jpn memelord🛡️

jpn memelord🛡️

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jpn memelord🛡️

To clarify: Repaid $8m in Resolv positions that had bad debt. Drew $8m from USDC and USDT depositers. Different parties, different risk tolerances. All done without the USDC and USDT depositers being made aware. It does not just net to 0, not even close.

We repaid 8m and drew 8m The net of this action is 0. There is still 8m missing which will be repaid asap - currently in governance vote set to complete in a day or so.

jpn memelord🛡️

This summarizes and answers main questions about the the current Fluid situation. USDC and USDT depositers on Fluid have had their risk profile meaningfully changed without governance action or team communication. They are currently on the hook for $8m in debt from Resolv depeg

In short they dipped in to a credit line in their own protocol to clear up bad debt from the Resolv depeg last month without communicating it. In addition $8.2m was promised from the treasury that only has $5.3m, $5m of which is deposit tokens from an effectively frozen vault.

jpn memelord🛡️

Update on Fluid: A governance proposal is now out to transfer fGHO and iETHv2 positions from the treasury to the team multisig for clearing the debt from the Resolv depeg. The proposal both confirms and omits several important things. Short 🧵

jpn memelord🛡️

So the Uniswap fee switch did significantly cut Uniswap v2 volumes on Base. Before March 7: $55m - $100m volume. After March 7: $35m -> $24m volume. And still over 90% of this does not actually pay into the protocol fee because it comes from rugs.

jpn memelord🛡️

I did the analysis, and the main conclusion I can draw is that most of these 'new LPs' have no idea they are LPs and were just interacting with a specific app on Base. Let me explain:

Spin up address, add 3 cents of LP, pull 3 cents of LP, move to next address, repeat 10k times per day farming a potential Base airdrop. I'm going to end up running analysis on this aren't I?

jpn memelord🛡️

How do they keep coming up with terrible unfiltered metrics to post? This says nothing about position size, if just a few entities are behind a majority of these, or if the liquidry is even in range. Could actually be 1 individual placing 3 cents deep out of range in pools thousands of times per day and this would count all of it. Do better. twitter.com/jpn_memelord/statu...

jpn memelord🛡️

Tracking coming soon. Time to see how much of their volume on Base is from scams. 50-65% is my estimate from volume a week ago. twitter.com/jpn_memelord/statu...

jpn memelord🛡️

A lot of it comes from scams. Looking in to the volume on Feb 27th, outside of the few top pools for WETH-USDC, cbBTC-USDC and cbBTC-WETH, most of the next top volumes pools have all rugged. twitter.com/jpn_memelord/statu...

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