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![0xAsta Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1310191845738049536.png) urahara.eth [@0xAsta](/creator/twitter/0xAsta) on x 1949 followers
Created: 2025-06-30 19:35:33 UTC

A short postmortem of what happened on June 19th and how the @OpenEden_X  team handled it with grace

-> June XX PT-cUSDO was the biggest part of cUSDO TVL onchain
-> Much of this came from users who looped their morpho/euler etc
-> To pay off the debt and move to Nov PT markets, they had to redeem PT-cUSDO for cUSDO and swap it to $USDC 

this is where things went south, as people started to swap cUSDO to USDC all at once, it created a sudden sell pressure
-> price started to depeg and more people started to panic sell
-> USDO holders started redeeming USDO for USD ( 19th was a bank holiday )
-> FUD started spreading

NOTE : $USDO was still 1:1 pegged to USD, verifiable via onchain proofs always

![](https://pbs.twimg.com/media/GutxnIvaUAAACt_.png)

XXXXX engagements

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**Related Topics**
[$usdc](/topic/$usdc)
[debt](/topic/debt)
[onchain](/topic/onchain)
[tvl](/topic/tvl)
[cusdo](/topic/cusdo)
[openedenx](/topic/openedenx)
[happened](/topic/happened)
[$xwp](/topic/$xwp)

[Post Link](https://x.com/0xAsta/status/1939769797732180014)