💲USDT Briefly Dips Under $1
DeFi Alpha
GM Defiers!
Happy Friday! This week, the crypto market was on edge as Tether's USDT stablecoin briefly fell below its $1 peg, sparking concerns about the assets backing the world's largest stablecoin. Meanwhile, financial documents released by New York’s Attorney General revealed that Tether was backing its USDT stablecoin with Chinese commercial paper as of 2021.
In DeFi news, a large leveraged position in CRV tokens across major DeFi lending protocols has raised eyebrows, while Lens Protocol, the decentralized social media protocol from the team behind Aave, has opened up to governance proposals from the public. Finally, EigenLayer, a protocol that allows Ethereum stakers to validate third-party services for a yield while also earning staking rewards, has successfully completed the initial stage of its mainnet launch.
✍️ In today’s newsletter:
- USDT dips under $1, Tether cites market manipulation
- Newly released financials show Tether operated $5B loan program in 2021
- Curve founder's Aave position raises concerns
- Lens releases governance framework
- EigenLayer launches mainnet
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