9/1/2023 0 Comments Stablecoin death spiralHe added: "Rubic aggregates the liquidity pools of decentralized exchanges (DEXs) and different bridges between blockchain networks to find the most optimal path for any trade. O'Brien states that it "handles trading tokens across blockchain networks as simply as possible". For example, if functioning correctly a stablecoin pegged to the U.S. The Death Spiral: How Terra’s Algorithmic Stablecoin Came Crashing Down 13:38, UTC Terra, prior to its demise, was one of the most promising and ambitious crypto ecosystems with one key mission - to build the largest algorithmic stablecoin. It greatly simplifies the complexity of navigating and trading across the multiple blockchains of the cryptospace. A stablecoin is a cryptocurrency whose value is pegged to the price of another asset, hence the term stable. Kwon’s rise was enabled by respected financiers who were. Rubic is described as a multichain swap protocol "that enables users to complete swaps with over 15,000 plus assets on Ethereum, BNB Smart Chain, Polygon, Harmony, Avalanche, Moonriver, Fantom, Solana, Arbitrum, Aurora, NEAR, and Telos, in one click." The downfall of Luna and TerraUSD offers a case study in crypto hype and who is left holding the bag when it all comes crashing down. O'Brien, who is the marketing manager of Rubic Finance, then described the protocol that his company have created. "I believe we will see worldwide regulation of fiat-backed stablecoins and a definitive end to algorithmic stablecoins." "While I think it’s important to retain and embrace the ethos of decentralised finance, I think it’s critically important to recognize that certain laws and guidelines need to be implemented to curtail devious or risky behaviour by developers and investors alike. O'Brien added: "I think the entire Terra incident highlights the need for regulation in the industry. "This is the vicious feedback loop where both tokens were leeching the value out of each other, and why it’s called a ‘death spiral’." Terra Luna might have destroyed the crypto markets.
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