Two key takeaways from Nansen’s UST stablecoin depeg report
Blockchain analysis firm Nansen identifies two major takeaways following Terra's UST algorithmic stablecoin collapse. As the dust settles on the cataclysmic collapse of the Terra ecosystem, an on-chain deep-dive carried out by blockchain analytics firm Nansen highlights two major takeaways.The cryptocurrency ecosystem was awash with varying speculatory theories around the cause of Terra’s algorithmic stablecoin UST’s decoupling from its $1 peg. The who and why seemed a mystery but the outcome was catastrophic, with UST dropping well below $1 while the value of Terra’s stablecoin token....
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Analytics platform Nansen showed that one of the funds that capitalized on the UST depeg has started to transfer large amounts of USDD. While the market has not yet fully recovered from the onslaught caused by the TerraUSD (UST) depeg, another stablecoin project shows signs of distress, causing fears and speculation within the community. Stablecoin protocol USDD’s price dipped to $0.97 on major crypto trading platforms on Monday. Because of this, the market started to keep an eye on the project with fears that the project will follow the footsteps of Terra (LUNA). CurveSwaps, a bot that....
In light of the recent Tornado Cash and frozen USDC addresses debacle, MakerDAO founder Rune Christensen is hoping to move DAI’s collateralization away from USDC. MakerDAO founder Rune Chirstensen has urged members of the decentralized autonomous organization (DAO) to “seriously consider” preparing for the depeg of its DAI stablecoin from the United States dollar (USD). The founder’s comments came in light of the recently announced sanctions on crypto mixer Tornado Cash, noting to MakerDAO’s Discord channel on Aug. 11 that the sanctions are “unfortunately more serious than I first....
The HUSD team explained that the depeg was caused as they closed market maker accounts in some regions to comply with regulations. After recovering the HUSD stablecoin’s dollar peg, crypto exchange Huobi explained what had caused the short-term liquidity problem and assured users that it had been resolved. On Thursday, HUSD started to fall from its dollar value, trading at $0.92 at the start of the day and falling as low as $0.82 a few hours later. This alarmed community members, who speculated what mig happen if the stablecoin doesn’t recover its dollar peg. HUSD was once one of the....
Vision Hill's Dan Zuller runs through his 10 takeaways from institutional crypto investing, and looks ahead.
It's no secret that what the world calls "blockchain" has evolved. From its invention for the bitcoin blockchain to its implementation in new alternatives that take the idea in unintended directions, this expansion has had a dramatic effect on the industry. Likewise, with CoinDesk's Q3 State of Blockchain, we continue to attempt to reflect these changes in the taxonomy of the report. Once dedicated solely to developments on the bitcoin blockchain, the report now is divided into two sections, one on public blockchains (profiling bitcoin and ethereum) and the other on enterprise....