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gordie slater
@proxystudio.eth
longtime SNX community member bought $SNX at ICO, held and staked since 2020, didn't "sell even 1 SNX" at peak was worth 402k (liquid, like he could have actually sold that much) got liquidated (not using leverage, staking SNX and borrowing sUSD) last night. https://x.com/SNXified/status/1820386348194316400
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wake
@wake
i don't understand how synthetix staking works. if he was in spot, how as he liquidated? or was he not fully "in spot" and had "safe" debt that became "unsafe" very quickly?
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REN2140
@ren2140.eth
You can mint sUSD against staked SNX but must maintain >160% CR if it goes below this you get flagged for liquidation and have some time to fix it (not sure how long) otherwise you get liquidated
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