Discover and read the best of Twitter Threads about #USDN
Most recents (7)
1/ On March 28 I made a thread on the top 10 reasons why we are in a bear market using stablecoin charts.
The only divergent signals (opposing this view) were from #UST & #USDT.
What happened since?
#UST went to 0 & #USDT lost $9 bil in mcap.
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The only divergent signals (opposing this view) were from #UST & #USDT.
What happened since?
#UST went to 0 & #USDT lost $9 bil in mcap.
Next 👇
2/ All reputable stablecoin mcaps were falling (#USDC, #DAI, #LUSD), except UST and USDT.
USDT has now corrected this divergence and is falling in the trend (pic).
UST was not so fortunate and crashed to 0 with more algo stables following the same trend: #USDN, #DEI.
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USDT has now corrected this divergence and is falling in the trend (pic).
UST was not so fortunate and crashed to 0 with more algo stables following the same trend: #USDN, #DEI.
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3/ UST did not have the backing to account for its mcap, hence it went to 0.
Why so bad? Because of a death spiral:
Buy 1 UST, burn it for Luna, sell Luna for $1. With $18 bil UST to burn for Luna, this crashed Luna's price to 0 and UST followed soon after.
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Why so bad? Because of a death spiral:
Buy 1 UST, burn it for Luna, sell Luna for $1. With $18 bil UST to burn for Luna, this crashed Luna's price to 0 and UST followed soon after.
Next 👇
Welcome to #WavesGate - laid out what I found on #WAVES, #USDN and @sasha35625. medium.com/@orisdorch/on-…
#Neutrino #viresfinance #wavesarmy @wavesprotocol @neutrino_proto
#Neutrino #viresfinance #wavesarmy @wavesprotocol @neutrino_proto
1/ 🚨 I started to de-risk and exit @anchor_protocol / #UST.
Just pulled out 15k UST (see pic). Will exit in full slowly.
Risk profile is too high & increasing.
#USDN crashing today is a bad omen.
20% / year is not worth the risk.
Protect capital at all costs! My reasons👇
Just pulled out 15k UST (see pic). Will exit in full slowly.
Risk profile is too high & increasing.
#USDN crashing today is a bad omen.
20% / year is not worth the risk.
Protect capital at all costs! My reasons👇
2/ Why #UST "stablecoin" and Anchor yield have a high risk profile.
This is NOT the place for your life savings!
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This is NOT the place for your life savings!
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I got digging into the rather curious #WAVES address #3PEEsRmcWspCxhKqobvKY3axW1846AMRwzr, which is the center of some controversy since some analysis was performed on its recent activity in lending USDN to borrow USDC/T presumably to manipulate the market
On November 22, 2020 #3PEEsRmcWspCxhKqobvKY3axW1846AMRwzr withdrew 1,325,034.714 $WAVES from @binance. This address's first transaction was only a few days earlier, and this was only the beginning.. In the course of just over a month, it withdrew 5.64M Waves from #Binance...
4.95M of these were used for #USDN issuance, for a total of 41.28M $USDN. 30.88M USDN was transferred to what appear to be Liquidity / Lending platforms, but I haven't fully confirmed this as of yet..
USDN pays interest directly to all holders of the token. Deposits in the Curve USDN pool accrue this interest. Interest amounts to about 10-15% annually
USDN pool has a unique fee structure. Instead of the usual .02% fee to LP/.02% fee to veCRV, this pool goes .04% fee to LP and 50% of USDN interest to veCRV
