June 6, 2023: $eUS-Depeg 🎭🎢
Why is Lybra Finance's stablecoin trading above its peg?
There is a silver lining to court eunuch Gary Gensler’s duplicitous fatwa against cryptocurrency. $crvUSD watchers had been eagerly awaiting some good ole-fashioned crypto volatility to test its soft liquidation mechanism. The twin lawsuits against Binance and Coinbase may have delivered:
Good show, but we’re going to have to dump a bit harder if we wish to see the rarest of unicorns… a $crvUSD hard liquidation.
The rarity of hard liquidations is quite the contrast from other lending-based platforms. Could greater adoption of $crvUSD change how DeFi performs more broadly amidst market volatility?