bullish
USDC's Depeg Or: How I Learned to Stop Worrying and Trust the Bots
SUMMARY
- While the market seems to have shrugged it off, crypto – and DeFi in particular – survived an existential risk over the weekend.
- USDC was caught up in the turmoil that hit U.S. banks and depegged amidst fears it was no longer fully backed.
- We covered the reaction in centralized markets in the week’s Debrief, but given that USDC’s primary use case is in DeFi, this week we’ll examine how the depegging played out on-chain, examining trading, liquidity, and lending and borrowing, with a particular focus on the role that bots played.
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