TronDAO pulls 2.1B TRX from Binance to ‘safeguard crypto market’ as USDD depegg continues
For the third consecutive day, Tron’s blockchain decentralized USD (USDD) has been trading for less than $ 1.
according to data From CoinGecko, USDD has traded as low as $ 0.95 within the last 24 hours. Then, at the time of the press, the value recovered slightly to $ 0.97.
USDD first lost its pegs on June 13 amid a widespread market capitalization of less than $ 1 trillion in the industry. The sustained surrender led to a comparison with Terra’s UST, which was also the algorithm’s stablecoin. However, analysts argue that USDD is not as big as UST and may not follow the same fate.
The developers announced the launch of a mining pool using Curve and Convex Finance on June 15th. The pool offers up to 113.38% APR for betting coins.
🎊 I’m very excited to announce it $ USDD/ 3Crv mining pool @ConvexFinance!! @CurveFinance
APR is currently up to 113.38%! 🔥
Bet to earn $ USDD + + $ CRV + + $ CVX Reward:
🔗 https://t.co/ogLi0uaaVfPlease enjoy #StableCoin Mining, USDD #HOLDERS!! pic.twitter.com/1GYldhfQPr
— USDD (@usddio) June 15, 2022
TRX is also down
Tron’s network native token TRX is also one of the worst performing of the top 15 largest crypto assets by market capitalization.
According to CryptoSlate data, TRX has lost more than 5% of its value in the last 24 hours, lagging behind only Ethereum, which has lost more than 6% of its value in the same time frame.
Despite repeated efforts by founders Justin Sun and TronDAO Reserve (TDR) to prevent the crash, the performance of both assets is declining.
TronDAO attempts to “protect the crypto market”
Tron DAO Reserve has announced that it will withdraw 2.5 billion units of TRX from Binance to “protect” the industry to compensate for the poor performance of TRX and USDD.
TRONDAO Reserve withdraws $ 2.5 billion to protect the entire blockchain industry and the crypto market #TRX From Binance.
— TRON DAO Reserve (@trondaoreserve) June 15, 2022
The withdrawal of Tron DAO’s Binance may limit the ability of shortsellers to open positions against tokens.
At the time of the press, the reserve withdrew approximately 2.1 billion TRX from Binance. The withdrawal seems to have the desired effect, as the token value increased by 2.8% after the withdrawal. However, USDD has not yet regained the peg.
