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.
Finally someone said it. @dcfgod and we have been saying this for years.
DeFi borrowing is brutal at SIZE.
Curators squeeze borrowers.
Onchain rates stay crushed. ( As we stop play that game)
Far better to get leverage through @HyperliquidX perps where @chameleon_jeff is not countertrading you in your sleep.
Not all DeFi yield is created equal.
That is the problem @LucaProsperi and @adcv_ just nailed on @theempirepod.
The solution is agents. Trading. On Hyperliquid. Through our audited coreWriters already live in our strategies.
Reservoir has the easiest / most transparent reserves and scalable stablecoin protocol in defi.
It’s no coincidence we continue to build and ship with top tier teams across the ecosystem.
So much higher.
Introducing the first USD1 vault on @Morpho
Powered by Reservoir, @worldlibertyfi, @SteakhouseFi and @monad
We are thrilled to announce the first Morpho vault for USD1 with collateralization facilitated by Reservoir.
Curated by Steakhouse
Live on Monad
Starting today, users can bridge USD1 to Monad via @LayerZero_Core and deposit into the vault.
https://t.co/bJoN7AwSPS
Another use case now live for LibertyVoir 🦅
Reservoir has added the most TVL over the last 30 days across all yield bearing stablecoins with a TVL over 100M.
When you choose Reservoir you get cheap borrow rates, pristine underlying collateral, and new cross chain opportunities.
Let the DAM flow.
With Reservoir you got options
Borrow at low rates
Loop for high yields
Deposit into the eco vault for easy liquid high yield
Not to mention minting and redeeming 1:1 with no surprises.
These are just a few of the major advantages of using Reservoir and why you should choose Reservoir
Reservoir is the most efficient stablecoin in DeFi
- Highest yield for looping on @ipor_io
- Cheapest borrow rate on @Morpho
- 1:1 minting and redeeming
Choose Reservoir and you get the highest yields, cheapest borrow, and no slippage.
Reservoir has the best stablecoin infrastructure for users.
Consistent above market unlevered yields
Liquid minting and redeeming
Available across multiple chains
Are you paying attention?
Over the last 30 days, Reservoir has produced the highest, liquid, no lock up, yield bearing stablecoin in DeFi - and it's not even close.
Users also earn points, rewards and the value always flows back to the users.
Choose Reservoir for high liquid yield backed by products on @Morpho, @eulerfinance, @0xfluid, @aave, and @pendle_fi