Here are todayβs trends to watch from Curve Market Cap:
Who splashed the pool? This morning a whale drained most of the 3pool tokens from the USDN pool, creating a massive imbalance. Sleuths are watching to see what the whale is up to next, having some activity among Harvest, Compound, and Binance.
In the meantime, what happens when a Curve pool gets splashed? Everything worked pretty much as expected. Arb traders saw the price dip as low as $0.93 and quickly took advantage.
Traders could simply withdraw USDN, hope the pool balances, then buy back in. They could also try to convert to WAVES, but the transaction takes a long time:
At any rate, the pool did quickly equilibrate so all is well in the world of Curve.
Also sus is sUSD β with $33MM itβs currently the largest Curve pool by volume. As we mentioned recently, the Synthetix token just got listed on Coinbase, so this could amount to something of a Coinbase bounce.
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