AlphaFi (strategic arc) retweeted
Honestly this one hurts
AlphaFi is winding down
And as someone who genuinely believed in what @AlphaFiSUI was building I don't even know what to say other than this is really disappointing
I've watched AlphaFi for a long time and what always stood out to me was how little they cared about the noise
No massive marketing push
No army of ambassadors
No constant hype
Just a product that quietly focused on capital efficiency and actually building
I've always been a believer in @0xrajendra 's vision
He used to say. : “Build a product so good it doesn't need customer service or marketing”
And honestly that was AlphaFi
I remember the $ika incident too
When that crazy candle hit AlphaFi's risk parameters prevented the kind of artificial liquidations that happened elsewhere
That was one of the moments that made me trust what they were building even more
That's why today's news hits differently
An oracle misconfiguration created bad debt on AlphaLend and AlphaFi is now entering an orderly wind-down
Sui Foundation has stepped in to make sure the protocol remains solvent and user funds are safe
And I want to make one thing very clear
I've received $0 from Raj or AlphaFi
I'm saying this because I genuinely respected the product
I believed in the team
I believed in the vision
And I genuinely loved what they were building
Seeing it end like this is honestly one of the most disappointing moments I've experienced in my time around the Sui ecosystem
Sometimes you can believe in a product
Believe in the people building it
And still watch one mistake change everything
Gonna miss AlphaFi 🥲
Following the Sui Security Team’s identification of and assistance with the resolution of @AlphaFiSUI 's misconfiguration of their ALPHA oracle and subsequent creation of bad debt, AlphaFi is winding down operation of their protocol.
Sui Foundation has made the decision to provide assistance in order to ensure that the protocol is wholly solvent. No user funds are impacted.
Withdrawals are open. If you are holding any existing borrow positions, you may unwind and withdraw your assets from AlphaLend.
For Slush users, you may withdraw your generated yield and principle from USDC, SUI, WAL and DEEP Strategies with no wait period. Should you currently have a withdrawal request pending, please cancel and withdraw again to receive your funds instantly.
Sui Security Team’s security tooling aided in the identification of this misconfiguration. Following the tool’s formal launch later this fall, it will be available as a public good to all DeFi protocols on Sui.
AlphaFi (strategic arc) retweeted
Replying to @0xrajendra
Thank you my friend. Obviously the best product on sui
AlphaFi (strategic arc) retweeted
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AlphaFi (strategic arc) retweeted
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AlphaFi (strategic arc) retweeted
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