nikos
@definikos
DeFi, Vaults, RWA & Treasury Stuff / PhD(c)
prev. @BitstampUK (acq. by @robinhoodcrypto), @InfraredFinance, @fuel_network
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bullish on tokenized equities! if you're supplying USDC into @kamino's new @Backpack market, the risk to watch is the stock moving while the oracle is asleep.
You can now borrow USDC against tokenized MU, SKHY, SPCX and SNDK, at 30-40% of collateral value. Over weekends the price holds at the last close while the market stays open 24/7.
So the liquidator inherits the whole reopen gap G plus slippage s in one print, and the LT is only solvent if
LT × (1 + bonus) × (1 + i) ≤ 1 − G − s
At LT 60 that's ~8pp of margin, and a 40% LTV can take a ~33% drop before liquidation.
My guess is the first parameter change here comes around an earnings print, not a weekend.
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