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I got burned by this crash. The biggest issue for me wasn’t TITAN itself, that was a risk I considered and had a plan to manage. What really got me was the Po
by diveanon 5y ago
I got burned by this crash.
The biggest issue for me wasn’t TITAN itself, that was a risk I considered and had a plan to manage.
What really got me was the Polygon network crashing and breaking all of the safeguards I had put in place.
There is evidence that a DDOS attack was carried out against Polygon while this was happening, blocks were packed with self transfers for 0 MATIC.
This took down rpcs and shot gas fees through the roof, preventing many people from exiting their positions.
- warkdarrior 5y agoA truly decentralized free market worked as advertised, though not as hoped.
- diveanon 5y agoIts not my first time getting burned by a defi project, but it was the first time where the network itself was a major contributor to my losses. If it weren't for the Polygon network going down my stop loss protection would have exited my pools and limited my losses to around 10% instead of 100%. Reminds of my retail trading days and waking up to see a stock gap below my stop loss during after-hours. This is one of the fundamental flaws with many L2 networks. The lower fees are enabled by a centralization of the versifiers which makes them more susceptible to high loads and DDOS attacks like this. BTC and ETH have both been the victims of DDOS attacks in the past, but it takes orders of magnitude more money to do it because of the high gas fees on those networks.