Tron founder Justin Sun looks to work on a “wholistic solution” to save FTX from the liquidity crunch. Meanwhile, on-chain data suggested algorithmic stablecoin USDD has started to depeg suddenly and is now trading at $0.974. Justin Sun earlier responded that probably Alameda is selling USDD to cover liquidity at FTX. Now, he says it’s “basically panic sell on Ethereum blockchain.”
Is FTX’s Alameda Behind Justin Sun’s USDD Depeg
According to on-chain data, USDD algorithmic stablecoin selloff by whales caused the stablecoin to depeg. On November 8, a whale swapped 4.49 million USDD for 4.46 million USDT at a ratio of 0.9935. As a result, USDD lost its peg and fell to $0.983.
On November 9, another whale exchanged 6.65 USDD for 6.51 USDC at a ratio of 0.9799, causing USDD to drop further to $0.975. Moreover, the USDD liquidity pool on Curve, where users can trade USDD for other stablecoins such as USDT, USDC, and DAI is significantly imbalanced, with USDD accounting for 82.
We współpracy z: https://coingape.com/ftx-crisis-justin-suns-algorithmic-stablecoin-usdd-depegs/
