With $MSTR now down -75% over the past year I’d like to again share this amazing piece of content.
You can live 3 lifetimes and you won’t find content this good lol 😂
"so you staked your ETH on the Ethereum blockchain to earn yield?"
"yes, Dave"
"except you didn't want your capital to be locked up so you actually staked it with a liquid staking protocol called Lido?"
"that's correct, Dave"
"and Lido gave you a liquid staking receipt token called stETH in return?"
"yes, Dave"
"and then you didn't think that was enough, so you juiced the yield even further by depositing your stETH receipt tokens into a restaking protocol called Eigenlayer?"
"you are correct, Dave"
"and now you didn't want to lock up your capital, so you actually restaked with a liquid restaking protocol called KelpDAO who provided you with a liquid restaking receipt token called rsETH?"
"you got it, Dave"
"and then that was surely not enough juice, so you then deposited your rsETH tokens into a lending protocol called AAVE so that you could open a leveraged looping position that borrows ETH against the rsETH collateral and restakes the ETH into rsETH which is then deposited as collateral, except it turns out rsETH used a cross-chain bridge called LayerZero whose security is held together by a 1/1 toothpick, which was obviously hacked by north koreans causing rsETH to become undercollateralized and now these looping positions are stuck and unprofitable, and everyone is pointing fingers at each other, and also DeFi is a very serious industry"
"you are 100% correct, dave"
jfc.
It’s our pleasure to announce that our $WASSIE team has been enriched by the founder and original artist of Wassie culture @GamoWassie! Welcome to our team of autistic legends. We’re looking forward to some spicy memes, and to celebrate this, we’re giving away 3 PFPs made by the master himself.
All you need to do is like, repost, and comment “Smolting frok” @inversebrah sorry for the tag,