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UST fiasco is very fishy. - Terraform Labs removed $150m of UST liquidity from Curve yesterday - 1 minute later, a freshly funded address bridged $84m of UST to Ethereum (Initiated bridging before TFL removed liquidity) - 4 min later, it dumped the UST, triggering the sell-off

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Do Kwon

@stablekwon

May 8

- We removed 150M UST from Curve to get ready to deploy into 4pool next week - 84M dump not us - lmk if you find out who - After the imbalances started to happen, we removed 100M UST to lessen the imbalance Obv TFL has no incentive to depeg UST

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Stable Labs

@0xStableLabs

May 8

BTW, when will the implementation for BTC reserve (BTC < > UST swap) be implemented? It would be a good liquidity source to absorb circulating UST supply during market downfall.

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its a few weeks out - Astroport team is implementing jump specs avail on agora

3:00 PM · May 8, 2022Twitter Web App

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I am looking forward to see the implementation. The idea is wonderful. I think it is based on good understanding on on-chain liquidity of Terra protocol.

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interesting is there any info on the tokenized btc mechanism yet

Stable Labs

@0xStableLabs

May 8

BTC reserve is to serve another UST redeem liquidity when UST price depegs. Previously, only UST <-> LUNA mint/burn absorbs UST supply. Here, protocol should restrict such liquidity to avoid death spiral and oracle attack.

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