DeFinitely 151 – The News in DeFi
Mark Mobius expresses his inability to withdraw his money from China investments due to restrictions, Gemini Dollar drops, Silvergate and Hedera face losses, and The Pokémon Company plans to hire
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https://elk.zone/mastodon.online/@s_egami@sigmoid.social/109963529583532961
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Ok, not bad.
Because the SVB assets are still there just illiquid, and the price gap spread across customers, this means a fraction of the $3.3b could be a loss.
Given the 5% rate on short term treasuries Circle can *easily* cover the delta.
db @tier10k
Waking up to the SVB (Silicon Valley Bank) and USDC crises?
I wrote this thread to give you the TLDR of what's happened over the last 24hrs
- What is SVB
- Why it collapsed
- The fallout
- Why USDC is de-pegging
- What all this means
Let's dive in 🧵👇
USDC has 11.4b split between 7 banks. Two were SVB and SI. BNY Mellon likely holds the majority of assets (it's safest, if they wanted yield they'd be in treasuries). If 20% is in SVB and haircut on SVB is 92% (aggressive) then backing of USDC is cut by 182m, which is easily… https://t.co/LDThgztBNY
BREAKING: SOMEONE ACCIDENTALLY SWAPPED $2,080,468.85 (3CRV LP TOKEN) TO RECEIVE $0.05 $USDT - DID NOT SET SLIPPAGE CORRECTLY
GM Cantoversians,
We would like to share with you some exciting news regarding our upcoming NFT Mint, which will be completely free of charge.
#canto #cantoverse
Here is a 🧵 detailing what you can expect ⤵️
Until next week~