Where DeFi turns Alpha.
Joined March 2024
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Earning yield on Sui just became effortless
We’ve partnered with the #1 Sui wallet @SlushWallet to bring auto-compounding yield directly into the wallet
Live strategies:
• $SUI • $USDC • $DEEP • $WAL
Powered end-to-end by the AlphaFi stack
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 will see this wind-down through until the last user has withdrawn, at which point AlphaFi will no longer be a component of the Sui ecosystem. Updates will be posted here until then. Thank you to everyone who built on and used AlphaFi.
The ALPHA vault has been discontinued, and its lock period has been removed. You can withdraw ALPHA at any time.
Making users whole was the priority, and it took support from the @SuiFoundation, for which AlphaFi is grateful.
As part of this orderly wind down, new supplies and borrows can no longer be taken from the protocol. Please unwind your borrow positions and withdraw your assets from the protocol.
Slush Strategies users can now withdraw funds directly from @SlushWallet. The WAL vault lock period has been removed, and withdrawals from all strategies (SUI, WAL, DEEP, and USDC) now arrive in your wallet instantly.
If you have a pending withdrawal request, cancel it and withdraw again to receive your funds instantly.
AlphaFi is winding down in an orderly way. The protocol is in maintenance mode: withdrawals remain open, but users cannot take new loans.
Certain borrow positions taken against ALPHA collateral on AlphaLend became substantially undercollateralised, which left the protocol with bad debt. The Sui
Foundation’s security team flagged these positions, and since then we have worked together to resolve them. That bad debt has now been fully covered. The protocol is solvent, and all user funds are safe.
AlphaLend will have Hashi BTC from day one of mainnet.
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Two simple ways to put your assets to work on @SuiNetwork: SUI Multiplier and $USDSUI strategies on AlphaFi!
alphafi.xyz/strategies
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535,670 $SUI paid out to ALPHA stakers in first half of the year
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Less idle capital. More productive capital. That's the mission. only on @SuiNetwork!
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