Only when the tide goes out do you know who is swimming naked! Ignas named CRV, USDe, PAXG

After the weekend’s ups and downs, crypto analyst Ignas said that this is the time to check:

• Which lending protocols are finally Lead to bad debts?

• Which perpetual contracts cannot be liquidated immediately?

• Which fund, VC, market maker or family office screwed up?

• Which assets or stablecoins are decoupled?

As the saying goes, only when the tide goes out do you know who is swimming naked!

CRV health ratio dropped to 0.98

CRV’s health ratio dropped to 0.98 at Silo Finance.

In addition, according to on-chain analyst Ember, Curve founder Michael Egorov’s loan positions worth more than $90 million are once again on the verge of liquidation, with some positions having a health score as low as 1.1.

USDe was once decoupled

The stable currency USDe issued by the stable currency protocol Ethena was once decoupled.

Recently, media reported that the stablecoin protocol Ethena had negative income for the first time this week, amounting to US$1.05 million.

However, according to Ethena’s official statement obtained by Wu Shuo, this is due to the data difference caused by the delay in transferring income to the contract this week. The income paid to sUSDe this week was US$1.4 million, and the additional income was approximately For $3 million, these earnings are typically transferred to the insurance fund wallet (0x2b…d4d5) at the end of each week. Currently, the Ethena team is also communicating with data websites such as DeFiLlama to correct this discrepancy.

PAXG Trades at a Huge Premium

PAXG trades at a huge premium on-chain at $3,100 (compared to the spot price of $2,400). And there is also a 15% premium on Binance.

PAXG is tokenized gold issued by stablecoin issuer Paxos. Each PAXG is backed by one troyounce (troyounce, abbreviated as TOZ, 1troyounce is about 31.1 grams) of gold. There are two methods of redemption and creation: US dollars and gold. This also means that investors can make pure price investments (sales and sales are settled in US dollars and earn price differences), or they can usually store them in the form of digital assets, but in some cases Then exchange it for physical gold when needed.

The price of gold has hit new highs frequently this year. While the situation in the Middle East is not completely stable and inflation concerns have not yet been resolved, gold prices may still have room to rise further.

DeFi stress test successful

However, Ignas also said in the end that yesterday was a good stress test for DeFi. And things seemed to turn out better than he expected. So far, few major issues have been reported. This is a big win for DeFi.

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