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Do you guys remember when this happened on Binance? Nobody could sell UST under $0.70, presumably as a safety feature to protect against depegs or flash crashes. Was it responsible to remove this floor and allow UST to freefall? I think this is the #1 winning legal angle.pic.twitter.com/qD767J6oKe
Off-chain spot products like this serve to destabilize the peg further even if the on-chain peg is intact. It would be incredibly interesting if TFL had contacted Binance at any point during the depeg to disable LUNA/UST trading and they ignored it. We are entering new ground.
I 'member. What I cannot remember was if UST/LUNA deposit was disabled during this time.
I am on your side but I don't know if Binance can be blamed for not setting a floor for what is supposed to be a decentralized asset
Ideologically, I somewhat agree. Legally? It depends if anyone contacted them to stop the bleeding or not - and under what premises they removed the floor (netting them a huge amount in trading fees)
Yes watched this occur and was wondering how this is even possible. Was this the only exchange it happened on?
for Luna, we couldnt put orders with more than 9m luna and that was about 10$ max, that why there was no resistance for a while. this bug made the price fall down alot.pic.twitter.com/3Q5i96x7bb
Realistically, you would have two options I think. a) Prevent a flashcrash and people being liquidated too quickly on what people felt was safe. In the mean time, protocol has a chance to recover and prevent arb. b) Allow people to continue arb the price while it depegs more
To me, the situation reads more along the realisation and acceptance that UST can't regain peg as arb opportunities become wider and wider. If you really had to push, you could examine what the price difference was between 0.7 and defi/other exchanges.
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