Stablecoins - USDT under DDOS & MIM Depegged

Stablecoin ecosystem has been slowly recovering from the collapse of UST. The catastrophic case in LUNA turned the whole sentiment upside down for the stablecoins. Though crypto investors were familiar with the cycle of stablecoins & cryptocurrencies depending on the market, now people hardly trust stablecoins regardless of their names.

Tether is losing its realm to USDC (by Circle) as people trust more to Circle rather than Bitfinex behind Tether. While Centralized Stablecoins are favored by institutions mostly, the choice of crypto veterans is decentralized stablecoins that are overcollateralized, algorithmic, pegged etc. Yet, these days, they are not in a good shape due to the market conditions.

Tether Suffers DDOS attack

Tether had long been the only stablecoin that people had to use for stablecoin pairs in the markets. With the rise of Exchange stablecoins like BUSD, GUSD, etc., the need for Tether has decreased gradually.

Though it is "persona non grata" of crypto, we need it in a safe and secure shape as any FUD over Tether would destroy the whole market once again 😅

According to Paolo Ardoino on Twitter, Tether was under DDOS attack once again but it did not affect the operations of the team.

On a normal day we have around 2k reqs/5min The attack brought us to 8M reqs/5min.

Though nothing really happened, people would love to speculate about USDT, and Error on the website was a good story to be narrated on Crypto Twitter. So it happens 😶

Magic Internet Money (MIM) Depegged

MIM is a stablecoin on Abracadabra project that operates on Avalanche.
The slogan of the project is "MAKE YOUR INTEREST BEARING ASSETS LIQUID" that is aimed to work like win-win for those who put their assets and receive MIM in exchange of their stake.

Something that we are familiar with happened once again. First, people talked about MIM when it's peg was slightly spoiled and then it lost its value sharply with the fear of people.

Even though MIM does not have a huge market cap, it is one of the functional stablecoins. Even if there is no problem with the system or tokenomics, stablecoins are still under attack by smart money.

Stable, If Possible

It is getting harder for stablecoins to stay pegged while there are many hunters out there. I think the crypto ecosystem will eventually realize that stablecoins do not necessarily need to be in the hands of centralized authorities such as Bitfinex, Binance or Circle.

These days I see the importance of HBD on the Hive ecosystem and the way HBD & Hive production is kept under control. I feel lucky to have HBD in safe hands. Also, cross-chain operations via PolyCUB are a good advantage for the sake of our beloved stablecoin.

More utility on HBD -> More Hive locked in HBD -> Stable and Useful stablecoin of Hive Ecosystem 🔥

I believe we will see HBD in top 10 - 15 only in 2-3 years.

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