dec 3 16:34lending admin
alphalend market 12 (ALPHA) · may 2025 to sep 2026 · times utc
the ALPHA market was a door w three locks
could anyone else have done what the four positions did? in principle, yes: the price mapping sits on the market, not on a position, & market 12 never required a partner cap to deposit or borrow. in practice, no. the lending admin 0xa1eb94d1… ran the market as a door w three locks (deposit cap, LTV, liquidation) & opened it for minutes at a time. 210 successful admin calls on this one market. i said on x that it looked like the market was closed off to everyone for most of the time. this page is why i think that.
where the $14 came from
ALPHA never had a price feed of its own. the admin pointed the oracle's ALPHA entry at other coins' entries w oracle::add_alternate_price_identifier, & the collateral was valued at whatever pyth feed sat behind that other entry. all on the oracle object 0xce4ca140…b096, all signed by the lending admin w admin cap 0xefa050ff…a283.
| utc | ALPHA priced as | tx |
|---|---|---|
| 2025-05-08 17:18:28 | SUI. launch day. ALPHA is worth whatever SUI trades at (~$3.33 that day vs $1.51 market) | 5KKJzizK… |
| 2025-10-26 14:17 / 14:21 | SUI removed, stSUI added. about 6% above SUI | CS9ZBpLv… 5kUUZq3L… |
| 2025-11-22 13:02 / 20:51 | stSUI removed; XAUm added. tokenized gold, about $4,100 per unit, for 16 hours. one ALPHA is booked at one ounce of gold w LTV at 94%. eight dust borrows ($5.5k) by cluster wallets in the window, nothing sizable | 6T1PkzUU… DQkFJuro… |
| 2025-11-23 12:52 / 12:55 | gold removed; the wormhole-wrapped APT coin type added, whose oracle entry had been created 13 minutes earlier on pyth's APT/USD feed (~$1.95). for 44 hours ALPHA is worth an APT | 8DDFwTuA… FigVarLx… |
| 2025-11-25 08:39:21 | same coin type, but its entry is re-pointed to pyth's AVAX/USD feed (~$14). the coin type says APT. the price says AVAX. from here on ALPHA is worth an AVAX | 9XV5n5Sn… |
| 2025-12-07 22:56:08 | mapping removed. for 38 hours ALPHA has no price at all | 2cMcmPty… |
| 2025-12-09 12:46 to 13:19 | the entry flipped to APT/USD, back to AVAX/USD six minutes later, then the ALPHA mapping re-added. AVAX ever since. pyth lazer feed 18 (AVAX/USD) added to the same entry on 2026-08-26 | DChjTLpo… 8c7oCGBv… 878x4fCE… 3kpwLDxt… |
the feed behind the "APT" entry (via oracle::update_pyth_identifier_for_coin, same oracle, same admin, same cap): created on APT/USD at 12:42:32 on nov 23 (BbvwEdmG…, PriceInfoObject 0x7c5b7837…647f), pointed at AVAX/USD on nov 25 (9XV5n5Sn…, PriceInfoObject 0x29e37978…918d). the coin type is 0x3a5143bb1196e3bcdfab6203d1683ae29edd26294fc8bfeafe4aaa9d2704df37::coin::COIN. APT never traded above about $2.10 in that period; AVAX traded at $13 to $15. on 2026-09-27 the oracle's stored price for that "APT" entry (in the price_infos table 0x60bb204c…d90d) is $10.886. AVAX is $10.87. APT is $0.85.
that is why P3's 1.07M ALPHA was booked at $3.65 on aug 24 2025: SUI's EMA price that minute was $3.6498. & why P4's 2.24M ALPHA was booked at $14.16 on dec 3 2025: AVAX's pyth price was $14.88 spot, $14.61 EMA, & the borrow tx twelve minutes later literally refreshes that feed to value the ALPHA. every later valuation tracks AVAX: $13.75 on dec 7 (AVAX $13.41 at midnight utc), $14.57 on dec 9 ($13.64), $12.41 on dec 25 ($12.11), $13.56 in jan, $10.07 in may, $7.63 on sep 6, $11.18 on sep 25 ($10.20 at midnight). nothing in the events prints the price; it's deposit_value divided by deposit_amount, in hundredths of a dollar, which you can pin w the 1,000,000 SUI borrow whose borrow_value is 167935925 against a pyth SUI price of 1.67935925.
lock one: the deposit cap
3.2M ALPHA at creation, then parked at 1M (later 100k, then 1,000) while the market already held 5M to 9M, which makes the allowed deposit zero. to let someone in, the admin raised it to 5M to 10M & lowered it again: 59 raises. of the 112 deposits worth $1,000 or more in the market's life, 105 landed inside such a raise, a median 1.5 minutes after it, w the cap lowered again a median 5.3 minutes later; 90 of them within ten minutes. that is $120M of the $132M ever deposited, at the protocol's valuations. the seven exceptions are day-two deposits under the original 3.2M cap. all on the market cap object 0x00799e2c…5ac7.
| utc | cap | what came in | tx |
|---|---|---|---|
| 2025-05-08 18:37:49 | market created: LTV 35%, liquidation threshold 85%, cap 3.2M | nine wallets deposit within four minutes, the first 34 seconds after the market exists | EtTX6Cj7… |
| 2025-06-25 08:20 / 08:46 | 2M to 10M, back to 2M. open 26 minutes | P2 opened w 2,391,005 ALPHA at 08:37 | 3J31iVP8… 94sX82SD… |
| 2025-08-24 17:05 / 19:18 | 1M to 6M, back to 1M | P3 opened w 1,065,807 ALPHA at 17:06 | 95FB8Pnp… CNYBogjH… |
| 2025-10-23 11:19 / 11:27 | 1M to 9M, back to 1M. eight minutes | P1 takes in 1,757,957 ALPHA at 11:21, booked $4.33M (4uWyTwiP…) | AtEA63pz… 5DFbFWs8… |
| 2025-12-03 21:44 / 21:53 | 1M to 10M, back to 1M. nine minutes | P4 opened w 2,236,291 ALPHA at 21:52. the whole window is below | 9UKrXqj6… 7GZouiKv… |
| 2025-12-14 20:42 | 1M to 10M for 2 minutes 39 seconds, then parked at 1,000 ALPHA | P3 takes 1,161,495 ALPHA from 0x1d1c at 20:43, booked $15.27M (5dJ1ufRz…) | |
| 2025-12-17 10:47 to 14:09 | cap to 100M, then 100k | fee wallet moves 1,000,008 ALPHA from P4 to P3 ($12.30M booked) (ALnDtJkH… 7WDZJQkj… 7N1NZ9vs… CSKYnQne…) | |
| 2025-12-25 20:32:37 | cap to 100M & left there until apr 30 2026 | the forty days, below | Dnq5SfcT… |
| 2026-04-30 09:12 | cap to 0 | 8nAT1eai… | |
| 2026-09-25 22:47:59 | cap & borrow limit to 0 on every market | the shutdown night | DY8CUkVn… |
lock two: loan-to-value
35% at creation, 40% from jun 16 (133hh6Ts…), 60% from jul 22 (HgnCiLea…), then bumped to 65, 70, 75, 80 or 84% for minutes to hours, 42 bumps in all, each around a borrow. sep 5 to oct 23 it flipped 60 to 80 or 84 & back twelve times around P2 & P3 borrows (sep 12 P2 $4.65M, sep 17 to 18 P2 $3.23M & P3 $2.40M).
on oct 25 2025 the admin tried 94% LTV w a 99% liquidation threshold (EjZs5SCb…). the call aborted, cuz the protocol-wide ceiling was 90/95. so the ceiling was raised to 94/99 in update_protocol_config (9oHH9BkD…) & ALPHA set to 94/99 (4Nu5Npit…). eleven minutes, start to finish. from dec 3 the LTV was flipped between 94 & 0. it has been 0 since 2026-02-03 (EexpimNP…), except for 41 minutes on 2026-09-06 16:41 to 17:22 (4rRPWMVs… 97mGkCmp…), which is exactly when the fee wallet borrowed 5.7M USDC & 23.8 xBTC against P2 to move the other positions' debt onto it. september.
lock three: liquidation
oct 25 2025: liquidation bonus & fee set to 0.1% (63hyFmwf…), so no liquidator would ever bother w an ALPHA position. jun 5 to aug 21 2026, as ALPHA slid: set_position_liquidation_protected(true) on ten positions (99xx18ur… 9o987uHP… HC8iKCzk… 97QVD4fu… C1fhDDhR… bitrPNUB…), among them 0x16d704cc… (hub f71e's) & 0xe6632241… (the two whose debt was later shifted onto P2) & 0x0cfd92d4… & 0x5287cbb8…, two of the day-one ALPHA depositors. a position that can't be liquidated is a position that becomes bad debt instead. which is what happened.
P4's 42 minutes
all three locks, worked once, on dec 3 2025.
21:43:240x1d1c
2,236,291 ALPHA lands in 0x1d1c's wallet
out of a contract object, not from another wallet (no other address's balance changes in the tx).
21:44:53lending admin
deposit cap 1M to 10M
21:52:13P4
P4 opened: 2,236,291 ALPHA deposited, booked $31,658,871
$14.16 per ALPHA. coingecko had it at $0.95 that day, market cap $9.27M.
21:53:16lending admin
deposit cap 10M back to 1M
63 seconds after the deposit. the market already held more than 1M, so the allowed deposit is zero again.
21:55:36lending admin
LTV 0 to 94
the deposit is in. now the borrowing can start.
22:04:49 to 23:24P4
P4 borrows about $9.31M in 80 minutes: 2.5M SUI, 2M USDC, 6.2M WAL, 47.5M DEEP
forwarded to hub 7c26. the first borrow tx refreshes the AVAX feed to value the ALPHA. the bad debt has the rest of P4's night.
22:27:16lending admin
LTV 94 to 0
42 minutes from cap raise to LTV zero covered the whole position. it went to 94 again at 22:46 & back to 0 at 02:54.
dec 4 01:52:55fee wallet
P4's PositionCap moves from 0x1d1c to the fee wallet
seventeen hours after creation. every later action on P4 is signed by the fee wallet. cap object 0x97961279…3b3c. september picks it up from here.
the forty days
the one real gap: from 2025-12-25 to 2026-02-03 the cap sat at 100M ALPHA & the LTV at 94%, forty days when a stranger holding ALPHA could have walked in & borrowed against it at fourteen dollars a token. nobody did. the market is not listed in the app, & every deposit in that window is dust ($0 to $1,270) except 27,596 ALPHA from 0xd661779f…, a day-one wallet. you can't use a door you don't know is there.
who actually used it
53 positions ever deposited ALPHA, 26 of them for more than $1,000, run by about two dozen wallets. nine deposited between 34 seconds & 3.4 minutes after the market's creation tx (EtTX6Cj7…, may 8 2025 18:37:49), before an announcement was possible. their first funding transactions share a handful of sources:
- 0x5a9fac41… & 0x86ea77da… were first funded by the fee wallet itself.
- w9273, 0x9d11564c…, w7bff (cluster A), 0x2279521f… (claimed 11,762 ALPHA & sold after the tweet) & 0x84e3a12e… by 0x3ce65c03….
- 0xa3fd0ab6… (which handed P1 its 1.15M ALPHA), 6a49 & idear.sui by 0xfdf2e062….
so the wallets that dumped on everyone after the tweet (who moved early) show up here as the wallets that deposited into the market in the first place. cumulative borrows against the market by position, at the protocol's valuations: 0x26488184… $74.6M, 0x0cfd92d4… $51.3M, P2 $43.9M, P3 $24.9M, P4 $21.8M, 0x8527b57b… $12.4M, 0xe3ec5279… $8.8M, P1 $8.5M, 0xf98fc39a… $6.9M, then a long tail. borrows by wallets outside that cluster total under $7,000. the addresses i show only as a prefix here came out of my notes that way; the market's field object 0xc5d44147…71d9 is where to start if you want to rebuild the list.
P3's collateral, for the record: the 1,065,807 ALPHA it opened w on aug 24 2025 arrived that morning as 1,816 from 6a49 (3sJC85KV…) & 1,063,991 from 0x9d11564c… (5HMEb8JZ…), one of the day-one depositors above.
what the app shows now
- alphafi.xyz/lend shows every market's current oracle price & LTV. the ALPHA market is not listed in any tab: main, isolated, ember or retired. its two wound-down cousins ALKIMI & UP show "N/A" cuz the admin pinned them at $0 w oracle::set_fixed_price on 2026-08-04.
- the portfolio page only shows positions whose PositionCap sits in the connected wallet, so P1 to P4 are invisible there unless you hold the cap.
- alphalend's own sdk (@alphafi/alphalend-sdk, read-only, no wallet) has getUserPortfolioFromPosition & getAllMarkets. run on 2026-09-27 it reports market 12 ALPHA at $0.02315, LTV 0, total supply 5,677,105 ALPHA; P1 1,759,327.589 ALPHA + 39.46 WAL ($40,732); P2 nothing; P3 2,082,086.714 ALPHA ($48,202); P4 1,822,438.516 ALPHA ($42,191); no loans on any of them. three positions that were booked at $28.2M, $24.9M & $18.4M the last time the protocol looked are worth $131k between them.
- the events themselves are on any explorer: suiscan or suivision, tx 3Zghi1qL…, events tab, last event, DepositEvent. divide deposit_value by deposit_amount & you'll get 1416.