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VI According to the stream of events, co stablecoins released by blockchain TRON is USDD has been depeg along with a surprise statement from founder Justin Sun.
Surprise statement from the founder of Tron
Thoughts will be Binance to the rescue, the plan to "sell myself" of FTX failed and the market is struggling in extremely difficult days.
But recently, FTX seems to have turned to "rescue" Justin Sun. Founder Tron and global advisor of Huobi Yesterday also announced that it will compensate and rescue those holding Sun coins who are being held on FTX. But currently only withdraw TRX off the platform.
On the morning of November 10, he again announced that he was working with FTX to come up with a solution to control the situation.
Further to my announcement to stand behind all Tron token (#TRX, #BTT, #JST, #SUN, #HT) holders on #FTX, we are putting together a solution together with #FTX to initiate a pathway forward. @FTX_Official
November 10, 2022
But the founder said that “this is only the first step towards a comprehensive solution, helping to resuscitate and return to normal for all FTX users. I greatly appreciate the cooperation this time with FTX.”
By early afternoon, Justin Sun announced that users were able to trade TRX, HT, JST and SUN on FTX and was about to open withdrawals, causing users to rush to buy TRX and push up the price of this coin.
#TRX trading on @FTX_Official has resumed. Working on withdrawal function. Stay tuned.
November 10, 2022
Immediately, the price of TRX "pumped" strongly from 0.06 to 2.5 USD, that is, in just 5 minutes, it has increased 41.6 times.
Despite the correction, the price of TRX on FTX is up to 10 times higher than the general market.
USDD loses peg
Follow Lookonchain, about 2 days ago, whale 0x3f34 changed 4,495,446 USDD to 4,466,269 USDT, with a ratio of 0.9935. USDD also started depeg from that point.
1/ $USDD has started to depeg and is trading at $0.9788.
November 10, 2022
The USDD vs. USDC/USDT/DAI pool is out of balance, with USDD accounting for 82,27%.
What you need to know about $USDD.👇 pic.twitter.com/caVkr8f9F0
About 18 hours ago, another whale moved to swap 6,653,731 USDD to 6,519,662 USDT, with a ratio of 0.9799.
In terms of collateral assets, the total supply of USDD is 725 million USD, collateralized by 2 billion USD, ie 283%, the project is committed and listed on the official website.
However, after checking, Lookonchain reflects that more than 99% of TRX numbers are not available and all USDC was sent to Justlend.
This USDC has been loaned and only 596 million USD is left as a mortgage plus 14,040 BTC (230 million USD). That means the actual guaranteed rate is only about 114%.
At the end of the announcement, Lookonchain also issued a warning to users: "If you are holding USDD, please carefully pay attention to the safety of your money".
USDD (Decentralized USD) to be stablecoins algorithm released by TRON (TRX) with the claim to be stablecoins 3.0. Implementing this idea, TRON officially launched USDD on 05/05/2022, just a few days before LUNA-UST "vaporize". USDD works similarly UST. USDD will be anchor value into USD, 1 USDD corresponds to 1 USD.
At the time of updating the article, 1 USDD can only be exchanged for 0.98 USD.
Thus, the above may be the latest consequence of the crisis battlefield of FTX.
