A ‘stable’ coin lost its peg over the weekend and pledged $1.5 billion in Bitcoin trying to stabilize. Here’s how the algorithmic stablecoin was supposed to work—and didn’t

The most popular algorithmic stablecoin lost its dollar peg twice in three days.

Moderated by Tomas Kauer Moderated by Tomas Kauer
Jul 13, 2022 - 23:49
A ‘stable’ coin lost its peg over the weekend and pledged $1.5 billion in Bitcoin trying to stabilize. Here’s how the algorithmic stablecoin was supposed to work—and didn’t
The most popular algorithmic stablecoin lost its dollar peg twice in three days.
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