{"id":447824,"date":"2022-05-16T16:27:04","date_gmt":"2022-05-16T13:27:04","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/deus-finances-dollar-pegged-stablecoin-dei-falls-below-60-cents\/"},"modified":"2022-05-16T16:27:04","modified_gmt":"2022-05-16T13:27:04","slug":"deus-finances-dollar-pegged-stablecoin-dei-falls-below-60-cents","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/deus-finances-dollar-pegged-stablecoin-dei-falls-below-60-cents\/","title":{"rendered":"# Deus Finance\u2019s dollar-pegged stablecoin DEI falls below 60 cents"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2624897bf41\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2624897bf41\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/deus-finances-dollar-pegged-stablecoin-dei-falls-below-60-cents\/#%E2%80%9D_Deus_Finances_dollar-pegged_stablecoin_DEI_falls_below_60_cents_%E2%80%9C\" >&#8221; Deus Finance\u2019s dollar-pegged stablecoin DEI falls below 60 cents &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Deus_Finances_dollar-pegged_stablecoin_DEI_falls_below_60_cents_%E2%80%9C\"><\/span>&#8221; Deus Finance\u2019s dollar-pegged stablecoin DEI falls below 60 cents &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>As the market continues to mourn over losses on the Terra UST and LUNA debacle, DEI, a stablecoin used as a collateral mechanism for third-party instruments built on the Fantom-based decentralized finance (DeFi) protocol DEUS Finance (DEUS), has failed to maintain its dollar peg, falling below 60 cents on Monday.\u00a0<\/p>\n<p>As the price of DEI hit an all-time low of $0.52, its market capitalization also followed, dropping from almost $100 million to around $52 million. However, despite the depegging of its stablecoin, DEUS Finance\u2019s governance token, DEUS went up from $163.40 to $327.28, before falling to $255.36. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/df9df6c1-7d3f-4e11-8e1d-d333ada3cc6e.png\"><figcaption style=\"text-align: center;\"><em>DEI price chart from CoinGecko<\/em><\/figcaption><\/figure>\n<p>At the time of writing, DEI&#8217;s price is $0.66 with a market capitalization of $59 million. This follows stablecoin fears brought about by the UST and LUNA debacle and a decision by Deus Finance developers to pause DEI redemptions. However, according to its official Telegram <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.me\/deusfinance_news\/1475\">channel<\/a>, the DEI peg will be restored in the next 24 hours.\u00a0<\/p>\n<p>While DEI is also an algorithmic stablecoin like UST, the DEI stablecoin is collateralized, meaning that users are able to mint 1 DEI by depositing collateral worth 1 dollar. These can be assets like USD Coin (USDC), Fantom (FTM), DAI, WBTC or DEUS. <\/p>\n<p>Similar to UST, DEI&#8217;s peg is stabilized by a mechanism that involves the minting and burning of DEUS. When minting DEI, a DEUS collateral is burned unless other tokens are used as collateral. On the other hand, when redeeming DEI, DEUS is minted. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>USDT-dollar peg wobbles as markets continue to struggle: Tether CTO weighs-in<\/em><\/strong><\/p>\n<p>Back in March, the DeFi project became a victim of a hack that resulted in Dai (DAI) and Ether (ETH) losses worth $3 million. Because of this, the platform decided to close its DEI lending contract. A day after the Deus Finance exploit, DeFi protocols Agave and Hundred Finance also reported exploits that resulted in losses of various cryptos that were worth a total of $11 million. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/deus-finance-s-dollar-pegged-stablecoin-dei-falls-below-60-cents\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Deus Finance\u2019s dollar-pegged stablecoin DEI falls below 60 cents &#8220; As the market continues to mourn over losses on the Terra UST and LUNA debacle, DEI, a stablecoin used as a collateral mechanism for third-party instruments built on the Fantom-based decentralized finance (DeFi) protocol DEUS Finance (DEUS), has failed to maintain its dollar peg,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":447825,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvNDU5OTNlNjctZGE2Ny00ZDRlLTgwOGItM2U0YzkwZjA4NzM5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74868,75493],"class_list":["post-447824","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-defi","tag-stablecoin"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/447824","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=447824"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/447824\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/447825"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=447824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=447824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=447824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}