“It is unclear why traders are abandoning USDT, as there was no clear bearish catalyst. In fact, Tether just reported huge second-quarter earnings,” the report said.
The report said.
The Telegram Channel
Experts pointed out that in early August, there was an unbalancing of the main pool of USDT-USDC on Uniswap V3 and 3pool on Curve. This is due to the escalation of USDT sell-offs. The trend started in mid-July, when 100 million USDT was sold on the largest decentralized exchange (DEX) – Uniswap – between the 15th and 22 22nd of last month.
The trend started in mid-July, when the largest decentralized exchange (DEX), Uniswap, sold 100 million USDT between the 15th and 22nd
“Uniswap had net sales of about $40 million and Curve had net sales of $35 million. As of this writing, the Curve pool is highly unbalanced and contains 60% USDT. On centralized exchanges, the USDT has also moved slightly below its peg to the dollar over the past few days,” the experts said.
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How the Curve exploit affected
Net sales declined in the last week of July, but they rose again on the 31st after the Curve protocol exploit. Meanwhile, analysts point out that the market reaction to the protocol hack is ongoing, with liquidity also falling for unaffected pools.
“For example, about 70,000 ETH and stETH have been removed from the stETH-ETH Curve pool,” Kaiko said.
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FDUSD failed to meet expectations
Trading volumes of First Digital USD (FDUSD) failed to show significant growth even after the addition of several zero-commission trading pairs on crypto exchange Binance. Volumes rose briefly to more than $200 million and then fell to about $30 million.
Analysts expressed surprise at the weak market reaction to zero-commission FDUSD pairs is surprising given that such stocks usually have a strong impact on overall trading activity.
Analysts expressed surprise at the weak market reaction to zero-commission FDUSD pairs is surprising given that such stocks usually have a strong impact on overall trading activity.
“FDUSD conspiracy or not, it is clear that the stablecoin wars are back on track,” Kaiko concluded.
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