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Disappointing if true. DeFi community is here to help each other grow. Not make money by dumping on competitor projects. Prove us wrong.

@SBF_Alameda

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Red Li

@redtheminer

Oct 7, 2020

As per cryptoapprentice, @SBF_Alameda deposit lots of $ftt $srm on $cream as collateral to borrow $uni $yfi $crv and dump on binance.

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1) allowed for more efficient use of capital 2) allowed for a hedge 3) this is massively overstated. It was a while ago, it wasn't a huge dump--it was a smaller, slow hedge. Yes, we hedge. It's the responsible thing to do. You can't hedge if you can't short anything.

Defi Yoda | Dips, I buy

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and

The market was correcting and he needed to hedge the market. He borrowed highly correlated "competitor" assets and sold those instead of selling his own tokens. Selling his own projects to hedge would've made him a total asshat.

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This is a big part of it -- long positions in FTT, SRM, SUSHI, etc. needed some hedges, and especially when markets are down it's really important that we can act as a liquidity backstop for them rather than selling them.

4:33 PM · Oct 7, 2020Twitter Web App

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