Another Day in Crypto #148 - USDC Depeg (& Repeg), Liquity, Curve and Y2K Finance Proving Their Usecase & DeFi News
Curating some crypto content from around the web.
Hello everyone,
How are you? Hope you’re well!
As always - this is most definitely Not Financial Advice.
Everything I express here is only my opinion, and represents my perception of the market, eco systems and communities. And people.
Do not treat any of it as an absolute fact - please do your own due diligence.
Always.
Ok, the past few days were quite insane. I’m sure the vast majority of you have already heard about the whole SVB collapse story and the USDC depeg, something that quite frankly, I think seemed pretty impossible to most of us.
Let this be a good lesson for all of us - in the wild west of DeFi, many things are possible. Plan and prepare accordingly.
I personally believe USDC will regain its peg with time, yet honestly, who really knows, and this is of course not financial advice anons. I do think it shows the need to look at other alternatives more closely, and also on other ways to hedge for such cases.
The world of DeFi offers all kinds of new options and opportunities, and of course has it risks. Do your best to educate yourselves in order to be able to both profit and protect your capital.
One of the reasons I write this blog, is to assist in providing all kinds of leads for this kind of opportunities. The way to explore them is whatever you make of it.
Good luck to us all folks!
Ok, now, let’s start looking at all kinds of interesting stuff I found for today.
And honestly - there’s quite a lot.
This was around 0.875$ I think at some point, maybe even a bit lower.
As I’m writing this, peg is almost fully restored at 0.992$.
This was the announcement by Circle:
Llanero made me notice this:
Ok, let’s look at some recaps of what went down.
Winter Soldier:
Ignas:
This was shown to me by bobdbldr:
And so was this:
bobdbldr had his own recap of the topic.
Also noticed this by Condom:
The engine of DeFi replied (will get to them soon in this edition):
P3N5IVE replied:
This USDC stuff showed the possible effect for projects using it as their main collateral, such as Frax and Maker.
traders_insight tweeted:
DeFi Dave also tweeted about the Fed Master Account.
FlywheelDeFi shared some screenshots from what’s going on on the Frax Telegram.
USDCBULL1 was blunt with the critic.
francesco wrote a thread on the risks of centralized collateralization in decentralized stablecoins using Frax as a case study.
One stablecoin project that definitely showed its power and relevancy with this whole USDC situation - is Liquity’s LUSD.
tokenbrice had a lot to say.
TheBit Research also noticed LUSD:
DeFi Cheetah as well.
tokenbrice added:
And he added this as well:
DeFi Alex replied:
vanillacream wrote this thread on Chicken Bonds:
And tokenbrice tweeted this:
Speaking of newmichwill, Curve may very well be the one project that proved (as usual) its importance and power in this story and under these kind of scenarios the most.
TheBit Research:
Curve had a lot of volume in this whole story.
minimumwage:
erket tweeted:
Curve shared:
Btw, speaking of Curve stats, look at this:
Curve replied:
Kmets:
Atexela asked:
YettyWapp tweeted:
bobdbldr noticed the 3pool:
CurveCap mentioned what many of us probably wonder about.
toki shared this which seems to sum up a lot of the feeling on Crypto Twitter:
Ok, another protocol that showed its usecase throughout this story was y2k finance.
Look at this dialogue between Nach and bobo:
Let’s look at some tweets and threads about that.
Y2K themselves:
dLux:
Christopher Iach with a video about Y2K:
DefiGog also wrote a thread about it:
And Mughal wrote one a few days ago as well:
bobdbldr added:
Speaking of bobdbldr, let’s look at something by IVX:
Next - another project built on top of GMX - Perpy.
Their publis sale is in a few days:
Ok, next up - a new sponsored segment - by Gearbox!
Proud to have honest and innovative projects being presented in sponsored segments on my editions.
Thanks folks at Gearbox!
Ok, let’s get to it.
V3 is coming.
Mugglesect:
Gearbox also wrote about this:
Btw, you can use this thread by hoeem to start learning about Gearbox and what they offer:
Gearbox added:
Mugglesect with a hint:
Recommend you join their Discord and say hi if you want to learn more about it.
Thanks again folks at Gearbox!
Ok, moving on
What about some videos?
Flywheel with a video on the situation of the last few days:
Sassal with his Daily Gwei:
Noah Seidman with his stream:
The Chopping Block with Arthur Hayes:
Next - Revelo Intel made me notice this Twitter Space between Liquity and Aztec:
The Space:
And for those of you who want some macro stuff -
Hedgeye:
And the All in Podcast:
And the classic back to DeFi - Llama Party by CurveCap - with the Llamas:
Ok, let’s look at some more tweets I want to show you.
DeFi Alex:
Caneleo:
ZachXBT shared he’s going to change how he operates; thanks a lot for all your work ser!
Responses:
A few more tweets before we wrap this up:
Ignas:
Subli:
nnova:
bobdbldr:
Llanero with this good one by Luiz Ramalho:
USDCBULL1 - blunt as usual:
And DefiMoon showing us some newmichwill activity:
Thanks for reading everyone, have a great day!
Hello everyone!
Appreciate your attention! If you want, you can support my work like this:
1. By using my GMX referral link - get 10% off trading on GMX.
Trade responsibly.
2. By purchasing a Ledger hardware wallet using my affiliate link - you pay the same price.
Thanks!
I personally use the Nano S.
I will always let you know when I use affiliate links.
3. By supporting directly here - defiadvisoor.eth
Thank you!
Full transparency - I’m on both of AladdinDAO’s Community Booster programs for Concentrator and 0xCLever.
This edition also includes a sponsored segment by Gearbox Protocol.
I Will only support projects I believe in.
Always.
Thanks everyone!
Appreciate every subscription, like, share, RT, comment, reply and above all - your attention!
Be smart investors and educate yourselves as much as you can!