I investigated Fluid's activity in cleaning up the Resolve depeg from March 22 that left Fluid with $21m in bad debt.
I found that $8m that was supposed to come from the treasury instead came from an uncollateralized credit line through the Fluid Team Multisig.
🧵👇
@LpDexhq I have yet to learn one useful thing from all markout analysis posts. They always conclude that LPs lose money and that 0.01% pools lose the least amount. Neither is true in practice.