circular

Người sáng lập nền tảng phân tích dịch vụ Solana Circular, Ben, đã đăng bài viết cho rằng đầu cuối giao dịch Axiom đang thu phí từ các nhà giao dịch thông qua "hối lộ người xác thực" (validator bribes) gây hiểu lầm, và chuyển hướng các quỹ liên quan đến dịch vụ Lunar thuộc HelloMoon. Ben cho biết, kể từ tháng 4, các nhà giao dịch Axiom đã trả khoảng 55,7 triệu USD tiền hối lộ cho Lunar, nhưng phân tích 30 ngày gần đây cho thấy chỉ khoảng 1% có thể truy nguyên đến các động lực xác thực trên chuỗi bổ sung, và đã hỏi Axiom có chia sẻ từ doanh thu tiền tip này hay không.Circular cho biết, họ đã tái tạo hoạt động liên quan đến Lunar và Axiom từ ngày 26 tháng 4 năm 2026 đến ngày 19 tháng 10 dựa trên dòng tiền thanh toán trên chuỗi: trong thời gian này, Lunar đã nhận được 530,166 SOL tiền hối lộ, tương đương khoảng 55,67 triệu USD theo tỷ giá 105 USD/SOL mà họ trích dẫn, tương ứng với 189 triệu giao dịch Axiom đã thanh toán thành công tiền hối lộ cho Lunar. Trong 30 ngày gần đây, 45 triệu giao dịch Axiom đã thanh toán cho Lunar, chiếm 80,6% giao dịch Axiom thành công; Lunar đã thu 138,964 SOL, tương đương khoảng 14,59 triệu USD, trong đó khoảng 1,579 SOL được quy cho động lực xác thực trên chuỗi bổ sung, chiếm tỷ lệ 1,14%.Ben cũng đã liệt kê các trường hợp trên chuỗi vào ngày 26 tháng 9 và 7 tháng 10, và cho biết sau khi thanh toán hối lộ theo gợi ý của giao diện Axiom, phí ưu tiên bổ sung có thể nhận diện được tăng khoảng 1% so với số tiền thanh toán cho Lunar. Ông cho biết, Axiom kiểm soát việc định tuyến giao dịch và gợi ý phí, và đã công bố địa chỉ Lunar liên quan trên GitHub để xác minh. Nội dung trên là thống kê trên chuỗi và phán đoán cá nhân từ phía Circular, bài viết cũng cho biết tỷ lệ liên quan không loại trừ các chi phí dịch vụ khác hoặc thanh toán ngoài chuỗi, và ước tính tỷ lệ chia sẻ của nền tảng không phải là số tiền đã được theo dõi đến Axiom.

According to OnchainLens monitoring, a certain whale deposited 3,500 ETH (worth 8.26 million USD) into Aave V3, borrowed 8 million USDC, purchased 3,386 ETH at a price of 2,363 USD, and deposited it back into Aave V3. Currently, this whale holds 6,886 ETH, worth 16.22 million USD.

According to Arkham monitoring, former Multicoin co-founder Kyle Samani deposited a total value of $10 million in PRIME into Kamino Finance and used it as collateral to borrow $8,600,000 USDC.He pays an annualized yield of 39.4% on USDC, but earns an annualized yield of 56.4% on PRIME. Kyle Samani is an experienced user of Solana DeFi.

According to Onchain Lens monitoring, a whale involved in circular lending has further purchased 985.5 XAUT in the past 24 hours, spending 4.98 million USDe. Currently, this whale holds 11,029.5 XAUT, worth 55.98 million USD, with an unrealized profit of 5.86 million USD.

According to OnchainLens monitoring, as gold briefly broke through $5,000, a whale employing a circular lending strategy purchased an additional 604.65 XAUT using $3 million USDe in the past 24 hours. Currently, this whale holds a total of 10,044 XAUT, worth approximately $50.2 million, with an unrealized profit of about $5.07 million.Address: 0x85220e6aa75238ba9c80353c6330ebee5142230e

According to Lookonchain monitoring, a newly created address (0x81d0) withdrew 10,057 ETH from Binance, worth 33.68 million USD, and then staked it on Lido to obtain stETH.The address deposited stETH into Aave, borrowed 45 million USDT to buy 13,461 stETH, and then deposited that stETH back into Aave.

According to monitoring by @Onchain Lens, the whale address "0xa339" established a long position in ETH through circular borrowing and recently sold 10,002 ETH again, with a transaction amount of approximately 29.38 million USD, exchanging for USDC.Statistics show that this address has sold a total of 50,623 ETH, with an average transaction price of about 2,921 USD, totaling approximately 147.88 million USD in USDC and USDT, achieving an overall floating profit of over 15 million USD.

According to Lookonchain monitoring, a certain whale (address: 0xa339) sold 20,599 ETH (worth $59.1 million) at a price of $2,869 to repay a loan. This whale previously took a long position on ETH through a circular lending strategy.Currently, this address still holds 30,000 ETH (worth $85.2 million) on the Aave platform, with an outstanding debt of 15.7 million USDT.

According to AI Aunt's monitoring, the smart money 0xA33...AE12C, which went long at the ETH bottom of $1729, has started to reduce its position, choosing to unwind some leverage and take profits ------ on April 23 of this year, this address bought 19,973 ETH on-chain (worth $34.54 million at the time), with a total long position in ETH reaching as high as 50,000 ETH.In the past 2 hours, it sold 9999.95 ETH at an average price of $2921.35, making a profit of $11.92 million. Currently, it has also collateralized 40,597 WETH on Aave to borrow $39.05 million.

According to on-chain analyst Ai Yi (@ai 9684xtpa), an Ethereum whale investor has recently withdrawn a total of 21,850.15 ETH (approximately 70.6 million USD) from exchanges, with an average withdrawal price of 3,231 USD, currently facing an unrealized loss of about 6.246 million USD.The most recent operation occurred 6 hours ago, withdrawing 2,000 ETH (approximately 5.84 million USD). The investor has distributed the ETH across 5 wallets, with wallet address 0xce9...57c69 in a loop-long position, having staked 18,706.9 ETH to borrow 31.34 million USDT, with a health score of 1.41.

According to EmberCN monitoring, during the sharp drop on October 11, a giant whale of circular loans was liquidated at a price of 101 USD for 32,000 AAVE. Starting from November 24, this whale continued to purchase AAVE through circular loans. In the past half month, this whale has spent 14 million USDC to buy 80,900 AAVE, with an average price of 173 USD.Now, through circular loans, it holds a total of 333,000 AAVE (worth approximately 62.59 million USD), with an overall cost of 167 USD and a liquidation price of 117.7 USD.

According to Ember Monitoring, a certain whale that has been hoarding WBTC and ETH through a revolving loan method is gradually reducing its holdings of WBTC after selling 18,517 ETH at a loss of 25.29 million dollars.In the past week, it sold 350 WBTC at an average price of 87,732 dollars, exchanging them for 30.7 million USDT, with an average cost price of 116,762 dollars, resulting in a loss of 10.16 million dollars on the sold WBTC.The whale still holds 1,210 WBTC, which has an unrealized loss of 30.9 million dollars.

According to on-chain analyst Yu Jin's monitoring, as Bitcoin has recently undergone a deep correction, a whale that purchased 700 WBTC through a circular loan four months ago is nearing liquidation. Today, they have cut their losses and closed their position, with a loss amounting to 21.68 million dollars.

According to PeckShield monitoring, as Bitcoin fell below $100,000, a certain circular loan that went long on BTC has been liquidated, resulting in a loss of $6.67 million.

According to lookonchain monitoring, a giant whale that previously lent out 66,000 ETH and sold it, and repurchased 257,543 ETH during the market downturn, has just bought 23,501 ETH (approximately 82.63 million USD). He has also lent out another 400 million USDT and transferred it to Binance, likely preparing to buy more ETH.

According to on-chain analyst Yu Jin, the whale address nemorino.eth sold 8,000 ETH at an average price of $3,609 after the drop in ETH, cashing out $28.87 million, and subsequently repaid a loan of $24.83 million on Aave, eliminating all leverage risk.This round of operations started in May with a principal of 7.7 million USDC, during which a total of 10,914 ETH was purchased at an average price of $2,946. Ultimately, the six-month revolving loan long strategy realized a profit of $7.58 million, with a return rate of 98%.

According to ChainCatcher news, as reported by CoinDesk, Sentora Research reports that nearly $1 billion in DeFi positions involving Ethena staking's USDe (sUSDe) are at risk following the cryptocurrency market crash.The crash has led to a significant drop in DeFi market interest rates, with leveraged strategies such as sUSDe circular trading seeing reduced returns. In the Aave v3 core version, the borrowing rates for USDT/USDC are approximately 2% and 1.5% higher than the returns on sUSDe, respectively. Users borrowing stablecoins to leverage long positions on sUSDe are experiencing negative returns, and circular positions borrowing stablecoins to buy sUSDe are beginning to incur losses.If this situation persists, approximately $1 billion in positions exposed to negative interest rate spreads in the Aave v3 core version may be liquidated. Negative interest rate spreads could force collateral liquidation or deleveraging, weakening liquidity in trading venues and triggering a chain reaction. Sentora warns traders to pay attention to the interest rate spread between Aave's borrowing annualized yield and sUSDe returns, especially when it remains negative, as well as the utilization rates of USDT and USDC lending pools. Currently, an increasing number of circular positions are nearing liquidation. In the future, traders should monitor the surge in utilization rates of USDT and USDC lending pools, which may drive up borrowing costs and exacerbate market pressure when the interest rate spread is negative.