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%
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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
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.
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