SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon

Re:SafeDollar ‘stablecoin’ drops to $0 following DeFi exploi... by mgfist on Monday June 28, 2021 @04:06PM (#27667194)

I don't know much about this space but a half million dollar marketcap is absolutely tiny and non-news. BTC market cap is what, close to a trillion or something?

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Re:SafeDollar ‘stablecoin’ drops to $0 following DeFi exploi... by notJim on Monday June 28, 2021 @04:22PM (#27667500)

The top 10 stablecoins together have a total market cap of around $100 billion. Of that, $62 billion is tether, and the next largest is USDC at $26 billion, then BUSD at $10 billion.

It is interesting that these exploits still happen.

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Re:SafeDollar ‘stablecoin’ drops to $0 following DeFi exploi... by legulere on Monday June 28, 2021 @05:12PM (#27668200)

Those are based on the trust of the companies behind them though and don’t collapse so suddenly. Also MT.GOX took several days to fully collapse.

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