[Betrayed by dYdX, invested 100,000U, and exited with losses] On November 16, @dYdX launched their new product MegaVault, whose core model is to trade by depositing USDC. In the first three days, the market maker's strategy was still relatively conservative, and the interest rate performance was also quite good, with an annualized rate of around 200%. So I wasted no time and deposited 100,000U in, and calculated that I could earn 300U a day, which was a real gold mine!

But on November 22, TVL continued to grow to more than 30 million U. At this time, the market maker's strategy began to change. It deposited almost all USDC into leveraged margin. Although the actual funds used may be only 3 million U, is this strategy really reasonable? . . I still choose to trust the market maker. Real-time proof seems that I shouldn't trust it. The entire Vault retreated from the high point by nearly... x.com/i/web/status/18605881107...

I deposited 100,000 U, and finally withdrew 900 U and left the market. I heard that Dydx, the MM, was outsourced? ! I was really screwed. But reflecting on my entire operation, the feedback from HLP (Hyperliquid) & JLP (Jupiter) to me was that as long as you are a MM, you will basically not lose money if you enter as an LP. You lose because of inertial thinking. If you encounter this type of MM, you need to wait for a few more days and get on board when it is stable. … x.com/i/web/status/18605881132...