If you want to arbitrage $DETH's de-pegging, the biggest risk lies in whether "vultures count as humans."
Today, an unfortunate whale fell for a phishing scam, and hackers crashed all the whales' DETH, dropping it from a 2000+ ETH peg to a low of just 14 dollars without regard for cost, recovering to over 1000+ by the end of the morning, still 50% short.
By the way, the hackers also manipulated the oracles of various lending protocols supporting $DETH on Blast.
$DETH is actually the ETH-pegged token of the well-known LRT project Duo Exchange on Blast. This project, to use an inappropriate analogy, is like a miniature Pendle.
It allows users to deposit ETH, which can then be split into either yield or points, giving users the flexibility to choose, and there’s not much to say about that.
However, it is important to note:
- It was a whale that got phished; Duo Exchange itself currently has no risk;
So many people are willing to bet whether $DETH can recover its peg.
- However, Duo has not opened up the redemption of $ETH, and theoretically, the whale's principal ETH is still lying in the protocol.
But I quickly looked at the DUO documentation, and it also emphasizes in the documentation:
The project has a "final switch," which theoretically can directly take away these principal amounts.
In the DeFi TVL game up to now, whales willing to deposit large amounts of TVL in new protocols generally have already reached various principal protection agreements with the project.
So, if the project, out of humanitarianism (after all, it is the whale's own responsibility, not the project's), theoretically can take a snapshot before the hacker steals the coins and then return the ETH inside to the whale.
Moreover, to put it bluntly, the key is that this project would rather lose it all than be pursued by the whale.
If it does this (snapshot + taking out ETH to directly return to the whale), I wouldn't be surprised at all; this is what is called a "benevolent rug."
After all, the whale has too much money (30M), and perhaps such an agreement can really be reached.
However, once that happens, the vultures picking up the $DETH corpses (a neutral term), who bought in after the hacker's sell-off, may never be able to exchange their chips for real money.
The vultures, on one hand, are arbitraging for themselves, and on the other hand, they are also helping to "prop up the building about to collapse," investing real money into ETH to protect the peg, which is not considered evil.
However, what you need to worry about is: if the project decides to be merciful and benevolently rugs to save the whale, then your post-theft purchased $DETH without a snapshot may no longer be worth anything.
After all, vultures are birds, not humans, and do not fall within the scope of "humanitarianism."
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