While the market seems to have shrugged it off, crypto – and DeFi in particular – survived an existential risk over the weekend.
USDC was caught up in the turmoil that hit U.S. banks and depegged amidst fears it was no longer fully backed.
We covered the reaction in centralized markets in the week’s Debrief, but given that USDC’s primary use case is in DeFi, this week we’ll examine how the depegging played out on-chain, examining trading, liquidity, and lending and borrowing, with a particular focus on the role that bots played.
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