Discover and read the best of Twitter Threads about #USDN

Most recents (7)

#USDN depeg
#USDD depeg
#MIM depeg
#FLEXUSD depeg
#ALUSD depeg
#USDX depeg

is it stablecoin on crisis?
On this list, we saw some of 20 big cap stablecoin is depeg
The most safety stablecoin are full backed by US dollar, such as:

#USDC
#BUSD
#GUSD
#HUSD
#USDP
#TUSD
Read 3 tweets
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.

Next πŸ‘‡

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.

Next πŸ‘‡
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.

Next πŸ‘‡
Read 9 tweets
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 reasonsπŸ‘‡ Image
2/ Why #UST "stablecoin" and Anchor yield have a high risk profile.

This is NOT the place for your life savings!

Next πŸ‘‡

3/ #USDN - algorithmic stablecoin crashing over 30% today... $1 billion in fake money vanishing.

You think #UST market cap is real? lol

Next πŸ‘‡

Read 9 tweets
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..
Read 76 tweets
1/ Here is why #USDN is crashing, check the date.

Sounds familiar to another decentralized stablecoin?
Read 5 tweets
Calling all veCRV!!

πŸ”₯Everyone gauge weight vote 100% on #USDN poolπŸ”₯

Why? πŸ‘‡
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
Read 8 tweets

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