DeFiBearishBlockonomi · 3h ago7/10
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PiggyBank Takes a 15% NAV Hit After Unwinding a Failed LAB Hedge Trade
PiggyBank protocol unwound a LAB hedge trade that became unprofitable due to negative funding rates, resulting in significant NAV declines across its asset pools (15% for USDC, 12% for SPYx, 9% for JitoSOL). The protocol is holding $1.35 million in locked LAB tokens outside NAV calculations until an August unlock, while facing criticism from analyst ZachXBT.