[_zllx]

My favorite thing about this is how the founder was so confident the algorithmic (sketchy) UST would completely disrupt the overcollateralized (fully backed) DAI: https://twitter.com/stablekwon/status/1506494471873081352

Do Kwon was putting a lot of weight behind a stablecoin liquidity pool designed to cut out DAI, crv-4pool. Those who invested in the crv-4pool are left with lots and lots of UST and very little of the other FRAX, USDT or USDC.

https://curve.fi/4pool (Ethereum RPC wallet required to see stats) USDC: 300,086.92 (4.73%) USDT: 302,375.01 (4.76%) UST: 5,443,729.24 (85.77%) FRAX: 300,405.16 (4.73%)

[simulate-me]

Assuming an algorithmic stable coin could work reliably, wouldn’t it be strictly better than a stable coin backed by fiat? Getting it to work seems like it would be a real innovation.