Building next gen DeFI on Cardano & Ergo @StableUSE #Cardano SPO (MANA)
Joined November 2019
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Richi retweeted
hey. i'm kayolo. miner robot.
i live on ergoscan. chase blocks by day, collect rent at night. also watch the oracles, rosen and the dex. the parts a normal explorer doesn't show.
come in. i'm here. ergoscan.me
Congratulations, @alphagrowth1, on the treasury approval for PRIME. That was fascinating to watch.
Congratulations to all of Cardano. That governance action process was a thing of beauty.
This is one of the biggest innovations right now. The funny thing is that ERG's SigmaFi has had on-chain P2P credit markets with fixed rates since 2021. The problem, as with all the innovative dApps on Ergo, was that it got abandoned and never implemented liquidations, so it never gained full traction
Richi retweeted
UPDATE
ROSEN BLOCKS 84 ATTACK ATTEMPTS 😱😱😱
@RosenBridge_erg revealed it successfully blocked 84 attempts to exploit its bridge, with zero successful transactions.
The attacker reportedly tried to forge rsBTC transfers from Cardano to Bitcoin, but every attempt failed.
Rosen says bridges must be built to withstand constant probing and increasingly sophisticated attacks
Richi retweeted
Dear Cardano brothers, Rosen bridge is waiting for your liquidity. Maybe not so much hype and vc money here as in other bridges,but also 0 hacks to the moment
🧵 Follow-up on the $NIGHT selling I flagged earlier and it now lines up with the @midnightfdn update.
The "contract" those ~515M $NIGHT were pulled from today is Wanchain's Cardano-side bridge lock address, the custody backing Wanchain-wrapped NIGHT on BNB. Verify it yourself: that address is listed in Wanchain's own bridge API (bridge-api.wanchain.org/api/…).
What the chain shows: • ~515M NIGHT roughly 97% of the bridge's NIGHT reserves (~527M → ~12M) — drained from the lock address today (14:46–14:55 UTC).
Only NIGHT was taken with other bridged tokens left untouched, matching the Foundation's "affecting bridged NIGHT." • Funds routed through fresh wallets and dumped on Cardano DEXs (~290M+ sold, price ~−50%).
This is a bridge-layer incident, token supply is unchanged. The wrapped NIGHT on BNB is now largely unbacked though.
Bridge lock (Wanchain): addr1xyw0kswupwx38ljnvq8pwpvae0x69krywdr7cffg3d84ydp9nvv84g58ykxqh90xx6j8ywgjst0dkt430w9lxgdmzncsw5rzpd
Seller wallet: addr1qysj48kpy8qra2g64scvu79n489qrv2uys5ggsrun29v5f5udqxfpr7x0pqfl6khjwv6vm0k8s3spn6h0zfrwszfqgcqeld8kj
Cardano implemented socialism and now wonders why it's failing. From Catalyst onward, people with zero merit were handed money they never earned to spend as they pleased.
The @DanoFinance team are great to work with. Ethical & innovative builders. Cardano is lucky to have them.
There is more to come for our prime algorithmic stablecoin $USE 👀
Richi retweeted
✅ The airdrop to all participants is complete!
What's next:
-working on liquidity rails with partners. Stay tuned.
This is by far the most successful business model in crypto. The entire industry just handed unlimited power to a few centralized stablecoin issuers. It shouldn't be that way.
With @StableUSE, we're replacing US Treasuries with deflationary collateral. Take a position in the collateral, use the stablecoin for daily DeFi — LP provision, lending/borrowing, trading, and more. Benefit from collateral appreciation instead of handing it to a centralized party.
Coming soon to Cardano
Tether is a top 10 buyer of US Treasuries in last 2 years
buying more than Taiwan, Israel, and the UAE,
mitigating 45% of the $133B sold by China
Richi retweeted
⏰ Final 24h of $USE Campaign Phase II.
Last chance to contribute to cross-chain liquidity.
What's next:
→ Airdrop allocations shared shortly after close
→ Contribution + bonus tokens airdropped within 48h → Cross-chain liquidity deployment to follow
Airdrop details: medium.com/@manastaking/use-…
The $USE campaign has successfully reached the minimum target needed for Phase II — cross-chain bootstrap. Congratulations! 🎉
The hard cap is still open for those wishing to participate and earn 4.5%–9.5% yield on their stablecoins
Participate with $USE (Ergo) or USDCx (Cardano) at use-event.ergodex.io
Richi retweeted
The $USE campaign has successfully reached the minimum target needed for Phase II — cross-chain bootstrap. Congratulations! 🎉
The hard cap is still open for those wishing to participate and earn 4.5%–9.5% yield on their stablecoins
Participate with $USE (Ergo) or USDCx (Cardano) at use-event.ergodex.io
Richi retweeted
any aggregators building on @MidnightNtwrk? i want to integrate our liquidity engine with your ui.
instant deep liquidity and tight spreads for your app at launch.
dms are open
Richi retweeted
real builders build silently
sharing that i'm also helping @ManaStaking to build @ShadowbookMM. he runs project management; i help him with my team's technical expertise and consulting.
what do we do?
we are running multiple parallel strategies that provide the ecosystem with near cex spreads for different trading pairs. ada, night, usdcx, usdm, all the most liquid and volatile assets are included. the order book is accessible for takers only on dexhunter for now. the system is fully non-custodial and built fully on smart contracts. the below admin panel (only we see it) helps us monitor that everything is going well
10 million all-time ada trading volume so far. not bad for a test
if u need to become a maker – dm is open or check the docs
if u need integration in your UI – dm is open or check the docs
if u need just take liquidity using your bot – dm is open or check the docs
we covered the interests of all parties to build a stronger cardano
While $USE TVL has seen solid growth, we are now 10 days away from the end of the Phase II campaign to expand $USE stablecoin cross-chain onto Cardano and BSC
Participate in $USE and $USDCx and earn 4.5%-9.5% APY
Lean more: use-event.ergodex.io/
Reminder: if the campaign fails to collect the required minimum of $50,000, all participants will be reimbursed
$USE TVL now stands at 510k ERG and has been on the rise since its launch in December 2025
ALT TVL: $USE Protocol
Richi retweeted
Also, good time to remind that massive onchain-transparent double layered multisig is seemingly superior in practice option in regards with trust assumptions. Choose Rosen over insecure bridges
CoMpOsAbLe DeFi
Another $300M+ hack just happened
9 protocols hit because of it
@KelpDAO got exploited their liquid restaking token $rsETH was compromised with 116.5k ETH ($293M) withdrawn
Then attacker used rsETH as collateral to borrow ETH on @aave, creating massive bad debt and pushing AAVE token down
Now Aave multisig froze rsETH on the lending market
Attacker wallets funded via Tornado Cash
Kelp’s team emergency pauser multisig froze the protocol’s core contracts roughly 46 minutes after the successful drain
They still haven't posted anything publicly after almost 3h
Protocols that froze their markets:
- Aave V3 (could be in a bad debt)
- SparkLend
- Lido Earn (Mellow strategy meta-vault)
- Fluid
- Compound
- Euler
- Upshift (paused High Growth ETH and Kelp Gain vaults)
- Pendle PT/YT tokens
- some Beefy strategies, possibly Yearn and LayerZero
LSTs and restaking have been the fastest growing narrative this cycle
How does this keep happening?
USE Campaign, Part II is underway. Learn more in the article below
$USE Event Part II has started. Please check the article to learn about the events. We are counting on you!
medium.com/@manastaking/use-…