picnicmou

slow is smooth, smooth is fast

there is no second best @SolvProtocol

[picnicmou @picnicmou]

With BTCFi heating up, I’d like to share some stats on a lesser-known project on CT, @SolvProtocol.

Solv is the largest Bitcoin Staking protocol, with over 14,800 BTC put to work with Solv.

Breakdown of BTC Put To Work with Solv:
🔹 4,300+ BTC Bridged Out for airdrop farming (Linea, Scroll, Mezo, Fuel & More)
🔹 4,700+ BTC staked in SolvBTC LSTs (SolvBTC.BBN, SolvBTC.ENA)
🔹 4,400+ BTC Bridged to Core DAO (not indexed on Dune)
🔹 1,400+ BTC deployed in BNB DeFi

This puts SolvBTC at a massive ~80% Utilization Rate (14,800/18,000 SolvBTC), highlighting the massive utility behind SolvBTC.

Let’s break it down 🧵👇

[The DeFi Investor 🔎 @TheDeFinvestor]

Craziest thing I've seen in a while:

• Someone buys $4M worth of BONK

• Then posts a DAO proposal asking to transfer $20M in BONK to themselves

• Waits 7 days without anyone noticing

• Then votes "yes" with their own BONK holdings, and the proposal passes

• $20M is transferred to them

And now the Bonk team has suddenly realized they lost $20M.

This wasn't even a hack.

The proposal passed because no $BONK holders checked the governance forum.

Insane to see the current state of DAOs.

[Bobby Ong @bobbyong]

Our Research team member @Seol_luna did a study to see how far deep into the bear market we are currently in. Based on past cycles in 2019 and 2023, it seems like we may have another 5 more months and 30% more drawdown to go. Let's have the bear cycle be over fast please 😭

https://t.co/Aq4ATfbpiS

[picnicmou @picnicmou]

@natxwang hi nat, can i join? :p

[picnicmou @picnicmou]

lol the comments tho

[Zack Brenner @zjbrenner]

Who wants early access to perps on @opensea ? 👀

[picnicmou @picnicmou]

@Eli5defi take care 🥹

[picnicmou @picnicmou]

@2lambro @base @bankrbot 2lambro ai arc

[0xngmi @0xngmi]

Excited for this!

DLResearch is gonna merge into DefiLlama, which will allow us to start directly delivering research along with our data

[Catherine Chan @catwychan]

The reason Solv picked Chainlink CCIP as our official cross-chain infrastructure partner:

The short answer: Trust is cheap, verification isn’t.

Chainlink runs SolvBTC through a structured report card (see example generated on Apr 20) that scores our setup against best practice, chain by chain:

- Overview & current setup: full map of how SolvBTC is deployed per chain — contracts, dependencies, integration surface
- Authority hierarchy & security model: is SolvBTC at the highest standard (MCMS + Timelock) on every chain
- Permissions: key pool roles and privileged actors, per chain
- Cross-chain architecture summary
- Rate limiter safety matrix
- Gas overhead config matrix

As the asset issuer to SolvBTC, the cross-chain infrastructure provider is one of the single biggest counterparty risks we carry. As a client, I've been deeply impressed by the level of detail and rigor Chainlink brings to the relationship.

From day one, they've shown real professionalism, willingness to work alongside us to continuously raise the standard, and the discipline to keep us in check.

That is invaluable.

[Hasu⚡️🤖 @hasufl]

Great account - please do this for all projects!

[Ignas | DeFi @DefiIgnas]

RFV Raiders are back. Gnosis DAO is the new target.

It's a fun game, but first... a reminder:

In 2023 Real Value Raiders took down Rook (5x return), Tribe (Fei wind-down), and you'll probably remember they pushed Aragon to repurpose its treasury (they fought back).

Old playbook was finding DAOs where token mcap < treasury value, accumulate enough tokens, force a dissolution vote, distribute the treasury pro-rata.

Now the playbook is harder to fight.

----

GIP-150 on Gnosis is the new playbook:

Gnosis treasury sits at $223M (ETH, stables, ecosystem tokens). 1.3M GNO tokens are eligible to redeem against it.

So each redeemable GNO has ~$170 of treasury behind it.

But GNO trades at $135.95.

That's a ~$33 per GNO discount to NAV.

Or 24% gain risk free if redemption goes through. (Although RFVs likely bought at lower price).

So holders started asking: why am I funding Ltd while my GNO trades below treasury?

GIP-150 proposes opt-in redemption.

Holders surrender GNO, get their share of the treasury back.

Liquid assets (ETH, stables) distributed at face value.

Illiquid investments (offchain investments, Gnosis Ltd value) gets a claim token (gLTD-CLAIM) that pays out as values realize..

So this opt-in design is supposed to protect non-participants.

The RFV logic has a point: If Gnosis Ltd takes ~$30M/year of DAO money and produced $400k of revenue AND token trades below NAV, token holders' aren't happy.

So these 'attacks' put responsibility towards token holders. It also protects holders from teams that slow-quit by burning treasury in salaries while not really building anything.

But for RFVs this is pure arbitrage trade, not some moral mission.

In this case almost every DAO and projects beyond Hyperliquid and Tron should be shut down and Treasuries returned to token holders.

Whatever Gnosis Ltd is actually building (Gnosis Pay, Circles, Gnosis Chain) loses funding, and some of that work has real users. That is why I voted Against.

And building takes time. Plus market is bad so it is common that token trades under NAV for years.

Every other DAO trading below NAV becomes a target. Beefy is next btw.

Builders at DAO-funded entities now have to plan for potential redemption votes from coordinated holders.

Think to do buybacks, pump token or whatever.

Exciting times.

P.s. If I made any mistakes, sorry. It is my night night time.

GN

[picnicmou @picnicmou]

what)

[Vadim (AI, ⋈) @zacodil]

Wild story unfolding around the KelpDAO hack funds frozen on Arbitrum.

Quick context: in April, Lazarus Group (DPRK-linked) hacked KelpDAO for $292M via a LayerZero bridge bug. Some of the stolen ETH flowed through Arbitrum, and Arbitrum's Security Council froze $71M before the attacker could move it further.

The industry mobilized to recover. Aave, KelpDAO, LayerZero, EtherFi, and Compound co-authored a proposal asking Arbitrum DAO to release the frozen ETH to a multisig that would compensate hack victims. The vote is passing.

Then this week, a plot twist. Lawyers showed up with a restraining order. But not on behalf of the KelpDAO victims.

The plaintiffs are Han Kim and two other groups - family members of people killed in DPRK-backed terrorist attacks years ago. They hold combined ~$877M in unpaid US court judgments against DPRK. North Korea never paid. They have been hunting for any reachable DPRK asset for over a decade.

When Arbitrum's frozen ETH was publicly identified as "DPRK money," they saw a target.

Their argument: this is DPRK property, we have $877M in judgments against DPRK, give us the money.

The counter-argument: DPRK does not actually own this ETH - they stole it. The real owners are the KelpDAO hack victims. The old terrorism creditors are trying to grab money that was never really DPRK's.

Arbitrum is now caught in the middle. The industry wants to release funds for hack recovery. NY court is saying "do not move anything until we resolve this." If multisig signers transfer the ETH while the restraining order is active, they become personally liable.

This is the first real test of DAO funds against competing US court claims. The precedent set here will shape how every future DAO incident response handles legal pressure.

[picnicmou @picnicmou]

rough month for defi

hope it gets better from here

[DefiLlama.com @DefiLlama]

April ends as the most-hacked month in crypto history, by number of incidents.

[picnicmou @picnicmou]

@2lambro @claudeai 😂

[picnicmou @picnicmou]

pretty cool

[Aibra @aibra]

Gotta aggregate 'em all

https://t.co/9xrUVL2xGL

[picnicmou @picnicmou]

😂

[Mushtaq Bilal, PhD @MushtaqBilalPhD]

Sci-Hub is an evil website that pirated 85M+ research papers and made them freely available

And now they've added AI to their database to make Sci-Bot.

It answers your questions using latest, full-text articles.

But DO NOT use it. We should all try to make billion-dollar academic publishers richer.

I'm putting the link below so you know how to avoid it.

[Negligible Capital @negligible_cap]

Well I guess Claude just killed $EBAY now too

[0xngmi @0xngmi]

Looks like this will be the final tally, with just 3% left to cover the entire hole from the rsETH hack

[The Smart Ape 🔥 @the_smart_ape]

> be lazarus group
> hack kelp dao for $292m rsETH
> don't dump it, pawn it on aave, borrow $190m clean ETH against it
> $8b tvl flees aave in 48h, first real defi bank run
> arbitrum security council freezes $71m (the only money ever recovered)
> push the remaining $175m into thorchain, pay the protocol $494k in fees for the service
> convert to btc, shatter into utxo confetti across thousands of addresses
> bridge to tron, swap for USDT
> chinese OTC brokers aggregate the flows, settle via unionpay, outside SWIFT, outside sanctions
> cash lands in pyongyang, funds the missile program
> 7 days, 9 protocols, all 100% public on-chain, nobody stops any of it, defi btw

[Ignas | DeFi @DefiIgnas]

$MEGA TGE is coming soon. Just 1 more Mafia app needs to launch after this week.

MegaETH has two fun trades going on for me:

First, the TGE itself.

Unlike most L2 tokens, $MEGA has real utility via Proximity Markets.

HFTs, market makers, and probably MEV bots that want to sandwich retail swaps will bid MEGA for sub-1ms sequencer access.

Default mini-blocks are 10ms.

Not sure if it's a staking mechanism or pay-as-you-go tbh. ($OP experimenting with this model too)

So MegaETH needs more trading apps that will use Proximity Markets.

@worldmarketsinc with their CLOB is a clear fit. @GTE_XYZ too. @Euphoria_fi, @valhalla_defi etc. when they launch.

Second cash flow for MEGA is USDM yield → $MEGA buybacks.

But USDM supply is just $62.9M right now. Very low for Mega FOMO.

For buybacks to grow, USDM supply needs to pump.

There's an Aave USDe proposal to list USDe on Aave MegaETH with USDM as the borrowable stable at 90% LTV in E-Mode.

Every loop mints fresh USDM as debt.

This Aavethena leverage should grow USDM fast, assuming farmers aren't afraid by the recent Kelp exploit.

The second fun trade will also help grow USDM supply, and thus $MEGA buybacks:

Old good points campaign.

@bread_ confirmed that 2.5% of $MEGA supply are for mainnet campaign rewards.

We don't know many details but Bread said the campaign will be a targeted campaign like Kamino and not broad TVL pump&dump mode.

So probably whales, funds and only smart retail will get the most of them but still need details on how it works.

So first, play the TGE but don't forget that $MEGA has more under its sleeve than other L2 tokens.

Note: adding posts in the comments on airdrop and TGE

[picnicmou @picnicmou]

“they’re wrong”

🫡🫡🫡

[0xngmi @0xngmi]

I see ppl calling for the death of defi

They're wrong

DeFi is gonna take a hit but it will not die, current situation is completely recoverable with protocol treasuries and loans

I believe in DeFi and I'm gonna keep working to make it succeed🦙