March 25, 2022: Imajin the $SPELL 🌽🔮
$MIM depegs, Terra moons BTC, and the Future of DeFI
If you’re hanging around the $MIM pool on Curve, you might want to pay attention. The peg is under severe threat, currently at about $.98 to the dollarcoin and possibly only holding due to the high A parameter.
Damn, $MIM depegging again🪄😬
The MIM-3CRV pool doesn't look good all! 👀
$CRV $SOLID $SPELL
aboogee (☀️,☀️) @ab0ogee
One possible reason is the quickly fading Solidly is shedding traders, who are fleeing fast.
@dcfgod Noticed the @solidlyexchange $MIM pool has shrunk substantially over the past week or so. Maybe that causing a bunch of selling?
$MIM has de-pegged
It’s due to the drastic emission fall on @solidlyexchange, which means the USDC/MIM pool incentive is below 2% APR
Simultaneously USDC pool on @StargateFinance is offering over 21% APY
TVL has moved drastically from Solidly to Stargate…
…this is further confirmed when taking a look at @CurveFinance on #fantom , the $MIM pool is now 83% $MIM, 8% $fUSDT, 8% $USDC
The demand for USDT & USDC is high for farming on Stargate
The peg will probably return if @StargateFinance introduces $MIM (and $UST) pools
Stablecoin yield had been pretty rough around DeFi lately, but the hot launch of Stargate has jolted the scene. Anybody who hopped into the Curve pool since we wrote it up two days prior has seen the price already double.
Occasionally good fortune comes to those who seek it.
Today we present a roundup of several more trends around $MIM, $CVX, $LUNA, $BTC, plus thoughts on the future of DeFi, for paid subscribers who seek it.