PiggyBank Closes LAB Hedge, Warns of 15% USDC Vault Drawdown

PiggyBank said it closed a short hedge against token LAB after extreme volatility and punishing negative funding rates made the position unsustainable, and warned users that NAV across its vaults will take the hit. The protocol expects roughly 15% drawdowns on its USDC vault, 12% on SPYx, and 9% on…