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urahara.eth @0xAsta on x 2029 followers
Created: 2025-06-27 18:50:27 UTC
last week was full drama for @OpenEden_X
June 19th - expiry of PT-cUSDO -> Many people were looped in via morpho/euler -> to ape into the next term, many people unwinded their loops and market sold $cUSDO for $USDC to repay debt
this lead to a sudden selloff, which depegged $cUSDO , which was trading at a premium due to the mint caps being tight
FUD quickly spread and this led to people redeeming thier USDO to USD on the same day - XX JUN was a bank holiday but the team still processed > 2M$ worth of redemptions
and all this time, $USDO was 1:1 backed with onchain proof-of-reserves
-> team immediately addressed the issue -> they also actively stayed in communication with its users throughout the whole thing -> processed withdrawals even on a bank holidays -> $cUSDO was back on peg in X days
bullish on the team, they handled this very well
Will drop a detailed post mortem tomorrow, stay tuned :)
XXX engagements
Related Topics cusdo caps mint debt $usdc openedenx $cusdo coins base ecosystem