proxy studio

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.

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

working on the studio, dao, bot 

@clanker

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?

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