RWUSD has really shown people's true colors over the past few days.
First, a correction to what I said the other day: I said it couldn't be transferred to others, but Binance actually opened RWUSD/USDT spot trading on October 13, with zero fees. You can buy and sell it on the order book; it just still can't be withdrawn on-chain.
Once it's tradable, its price won't be nailed to 1. Over the past five days, it's hovered around 0.998, hitting a low of 0.9976 during the days of the hack.
If something can normally be redeemed for USDC at a one-to-one rate, but some people are willing to take a little less just to sell it first, that shows people really were panicking during those days. But the panic was only about two-tenths of a percent; it never lost its peg.
For those still holding it, that small discount is practically a gift: buy at 0.998 on the order book, earn interest, and redeem at a one-to-one rate.
My take is that there's no real opportunity to bet on its price going up or down. It didn't even break below 0.9976 during the days of the hack, so it's likely to gradually return to 1. #RWUSD $RWUSD
First, a correction to what I said the other day: I said it couldn't be transferred to others, but Binance actually opened RWUSD/USDT spot trading on October 13, with zero fees. You can buy and sell it on the order book; it just still can't be withdrawn on-chain.
Once it's tradable, its price won't be nailed to 1. Over the past five days, it's hovered around 0.998, hitting a low of 0.9976 during the days of the hack.
If something can normally be redeemed for USDC at a one-to-one rate, but some people are willing to take a little less just to sell it first, that shows people really were panicking during those days. But the panic was only about two-tenths of a percent; it never lost its peg.
For those still holding it, that small discount is practically a gift: buy at 0.998 on the order book, earn interest, and redeem at a one-to-one rate.
My take is that there's no real opportunity to bet on its price going up or down. It didn't even break below 0.9976 during the days of the hack, so it's likely to gradually return to 1. #RWUSD $RWUSD
