Rough week for the "AI is taking our jobs" narrative.
> Amazon just axed its AI leaderboard as costs soared with no clear payoff
> Starbucks' AI can't even count coffee cups right
> Uber burning a $3.4B AI budget in just 4 months with nothing to show for it
WE ARE SO BACK.
Look guys, it's actually really straightforward, a bunch of people staked their ETH on the Ethereum blockchain to earn yield, except they didn't want their capital to be locked up, so they actually staked with a liquid staking protocol called Lido who provided them a liquid staking receipt token called stETH, except they decided to juice their yield further by depositing their stETH receipt tokens into a restaking protocol called Eigenlayer, except they didn't want to lock up their capital, so they actually restaked with a liquid restaking protocol called KelpDAO who provided them with a liquid restaking receipt token called rsETH, except they decided to juice their yield further by depositing their rsETH tokens into a lending protocol called Aave so that they 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 that was 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
> be in defi
> put usdc on aave at 3% apy
> "safe yield. lowest-risk play."
> can't withdraw because kelpdao got drained
> because kelpdao used layerzero
> because layerzero trusted 3 rpc servers
> because north korea ddos'd 3 rpc servers
> layerzero: "the protocol worked as intended"
🚨 BREAKING
INSIDERS JUST STARTED MASSIVELY DUMPING EVERYTHING EXCEPT OIL RIGHT AHEAD OF THE U.S. MARKET OPEN ON MONDAY!
EVERY SINGLE INSIDER IS SELLING BILLIONS NONSTOP:
0 BUYS. 1,382 SELLS. $13.58 BILLION IN VOLUME.
THIS IS REALLY BAD FOR MARKETS...