In today’s briefing:
- Tether Imbalance on Curve Raises Questions
Tether Imbalance on Curve Raises Questions
- Curve’s 3pool and Uniswap V3’s main USDT-USDC pool both became imbalanced heading into the weekend as USDT selling escalated.
- However, this trend actually started in mid-July, with $100mn net selling on Uniswap from July 15 to July 22.
- While the net selling eased in the last few weeks of July, it picked up again on July 31, the day after the Curve exploit (these two events seem to be unrelated).
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