BTC Continues To Outperform Equity Markets

It hurts enough to see the majority of alts losing life but the Harvest exploit is a double whammy to many who were unable to pull out in time. The attacker utilized flash loans to manipulate the price of USDT/USDC in Curve and accumulated Harvest vault shares at a temporary discount. This was repeated 17 times and honestly the attacker just stopped because they got bored. Total damage was ~$24m; a lot of friends lost up to 20% of their staked stablecoins. 

(In case you’re wondering, we pulled out the night before for other FUD reasons.. #cray)

We’re pretty certain the Harvest team has no bad intentions but it’s just a matter of incompetency, which is often an issue for new platforms. Calls for better audits that review composability and economics rather than just basic security. 

Highlighted sh*tcoin of the week is Andre Cronje’s latest creation, Keep3r. This is network for DeFi apps to delegate tasks related to upkeep (eg. pinging oracles, harvesting rewards, triggering liquidations). But as usual, few understand and many are buying blindly. The token price peaked @ ~200x in 2 days and current mkt cap is just above $50m. Reasonable? On day 1, $10m bonded on a network that generated ~$380k in fees; not bad! So my guess is we need to watching revenue trends + # of players in the ecosystem. If you are LONG, I’d be a little wary of future issuance because AC cares little about your moon lambos.