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Yesterday the crypto community was buzzing โ what really happened with #Sui ?
๐จ $200M in liquidity left Cetus Protocol, the largest #LP on Sui.
An exploit was recorded that gave the attacker full control over the pools based on #sui .
๐ What is known:
โ Losses are estimated at $200M+
โ $11M was withdrawn only from SUI/USDC
โ #USDC is withdrawing in tranches of ~$1M, then through Tornado Cash
โ Tokens associated with SUI have collapsed by 70โ90%
๐ ๏ธ The team does not call it a hack, but refers to a bug in the oracle.
๐ It is important to understand:
โ This is not a problem with the Sui network, but a bug in the code of the Cetus Protocol
โ Officials are asking not to panic and not to inflate #FUD
$SUI
$ENA
$INIT
๐จ $200M in liquidity left Cetus Protocol, the largest #LP on Sui.
An exploit was recorded that gave the attacker full control over the pools based on #sui .
๐ What is known:
โ Losses are estimated at $200M+
โ $11M was withdrawn only from SUI/USDC
โ #USDC is withdrawing in tranches of ~$1M, then through Tornado Cash
โ Tokens associated with SUI have collapsed by 70โ90%
๐ ๏ธ The team does not call it a hack, but refers to a bug in the oracle.
๐ It is important to understand:
โ This is not a problem with the Sui network, but a bug in the code of the Cetus Protocol
โ Officials are asking not to panic and not to inflate #FUD
$SUI
$ENA
$INIT
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How do automated market makers AMMs work?
What is an AMM?
(automated market makers) are algorithmic protocols used on decentralized exchanges (
) for the automatic pricing of assets and conducting trades between users. Unlike traditional market makers who provide liquidity manually, AMMs allow users to trade tokens directly with a liquidity pool managed by an algorithm. The primary goal of AMMs is to provide instant liquidity for trades, avoiding the need for intermediaries and maintaining a decentralized trading structure.
(automated market makers) are algorithmic protocols used on decentralized exchanges (
) for the automatic pricing of assets and conducting trades between users. Unlike traditional market makers who provide liquidity manually, AMMs allow users to trade tokens directly with a liquidity pool managed by an algorithm. The primary goal of AMMs is to provide instant liquidity for trades, avoiding the need for intermediaries and maintaining a decentralized trading structure.
$ME just got launched today and itโs already trading on #2024withBinance , surely I claimed my tokens and sold asap at around 6-7$ and re bought on chain before the listing.
What made me buying it was that itโs considered to be the largest #NFT marketplace and when compared with $BLUR and other similar projects it really seems a bit undervalued.
However keep in mind that the market cap might be similar rn and actually undervalued, the fully diluted market cap is like 4-5x times bigger than #blur .
It started in #solana but right now itโs on multiple chains and not only $SOL however that might affect the price imo.
I still hold mine and have it added as an #LP .
Do you think it goes higher or lower?
What made me buying it was that itโs considered to be the largest #NFT marketplace and when compared with $BLUR and other similar projects it really seems a bit undervalued.
However keep in mind that the market cap might be similar rn and actually undervalued, the fully diluted market cap is like 4-5x times bigger than #blur .
It started in #solana but right now itโs on multiple chains and not only $SOL however that might affect the price imo.
I still hold mine and have it added as an #LP .
Do you think it goes higher or lower?
Well Well Well, $ME is going to be another airdrop claim from $SOL ecosystem.
If youโve been trading #NFT through MagicEden you might be up for a surprise by 2pm utc
As theyโre planning on releasing their much anticipated token $ME , even though if you have traded through $BTC #runes or $ETH as well you might want to check their official website for eligibility checker.
Though many #OGs are mad because their diamonds do not match their airdrop, whatever I get if any as a small compensation for my previous losses is free and welcomed so canโt complain .
As with any claim please be sure to follow their official accounts and websites as well as check their guidelines.
Do not fall for scammers asking for anything
#Binance2Earn
GL and let me know if you got lucky with this one ๐ซถ๐ป.
If youโve been trading #NFT through MagicEden you might be up for a surprise by 2pm utc
As theyโre planning on releasing their much anticipated token $ME , even though if you have traded through $BTC #runes or $ETH as well you might want to check their official website for eligibility checker.
Though many #OGs are mad because their diamonds do not match their airdrop, whatever I get if any as a small compensation for my previous losses is free and welcomed so canโt complain .
As with any claim please be sure to follow their official accounts and websites as well as check their guidelines.
Do not fall for scammers asking for anything
#Binance2Earn
GL and let me know if you got lucky with this one ๐ซถ๐ป.
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