I am trying to post on reddit, but my account is new and probably the moderators are not allowing my post.
I am extremely worried right now. I wanted to help DeFi grow on Tezos by providing liquidity and I decided to create an oven in ctez.app a couple of days ago with 16k XTZ. I added another 12k XTZ. I delegated to my own personal baker.
I minted around 99% of the XTZ as cTEZ and bought PLENTY and added to Farms, staked some xPLENTY, etc… Today I just opened ctez.app and around 21000XTZ are gone from my oven. Where did the XTZ go? What did just happen there? there’s only around 6000XTZ left and the rest is shown in the Smart Contract as “Sent” but I cannot find anywhere a transaction in which the XTZ was sent or where it was sent.
Hi, I already answered you, your oven’s been liquidated
you can check here:
oo4H47BYHJC6J8Azg5Yg8EPeUSpz5ouHQ6Cw7Xht8BzNfMjJ29K - op hash
It has nothing to do with yesterday’s flash crash because the xtz/usd price doesn’t matter here, ctez:tez does. ctez’s been trading at 0.93-0.95 levels recently and that pushed your oven into being liquidatable
Yes, I was talking to Arthur on Slack this morning for a while. It was a very strange liquidation, I was at 99% col utilization. I prepared this text for the Tezos-Baking slack. I paste it here for the rest of the community.
As a general warning to anyone using ctez.app and wanting to help provide liquidity on Tezos DeFi. I just lost 36000USD or 6000XTZ due to my Oven on ctez.app getting liquidated 14min after minting ctez yesterday at 17.00h
The oven was only at 99% collateral utilization (didn’t use the max function when choosing the amount to mint) and I received no warning from the UI that this might be dangerous or that I could get liquidated this easily.I assumed the target changes slow as confirmed by @Arthur B on the smart contract and that checking daily would be ok to see if I were getting close to the limit. 14 minutes after this, my oven was -0.0000027034851208 tez below the limit. I had 28002000000tez / 26251941536ctez minted < 16 / 15 and this already allowed someone to liquidate over 21000XTZ from the oven…After realizing what happened have spent the whole day trying to recover the ctez and convert to XTZ . This couldn’t be done directly due to lack of liquidity and price being prohibitive. I had to exchange ctez for Plenty, Plenty for kUSD or wUSDC, unwrap wUSDC, pay insane fees on ETH to be able to get USDC to a CEX to rebuy the XTZ. Now I can’t even get the XTZ out of Binance, because of the network being suspended. An absolute disaster. All in all USD36k lost.This is the minting history Better Call Dev — Tezos smart contract explorer by Baking Bad is the oven on tzkt https://tzkt.io/KT1A9xFoYFnauGEQap5TmqnxVpUm8tiCReTR/operations/I am responsible for my mistakes and money, code is code, but I also think the UI on ctez.app is not good, there are not clear enough warnings with concrete numbers of what consequences certain actions might have. If we want Tezos to grow and bring more users on board we need better docs, better tutorials, better UI with clear warnings what is dangerous and what isn’t. We definitely need more liquidity both in Quipu and Plenty.
When a long term user like myself, who’s been baking since fundraiser and mainnet activation 2018, loses this amount of money due to a non warned mistake, you can blame the user, but maybe the devs should also think if some things could have been done better.
I still find it pretty insane that the rule is even if the oven goes only some tez under the collateral limit it can get completely liquidated. Since ctez is completely off in price, the fees for unstaking were high and it’s impossible to exchange without really disadvantegeous prices anything with a bit more volume, I lost in total more than 8000XTZ. My baker had 32K, now I have less than 24K.
