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#隐私币生态普涨 Where did all the market money go?
During the flash crash in mid-October, market makers' hedge positions were wiped out, and the insurance funds of some leading exchanges also shrank. Soon after, new token launches combined with perpetual contracts, catching seasoned traders and arbitrageurs off guard this time.
The incident with Balancer was even more severe — liquidity pools were drained directly, causing the lending protocols' liquidity to explode. Recently, even stablecoins like XUSD are starting to eat into the market share of other stablecoins.
Looking at this pattern of exploitation, it feels like playing a match-three game.
So here’s the question: Who still holds real cash on-chain and off-chain? Who will be the next to get "optimized"?