everyone is missing the actual red alert. circle didn't just freeze a user's eoa. they blacklisted a live smart contract.
the precedent is terrifying. if an issuer can nuke an entire protocol just because one tainted wallet deposited funds, then defi composability is dead. your stablecoins in a dex router, lending market, or yield farm are never safe. they can all become collateral damage overnight.
defi protocols don't protect your fiat liquidity, they just group it together for a more efficient freeze. you can't build permissionless finance on a centralized kill switch.
circle just blacklisted @zama's cusdc contract. 12.6m of user funds instantly frozen.
fully homomorphic encryption means absolutely nothing when the underlying asset has a master kill switch. zero transparency, same playbook as the 16 wallet freezes from march. wrapping fiat
Borrowing USH currently sits around ~7.5% APR across the main vaults.
Collateral markets include WHYPE, wstHYPE, UETH and UBTC.
If you’re looking to borrow against collateral, come check out the markets!
Our points campaign has officially ended.
Thanks to all participants for their engagement over the past 3 months.
All who have achieved at least 1 point have been included in the final snapshot and PEG tokens have been distributed.
PSA: The BaseIR has been set to 7.5% for all collateral types. Emissions (LP rewards) have been adjusted downward to align with current borrowing levels and associated interest revenue. These changes will take effect in the next epoch (starting Thursday).
After a turbulent period of volatility, Hyperstable held its peg perfectly and borrowing rates have now normalized at 16%.
Fresh liquidity is available for users ready to borrow. Our points campaign is still active and every action continues to count!
Hyperstable continues to operate smoothly through the recent market downturn.
USH remains at peg, liquidations have been orderly, and there is no bad debt.
Borrowing rates are elevated, but all interest flows to $PEG, reinforcing liquidity APR.
@lorden_eth borrowers pay interest in* stables > all interest swapped into PEG > lps get paid in PEG > voters get paid in PEG > all of the above collect points.
🚨BREAKING: Circle is considering reversible USDC stablecoin transactions.
Circle President Heath Tarbert notes allowing refunds in certain cases of fraud would help the stablecoin industry’s push to become part of the financial mainstream.
@SSnuffalupagus gm. although points are up in the ui, they are not live yet as of today. currently tweaking the parameters. official announcement very soon!
93 Followers 111 FollowingLunaNova is an independent and experienced UK operation running sophisticated blockchain infrastructure to "make cryptoassets work".
179 Followers 4K FollowingCrypto learna || no-one you know || going around in circles || keeper of lists || survived class of 2021 - Luna, Celsius, FTX || do not follow
203 Followers 2K FollowingBased in Japan, I have over 25 years of experience as a graphic designer and director, with expertise in design and video production.
Hyperliquid.
14K Followers 4K FollowingBitcoin is money. Stacks is how it scales.
BTCFi & BTC yield will be obvious.
Breaking down BTC Lending with Zest Protocol & Stacking Liquidity with StackingDao
607 Followers 4K FollowingFreelance in Broadcast. DMs open ✉️ Currently with @Cointelegraph, Prev :
@EsportsEng , @ESL, @BLASTEsports,@Yogscast
crypto is pretty fun aswell i guess...
248 Followers 3K FollowingDevelopment studio dedicated to building Web3 infrastructure, AI systems & applications in the (solana, rust, ts, py, daml ) _ builder on @CantonNetwork @Hedera
406K Followers 9 FollowingThe blockchain to house all finance. Trade, build apps, and launch tokens on the same hyper-performant chain. X by Hyper Foundation