What is Crypto DEI, The Crypto That Crashed After TerraUSD
Rancakmedia.com – Do you know what Crypto DEI (Deus Finance) is about which has lost its peg with the US dollar worth 60 cents. This happened on Monday and there is still a long way to go for the dollar to return.
DEI price is $0.6557 at the time of writing on Tuesday. DEI's price has fallen by more than 42% in the previous seven days, according to CoinGecko. In the previous 24 hours alone, the DEI value has fallen by more than 15 percent.
Even though Deus announced on its official Telegram channel on Monday that shares would be returned within the next 24 hours, DEI's price remains flat.
What is Crypto DEI
DEI operates within a Fantom-based decentralized finance (DeFI) project called Deus. Users can score 1 DEI by depositing $1 worth of collateral in assets such as USDC, Fantom(FTM), DAI, WBTC, or Deus.
Like UST, DEI is also an algorithmic stable currency. Arbitrage bots regularly check and modify DEI collateral allowances. To secure the bet, this bot keeps on exchanging $1 base token for 1 DEI or vice versa.
Crypto market watchers believe that the price of DEI has fallen as a result of traders converting their DEI tokens into USDC.
The recent crisis in the global crypto market has highlighted the fragility of algorithmic stable currencies. In principle, they should be automatically tied to the prices of other cryptocurrencies.
Meanwhile, the price of Deus has fallen by around 26 percent in the previous 24 hours and 64 percent in the last 7 days. Fantom (FTM) prices have fallen more than 68 percent in the last month.
Disaster Terra has led to the sale of many additional stable currencies such as DEI, USDN Waves stablecoin.
TerraUSD is currently worth just around 12 cents while the price of Terra (Luna) tokens is barely anything from the previous peak of over $100.
Conclusion
DEI operates within a Fantom-based decentralized finance (DeFI) project called Deus. Users can score 1 DEI by depositing $1 worth of collateral in assets such as USDC, Fantom(FTM), DAI, WBTC, or Deus.
Thus the article about What is Crypto DEI, Crypto that Crashes After TerraUSD. Hopefully the above article can be useful and helpful for all of you.