Two key takeaways from Nansen’s UST stablecoin depeg report
As the dust settles on the cataclysmic collapse of the ecosystem, an on-chain deep-dive carried out by blockchain analytics firm Nansen highlights two major takeaways.
The cryptocurrency ecosystem was awash with varying speculatory theories around the cause of Terra’s algorithmic stablecoin UST’s decoupling from its $1 peg. The who and why seemed a mystery but the outcome was catastrophic, with UST dropping well below $1 while the value of Terra’s stablecoin token plummeted in value as a result.
Attackers preyed on shallow Curve liquidity to exploit arbitrage opportunities
Seven wallets central to UST’s depeg