Blackrock and Citadel. The culprits.

Messing with #LUNAtics was not a good move.

As soon as Blackrock invested into Circle (USDC issuer), $UST became a competitor.

Here is what happened over the past few days (supposedly).

🧵👇

1. Borrowed 100k #Bitcoin

2. OTC deal to sell 25k $BTC to Terra to buy $UST.

3. Sold the remaining 75k $BTC and shorted $LUNA.

4. Dumped some $UST on Curve while liquidity moved from 3pool to 4pool causing de-peg.
5. Contiuously dumped the rest of the $UST on Binance causing a further depegging.

6. FUD spread through-out twitter/reddit (including bot spam).
7. Continued de-peg undermined confidence in $UST causing a bank-run on Anchor, causing $UST to further de-peg.

8. Transaction spam with high-gas requests causing network congestions on Terra.
9. With congestion, borrowers were left unable to repay Anchor loans causing mass liquidations.

10. The liquidation mechanism used in Anchor was emptied causing liquidations to occur at extremely high premiums (Community was unable to make bids for collateral due to congestion).
11. This resulted in 100% of the collateral being liquidated and in some cases loans being underwater.

12. Continued exodus out of Anchor and $UST causing a significant contraction in the Terra economy (-20% of $UST has been burned thus far).
This will definitely go down in history.

It's significant. It's important.
Note. I said SUPPOSEDLY.

Just what the people are saying. Will have to see more info. But it makes sense. $UST is a competitor to blackrock.

There was a shit tonne of money to be made from this, and hedge funds will do anything to increase their wealth.

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Legacy site *downloads* ~630 KB CSS per theme and writing direction.

6,769 rules
9,252 selectors
16.7k declarations
3,370 unique declarations
44 media queries
36 unique colors
50 unique background colors
46 unique font sizes
39 unique z-indices

https://t.co/qyl4Bt1i5x


PWA *incrementally generates* ~30 KB CSS that handles all themes and writing directions.

735 rules
740 selectors
757 declarations
730 unique declarations
0 media queries
11 unique colors
32 unique background colors
15 unique font sizes
7 unique z-indices

https://t.co/w7oNG5KUkJ


The legacy site's CSS is what happens when hundreds of people directly write CSS over many years. Specificity wars, redundancy, a house of cards that can't be fixed. The result is extremely inefficient and error-prone styling that punishes users and developers.

The PWA's CSS is generated on-demand by a JS framework that manages styles and outputs "atomic CSS". The framework can enforce strict constraints and perform optimisations, which is why the CSS is so much smaller and safer. Style conflicts and unbounded CSS growth are avoided.