theonetwork

✅ Worrying situation at @Theo_Network
The flagship product of the platform, $thBILL, seems to be getting abandoned by the team.

Most alarming points:
- Important pages and sections of the website have disappeared.
- The official Discord is shutting down.
- Redeeming or swapping thBILL from the website is no longer possible.
- The token shows a significant depeg of -0.6%.

Despite having over 4,400 holders and a supply of $135 million, users can only sell on the secondary market, which has extremely low liquidity:
- Total TVL: $135,000,000
- Liquidity on Arbitrum: $504,000
- Liquidity on HyperEVM: $673,000

This lack of liquidity is trapping holders and increasing the risk of a greater depeg.

Meanwhile, Theo is focusing all its efforts on its stablecoin THUSD, which already has $93 million in TVL and offers an APR of 5.4%.

However, 95% of that backing comes directly from thBILL, the very asset that is losing its peg.

Additionally, there's a double counting in the TVL: thBILL is counted both as collateral for thUSD ($86M) and as its own TVL ($135M), artificially inflating the total to over $228 million.

The situation at Theo is getting complicated. Everyone draw their own conclusions.

#TheoNetwork #thBILL #Stablecoin #Depeg