Traders quickly swooped in to take advantage of TrueUSD’s (TUSD) depegging event earlier to capture a potential 20% gain – paying an outrageously large amount in fees to be able to do so. By shauryamalwa.
Traders quickly jumped in to take advantage of TrueUSD’s depegging event earlier to capture a potential 20% gain – paying an outrageously large amount in fees to be able to do so.
Such a move was to effectively short, or bet against, TUSD from its elevated price. However, neither Aave nor Compound had a large supply of TUSD, which caused borrowing rates to hit over 100% annualized on both protocols. “Binance has recently been promoting TUSD, making BTC-TUSD the only zero-fee pair on the exchange,” Kaiko wrote. “This quickly made Binance BTC-TUSD one of the highest-volume pairs in all of crypto despite TUSD being relatively unknown amongst stablecoins.”
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