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proxy
@proxystudio.eth
have noticed this on @proxyswap side, so as a stop gap just added 4 ETH personally to the WETH/DEGEN pool, hope it helps we need more ETH on DL3! Proxyswap is incentivizing the pool @decentxyz
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Ryan J. Shaw
@rjs
is proxyswap what the 7day bridge was using? was there an arbitrage opportunity here? i.e. 1. load some WETH into proxyswap on DL3 2. wait for DEGEN to be bridged at 6-7x spot ((900-115)/115) 3. take the DEGEN you received for your WETH out of proxyswap* 4. bridge the DEGEN using the real-time relay bridge to base 5. sell the DEGEN and net 6-7x the equivalent WETH * step 3 is probably (at least one place) where I have this wrong; also unclear why people are using the 7d bridge when the real-time bridge is in place?
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proxy
@proxystudio.eth
decent bridge uses Proxyswap pools on the backend for their crosschain swaps (instant) not the canonical bridge (7 day). Primary reason that the WETH/DEGEN pool is out of balance is that DEGEN price has gone down so much, and most of the liquidity in that pool comes from a Rivera ALM vault which is out of balance due to DEGEN going down 80% in a month ( @asinha.eth may be able to provide more context here) there is some arbitrage happening between DL3 and Base. Best solution would be for Degen team to join us in incentivizing WETH/DEGEN on DL3, with a wider range
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