Here is the breakdown and flow of funds with what I've confirmed so far:
1) Through a series of transactions, the exploiter flash loan attacked the gmCauldron lending contracts, resulting in ~6271 $ETH being stolen ($13MM at the time). @GMX_IO has stated that this is not an issue pertaining to GMX, meaning its an issue related to @MIM_Spell. Below is one of the transactions:
https://t.co/2oBkCYs4TG
Seemingly the majority consensus is that the $rsETH / @LayerZero_Core exploits impact on @aave is bearish as a whole for DeFi. There is some truth to this as its horrible optics.
I can't think of a stronger bull case for isolated markets ie @Morpho which would've contained the exploited funds to only rsETH markets versus a widespread issue.
Lots of factors play into all of this of course, but if for example you deposit $WBTC / $WETH to borrow $USDT, it makes no logical sense as to why you should be taking on additional risk because other users wanted to increase their risk tolerance with derivatives.
I'm not saying this as a bear post on AAVE either, but highlighting how it differs from Morpho outside of simply picking whatever has a lower interest rate isn't spoken about enough, if it was it could've potentially saved people millions short term.
50 million people have real market opinions and zero competitive formats exist for them.
Swap Royale fixes that.
Pick a contest, pay a small entry fee, get a $100K virtual portfolio, and trade real assets at real prices.
Best portfolio wins the prize pool and your market knowledge finally has somewhere to go.
Launching soon...
how to master defi
- get an understanding of how ethereum works
- do basic swaps on uniswap, lend on aave
- ask yourself how it works under the hood, try to answer
- learn defi basics from youtube and protocol docs
- study AMMs (uniswap v2/v3, balancer, curve), liquidity provisioning, impermanent loos, lending protocols, LTV
- find a protocol with a liquidity mining campaign (like @katana) and start farming incentives on LPs
- study tokenomics and emissions. at some point research ve 3,3 as well
- study smart contract risks, read rektnews
- learn mev, slippage, oracles
- research different types of bridges
- learn onchain analysis with arkham/etherscan/nansen
- understand narratives and capital rotation
- learn how to do R:R assesment, make sure you are good at DYOR
- start farming in defi with bigger capital, diversify farms
- start reading vitalik's blog, cobie's blog, hack post mortems, messari crypto reports
- learn how to read solidity, at least things you'll need on etherescan
- ask smart people or LLMs hard questions on defi. Use gemini's canvas to repeat
- feel free to ask me recomendations on who to follow and what tools to learn
learning the fundamentels is the best thing you can do in a bad market.
good luck
Borrowing against BTC / eth positions on @Morpho on mainnet and farming with stables on @pendle_fi is still an insanely easy way to earn 8%+ with minimal risk of liquidation compared to 0% holding spot
Fusaka is live on Ethereum mainnet!
- PeerDAS now unlocks 8x data throughput for rollups
- UX improvements via the R1 curve & pre-confirmatons
- Prep for scaling the L1 with gas limit increase & more
Community members will continue to monitor for issues over the next 24 hrs.
It’s still mind boggling to me how few people have bothered to learn basic on chain skills even after years of being in the space, I don’t know how they can remain calm having no clue what’s happening to their money
As always, SplitNOW has maintained 100% uptime amidst the ongoing global Cloudflare outage.
However, some of our partner exchanges are temporarily offline. If a partner is ever unable to process your swap, our fail-safe system automatically re-routes you to the next best rate.
SplitNOW Points Season 1 is live now 🪼
Points are our way of rewarding our loyal users for their early support of the Next Big Thing™.
SplitNOW is the final and best solution for exchange aggregation and onchain privacy amidst increasing financial surveillance. We provide open access to over 50+ trusted exchanges (with many more coming soon!), a wide array of supplementary tooling, and a free whitelabel API accessible to everyone.
Points will be distributed for the remainder of the season relative to user activity metrics like volume, number of order legs, range of exchanges used, and more.
Additionally, users can achieve VIP tiers based on their lifetime volume, which awards them reduced fees and multipliers on point accrual.
No account is required to use SplitNOW, but to start earning points, sign up in 2 clicks here: https://t.co/TQtruGO724
gSplit.