🔮 #USDC PiggyBank Unwinds LAB Hedge, Reports Up to 15% NAV Drawdown


PiggyBank closed a LAB hedge due to extreme volatility and negative funding rates, making the position unsustainable. The #protocol anticipates drawdowns of about 15% for its $USDC vault, 12% for SPYx, and 9% for JitoSOL, while excluding its locked LAB holdings from NAV until August unlocks. ZachXBT criticized the strategy for exposing user funds to a highly speculative asset. #crypto
LAB-10.54%
SPYX-0.32%
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