[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  urahara.eth [@0xAsta](/creator/twitter/0xAsta) on x 2031 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 -> $cUSDO was back on peg in X days bullish on the team, they handled this very well Will drop a detailed post mortem tomorrow, stay tuned :)  XXX engagements  **Related Topics** [cusdo](/topic/cusdo) [fud](/topic/fud) [mint](/topic/mint) [debt](/topic/debt) [$usdc](/topic/$usdc) [openedenx](/topic/openedenx) [$cusdo](/topic/$cusdo) [coins base ecosystem](/topic/coins-base-ecosystem) [Post Link](https://x.com/0xAsta/status/1938671282914238942)
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urahara.eth @0xAsta on x 2031 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 fud mint debt $usdc openedenx $cusdo coins base ecosystem