From what I skimmed, they’ve got this USR stablecoin that’s pegged to the dollar but backed by ETH and BTC, hedged with perps. And there’s an insurance pool (RLP) to supposedly keep it overcollateralized. Not saying it’s bad or anything, just funny watching people go to war over it.
Anyway, just thought that was funny. People really be taking token drama personally these days.
This sounds familiar to me, remember when Luna and its UST was introduced? it was very popular back then when people have been optimistic on their approach to keep on buying Bitcoin and their stable coin has been backed by it. But what happened next? the disaster came and it was a scam project, many people have lost money on it and that's why it's best to always do due diligence when it comes to these kinds of projects. And hearing this insurance pool, that sounds something new but I find it not assuring at all. Overcollaterizing assets through these pools might not be sustainable in the long run.