In today’s briefing:
- Is StETH Liquid Enough?
Is StETH Liquid Enough?
- Three Arrows Capital famously blew up because of a series of bad trades, primarily Luna and GBTC.
- What happened to Luna is obvious: it went to 0 because of UST’s flawed peg maintenance mechanism.
- The GBTC situation was a bit more complex: “Grayscale allowed big investors like 3AC to purchase shares directly by giving Bitcoin to the trust.
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