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
Turns out with claude code, my decades long strategy of NOT deeply learning:
- regexs
- sql
- nginx confs
- elaborate shell commands
- advanced shell scripting
- any javascript framework
- perf optimization
- webpack, cdns, bundlers
- 1000 other things
...was entirely correct.
@0xMaidez@Polymarket I tried with bigger size and got rekt. Beware if your orders only get fully filled in one direction and not the other, because then you lose the delta neutral edge and are at the mercy of the market.
A trader thinks that the prices of eggs are going to increase, and so he contacts his broker and asks him to buy 1,000,000 egg futures at $1.70
Sure enough, a week later, the price of egg futures is $2.50, and the trader, happy to ride his winners, places an order for 3,000,000 more egg futures
Next month, at $4.30 a piece, he pats himself on the back and restructures his liquid investments to buy another 10,000,000 egg futures
At the end of the quarter, egg futures are trading at $7, and the trader finally calls up his broker and tells him to sell them all
The broker replies: “To who? You’re the egg man!”