jakiro
Today is exactly one month since the 1011 tragedy.
Every time the tide recedes, many projects without pants are exposed.
The hardest-hit areas in this current wave are the various “wild stablecoins” that have been riding on the popularity of stablecoins in the past few months.
They mainly use the banner of defi and the stability of underlying assets. Many projects have also received investment from star VCs, and now they are entering a period of mass de-anchoring!
01Stream Finance xUSD
The first is the so-called stable currency “xUSD” issued by Stream Finance. The current price of the currency is only 0.083, which is 87% severely unanchored, and has been for several days.
The circulation of xUSD is approximately 200 million pieces, and its current market value is only 16 million, with nearly 200 million evaporated out of thin air.
Although the financing amount of this project is only US$1.5 million, the background is awesome. The funds come from the top crypto VC Polychain, which claims to invest in U.S. Treasury bonds by using crypto assets.
But now it has become like this. The current official statement is that it has admitted a loss of 93 million US dollars, but it is not known why there was such a loss. A law firm has been hired to investigate…
It’s really interesting. A loss of 93 million caused the market value of 200 million stablecoins to evaporate, and no police were called!
I just found a law firm to investigate on my own.
Most likely it is an internal risk control problem~
02Elixir deUSD
After xUSD collapsed, it directly led to the collapse of another “stable currency” deUSD.
Because Stream Finance’s largest single exposure of $93 million in losses belonged to Elixir’s deUSD, the protocol lent $68 million in USDC to Stream, accounting for approximately 65% of deUSD’s total reserves.
And deUSD is even worse. The current price is only 0.018, and the anchor rate is as high as 98%!
Elixir official Twitter stated that the stablecoin deUSD has been officially retired and no longer has any value.
Although the official claimed that they would compensate for the losses, mainstream exchanges have already issued risk warnings about the project’s tokens.
However, Elixir’s background is actually harder, with a financing amount of US$17.6 million, and the funds came from Sui Chain and the well-known Hack VC.
03USDX
Compared with the previous two projects, the USDX performance of the Chinese project Stable Labs is excellent. The current price is 0.65 and the anchor rate is only 35%.
This project has received support from many Chinese funds and has received financing of up to US$45 million, and its investors include leading funds such as Dragonfly and traditional capital such as UOB.
Even so, Yang Zhou, the founder of this project, can be said to be an old sickle:
Users who suffered losses from previous thunderstorm projects have not yet received compensation.
04River
Although this project has not yet come off the anchor, the project side has already begun to cheat.
River’s VC financing amount is only US$2 million, but after TGE in September, its current FDV (full circulation market value) is as high as US$700 million!
The price of maintaining a high market value is that large investors are prone to smashing the market.
After the currency price fluctuated in the past few days, the project team suspended the exchange of $RIVER Pts to $RIVER to avoid further impact of selling by large investors.
Any arbitrary changes in the rules by the project team will always lead to community rights protection~
However, someone revealed that $RIVER’s management background is highly consistent with Softrug’s Bit Ecosystem project BEVM.
So, you understand~
