In the latest issue of State of the Network, Senior Research Associate @TanayVed breaks down how a $50M swap lost nearly all its value, and what it reveals about executing large trades onchain. Key Takeaways: 🔹 A $50M USDT swap via Aave’s interface ended with only ~$36K of AAVE after routing across multiple DeFi venues in a single block. 🔹 The trade was ultimately routed into a SushiSwap WETH/AAVE pool with only ~$75K in liquidity, causing extreme price impact and leaving millions to surrounding MEV. 🔹 The incident shows how large orders, shallow onchain liquidity, and routing failures can lead to poor execution, highlighting the need for stronger guardrails and smarter routing in permissionless markets. ➡️ Read the full issue: ow.ly/ZTYP50YvgYI