DC

VERY AUTISTIC / trading options using

[DC @davidbigcccc]

Trading is hard
Crypto is harder
Options + crypto is cruel

Obscured pricing modelings
About 1 mils of different greek symbols

Well, we solved NONE of that
But, maybe we can do something about fragmented liquidity and let people trade a wee bit more informed

One dashboard comparing option chains across 5 major exchanges offering the best quote per coin, per expire, per strike, per side, updating real-time.

[DC @davidbigcccc]

BTW
bro is actually arbitraging us
setting limit order at 0.95 while strc trading at 96.5

[Apyx @apyx_fi]

https://t.co/3wj2Hzrs7V

[DC @davidbigcccc]

well, for a very ill liquid market on curve, sending 100k+ order is essentially free juice for mevs, i have see a dozen of different mevs profitting from terrified traders

[DC @davidbigcccc]

Hot take
There is a lot of naïve money on Pendle rushing for every single so called USD, even tho it's been proven otherwise a lot of time.

Hot take #2
Looping + curating + homemade oracle is criminal

And I love you both

[DC @davidbigcccc]

Hey who knows

Arbitraging is actually not that easy

[PiggyBank @piggybank_fi]

Dear Community,

- One month ago, PiggyBank got into a new position for $100k (~2% of the portfolio at the time), as part of the strategy’s scope of deploying into mid-cap basis trades.

- The strategy involved purchasing locked $LAB tokens at a significant discount through a Tier-1 OTC desk and hedging that exposure through perpetual shorts. During the holding period, $LAB experienced violent manipulation, including chaotic price movements on thin liquidity, and deeply negative funding rates.

- Maintaining the hedge became economically irrational and would have caused us to cross our risk thresholds. We therefore decided to close our short to cap the downside.

- In accounting terms, the total value of our $LAB locked position is $1.35m at current prices. However, due to the illiquid nature of this position, Piggybank is excluding it from the NAV until the first unlock on August 14. Even though this is an evolving situation that could still generate substantial returns, this is the fairest and most transparent way to let users manage their liquidity.

- Accordingly, today’s NAV will show a ~15% drawdown on the USDC vault, ~12% on SPYx and ~9% on JitoSOL.

- A detailed report will be published next week with next steps.

[DC @davidbigcccc]

@apyx_fi holy shit bro really means it
i thought bro gonna catch some more bloody chips on cow

[DC @davidbigcccc]

Well they finally started doing the crime the right way
They switched to cow and doing limit orders in grids

But they did also bailed about 3.5mil out on morpho at 10% premium per marketplace. Kinda stupid.

[DC @davidbigcccc]

very bad way to crime here

cutting the losses

[Apyx @apyx_fi]

To protect existing users and ensure all holders are treated fairly, the Apyx team has temporarily removed most protocol-owned liquidity from secondary markets while U.S. equity markets are closed.

This decision is driven entirely by the fact that STRC does not trade over the weekend. As a result, the protocol cannot actively manage its exposure or transact in the underlying asset until markets reopen.

Maintaining normal liquidity during this period could create situations where secondary market prices diverge materially from the value of the underlying collateral. In extreme scenarios, this could result in transactions that disproportionately benefit or harm certain users at the expense of others.

Our goal is to ensure all users have access to the same underlying NAV and are treated equitably.

We currently intend to restore liquidity before U.S. markets open on Monday, June 8, at which point normal market operations will resume.

We appreciate the community's patience and understanding.

[DC @davidbigcccc]

market crush = arb heaven

1. panic sell/buys -> mispricing

2. existing position spread proportionally shrinking down
i.e., aave at $100, spread 20bps = $0.2
then aave at $50, still 20bps spread. now worth $0.1

profit $0.1 per

[DC @davidbigcccc]

Hot take
There is a lot of naïve money on Pendle rushing for every single so called USD, even tho it's been proven otherwise a lot of time.

Hot take #2
Looping + curating + homemade oracle is criminal

And I love you both

[Apyx @apyx_fi]

No, Apyx is not levered $STRC.
No, this is not "Luna 2.0".

And no, the team is not blindly dumping cash into the market while leaving long-term holders concentrated in $STRC.

In Apyx Office Hours #12, we addressed the biggest questions around $STRC volatility, the $apxUSD discount, redemption mechanics, and how the protocol is being managed through stress.

A few key points:

🔴 Apyx is designed to avoid bank-run dynamics. Instant NAV redemptions during stress would force the protocol to dump massive amounts of $STRC into a thin, falling order book.

🔴 The team is maintaining a homogeneous asset mix by selling $STRC alongside redemptions, not just spending cash and leaving remaining holders with increased concentration risk.

🔴 Apyx is the largest holder of $STRC, meaning we have a strong incentive to manage liquidity responsibly.

🔴 When $apxUSD is bought back at a discount, that discount can flow back into the protocol as additional overcollateralization, potentially leaving the protocol stronger after volatility subsides.

🔴 The long-term goal remains 10% overcollateralization, a level where events like this become significantly easier to absorb.

🔴 $STRCx, tokenized $STRC, is part of a broader vision for fully onchain reserve management, greater transparency, and eventually 24/7 liquidity.

Timestamps:
• 02:51 Why STRC sold off and what triggered the volatility
• 05:37 What happens inside Apyx when STRC trades below par
• 07:36 Why instant NAV redemptions could damage both STRC and Apyx
• 09:29 Why the team slows redemptions instead of force-selling reserves
• 09:56 How discounted buybacks increase overcollateralization
• 10:56 The path toward 10% overcollateralization
• 14:39 Exit options for apxUSD holders
• 17:22 Why Apyx is not levered STRC
• 17:50 SATA rotation and reserve management
• 19:12 Apyx vs STRCx and other STRC-related products
• 22:23 Balance sheet management during stress
• 24:22 Why Apyx is designed to be anti-bank-run
• 27:31 Saylor's options to stabilize STRC
• 33:58 Why Apyx tokenized reserves through STRCx
• 36:10 The vision for fully onchain financial infrastructure

Full replay below. 👇

[DC @davidbigcccc]

3MIL in

dragged back to 96p

now the next biggest challenge would be to sustain the sell pressure from us unlockers

then PT rollovers

[DC @davidbigcccc]

been closely monitoring buyers and sellers @apyx_fi

very interesting findings

3 kind of buyers:
1. institutional related wallets (suspecious curators)
2. $STRC lovers, rotating from Saturn to Apxusd
3. big hl whale

2 kind of sellers:
1. Pendle PT/SY holder
2. Looper on Morpho

seems most ppl just chasing that fix rate / looping apr blindly and got juiced hard.

[DC @davidbigcccc]

been closely monitoring buyers and sellers @apyx_fi

very interesting findings

3 kind of buyers:
1. institutional related wallets (suspecious curators)
2. $STRC lovers, rotating from Saturn to Apxusd
3. big hl whale

2 kind of sellers:
1. Pendle PT/SY holder
2. Looper on Morpho

seems most ppl just chasing that fix rate / looping apr blindly and got juiced hard.

[DC @davidbigcccc]

added some apyusd for unlocking
not a lot in queue.
think $STRC eventually go back to 100 as we have witnessed after feb 5th depeg.
ethereum:0x38eeb52f0771140d10c4e9a9a72349a329fe8a6a is severly fud depegged

[DC @davidbigcccc]

added some apyusd for unlocking
not a lot in queue.
think $STRC eventually go back to 100 as we have witnessed after feb 5th depeg.
ethereum:0x38eeb52f0771140d10c4e9a9a72349a329fe8a6a is severly fud depegged

[DC @davidbigcccc]

Some arb idea on the $STRC depeg leading to ethereum:0x38eeb52f0771140d10c4e9a9a72349a329fe8a6a and ethereum:0x98a878b1cd98131b271883b390f68d2c90674665 depag @apyx_fi

almost all the risk is about btc going down in the timeframe

the options flow
buy apyusd at $1.28 from usdc -> unlock it to apxusd at 1.37 ratio -> convert the apxusd into usdc at 0.98 = around 8%roi

factor in all the swap/redeem fee
100k in -> 3k +

current atm puts at june pricing around 3k for the same exposure

OR cheaper options but more iv exposure for a july put, which enables 2 swaps if situation persist.

[DC @davidbigcccc]

On another note

When you shop fish & chips, don't go for cod, haddock, or any cadidae variance.

Grab bartered salmon if you can, extra vinegar on the fish. Amazing greasy + acid flavor with a strong salmon taste.

Mamamia, my slava is dripping

The best fish and chips I had are from Dundee Scotland, Tailend, but they closed last year, real pity.

[Pendle Intern @PendleIntern]

Excellent news.

I'd rank this somewhere between Kate Winslet and Fish & Chips which is very friggin dang high on the list.

[DC @davidbigcccc]

Some arb idea on the $STRC depeg leading to ethereum:0x38eeb52f0771140d10c4e9a9a72349a329fe8a6a and ethereum:0x98a878b1cd98131b271883b390f68d2c90674665 depag @apyx_fi

almost all the risk is about btc going down in the timeframe

the options flow
buy apyusd at $1.28 from usdc -> unlock it to apxusd at 1.37 ratio -> convert the apxusd into usdc at 0.98 = around 8%roi

factor in all the swap/redeem fee
100k in -> 3k +

current atm puts at june pricing around 3k for the same exposure

OR cheaper options but more iv exposure for a july put, which enables 2 swaps if situation persist.

[DC @davidbigcccc]

nothing beats a GM from the general

[DC @davidbigcccc]

Some arguments for that defi yield is actually inferior

[Fluid 🌊 @0xfluid]

We identified and contained a compromise affecting our off-chain merkle rewards distribution infrastructure.

Importantly:

• The core protocol remains fully secure and is governed by governance and the 7/14 team multisig.
• All protocol smart contracts are safe and unaffected.
• User funds are not at risk from this incident.

The impacted contract is not part of the core protocol infrastructure and was used solely for rewards distribution with minimal funds in its balance.

Our team is actively investigating the incident. We will share a detailed post-mortem as soon as possible.

We appreciate the community’s patience and support as we work through this.

[DC @davidbigcccc]

a solid CL run last 24hrs

[DC @davidbigcccc]

Not good news

The entire ct now knows my cash cow

But guess my points now worth nore

[Variational @variational_io]

We’ve raised $50M led by @dragonfly_xyz to go all in on RWAs and bring TradFi liquidity on-chain.

Today, we're launching Phase 1 of our RWA rollout to stress-test our infrastructure before bringing 100+ TradFi markets on-chain this summer.

[DC @davidbigcccc]

@unhappyben very pink feet

[DC @davidbigcccc]

@unhappyben @ambire @HyperliquidX @Polymarket im back to metamask from @Rabby_io exactly because they prioritize my hl positions however small my size is.
top ux move

[DC @davidbigcccc]

/handleoff & /grillme just became my most used skills

injected too much ai slops into the system, debugging is now a nightmare