@stablealt "but NOTHING else is executed onchain. every trade happens on their Web2 server, somewhere in CZ's basement."
Lol, this is false and you should do better research before clowning yourself.
https://t.co/pkRl2QDB56
How can a stablecoin, which is over-collateralized by $70M in onchain ETH reserves (vs 15M circulating stablecoin supply) be trading at $0.75, and traded as low as $0.30 yesterday?
Allow me to introduce you $VUSD, one of the weirdest trades I have ever taken.
Teaser - the level of sheer incompetence from the team was so unbelievable, that I thought I had fallen victim to an ingenious plot to fully rug peg arbitrageurs in the wake of the @OnyxDAO hack yesterday.
Join the discord to learn more as we repeg to $1: https://t.co/l22TeYJ7v0
SCOOP: @eigenlabs, the company behind @eigencloud, circulated a list of its employees' wallet addresses to ecosystem projects that were preparing to airdrop tokens.
Some teams asked for the list.
At least one didn't.
@skesslr & @realdannynelson report
https://t.co/fYlerC4ARW