MARKETPEOPLE

Who's Swimming Naked as the Tide Goes Out? Cryptocurrency Analyst Ignas Calls Out CRV, USDe, PAXG

share
Who

After a weekend of ups and downs, cryptocurrency analyst Ignas suggests that now is the time to check:

  • Which lending protocols ultimately led to defaults?
  • Which perpetual contracts failed to liquidate in time?
  • Which funds, venture capitalists, market makers, or family offices messed up?
  • Which assets or stablecoins became unhinged?

As they say, you only find out who's been swimming naked when the tide goes out!

CRV Health Ratio Drops to 0.98

The health ratio of CRV on Silo Finance has dropped to 0.98.

Additionally, according to on-chain analyst Yu Jin, Curve founder Michael Egorov's leveraged position worth over $90 million is facing liquidation again, with some positions' health ratios dropping as low as 1.1.

OTC fundraising for repayment again? Curve founder's CRV liquidation crisis reappears, lending health ratio drops to 1.1

USDe Unpegs Temporarily

The stablecoin USDe issued by the stablecoin protocol Ethena has temporarily unpegged.

Recent reports indicate that the stablecoin protocol Ethena experienced negative revenue for the first time this week, totaling $1.05 million.

However, according to Wu Blockchain, Ethena officials explained that this was due to a delay in transferring income to the contract this week, with $1.4 million in earnings paid to sUSDe this week and an additional income of around $3 million. These incomes are usually transferred to the insurance fund wallet 0x2b…d4d5 every weekend. The Ethena team is currently communicating with data websites like DeFiLlama to correct this discrepancy.

PAXG Traded at a Huge Premium

PAXG is trading on-chain at $3,100 compared to a spot price of $2,400, with a massive premium. It is also trading at a 15% premium on Binance.

PAXG is a tokenized gold issued by stablecoin issuer Paxos, with each PAXG backed by one troy ounce of gold, abbreviated as TOZ. 1 troy ounce is approximately 31.1 grams of gold. It can be redeemed or created in both dollars and gold, allowing investors to engage in pure price speculation buying and selling in USD settlement to profit from price differences, or to store in digital assets and convert to physical gold when needed.

The market value of tokenized gold exceeds $1 billion. What is the gold stablecoin PAXG?

Gold prices have hit new highs this year. With the situation in the Middle East not completely stable and concerns about inflation unresolved, there may still be room for further increases in gold prices.

As Bitcoin sees a risk of correction, gold prices hit new highs. What are the factors driving up gold prices?

DeFi Stress Test Successful

However, Ignas also mentioned that yesterday was a good stress test for DeFi and the results seemed better than expected. So far, there have been almost no reports of significant issues. This is a major victory for DeFi.