I’m betting the product itself never really worked. The RWA retreat is just the excuse they’re giving.
$2.3 billion in TVL piled up, then one sentence saying they were shutting down. Not a word about why—just repeated assurances that the underlying assets were fully backed.
That sounds like someone telling you “all your stuff is here” on moving day, while handing over the keys faster than anyone else.
I tried it on a simulated account: 400u, held for nine days, then I chose to withdraw. I lost money, and I still have to thank the bastards for not just vanishing outright.
Next time someone tries to fob me off with those four words, “fully backed,” I’ll probably still believe them.
What about you—do you still believe those four words?
$2.3 billion in TVL piled up, then one sentence saying they were shutting down. Not a word about why—just repeated assurances that the underlying assets were fully backed.
That sounds like someone telling you “all your stuff is here” on moving day, while handing over the keys faster than anyone else.
I tried it on a simulated account: 400u, held for nine days, then I chose to withdraw. I lost money, and I still have to thank the bastards for not just vanishing outright.
Next time someone tries to fob me off with those four words, “fully backed,” I’ll probably still believe them.
What about you—do you still believe those four words?
