GNS: in this moment, I am euphoric.

[Anonymous No.49316932]

>lev platform
>allows too many shitcoins and too much exposure on it.
>takes collateral of trades and burns it leaving only a small insurance layer and a significant but not protocol owned layer of DAI stakes as a backstop.
>intends to refill through minting when necessary
>gets hit by double whammy of month long AXS short by random whale hedger and traders shorting LUNA all the way down.
>Takes a 3 mil loss, way in excess of the 700k insurance layer on top of the DAI vault.
>Protocol starts minting to refill, panic in coin ensues.
>Near death crash ensues $2.3 -> $0.6
>Dev does something
>increases rewards for DAI stakers (now 31% APY)
>Delists shitcoins
>raises fees for low leverage traders
>limits max allowed exposure
>codes new architecture for vault and probably borrowing/funding fees
>sells part of own private stash OTC in order to re-establish confidence
>announces plans to relist shitcoins and lower leverage in the near future
>traders keep trading
>vault slowly healing
>no current large outstanding positions
>Vault only 1.1M undercollateralized, down from 1.25M just three days ago
>Dev and Gov funds still hold considerable positions
>Price still severely depressed at $0.71
>Still the only place to trade stonks and forex on chain.
>Deploying to Arbitrum in summer.

This my frens, is a market mismatch.
Protocol is now out of existential risk zone.
Volume is down due to the bear market but at $48M/day still respectable and compared to its larger competitor GMX retains the same market share as pre-crash.
Price ratio between GNS and MATIC, it's native chain, and GMX, it's nearest competitor very much shows that even though everything crashed, GNS is still way below its normal ratios at what I would say is 2 MATIC or 0.08 GMX.
This would price it at about the $1.2 - $1.7 range.

[Anonymous No.49317442]

went from 10k to 20k coins thanks to the death spiral panic. comfy af, bring on sss

[Anonymous No.49318422]

I couldn’t be more comfy

[Anonymous No.49318542]

>>49316932
I have a suicide stack of GNS. one of my few trade bags with gOHM and SPELL. and also a little pickle for a moonshot.

[Anonymous No.49318737]

>>49318542
How much is a suicide stack

[Anonymous No.49318803]

>>49318737
100,000/1b * token supply (25m)
2500 sui
make it would be 25,000

[Anonymous No.49318930]

>>49318803
it has been and will remain
1k / 10k
but having more wont hurt.
25k is a make it stack on ez mode by end of next bullrun

[Anonymous No.49319211]

>>49318422
The life we all want

[Anonymous No.49319306]

>>49316932
based meme
increased my stack to >50k this dip.