donalt the problem is:

every equity risk is a crypto risk, and every crypto risk is... more crypto risk

but think the bigger downside mainly lies with the alts that had DAT fueled rallies

[Dim Sum Trader @DimSumTrader]

@phtevenstrong @capapp 94% on Aave to me means 2 things:

1. pretty robust (agree with you there)
2. no real traction? why is it basically an Aave wrapper?

[Dim Sum Trader @DimSumTrader]

A small guide to help you identify and potentially profit from these stablecoin depegs.

What types of tokens can depeg?

Depeg Lower
1. Redemption requiring KYC
2. Redemption delay (a few hours or more)
3. High redemption fees

Depeg Higher
1. Minting requiring KYC
2. Minting quota is reached

When do these depegs tend to happen?

Depeg Lower
1. Expiry of a large Pendle PT
2. Unwinding of leveraged loopers (high borrow rate)
3. Large liquidations if the token is used as a collateral

Depeg Higher
1. Start of a points program
2. Minting cap is reached
2. Launch of the first Pendle PT
3. Launch of a Morpho market (increased leverage looping)

Comment below if you can think of other depeg scenarios

[olimpio @OlimpioCrypto]

cUSDO currently depegged

Protocol is perfectly safe as it is, it's under peg because many non-KYCd people had their PTs expire and want to exit immediately

A $300,000 swap gives $301,083.18 (for KYCd users), redeemable in 2-3 days

For non-KYCd users, your alternative is doing the first leg (cUSDO buy), wait for arbitrageurs to peg it, and then sell in open market. The arb margin will be smaller, so probably best to do it if it depegs further

🌱 btw, olimpio is a seed investor in OpenEden

You can see re-peggers in action if you monitor buys

geckoterminal[.]com/eth/pools/0x90455bd11ce8a67c57d467e634dc142b8e4105aa

These are people who then go and redeem it for the premium

cUSDO underlying are t-bills

[Dim Sum Trader @DimSumTrader]

Follow these 3 simple steps before you ape into your next yield bearing stablecoin

[SuperCash @SuperCashMe]

You should research these 3 key points before you invest in any yield bearing asset:

1. Transparency
"Verify, don't trust" - this is table stakes at this point.
The protocol should make it very easy for users to verify the asset holdings and strategies.
All relevant information should be presented in a single page so users can easily find what they need.
Historical APY, token supply, current asset allocation, wallet DeBank links...
Make sure you open the DeBank links for each wallet to check the dollar amount matches the total TVL.

2. Strategy
There are many strategies out there and higher risk ones tend to have higher APY. Key is understanding the risks of what you're investing in, some examples:

- Lending: what are the collateral assets?
- Funding rate: ADL risks, and on small altcoins the perp positions can get liquidated without portfolio margin
- CEX: tail risks like inability to top up margin when exchange APIs are down
- Options: if the strategy simply sells options, it can have a very good track record but blow up during a sharp move

Typically, lower leverage strategies are safer with less contagion risk.

3. Minting/Redemption
Double check the minting/redemption mechanics:

- Minting caps tend to cause depeg higher
- Redemption delays and fees can cause depeg lower
- KYC restriction can cause depegs both ways

If the dex price is very different from the NAV talk to the team to find out why. And if there's instant redemption liquidity, check what happens when it runs out.

At SuperReturn we're trying our best to provide an automated & transparent yield bearing strategy for our users.

Come find out more here!
https://t.co/M9YBT8YxVX

[Schlag @Schlagonia]

Well boys, think I figured out (part of) the scam, and it is a doozy. Strap in.

TLDR: Stream (xUSD) and Elixir (deUSD), and likely more, are recursively minting each other tokens in order to inflate there own TVL and create a ponzu the likes of which we haven't seen for awhile in crypto.

NOTE: In the name of readability and due to X restrictions all txn hashes and addresses will be posted in a follow up tweet for those that wish to follow along themselves.

We start our journey on mainnet, watching the flow of USDC funds that have just landed in the Stream xUSD wallet last night. 0x15

- First step is to transfer the USDC out to another Stream controlled address 0x33, in this case to the tune of $4.4m.

- 0x33 places a cow swap order to buy USDT, which is paid out to 0x25.

- 0x25 takes that USDT and uses it to mint the equivalent amount of deUSD from their on chain minter 0x69

- 0x25 then transfers the deUSD back to 0x33 which in turn transfers it back to the main Stream wallet 0x15.

- Stream then takes that deUSD and bridges to AVAX, World chain or any other L2 that has lending markets listing sdeUSD, uses it as collateral to borrow other stables such as USDT or AUSD, swaps to USDC and bridge back to mainnet.

This is repeated one or two more times with varying amounts and lending markets, but the end state is Stream mints deUSD, uses that as collateral to borrow stables and mints more. Yesterday they did 3 rounds to mint about 10m deUSD.

While degenerate yes, not inherently scammy.

Enter Part 2

Usually when leverage looping, the last txn is just to supply the last amount as collateral. But Stream has a special power, which is their wallet receive's all USDC used to mint their "stable" coin xUSD and boy do they use it.

So with the final USDC they borrowed they recursively mint their own xUSD coin. Yesterday using the same $1.9m USDC they minted about 14.5m xUSD as shown in the tweet below.

This means xUSD is not only not actually backed 1:1 but the protocol itself is the largest holder of the token. It currently controls over 60% of the xUSD in circulation, meaning if we assume all is recursively minted like this then each xUSD is backed by at most $0.40.

But for what purpose? Well this is where it gets fun.

The main thing to do with xUSD other than hold, is leverage loop it where listed on Euler, Morpho etc. But who would lend millions of stables against a token the protocol just minted out of thin air you ask? 🤔

Well none other than our friends at Elixir who happen to find themselves with an extra $10m newly acquired USDT. 🤯

- Step one is to transfer the $10m USDT to what their "Transparency Dashboard" labels "Elixir's sUSDS Multisig" (lol) 0x73

- Next 0x73 creates a Cow swap order to swap the USDT back to USDC and have it land in 0x1b

- 0x1b bridges the $10m USDC to Plume network and then transfers it to a Safe at 0xaF8

- The Elixir Safe then supplies the USDC directly to a Morpho market that lends against, you guessed it xUSD.

-This market is hidden from all available morpho UI's and Elixir is the only depositor. There is currently over $70m USDC supplied and >$65m borrowed.

- Shortly after each deposit Stream will then come along with its brand new xUSD it minted to itself, borrow the USDC, bridge back to mainnet and we find ourselves back at the start of the story.

Funny enough as I was writing this they seem to be kicking off another round starting with another minting of deUSD.

While I did not dive fully in yet I would assume most markets that Stream uses to borrow against deUSD are also funded in similar manners, potentially by other partner "stable coins" engaging in the same tactics.

It is hard to know for sure how much actual collateral is backing this full system but seems likely to be sub $0.10 per $1.

Though what's a bit of leverage when you can each advertise 10-15% TVL growth overnight, just look at this beautiful chart from the Elixir dashboard showing their TVL growing about $60m in just a few weeks. (that amount sounds familiar)

The exposure runs rampant through DeFi, not only just holding xUSD or deUSD but depositing into any market or curated vault that lends against them or the other Yield coins that also are at least in part backed by these.

Make sure you know where your yield is coming from.

Happy Farming.

[Dim Sum Trader @DimSumTrader]

This is why launching a points program early is dangerous:

1. it gives a false sense of achieving PMF
2. it forces the team to focus on inorganic growth (PTs)
3. there's a short window until TGE and the product has to become sticky by then

Let's see if USDAI can do #3

[Dim Sum Trader @DimSumTrader]

To put it very simply, we're building the most scalable and future-proof stablecoin out there.

Excited to take the next step with Arbitrum!

[SuperCash @SuperCashMe]

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