Reddit Posts
Why we need stablecoins and what makes a good stablecoin.
It's not FUD anymore, USDC has depegged. DAI & some other decentralised stables have also depegged. Get your money out of stables.
SugarYield | Coingecko listed | Coinmarketcap coming | Low Mcap | CEX listing | 10x_gem | 5160%_APR |
SugarYield | First_Hedge Protocol! Fairlaunch Succeed with 261.69 BNB! APR_5160% | 2x Rewards on Vaults | Mobile App live | 10x _on _launch | KYC-Audited | Dapp_Live | CEX Listing! PCS Listing 9th Feb 14:00 UTC |
SugarYield | First_Hedge Protocol ! APR 5160% | 2x rewards on vaults | Mobile App live | 10x on launch | KYC-Audited | DApp_Live | Governance | CEX Listing! Presale Live On Pinksale_1 HOURS Left to end | SC HIT | 183 BNB Raised!
SugarYield Presale Live on Pinksale - 5 Hours Left - 150 BNB Raised - Mobile App Live - 10x on launch - KYC- Binance Live AMA's - APR 5160% -CEX Listing - DApp Live - PCS listing 9th Feb 14:00 UTC
SugarYield | 2x reward on vaults | 5160%_APR | Low Mcap | 10x_on_launch | 1_hour to live on Pancakeswap
SugarYield | First_Hedge Protocol on BNB Chain ! APR 5160% | 2x rewards on vaults | Mobile App live | 10x on launch | Appraised by KYC-Audited | Dapp_Live | Get Rewards Through Governance | CEX Listing! Presale Live On Pinksale_5 HOURS Left to end|
SugarYield.com - First Hedge Protocol - Presale Live on Pinksale - Mobile App live On Playstore - APR 5160% - 10x on launch - KYC- Binance Live AMA's - CEX Listing - Sugar Vaults deposit will be start on 8th Feb, 18:00 UTC
SugarYield - First Hedge Protocol For Stable Coins | 2X_returns on vaults | 5160%_APR | Presale ends in 3hour|
SugarYield Presale now Live on Pinksale - APR 5160% - Mobile App live On Playstore - 10x on launch - KYC - Binance Live AMA's - CEX Listing
SugarYield - First _Hedge Protocol on BNB Chain - 2x_retrun on Vaults | 5160%_APR - Mobile App live | KYC_Audited | Presale in 30 mins | 10x on launch |
SugarYield - First _Hedge Protocol on BNB Chain - 2x_retrun on Sugar Vaults | 5160%_APR - Mobile App live | KYC_Audited | Presale 7th Feb | 10x on launch
SugarYield.com | First Hedge_Protocol on BSC | 2x_return on_BNB | 5160%_APR | KYC_Audited | Presale on _7th_feb
SugarYield - Hedge BNB Earn_2X return on _busd| 5160%_APR | KYC_Audit | Mobile_app_Live | CEX_listing | Presal_in_2_days | 10x_on_launch
SugarYield | Hedge_BNB_on_pegged_assets_Busd_Usdt_ 2x_return - 5160_APR - Kyc_audited - Presal_live_in_2_days - 10x_on_launch
[SERIOUS] Regardless of a bailout, the worst has likely yet to come
Another domino is about to fall. MIM (Magic Internet Money) lost its parity with the US dollar
MIM stablecoin slightly loses dollar parity amid fears of partial FTT backing
[SERIOUS] Influencers: how many wrong predictions make a right one? Part 2.
Is Daniele Sestagalli’s ‘MIM’ the next stablecoin in trouble?
MIM (aka Magic Internet Money) is the latest stablecoin to blow up. Peg has dropped to as low as 92c and treasury is insolvent. It has a mcap of $220M. The team are buying CRV - a volatile ponzi play. Daniele Sesta says its FUD, while other dev Tetranode has posted a goodbye...
Another stablecoin bites the dust - Magic Internet Money (MIM) drops to $0.94 - If you put your money into something named that, you deserve to lose it.
Here's how Do Kwon cashed out $2.7 billion using Degenbox to drain liquidity out of the LUNA & UST system and into hard money like USDT.
New Stablecoin LP Launched! Boost APY for BUSD-USDT-DAI-MIM
Stablecoin MIM loses 80% marketcap less than 24 hours ago
Something new can always be born after the death of the Terra-Luna
WARNING: The MIM (Magic Internet Money) Stablecoin Is Insolvent and The Liquidity Pools on Uniswap are being emptied
Reflections on the rise of DEFI
Battle between decentralised stablecoins just got real! Earlier, Founder of DAI called UST (Terra) a 'solid ponzi". In return, UST has come up with a plan to crush DAI and has teamed up with Frax
FirecampDAO [Avalanche] - [Launched Today] - Unique Staking and Minting system
How sustainable is UST? What black swan event will cause it to depeg?
Devil Finance | Yield Optimizer On Fantom Blockchain | Stake And Earn | Nfts Coming Soon | Lowest Fees In Defi |
$MOR: Launching on Fantom on Feb 23: MOR by Growth De-Fi will be the only protocol on Fantom that offers both borrowing/leveraged yield farming with 0% interest loans and no penalties to open or close vaults. GRO holders also get MOR revenue. MOR is currently on AVAX and BSC.
The paradox of hype vs. use case - why AMP and XLM are grossly undervalued.
🔥 FATFIRE Zero deposit fee yield farm and token on Fantom 🔥 #freemoney
Why MIM's Lack of Liquidity Could Possibly Destabilize UST
❄️Avalps DAO ❄️ $BLANC ❄️$SKI ❄️Biggest APY ever 2.142e125% 🚀 Bonding discount 150-180% ❄️
The co-founder of billion dollar Defi protocol Wonderland is a serial scammer, fraudster and co-founder of notorious QuadrigaCX exchange!
Wonderland controversy and why Terra's LUNA is down
What did I do wrong? It took away half of my money and why is it buying MIM?
Time Bomb: Wonderland, Magic Internet Money, and UST
MIM is depegging. Terralabs are cashing out LUNA through UST-MIM curve pool. Exit Abracadabra, Exit SPELL, Exit LUNA, Exit UST. Short MIM
New to crypto - overwhelmed by what are the real life use of all the altcoins
🦴 Boneyard | Presale Launch 2022-02-01 | Auto Earn magic internet money (MIM) just by holding! | build on Fantom | BoneyardDAO coming soon 🌚
Time Wonderland, an ohm fork that promised 80,000%+ APY returns, has fallen 95% in value from 10,000+ to 500 and is collapsing as I type this.
Grape Finance - Algorithmic stable coin pegged to MIM on AVAX Chain | A+ Community | Active Devs | Contract ownership renounced | ✅Stayed green while the market Bled!!! | Current yields around 8% per day | Early project, only 2M TVL | Launchpad and NFTs with utility are coming
A Complete Explanation of TIME, MEMO, wMEMO and the economics of Wonderland
If the Internet of information shrunk the world then the Internet of Value (defi) has shrunk money.
$GHOST Capital has successfully launched | The evolution of meme coin utility starts with Ghost Capital 👻
Maker Co-Founder Calls UST and MIM 'Solid Ponzis' That Will Go to Zero
Maker Co-Founder Calls UST and MIM 'Solid Ponzis' That Will Go to Zero
Terra, Abracadabra Stablecoins "Are Going to Zero": Maker Founder
Hector DAO - Ohm Spoon, not Fork - AMA about 2022 Master Plan Live on Youtube at 20.00 UTC - Combining Utility with Rebasing + a $100,000,000 Treasury - Bullish 🚀
Safest way to park your gains long term: how safe are stablecoins?
Experienced team launched first meme DAO on Avax network - welcome PepeDAO. Can it be first successful Pepe token?
Experienced team launched first meme DAO on Avax network - welcome PepeDAO. Can it be first successful Pepe token?
Avax network meme DAO. First Pepe token 👏 PepeDAO is live with insane staking APY!
PepeDAO launched 🥳 Huge staking apy (200% ROI 5-day rate). Avalanche network meme DAO with celebrities onboard.
First ever meme DAO is live 🐸 PepeDAO on Avax network. Insane staking and minting APY.
It's time for first ever meme DAO. Introducing PepeDAO on Avalanche Network. Stake your Pepe tokens and get millions of APY.
First meme DAO ever to exist. PepeDAO live on Avax network with enormous staking APY.
PepeDAO launched on Avalanche network. Huge staking and minting APY. Can it be first good meme Pepe token?
First meme DAO - PepeDAO token on AVAX. Insane staking APY, celebrities onboard, $200k mcap
PepeDAO live now with enormous high APY. Maybe it's time for first good Pepe token?
PepeDAO - OHM fork Avalanche network. Staking and minting huge APY, celebrities onboard.
Are there other tokens similar to MIM and spell?
How Olympus DAO and Wonderland TIME are bleeding their investors
SierraDAO | Launching December 28th | Discord already at 16k members!
Dionys DAO | Highest APYs | +$100K Giveaway 🎁 | Stake and Earn | Multi SIG 🔒
❄️Avalps DAO ❄️ $BLANC ❄️$SKI ❄️Biggest APY ever 2.142e125% 🚀 Bonding discount 150-180% ❄️
ParrotDao - Most rewarding DAO on market | DeFi and GameFi | Avalanche
Gemini Exchange just announced nine more coins to their list
FLEX - AVAX is the new BSC. Get into the first legitimate memecoin before it pops. 15k Cap - 78 Holders - Launched Today
👑 MidasDAO - New DeFI👑! Stealthily launched 📈 Insane high APY 🚀 Chart goin to MOON 🚀 Rebase every 8 hours - earn money by staking 🔥 Buy CROWN at a EXTRA discount thanks to MINTING 🔥 Trending on almost all sites! Top on CoinCost!
⚔️TemplarDAO⚔️ ($TEM) | ✅ Listed On CG/CMC | ROI 23%🚀| APY 350m% 🔥 | $8m MCAP | OhmFork on BSC 💎 | Giveaway🎁 | Frog Nation Supporter🐸
PinguInu - Just launched - 50k MC, 118 Holders, 100+ TG Members
⚔️TemplarDAO⚔️ ($TEM) | ROI 24%🚀| APY 600m% 🔥 | $5m MCAP | Ohmfork on BSC 💎 | Treasury-Reverse Protocol 🐸 | Yields Goes to Holders!🏆
Looking for a good project with low gas fees. Check PAPA DAO on the AVAX network
🚀Galaxy Goggle Dao (GGDao) is THE Greatest Memefi Dao Token with Eye Bleeding APY% Returns and Minting Discounts You have never seen in your Life Before 🔺 Apes Are Going to Space Baby🐵
🚀Galaxy Goggle Dao (GGDao) is THE Greatest Memefi Dao Token with Eye Bleeding APY% Returns and Minting Discounts You have never seen in your Life Before 🔺 Apes Are Going to Space Baby🐵
Galaxy Goggle Dao (GGDao) is THE Greatest Memefi Dao Token with Eye Bleeding APY% Returns and Minting Discounts You have never seen in your Life Before 🔺 Apes Are Going to Space Baby🐵
[$BBYoda] The force may be strong with this one!! BabyYoda stealth launching on TraderJoe “soon”. 6% MIM Rewards to token holders. 🔥STONKS 🔥
$MINTY | Safe High Yield $MIM rewards | Insure staking rewards on #Avalanche
PapaDao ($PAPA) | The reserve currency of the Metaverse and the Gaming universe on Avalance | AMA with Crypto Sensei on Saturday | Massive +2,000,000% staking APY | (4, 4) Bonds coming | Rapidly growing community and much more!
Terra (LUNA) for beginners. Terra is an ecosystem of stablecoins and this is why it matters for all of crypto.
A Whole New World! - Come take a ride with us on a Magic Carpet $MGC - a reflection token of $RUG, the best reserve currency DAO on Avalanche. Discord and Twitter + More Information in the post!
Mentions
A few things, firstly that Circle and Tether only have the power to do what the smart contracts enable them to do. As far as I am aware that may include freezing coin balances but it doesn't include altering them. Secondly, Circle and Tether are still small enough that betraying peoples trust (say by refusing redemptions, or redeeming at less than face value) would likely destroy their reputation, something that would be quite damaging to them. Unlike a CDBC, people can just flee to DAI, RAI, MIM, USDD or any of the other stablecoins. Whereas with a CBDC, they don't even need to care if you have faith in them - you're forced to use it regardless, that's the point.
>the only alternative USDT MIM? DAI? Y'all use centralized stables and are surprised that they collapse I don't get it
Hey there, it’s me from the future! USDC is currently trading at .88, Dai at .90, FRAX .89, LUSD .94, USDP .97, USDD .93, MIM .88, sUSD .96 & MAI .91 It’s not fine. The largest stables have all depegged except Tether.
I still had something about 2/3 in my head. But we are currently seeing how closely the fate of DAI is linked to USDC. There, too, we are currently at 90 cents instead of one dollar. MIM also no longer has its peg
It’s not just USDC also DAI, USDD, Fei USD and MIM have depegged.
Over collateralized, unable to be frozen by centralized figures, and high liquidity cross chain. so MIM, MAI, SUSD, LUSD
wdym? MIM depegged at the same time.
MIM name doesn't really help either lol
There is some hope though. Maybe recovering the peg won't be possible for a long time, but it's not like Circle is really insolvent. Many banks have less money for your deposits than the cash Circle has available to back USDC. Not going to lie, it does look bad, but at least here we should have real reserves unlike UST which only had about 3 bn of reserves (aside Luna) for 15 bn+ UST. Oh btw, USDD, Frax and MIM also depegged. I guess Frax and MIM also had DAI/USDC as collateral, and I suppose many other defi stables too.
Reminds me of this little algo stable coin called $MIM. It’s been through everything and yet somehow it’s still doing fine.
It definitely wasn't UST since LUNA was burned and minted (the latter which caused its own hyperinflation), unlike overcollateralized stablecoins (DJED, DAI, MIM, etc) that instead lock and unlock when minting and burning the stablecoin, thus creating a reserve that can be used as the basis for redeemability through assets that actually exist.
No, it didn't. u/AESTHTK posted disinformation articles about DJED before, was corrected, and continues to spread disinformation (I guess that's crypto-cult mentality for you lol). How all overcollateralized stablecoins (DAI, FRAX, MIM, DJED, etc) work is that they can't truly depeg unless the reserve ratio is under 100%. Look at other stablecoins which fluctuated in the past (esp. early on in their life). Want to know why they never stayed "depegged"? It was because they were all overcollateralized.
Being overcollateralized by over 500% sounds pretty stable to me. It being backed by crypto doesn't change that. Other crypto-backed stablecoins have fluctuated in the past (DAI, FRAX, MIM, LUSD, sUSD) and have still maintained their peg. You know why? Because they are all overcollateralized.
... and here you are ! MIM connoisseur
There's also the MIM stablecoin whose name was likely inspired by this as well (maybe indirectly)
>That's not true at all. The reserve ratio influences the market value, but ultimately the market value is what it's worth, so it actually means everything. As I said, the market value comes from its price from exchanges, and these exchanges have low liquidity due to DJED not even being a month old and only having ~3 million in circulation. On an exchange, it can be less or more than one dollar, but if you redeem your DJED for ADA directly, you will get the dollar equivalent in ADA, minus fees of course. So what I said is true. If DJED on an exchange is worth less or more than a dollar, you can burn in through the smart contract. Market value is just through exchanges, while the reserves ratio shows how much the stablecoin is backed. Every stablecoin with backing has gone through massive price swings, but if you can redeem your stablecoin for dollars (or dollar value of cryptocurrencies), then it's not really depegged, since you can get your money back 1:1. >100% objectively it is depegged as long as the market value does not equal the targetted value. You can get the target value for redeeming directly. If the stablecoin price on an exchange is not $1, then just redeem it directly to get $1. This has been the case for *every* collateralized stablecoin, especially early on in their history; look at DAI, LUSD, sUSD, FRAX, and MIM for some examples of overcollateralized stablecoins fluctuating but still being just fine. As I said, market value doesn't mean anything compared to reserve ratio, and this is because reserve ratio shows how truly backed and redeemable the stablecoin is. >DJED isn't really in trouble, but then again it hasn't been battle-tested, but your reasoning is way off base. I know DJED hasn't been battle-tested, but that's a different discussion. "My reasoning" is just researching how other stablecoins were in the past, and it is pretty clear the reserve ratio is the only important thing because it's how you are able to get back the dollar (or dollar equivalent) money from the reserves.
[https://www.coingecko.com/en/coins/magic-internet-money](https://www.coingecko.com/en/coins/magic-internet-money) MIM token looks to be around a dollar still. Maybe a glitch on Gemini?
Long live MIM and DAI
Too late for BTC, too early for crypto mass adoption. Perfect time for MIM (magical internet money)
The ledger will verify its internal software upon startup and connection to ledger live. Just take a look at the device to make sure it hasn’t been tampered, download newest software and generate a new wallet from scratch. (If it already has a wallet generated its been tampered). Buying these devices off amazon is totally fine if you know what you are doing. The only MIM attacks have been totally unsophisticated on sites like ebay(they generate a wallet before hand and give you the words hoping you’ll use it)
Surprised MIM (magic Internet money) stablecoin is alive and kicking
There was just an increase in coins that are "not currently available for trading" from 16 to 25 including MIM, LUNA, MIR and ORCA. Seems pretty scummy withholding assets from users.
Look up Magic Internet Money (MIM). It's held up its peg surprisingly well - better than any other stablecoin I've seen. It's basically like DAI, but it isolates each type of collateral used so that if one collateral fails, it doesn't affect the peg. Some of the MIM in circulation was collateralized by Terra's UST before it collapsed. Some of the MIM in circulation was even collateralized by FTX's FTT before it collapsed. Do you see any significant affect on the peg? Nope! It's pretty promising, but the worst of the crypto market has yet to come, so we will see what it looks like then.
The writer doesn't consider Tron to be a good collateral. That's on him, but it's there. DAI has a similar model, so has MIM. Neither of them collapsed.
I think its interesting that despite all the dubious ponzi bullshit with Danielle Sesta, that MIM is still pegged and abracadabra.money is still being actively developed with recent updates spell might just do something in the future
That’s what people did when MIM was going down
We aren’t talking about MIM (Magic Internet Money) here
_"... it just reeks of maguc money printing..."_ Me: I'm looking at you MIM (Magic Internet Money)
SPELL because degens love leverage especially during a bull run. MIM overcollateralized and has suffered about as much bad press as a protocol can get but keeps returning to peg. FTM if they rebrand. Better tech works faster and smoother than MATIC. Less fees than MATIC.
Probably someone try to benefit from a unpeg if happening. You borrow a stable where you think it will unpeg, sell into another, wait for unpeg, buy cheap and liquidate your position. Some have done this lately with MIM when it was shortly at $0.96
Magic internet money (MIM) is already taken
Well actually tying UST to a gas token was a great idea. That was the main innovation of ust, giving the stabilizer intrinsic value. The problem everyone missed was that the gas token can't also have governance that controls the network consensus. That's the reason they had to stop the chain and fork (even LunaC is a fork). They made a lot of mistakes- like incentivizing the MIM degen pool that created mass liquidations and attracting lots of users that had no faith in UST. But even with all of those mistakes it may have survived if not for the 3-pool attack which easily could have been prevented. No one will trust algo stables anymore, but that's a good thing. They need more rigorous testing and development.
Lol don't feel sorry for me. I didn't lose anything because those platforms were obvious scams. I had 5k$ in UST on Anchor and I withdrew it after I had made a little extra but it was mostly due to their community conversations and my research led me to believe it was simply unsustainable. A guy like Do Kwon isn't going to pour more money he doesn't have to make it work, I knew he was gonna exit scam. Plus when I found out about Sifu and the degen box strategy with MIM, I pulled everything out immediately because it was obviously unsustainable and a scam and a way for the Quadriga co-founder to launder all the crypto he and his "dead" partner stole from canadians last cycle. All I'm saying is if you truly care about your money, then one should spend as much time learning about where that money will sit.
I forgot that MIM (Magic Internet Money) was a real thing.
I am shorting MIM (Magic Internet Money), a believer in crypto, but not Magic Internet Money.
On-chain data shows Alameda sent $30 million to Sifu, who rugged Quadriga exchange in 2017 The rabbit hole goes deep If FTX were involved in MIM-UST pools that provided liquidity for LUNA, it's likely they not only orchestrated Do Kwon's ponzi, but countless others.
It's definitely SOLANA. You see, Alameda, a parent company to FTX, has been borrowing against this FTT and using it as collateral in several different loan agreements as well as defi positions (Blockfi, Genesis, AAVE, MIM). This will leave Alameda and its lenders taking a huge hit and scrounging for liquidity, and of course their next biggest bag is $SOL. It’s unlikely that Alameda will be able to avoid liquidation without dumping a sizeable portion of their SOL bag, and what will happen to Solana when their biggest proponent is forced to sell?
It’s fine now. When it depegs it becomes profitable to deleverage and thus repegs. MIM has actually showed a lot of resilience through these events. Ftt debt also paid back.
Just know that there is MIM. and who gonna invest in coins that name their protocol "Abracadabra", it's like a joke. just my thought
Neither MIM nor SPELL are remotely close to $2B valuation.
Is there anyone even still using MIM. I can’t remember how long ago that was but it feels like a lifetime.
Never heard about neither MIM nor Abracadabra. Just as well, I guess.
During periods of high volatility, websites like CoinGecko and Coinmarketcap display inaccurate pricing. Because CoinGecko not only accounts for the average of MIM->USD exchanges, but also calulates MIM->BTC->USD exchanges, so if the price of bitcoin is going nuts all over the place, it's hard to calculate an accurate price. You really should just look at MIM->USD pairs for a more accurate price at that point. Also, keep in mind, stablecoins work like ETF's. If someone prominent fearmongers about a stablecoin, and everyone tries to sell off their stablecoin, there can be a huge TEMPORARY drop in the value of the stablecoin. Because whoever runs the stablecoin needs to start buying back all the tokens they issued with the money they should have in the bank.
[https://analytics.abracadabra.money/overview](https://analytics.abracadabra.money/overview) What the fuck are you talking about? MIM is more than 200% overcollateralized. Someone just whale pulled out half the money in the Convex MIM pool and half the peg is back since you wrote this because lots of people have loans in MIM that they would gladly pay back at a discount you fool do your fucking research before spreading FUD.
You guys should totally try to leverage short MIM too btw
Actually, we have Pesos here, but it's worse than MIM. 1 ARS = 0,0033 USD, and declining...
It looks like MIM regained its peg… right?!?
MIM is a nothing burger though. Not even a billion of it in circulation. It's token # 200+
I thought MIM got nuked earlier this year?
if ya'll are invested in crypto and never heard of MIM, what kind of research are you guys doing?
MIM hasn't had parity with the dollar since January..... [https://coinmarketcap.com/currencies/magic-internet-money/](https://coinmarketcap.com/currencies/magic-internet-money/)
What piece of shit little project even is that? How vulnerable are we? If Vitalik sneezes and gets a slight cold, will crypto lose 80 % ? MIM? Never heard of it. I refuse to believe that can have any impact on my portfolio
Didn't MIM fall a while back?
People saw this from a mile away and counted on this to happen to turn a profit. Provide eth as collateral, borrow MIM, swap MIM to usdc, wait for MIM depeg, buy cheap MIM and repay loan for an instanprofit
MIM is fine. All that will happen is people will buy cheap MIM to pay off their loans.
Looks like it has depegged like this a few times in the past year during the market downturns. I don't hold either, but I think MIM has a better chance of survival than FTT.
Yes. That's how you manually short sell something. Your collateral can be but doesn't have to be the same asset as your swap pair for MIM.
I didn't even know MIM and ABRACADABRA were a thing.
So put up collateral Borrow MIM Sell MIM for more collateral Wait Buy MIM with collateral Repay loan?
Coinmarketcap is wrong. Coingecko shows that MIM is 205th in market cap.
Yawn. How many times has MIM lost its peg now? Nobody cares.
No one really care about this MIM
Where can I short MIM? Time to show what I learned with the UsT depegging
This is very definitely the least of our problems right now. MIM in not that big at all, even if a complete fallout happens (which is not certain at all as the depeg is pretty minor) it not affect crypto as a whole.
>Alameda used $126m FTT to borrow $26m MIM. But the big question is what was the price of FTT when $126m worth of it was put as collateral?
Same thing happened to MIM after Luna crash too and it successfully survived it. If I'm not wrong MIM is over-collateralized. So there might be liquidty issues temporarily but it will continue to survive.
Thing is FTX is basically intertwined with Alameda Research SBF’s own quant trading firm. And they’re no stranger in this kind of game. Back in January after it was found out that 0xsifu was cofounder of quadrigacx Alameda tried to destabilize MIM but failed because of the overcollateralized nature of MIM, just like DAI. That’s the day FTX announced listing of UST in their exchange. Ironically Alameda was one of the first to dump and depeg UST temporarily in curve.fi when other VCs such as jump and 3ac still trying to defend UST peg. That’s just days after Sam Trabucco from Alameda spoke positively about UST too.
Mid terms, CPI. But also, FTT and SOL are not isolated from the broader crypto market. For example, MIM is backed partly by FTT so that’s taken a hit as well.
According to zapper, some of their FTT are also being used as collateral in abracadabra to borrow MIM
Alameda were involved in LUNA as well, which was tied to MIM and other ponzis. Shady af
My proposal is MIM. Magic Internet Money
for all tl;dr's out there: Reportedly, Terra founder Do Kwon unlocked 3 million LUNA for TLF back in 2021. The LUNA tokens were converted into UST by specialized bots. $300 million were dumped into MIM & curve pools under “operating costs.”