Axios

Nearly a thousand of you answered our call for Father's Day wisdom from your dads.

Why it matters: These dads represent a stunning range of experiences and perspectives — and we can all learn from them. Below you'll find a selection of lessons.

When CEOs from more than 220 U.S. companies released a letter demanding the Senate "take immediate action" on gun violence, it was the first time we’ve seen a large coalition of executives make a unified plea.

Why it matters: It signals a shift in corporate America’s tolerance for gun violence. But individual companies, like Dick's Sporting Goods, have been at it for a while — and Dick's experience can give us an idea of what's ahead for the other companies.

A federal gas tax holiday to ameliorate the burden of soaring gas prices across the nation is an idea "certainly worth considering," Treasury Secretary Janet Yellen told ABC's "This Week" on Sunday.

Driving the news: The national average price for regular gasoline spiked to a never-before-seen $5 per gallon this month as the country grapples with decades-high inflation.

The three of us are each going to share "1 big lesson" from our fathers — and we want you to do the same.

Why it matters: It's Father's Day on Sunday! 

Airline staffing shortages, which are already disrupting summer vacation plans, could extend well into 2023, some industry officials say.

The big picture: Airlines had two years and billions of dollars in government aid to make sure they were ready for passengers to return to the skies after the pandemic. But demand has snapped back so quickly that they don't have enough people to fly the planes, serve the passengers or unload their bags.

Apple workers at a store in Maryland voted roughly by a 2-to-1 ratio to join a union, becoming the first of the company's employees to choose to do so.

Why it matters: The vote comes as tech workers, who have long eschewed unionization, have been increasingly open to the idea.

Transportation Secretary Pete Buttigieg told the Associated Press in an interview Saturday his department may take enforcement actions against airlines that do not abide by consumer-protection standards.

Driving the news: As air travel has rebounded from lows because of the coronavirus pandemic, widespread flight disruptions caused by airline staffing shortages and weather have upended schedules and left travelers stranded or scrambling.

Native Americans on reservations and in nearby urban enclaves have lived for decades in dilapidated, overcrowded structures. A South Dakota community development group is turning to Oglala Lakota traditions to change that.

Why it matters: The Thunder Valley Community Development Corp. is helping Oglala Sioux tribal members navigate mazes of homeownership by offering classes, credit plans, and homes that break from "a colonial mindset."

The diminished stock of affordable housing is leaving both renters and buyers in a precarious position with slim options.

Why it matters: Frothy home prices and rising mortgage rates are scrambling the math behind homeownership and worsening a nationwide affordability crisis. And when there are no affordable homes around, it's hard to make any progress on homeownership for people of color.

Philadelphia is experimenting with a new way to help renters: an "eviction diversion" program that requires landlords to go through a mediation process when a tenant is in danger of being kicked out.

Why it matters: Evictions disproportionately impact Black women in Philadelphia, which also mirrors national trends, according to research from Community Legal Services.

For more than a year, Black and Hispanic homebuyers have gotten $5,000 in down payment or closing cost assistance from JPMorgan Chase, part of a new program meant to help close the racial wealth gap.

Why it matters: If adopted on a wider scale, this kind of targeted program — which specifically tracks lending to borrowers of color, a radical departure — might help increase Black homeownership rates. JPMorgan is the first bank to give it a try.

Reparations are getting an increasingly serious look by state and local governments as one way to help Black Americans make up lost ground on housing and broader damages.

Why it matters: With legislation to create a national reparations commission stalled in Congress, some state and local efforts are gaining momentum and could lead to ground-level efforts to redress generations of damages from slavery and other state-sanctioned discriminatory practices.

This installment of the next phase of our Hard Truths series explores what's being tried to address the problems of systemic racism in housing.

Some cities are defying the trend of the homeownership gap between Black and white Americans — which is worse today than when race-based housing laws and policies were in effect decades ago.

The big picture: An Axios analysis of census data shows that some large cities like Fort Worth, Texas, and midsize cities like Gilbert, Arizona, have higher rates of homeownership for people of color than other cities of the same size.

This is how markets unwind, and, with blockchains, savvy users can all watch it live as it goes down.

Over the last few days, crypto watchers have been captivated by two large wallets that appear to be linked, that contain $181 million in ether (ETH). They also have collateral in loans that are right on the edge of solvency.

• Most of the debts are on the money market Aave (152,098.98 ETH worth $166 million at the time of writing, but the rest is on Compound (14,316.90 ETH worth $15.6M).

Why it matters: If the price of ether falls further, these debts will be liquidated, unleashing a gush of ether onto the market, which will drive the price of ether down even further.

Driving the news: Crypto's winter is turning increasingly frigid, with Bitcoin sinking below the psychologically-charged $20,000 level early Saturday, and ether briefly dipping below $1000 as investors bail on digital coins. Both have shed over 30% of their value in the last week alone.

With a whale in a dangerous position like this, traders who believe ether will return to its prior highs in the long term now have an incentive to sell. If it goes down enough, big loans like these will be liquidated and drive the price down even more.

• That could be their signal to buy again, increasing their total ETH holdings for free, but only after the market's longs take serious pain.
• Meanwhile, liquidations are surging at decentralized finance lenders right now, with $250.6 million of liquidations taking place on Aave, Compound and MakerDAO over the last 7 days, according to Dune Analytics.

Details: The wallets in question are 0x493F and 0x7160. For the first wallet, scroll down to Aave v2 and see the largest loan.

• These wallets appear to be related, because they can be seen making larger transfers of ether, from the former to the latter, here and here, prior to topping up collateral on Compound loans.

One might naturally ask: Why not just close out the loans? They can't, because the wallets are levered long. The owner has deposited ETH, borrowed stablecoins, bought more ETH, and deposited that to borrow more stablecoins to do it again. And so on.

• ZoomerAnon of the team at DeFi analytics company Uniwhales, explained that you can see the wallet repeatedly taking stablecoins liked USDT and USDC, sending it to Binance, and withdrawing thousands of ethers.
• Early January, multiple transactions like this could be seen using Etherscan.

Be smart: Traders lever long when they believe an asset's price will go higher. If it does, they can withdraw enough to repay their loan, withdraw their collateral and come out of the trade with more of the underlying asset.

Yes, but: It only works if the asset's price goes up.

• These wallets were making bets that ether would go up further back in January, when it was trading at over $3,300. Today it's barely holding $1,000.
• "He borrowed 96,040 ETH prior to borrowing any money," ZoomerAnon told Axios over Telegram.

DeFi lenders are automated. They monitor prices of collateral to make sure each loans are properly collateralized. As soon as collateral becomes inadequate, these protocols automatically sell the underlying collateral on the open market.

• Whenever a borrower is liquidated, they take a painful haircut. When they have levered their position, that haircut is multiplied.

By the numbers: One researcher calculated that the largest position, on Aave, will be liquidated at a $982 ETH price. Uniwhales puts his liquidation price at $870.

• ETH would need to fall $212, almost 20%, to trigger that lower price. That said, ETH has lost $212 in value since June 13, and almost $900 since June 1.

The intrigue: It's speculated that these positions are owned by a major Chinese entrepreneur, but he might be operating alone, without the sophisticated risk modeling of trading firms and without the ability to watch positions around the clock.

• That said, if the owner has liquid capital, they can always buy stablecoins and close out some of the dead positions, staving off liquidation.

Thought bubble: This might sound like another giant disaster ahead in the crypto world, but there's another way to view it: as a transparent marketplace, functioning as expected.

Bitcoin, the most popular cryptocurrency, sunk below $20,000 for the first time since late 2020 on Saturday.

Why it matters: Bitcoin's fall has erased tens of billions of dollars of value in the digital currency and signals broadening turmoil in the cryptocurrency market.