Curve 3Pool Imbalance Leads To USDT Depeg

Thursday, June 15th, 2023

Curve 3Pool Imbalance Leads To USDT Depeg

Quick Take

  • A Curve 3pool imbalance leads to a minor USDT depeg.
  • Ringers #879 sells for $6.2 million.
  • Lens introduces Lens Improvement Proposals.
  • Nethermind releases an EigenLayer restaking dashboard.

Curve 3Pool Imbalance Leads To USDT Depeg

An imbalance in Curve's 3Pool led to a minor depeg of Tether's USDT stablecoin. The 3Pool, Curve's second-largest stablecoin pool, is meant to have equal amounts of USDT, USDC, and DAI. However, USDT's weight surged to a peak of 73% earlier today, leaving the pool with only 13.3% of USDC and 13.3% of DAI.

USDT briefly dropped to $0.997, a 0.3% decrease from its peg. Large accounts had borrowed over 30 million USDT from Aave and exchanged it for USDC through the 3Pool, causing the imbalance. The price of USDT has mostly recovered to around $0.999, however, USDT still accounts for over 60% of the 3Pool's weight.

The Goose Sells For $6.2 Million

Ringers #879, an NFT from Dmitri Cherniak's Ringers collection, sold for a final price of $6.21 million in a Sotheby's auction. Coined as The Goose, Ringers #879 is a generative NFT that depicts a goose through a string wrapped around a series of pegs. Sotheby's estimated a sales price of less than $3 million amidst a bear market.

Notably, the NFT was sold by now-bankrupt hedge fund 3AC as part of a liquidation. In August 2021, 3AC purchased Ringers #879 for $5.9 million. Today’s auction marks one of the highest sales of a generative NFT from Artblocks. Previously, Fidenza #313 sold for $3.3 million in 2021. Ringers #879 is now owned by 6529 Capital.

Lens Introduces Lens Improvement Proposals

Lens Protocol introduced Lens Improvement Proposals (LIPs), a collaborative process for guiding the protocol toward decentralized governance. Anyone can submit a LIP to help steer future development, innovative ideas, issue bug fixes, and propose updates to Lens Protocol. There are three initial LIPs available for discussion.

LIP-0 seeks to establish an open governance model. LIP-1 aims to create open standards in algorithms. And LIP-2 addresses open standards in metadata. Community members can lead the development of requirements and specifications for the initial LIPs. Successful proposals may be included in the developmental roadmap.

Nethermind EigenLayer Restaking Dashboard

Nethermind launched a dashboard to track ether restaked on EigenLayer. Within 24 hours of its mainnet release, the protocol reached its cap for liquid-staked token deposits. EigenLayer initially set a deposit cap of 9,600 tokens, evenly distributed among stETH, rETH, and cbETH with 3,200 tokens each.

Currently, only 959 Beacon Chain ether has been directed to EigenPods. There is no specified limit on the number of Beacon Chain ether that can be directed to an EigenPod. The dashboard also monitors top depositors by volume and asset type. The top user deposited over 1,000 stETH, followed by 500 cbETH deposits from two other users.

Other news

  • stETH-Perps is now available on Kwenta.
  • The Value Prop database of blockchain apps.
  • Devconnect releases an initial schedule.
  • Xai L3 gaming chain on Arbitrum.
  • EF unveils Q1 grant recipients.