$AEVO : The New King of Derivative Casinos, On-Chain Settlement's Hidden Risks
Core Mechanism Breakdown
Off-chain Matching + On-chain Settlement:
Order books run on centralized servers (second-level matching), after a deal, it is handed over to smart contracts to "go through the process"
In reality, assets are held off-chain (users must trust the platform not to act maliciously)
The Risks of Customized EVM:
Claiming "can be migrated to Ethereum" → In reality, it is a gimmick to evade high Gas fees on the mainnet
Only 21 independent chain nodes (compared to Arbitrum's 500+) → Centralization alarm bells ringing
Wealth Trap vs. Liquidation Minefield
✅ Profit Points:
Options Volatility Arbitrage: Utilize IV (Implied Volatility) and spot price differences, professional players earn over 30% monthly
Market Making Rebate Black Hole: Provide liquidity for ETH perpetual contracts → Earn 0.02% rebate per transaction (large players earn $10,000+ daily)
☠️ Zeroing Out Three Strikes:
Off-chain Funding Pool Risks:
In 2023, peers SynFutures' off-chain server was hacked → $31 million of user assets evaporated
Pinning Liquidation is Unsolvable:
Lack of on-chain oracles → Platforms can manually trigger a 50% drop in 0.1 seconds (liquidating long positions to feed shorts)
Token Economics Vampire:
$RBN Annual Increase of 8% → Staking rewards actually come from diluting retail holdings
Blood and Tears Operation Guide
Novices: Stay Away! Options delta/gamma strategies are not for ordinary people
Gamblers:
→ Always set leverage below 5x when opening perpetual contracts (to prevent pinning)
→ Withdraw profits exceeding 10% immediately to a cold wallet
Scientists:
→ Capture off-chain order book data to sniper price differences → 13 seconds flash arbitrage (requires building a high-frequency system)
Reality is Harsh: The so-called "high performance" relies on sacrificing decentralization, essentially a CEX disguised as DeFi.
It’s better to share joy than to enjoy alone. If you reach out, I can pull you ashore!!
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