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MakerDao Founder Rune Christensen Says “The Collapse of TerraUSD Was A Human Tragedy”

Daily Market Wrap


  • Crypto market cap: 1.28 trillion, up 2.14%

  • BTC price stands at USD 30,094, up 2.44%

  • ETH price stands at USD 2,024, up 2.58%

  • Top gainer: TerraUSD (UST), up 30.58%

  • Top loser: Kyber Network Crystal v2 (KNC), down 4.51%


News of the Day


MakerDao founder Rune Christensen says “The collapse of TerraUSD was a human tragedy.”


Why it matters:

  • MakerDao Founder Rune Christensen said on CoinDesk TV’s “First Mover” that he wasn’t in the mood to say “I told you so,” after the recent collapse of TerraUSD

  • Christensen said it was common knowledge that the model of TerraUSD would not work.

  • Despite DAI stablecoin being attacked by Terra’s founder Do Kwon, “I wasn’t exactly in the mood to say ‘I told you so.’ It was a human tragedy,” Christensen said.

  • Christensen added that Terra functioned like a Ponzi scheme, benefited from prices shooting up, mass speculation, and Kwon’s braggadocio


Crypto daily spotlight


Multichain DeFi protocol Izumi Finance raises $30M to launch (DEX) iZiSwap on the BNB Chain.


Brief introduction: iZUMi Finance, a multi-chain DeFi protocol that provides programmable Liquidity as a Service (LaaS) on multiple chains. It aims to help liquidity providers earn additional liquidity mining rewards as well as trading fees on Uniswap V3. On the other side, it also helps protocols attract liquidity in an efficient and lasting way.


Why it matters:

  • Singapore-based iZUMi Finance raised $30 million in the recent financing, including $20 million from institutional investors such as IV Ventures, Cobo, and Mirana, more than half of which were Vouchers sales on Solv Protocol.

  • It comes along with the launch of its new iZiSwap decentralized exchange (DEX) and its iZUMi Bond USD (iUSD), which is U.S. dollar-pegged and 100% collateral-backed.

  • The new iZiSwap exchange is built based on the Discretized-Liquidity-AMM model (DLAMM), which claims to reduce price leakage when exchanging tokens.

Daily sector tracker




Daily News Roundup


  • Former BitMEX CEO Arthur Hayes Sentenced to 6 months’ Home Detention https://bit.ly/3Py1r6N

  • South Korea’s FSC Plans to Strengthen Stablecoin-related Scrutiny https://bit.ly/3G9fCer

  • Happy Bitcoin Pizza Day! https://bit.ly/3LGDgjf

  • Anchor Saw $1 Billion of Liquidations Amid The Crash of TerraUSD And LUNA’s Death Spiral https://bit.ly/3LGD4R3

  • Bitcoin Monthly RSI Is Approaching Historical Lows https://bit.ly/3882RE9


About Aspen Digital


Aspen Digital is a leading technology and financial services company with a mission to accelerate the mass adoption of digital assets. The company provides a digital asset management solution for asset managers, institutions, and sophisticated investors. Aspen Digital was co-founded by digital assets innovators and asset management veterans at Everest Ventures Group (“EVG”) and TT Bond Partners (“TTB”) in 2021.


For more information, please visit https://www.aspendigital.co/


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