@web3daddy
🚨 USDX is in trouble.
the $680M stablecoin by @StablesLabs is currently depegging (trading below $1).
here’s the gist 👇
USDX is a “crypto-backed stablecoin” that’s supposed to stay at $1 using smart strategies and arbitrage.
but after the Balancer V2 exploit, they lost $1M in liquidity and that started a chain reaction.
big funds began pulling out. borrow rates spiked.
then projects like Stream Finance and Lista DAO faced heavy liquidations.
Now USDX is currently trading at $0.2 which is way off its peg.
the worst part?
stableLabs has been silent for 3 days now, no statement, no reassurance.
people are starting to think there might be deeper losses behind the scenes.
this shows one thing;
high yield ≠low risk.
always know where your stablecoins are parked.
for now USDT and USDC remains the best stable to hold.
stay safe out there. 🫡
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