@SrAugustII

I check what protocols claim against what the chain returns. Payment rails, tokenized equities, AML. Full cycles documented as case files. Positions disclosed.

 Spain
Joined February 2025
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20Media
From 18 to 21 September, Pendle's API gave a Robinhood Chain market, sNUKE, an implied rate of exactly 350%. I said publicly it was pinned to an AMM bound. Then I read the market contract. It never recorded 350%. New article on what I got wrong.

The API said 350%. The contract never did.

Article · @SrAugustII
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Pendle ORBIO on Robinhood Chain expired at midnight UTC. In its last two hours the contract's implied rate climbed to 54%, on three PT sales. Half an hour out, that rate was a 0.003% price gap. Near expiry, annualised rates shout about nothing.
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ORBIO on Pendle, Robinhood Chain, matures Oct 8. I checked the contract. The implied rate went from 4.34% to 13.65% in two swaps and then sat there five days with no swap at all. One swap yesterday took it back to 4.32%. In a thin pool the rate is just the last trade.
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People did trade it. While the API said 350%, the contract's rate moved between 424% and 520%. On the same chain, the same morning, SHROOM and microduck matched their contracts to about 14 digits. Of the three, only sNUKE split.
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To check a rate yourself, pull the market's UpdateImpliedRate logs, take e to the logged rate minus one, and compare it with the API at the same hour. If you read a pool's PT and SY, convert SY to underlying first. I still do not know why sNUKE split.
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Three yield markets on the same chain expired last night. The deep one, the thin one and the dust one. We logged all three daily for a week and none of them died the same way.
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sNET closed at midnight with 1.5M traded on its last day. What stayed in the pool was PT heavy, about 4 PT for every SY.
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Correction on my own count. By value, not units, the sNET pool closed about even, since each SY was worth about 4 PT at expiry.
The deep SHROOM market on chain 4663 expired Sep 24 with $764k inside. This morning one wallet pulled 19.1M LP out and seeded the Oct 8 successor with $1.11M, keeping 99.96 percent of the YT. Implied 35.00, volume zero. Who takes the other side of a rate you set alone?
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Day two of the SHROOM log. The rate one wallet set alone at 35.00 moved to 30.79 today, with the first real trades against it. Somebody took the other side after all. Still logging until the market expires.
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Day three of the SHROOM log. Liquidity 826k this afternoon, down from 1.15M at launch, while the rate has barely moved since Saturday. The pool is draining faster than the rate is moving.
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Arc TVL hit $470.7M this morning, up 9.8 percent from yesterday, a new high in our 8-day series. Total euro stablecoins sit at 790M euros per our tape. The arc grows faster than the euro side. Curious what moves EURCV into Aave V4 first, the Snapshot or the demand.
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Aave Institutional ARFC published yesterday. First GHO facilitated against off-chain custodied collateral. The 25M GHO bucket is about 42 percent of the current Stability Module. RemoveFacilitator requires bucketLevel zero and can take 12 months to unwind. What covers the gap?
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ESMA's MiCA register this morning. 359 authorised crypto-asset service providers, 201 passported into Spain. New since June, WhiteBIT EU, Ripple Payments Europe, Bridge, bitFlyer Europe and Bitcoin Suisse Europe. Bitget's Austrian application is still pending. Logging the register weekly.
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The deep SHROOM market on chain 4663 expired last night with $764k still in the pool. Its successor opened Sep 21 for Oct 8. This morning it holds $709 of liquidity at a 35.00 implied. Same name, a thousandth of the size. Logging it daily until Oct 8.
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