BitHappy

The performance of this on-chain liquidation is better than that of exchanges, especially in the lending aspect.

This is mainly due to the design of protocols like Ethena and AAVE, which, in order to increase TVL, encourage circular lending and fix the value of lending assets to collateral assets at a ratio of 1:1.

For instance, the circular lending of USDT and USDe on Aave previously had no liquidation risk due to the use of a fixed oracle, coupled with subsidy activities at that time, which raised the TVL by billions in just a few days.

This mechanism has also driven almost all stablecoins to be fixed at a ratio of 1:1 in the oracles of lending protocols.

Therefore, most users involved in this on-chain stablecoin circular lending have come through largely unscathed.

However, the most severe liquidation losses for USDe occurred on Binance.

On one hand, Binance launched a promotion offering 12% interest on USDe, attracting a large number of whales to participate in circular lending (resulting in almost total losses). On the other hand, USDe can also be used as contract margin.

I just saw a big shot analyze that this waterfall event was triggered by the chain reaction of USDe liquidations, but the post has already been deleted.

Latest news: Binance will compensate users affected by USDe, BNSOL, and WBETH.

Update: Just discovered that the points have been updated. From my data feedback, the points generated from $100 YT is approximately equal to holding $10,000 of thBILL?

The background and partners of Theo Network are quite good.

However, the current participation is not very high, and the PT mining with Pendle + Morpho has little profit, while the points update rules are somewhat difficult to grasp.

Currently, I not only hold thBILL, thBILL-USDT LP, but also PT and YT.

It has been more than two weeks, and I heard that it will take three weeks to update the points, 🤣

$WET IPO, update～

The qualifications in the first two phases are 27% cheaper than public sales, and the numbers without qualifications are 1000U.

It feels unfair and uncomfortable to take the risk of grabbing more than 1000 spots, so I give up.

I also became bold, gradually turning from boosting volume to being a gambler～

I saw a phrase about shorting rebounds, just now I placed a short order with 50x leverage at $BTC 91000, closed it at 90300 and made about 25% profit, 🤣

Let's boost the volume together, Variational activation link: https://omni.variational.io/?ref=OMNIHAPPY

Activation code: OMNIHAPPY

A potentially profitable IPO opportunity!

Recently, while lying low, our small group discussed whether to participate in the IPOs of XXX and XXX, and I realized that there are recent IPO projects beyond MegaETH and Stable.

There is also a DEX that ranks first in trading volume on Solana: HumidiFi, but we have already missed the best opportunity for community contribution whitelist.

This time, HumidiFi's $WET IPO allocates a total of 10% of the share, with 6% for community contributions, 2% for addresses staking Jup, and the remaining 2% on a first-come, first-served basis.

🤔 Is it worth participating?

1️⃣ Although it is said to be Jupiter's first ICO project, there have been similar IPOs before, only this time it has a new term: DTF (Decentralized Token Formation).

2️⃣ The market cap of the IPO is 69 million USD. As the current number one DEX in trading volume on Solana, the FDV can be referenced from the recent TGE of Meteora, where its token $MET FDV is 299 million USD.

By this comparison, HumidiFi's odds look pretty good.

🤔 So, how to participate?

0️⃣ The 6% for community contributions has already ended, so it's not considered.

1️⃣ The 2% for staking: One issue is that the snapshot time is uncertain; the launch is tomorrow, on 12.3, and it's unclear if there will still be opportunities for staking. Another issue is that staking must consider hedging to avoid a drop in token prices.

2️⃣ The 2% on a first-come, first-served basis: I'm preparing to give it a try, though I may not be able to get it.

Based on past experiences with first-come, first-served IPOs, it's very likely that it will be hard to get this time as well, but given the current market conditions, it might not be too competitive.

Additionally, I haven't played much on Solana in the past six months and am still quite unfamiliar with the HumidiFi project.

Note: The above is for informational sharing only and not investment advice. Please be sure to do your own research!

DeFi enthusiast: BitHappy

Some teachers donate hundreds of thousands to millions in group fees each year to charity without ever publicizing it!

Some teachers commit fraudulent donations to exploit disaster victims, all for the sake of traffic?

What to play in the last month of this year? Just lie down!

Last month I didn't update the post "What to play this month", so I will update it this month.

The main reason for not updating is that I was hacked twice in September, which dampened my enthusiasm, and my funds were stuck at the exchange (Nemo and Yala basically went cold).

However, because of that, I almost suffered no losses in the two major events in the cryptocurrency world that followed in October (10.11, DeFi earthquake), so I can say that the wish of "not being unlucky in October" has been fulfilled, 🤣

➤ Currently doing:

1/ Going out for a walk

2/ DCA (time and price) dual-dimensional regular investment

3/ Exchange deposit activities

4/ @variational_io funding fee, grabbing benefits, boosting volume

5/ Researching @TermMaxFi and @Theo_Network

6/ Continuing to mine points

7/ Occasionally cashing out some profits

Basically, I have given up on most other things. Originally, participating in new projects took up a lot of energy in these two months, but now I hardly play anymore.

One reason is the market is not good, and the other is that the new project offerings are seriously misleading. On top of already poor odds, it also ruins my mood, garlic bird, garlic bird~

In fact, I really hope to enter a bear market because cyclical money is the easiest to make. Buy the dip early and rest early.

DCA bear market best buy-the-dip strategy: https://www.binance.com/zh-CN/square/post/32642371500202

Note: The above is for information sharing only, not investment advice. Please make sure to do your own research!

DeFi enthusiast: BitHappy

Wake up, another DeFi protocol has been hacked!

A scare from the 1st day of December: The established DeFi protocol Yearnfi has been hacked for 3 million dollars, with currently stolen assets being 1000 yETH.

Everyone is worried about the assets related to Katana, and also the Morpho vault.

Although the officials say it's fine, it's better to stay away from danger!

Yesterday $SAHARA crashed by 50%. Did any friends take the opportunity to profit?

Regardless of whether they did or not, trading cryptocurrencies is difficult. The trends and narratives update too quickly, and many people are no longer familiar with Sahara, which was once a hot project, so let's talk about it.

Sahara is also a project for new listings on Buidlpad, with a market cap that once reached 1.6 billion USD, making the returns from new listings quite attractive.

Its narrative of 'data labeling' was very appealing at the time (at least it was very appealing to me), and it has practical implementation potential. Even now (and likely in the future), many Web2 companies are still engaged in related businesses.

Friends who often use AI know that AI responses often contain inaccurate information, and some are even fabricated out of thin air. These types of errors are usually referred to as 'AI hallucinations'.

To solve AI hallucinations, in addition to optimizing algorithms, there is another way to determine whether the data is correct through human judgment.

Google's CAPTCHA image recognition is a similar case, except its approach is more clever and does not require payment for human labor.

For example, the task is to select the pencil among 9 images, with a few images of pencils that are hard for algorithms to recognize included, allowing people to choose. If the majority thinks it's a pencil, then it is recognized as a pencil.

Therefore, data labeling is indeed a real business demand.

Moreover, Sahara proposed a design that integrates blockchain settlement capabilities based on this, achieving crowdsourced data labeling. In other words, Sahara is both the party accepting the data labeling demand and the party distributing the tasks.

Technical logic: AI hallucination → Data labeling demand → Crowdsourcing model → Blockchain settlement

Business cycle: Accept the demand to optimize AI hallucinations → Generate corresponding human labeling tasks → Distribute to crowdsourced labeling participants → Complete settlement and distribute rewards after majority verification

So, how does it sound? Not bad, right?

However, I do not know if Sahara truly has implementation or whether this path is something I imagined at that time.

Note: The above is for information sharing only and is not investment advice. Please do your own research!

Non-narrative chasing DeFi enthusiast: BitHappy

The launch of the new lending agreement is "permissionless," and Pendle's launch is the same.

Recently, everyone has been complaining about the curators in the lending agreement collapse, but to put it plainly, this is a double-edged sword of the permissionless mechanism.

On one hand, the openness of permissionless systems allows for rapid expansion of agreements, with high returns and efficiency benefiting everyone;

On the other hand, due to the openness, the quality of projects varies, which amplifies risks, increasing the chances of everyone falling into pitfalls.

In summary, in the face of a bear market (at least DeFi is still in a bear market), everyone's risk appetite should be lowered. When facing permissionless systems, instead of "rushing in," it is more important to think about risks.

Of course, whether the mined tokens can land smoothly still depends on one’s research and investment ability.

However, in situations like Terminal, ordinary research and investment simply cannot withstand the pressure.

Additionally, while tUSDe still has underlying returns, it's uncertain whether it will ultimately count; perhaps this time it could recover some losses.

Terminal: Sorry, we failed. If you want to blame someone, blame the difficult delivery of Converge.

A friend said: The actuary seems very funny at this moment, 🥺

Multiple Perpetual Bonuses: Enjoy a 7000% annual fee for hedging!\n\nOn the left is Binance, on the right is Variational, hoping that a small position can give me some excitement.\n\nFor friends who have been affected by the anti-arbitrage in $ORCA hedging mining, perhaps consider hedging the rates at Variational, it can save a bit!\n\nThere are definitely risks, such as price differences, depth, etc.\n\nVariational direct link: https://omni.variational.io/?ref=OMNIHAPPY\n\nActivation code: OMNIHAPPY\n\nNote: The above is for information sharing only, not investment advice, please be sure to do your own research!\n\nDeFi Enthusiast: BitHappy\n

The Vault of StandX is now open for deposits～

However, I'm not sure about the yields yet, so I'll deposit a little to test it out.

Additionally, there is a two-week event for point multipliers. After transferring $DUSD to the contract account, you can receive a 1.5x bonus, up from the original bonus of 1.2x.

Hmm, this point multiplier is still quite good. Should I convert the 1.2x single-sided LP? 🤔

Also, the withdrawals that everyone is concerned about are now open.

Note: The above is for informational purposes only and is not investment advice. Please make sure to do your own research!

DeFi Enthusiast: BitHappy

APR up to 200%, envious?

If it weren't for the community members saying that the hedging fees can reach over 3000% annually, I wouldn’t have known about this mine.

Redemptions take 7 days, and now everyone is in a counter-trend, with some members already considering closing their positions.

However, this high fee situation shouldn't last much longer, right? Is it appropriate to short at the right time? 🤔

Note: The above is for informational sharing only, not investment advice. Please make sure to conduct your own research!

DeFi enthusiast: BitHappy

Come save some money, Binance Wallet's BNB DeFi Carnival event～

Currently, the first phase supports $BTC and $USDT investments, corresponding to the SolvProtocol and bouncebit protocols respectively.

🤔 Interest details:

1️⃣ BTC: The event period is 45 days, but the redemption can take up to 28 days, which means the actual annualized return is about 60%. However, it is mentioned that a quick redemption feature will be launched soon.

2️⃣ USDT: Also has a 45-day period, redemption requires waiting 8 days (the deposit must first be locked for 7 days), with an actual annualized return of about 85%.

So, you can save money, but don't expect to mine the top, after all, the redemption period is not short, 🤣

The shadow of DeFi has lasted for a long time, too many friends like me have their funds idle, hoping for more background-supported activities to boost everyone's confidence.

👉 Event entry: Binance App → Wallet → Investments → BNB DeFi Investment Season

Note: The above is for information sharing only, not investment advice, please be sure to do your own research!

DeFi Enthusiast: BitHappy

Will Monad really end work like this?

CB's new share has broken, but the price on the chain is actually higher. Given the control and fees of CB, nobody dares to move even a brick.

Additionally, if you can't see your $MON tokens on the chain, visit the Monad official website, click on Start in the upper right corner, and it will automatically increase your PRC, so you can see it.

The tokens from the box opening airdrop will also be automatically sent to your wallet.

After a simple round of research, I haven't found any good mining or arbitrage opportunities, so I'm ready to wash up and sleep.

Group friends complain: Even the Americans dare to cut? That's too bold!

So, some friends are hoping that it can pull a midnight pump like $MMT, so should we buy some before sleep to see if there are any surprises or shocks when we wake up? 🤣

Note: The above is for information sharing only, not investment advice. Please do your own research!

DeFi Enthusiast: BitHappy

⚠️ Attention: StandX has launched on the mainnet, this is no longer fun beans; if you lose, you really lose!

Also updated this time are take profit and stop loss features. Currently, it only supports $BTC trading pairs, but it can also be used for hedging with other platforms.

There may be profit opportunities, such as price convergence and receiving subsidies from competitor platforms.

As for the way to earn points, according to the official blog description, it is the same as before. In simple terms, transferring $DUSD to the contract account will earn you 1.2x points.

The efficient way to earn points is still applicable, see the quoted tweet: https://www.binance.com/zh-CN/square/post/31966354894961

Additionally, the DUSD withdrawal that everyone is most concerned about will open on November 27.

Note: The above is for information sharing only, not investment advice, please be sure to do your own research!

DeFi enthusiasts: BitHappy

Half-Day Tour in Hong Kong + Six Days Waiting: Successfully Opened 'HSBC, Bank of China, ZhongAn, Tianxing'

The overall process was relatively smooth, although there were a few points to note, but not many.

Some key points 👇

0/ Account Opening Method: All done through the App, applying online under the WiFi of the Apple Store in Hong Kong.

1/ HSBC: The first application was instantly rejected (I was actually not employed at the time, but filled in as employed), but it was immediately approved after changing to the real information.

2/ Bank of China, ZhongAn, Tianxing: Job information was filled in as employed. 'ZhongAn, Tianxing' successfully opened accounts the next day, while 'Bank of China' took until the sixth day to complete.

3/ Bank of China: A phone confirmation of the account opening information is required, and it took about two hours after confirmation to officially open.

4/ Note: China Telecom will by default reject overseas calls (other operators may also do this), so you need to set it to allow incoming calls in advance. If you don't receive a call, you must proactively call back; otherwise, the account opening will be defaulted to abandoned.

My situation was: the call from Bank of China was automatically rejected, and after calling the Hong Kong 852 hotline three times with no answer, I was finally informed by customer service in the App to call the mainland 400 hotline, which successfully connected and completed the confirmation.

The above is for your reference, wishing everyone smooth card opening ~