everyone is missing the actual red alert. circle didn't just freeze a user's eoa. they blacklisted a live smart contract.
the precedent is terrifying. if an issuer can nuke an entire protocol just because one tainted wallet deposited funds, then defi composability is dead. your stablecoins in a dex router, lending market, or yield farm are never safe. they can all become collateral damage overnight.
defi protocols don't protect your fiat liquidity, they just group it together for a more efficient freeze. you can't build permissionless finance on a centralized kill switch.
Borrowing USH currently sits around ~7.5% APR across the main vaults.
Collateral markets include WHYPE, wstHYPE, UETH and UBTC.
If you’re looking to borrow against collateral, come check out the markets!
Our points campaign has officially ended.
Thanks to all participants for their engagement over the past 3 months.
All who have achieved at least 1 point have been included in the final snapshot and PEG tokens have been distributed.
PSA: The BaseIR has been set to 7.5% for all collateral types. Emissions (LP rewards) have been adjusted downward to align with current borrowing levels and associated interest revenue. These changes will take effect in the next epoch (starting Thursday).
After a turbulent period of volatility, Hyperstable held its peg perfectly and borrowing rates have now normalized at 16%.
Fresh liquidity is available for users ready to borrow. Our points campaign is still active and every action continues to count!
Hyperstable continues to operate smoothly through the recent market downturn.
USH remains at peg, liquidations have been orderly, and there is no bad debt.
Borrowing rates are elevated, but all interest flows to $PEG, reinforcing liquidity APR.
@lorden_eth borrowers pay interest in* stables > all interest swapped into PEG > lps get paid in PEG > voters get paid in PEG > all of the above collect points.
🚨BREAKING: Circle is considering reversible USDC stablecoin transactions.
Circle President Heath Tarbert notes allowing refunds in certain cases of fraud would help the stablecoin industry’s push to become part of the financial mainstream.
@SSnuffalupagus gm. although points are up in the ui, they are not live yet as of today. currently tweaking the parameters. official announcement very soon!