YAM V3 (YAM)

Last night's Resolv exploit was a particularly unique experience because I was at an offsite with the core @mezzanine_fi team, so we monitored the situation in real time from the first few minutes (notified via @HypernativeLabs).

First off, hat tip to @SaulCapital and @yieldsandmore for being some of the first to see and notify communities about the exploit.

As a result, within minutes, discords and telegram chats were able to start de-risking.

It was impressive to see @infiniFi able to rapidly analyze and eliminate all exposure with zero loss. They also mention @pagerduty as playing a critical role in waking-up / notifying all necessary team members near-immediately to jump into action.

@SteakhouseFi likewise was very quick to reduce all exposure and the first curator as far as I know to post about their reduced exposure.

@reservoir_xyz also was fast to analyze their steakhouse exposure and give updates to everyone.

There were various arbitrage opportunities analyzed in real time, both in YAM and in the DeFi Dojo. I was proud and encouraged to see no one in the Dojo promoting the malicious borrow strategy on Fluid. Rather they were focused on the more ethical peg-arbitrage plays for DOLA and GHO, as well as helpful in analyzing all second order risks for quick community action.

Services like Hypernative and PagerDuty were clearly essential in catching depegs and suspicious mints in real time, and I highly recommend that all protocols and avid-risk-analysts be using something like Hypernative as part of their core toolkit.

It was devastating to see the impact on @0xfluid, which is a protocol that I love with a team that I also like, even if they can occasionally get spicy on twitter. That said, they look like they have a path forward and I'm certainly cheering them on from the sidelines.

I'm also hopeful that @ResolvLabs has a path forward here, as technically the assets underlying Resolv assets were untouched, it was primarily the LPs and lending markets that took the hit.

They sold them to us as the future:

CryptoKitties
YAM Finance
Terra
Axie Infinity
The Sandbox
SafeMoon
Chiliz fan tokens
Basis Cash

Don't forget:
the era of ICOs, IEOs, BSC food farms, Fantom/Avalanche forks, rebase tokens, SocialFi…

Moral:
The hype changes.
Liquidity migrates.
Memory fades.

#CryptoHistory #DeFi #NFT