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Cetus
, main LP provider DEX on $
SUI
, allegedly hacked.
$11M in
$SUI
drained from SUI/
USDC
pool, with most tokens down 75%+ as pools are emptied.
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As someone who spends a fair bit amount of time (including buying and taking the risk) in low caps I know first hand how dry on-chain liquidity still is DESPITE Bitcoin at all-time highs and Ethereum making a decent comeback surge. However, while this isn't altcoin season yet, large caps are seeing a decent amount of volatility and inflows. $SUI, $TAO, $HYPE, $AAVE, $WLD and many more. These are all billion dollar assets and despite taking a whole lot more capital to pump and move, these are actually leading the charge. This effectively means LIQUIDITY isn't as thin as you would think. It's not at record levels by al means but it's there. It's tough to say if this is a good or bad thing however. On one hand it means people are probably fed up with all the rugs and bad launches lately that they just don't want to go high risk anymore (less appetite for it). So in this sense it takes care of the dilution and the space is healing (bad actors have less incentive to launch and we are actually already seeing this with most new launches not even able to go behind $500k-$1m anymore or only briefly). On the other hand, degens with less capital (the reason why they usually prefer low caps to begin with) or just those with a larger risk appetite have a tougher time to make any money at all. Right now we are moving more in the direction and environment of the stock market than the older days of crypto (big stocks more popular than penny stocks). Again, it's not particularly bad or anything. It means it's a different environment (for now?). In certain ways it means it becomes easier if you play it safe but it becomes harder to make decent buck if you play it risky. Which side do you prefer to play? Think this is better for the industry or worse?
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It’s Friday Good morning everyone
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JUST IN: FIFA signs partnership with Avalanche $AVAX to build its own blockchain.
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