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* The Return Of The Algorithmic Stables:
Whilst centralised stablecoin issuers have dominated crypto markets in recent years, particularly in light of the TerraUSD (UST) collapse, this hasn’t deterred the innovation in decentralised algorithmic stablecoins. From the rise of Curve Stablecoin (crvUSD) - a novel decentralised collateralised-debt position (CDP) backed stablecoin with soft liquidation implementation - to Ethena’s Synthetic Dollar (USDe) that also uses a CDP approach but uses a “delta-neutral” ETH position to back the stablecoin. It’s clear that Terra ecosystem collapse has not deterred the creation or usage of decentralised stablecoins, with Ethena’s TVL crossing $3 billion this week.
If you’ve been on Crypto Twitter this week, you will have seen a rush of different memecoins launching - all associated with different celebrities ranging from Caitlyn Jenner to Soulja Boy. Whilst celebrities promoting crypto related products is nothing new, a worrying trend with this string of launches is that there is evidence to suggest that the person behind the development and launch of these different tokens is allegedly a serial scammer.
Whilst it’s still a little unclear what has gone on here, whether it be a scammer swindling unsuspecting celebrities or whether it be celebrities jumping on the memecoin bandwagon and taking advantage of retail investors, it does serve as a prudent reminder to do your own research and not to rush any investment decisions - particularly when there are red flags surrounding these projects. As things stand, all of these recent celebrity-promoted
