Stack More 🍔

We've been working on Stack v2 and wanted to share an update on the current details and a working roadmap for the future. We're still building and will share additional updates as they finalized. mirror.xyz/0x4b6C9492a961…

Details on the Stack recovery plan can be found here: pearlexchange.medium.com/stack-recovery…

We will continue with the same plan executed the other week which quickly solved the $MORE depeg. The issues was resolved within approximately 48 hours last time and expect the same to happen again. 1⃣ Rates will continue to be hiked today as was done last time. 2⃣ Debt ceiling have also been lowered to ensure there's no additional capacity free'd up through this process. The concerns on $PEARL and $CVR liquidity will be solved for good this week, with significantly deeper liquidity added. This should put to bed any lingering concerns about liquidity depth for liquidations. This has been the primary source of FUD over the past few weeks and it will be solved. There is a lot of fear right now, it's understandable, but fundamentally nothing significant has changed. Liquidity concerns will be addressed this week.

$1,000,000 $MORE Earning 81% No work, no IL Sure beats flipping burgers Enjoy 🍟

We keep stacking stability! The $MORE AMO & PSM currently manage + $2MM in funds intended to support the peg. With over $1MM in $USDC available to immediate redemptions if $MORE were to drop below $0.997. Stack $MORE. Stay healthy 🍔

$MORE liquidity, coming soon to @blast in collaboration with the team at @FenixFinance.

Sick of flipping burgers? Stack some $MORE and put it to work🍔 Choose your chain, choose your protocol and start cooking 🧑‍🍳 Pearl: pearl.exchange/supply-liquidi… Balancer: balancer.fi/pools/base/v2/… Stake: stackmore.xyz/stake/

Collaterals and overall protocol health looking tasty. Recent modifications to the PSM have stabilized that TVL, with over $800k in USDC available for redemption under the right circumstances. New borrow capacity for $arcUSD and $UKRE continues to be slowly added.

We've launched a new stats dashboard. Because you are what you eat 🍔 Stay healthy with Stack. stackmore.xyz/stats

There are plenty of opportunities to put your $MORE to work instead of flipping burgers 🍔 With many chains and protocols to choose from, all you need to do is collect the yield 🧑‍🍳

$MORE is back to peg and continues to print yield as usual 🔥 Stake your $MORE on Stack to earn a share of protocol fees, currently yielding over 100% APR 🍔

The $MORE PSM now has ~$1.5MM in $USDC available for redemptions were $MORE to depeg. This is part of over $3MM in the AMO that's actively managing the peg of $MORE. Stacking stronger 🍔

Over the past week @PearlFi_, @stackmorexyz, and Caviar (by Pearl) have been on fire 🔥 Their impressive growth and activity made them the top 3 contributors to the chain yield distributed to $veRWA and $stRWA holders.

Updating everyone on a momentous weekend for Stack. The emergency rate hikes implemented to reverse the $MORE depeg and stave off further damage have been successful. $MORE has fully repegged, lifting above $1.00 and opening up $MORE minting via the PSM, funding the AMO. The AMO has nearly $1.3MM in funds to support the price of $MORE with close to $700k in $USDC available for redemptions when $MORE slips below $1.00. The emergency rate hikes are being wound down over the following 24 to 36 hours. We’ve codified the rate-hike process in our docs so expectations are clear in the event of a future depeg. #emergency-rate-hikes-during-a-depeg" target="_blank" rel="nofollow noopener">docs.stackmore.xyz/tokenomics/usd… The community is larger and stronger than ever and we can’t wait to keep stacking with you all 🍔

The only good zombie stack is a closed zombie stack. Base rate lifted to 200% until $MORE fully repegged.

Is that E. coli in your burger? Or did our new rates just kill your stack? 100% APR live with escalator until $MORE repegged.

$MORE depegged over the past 12 hours as a result of contagion from from the collapse (rug) of CHI and the Tokan protocol, where MORE had a minimal amount of liquidity. Users on Tokan looking to exit MORE started to sell which caused a slight depeg. Once that started, a combination of FUD/concern triggered by the CHI collapse earlier in the day triggered a wave of panic selling. Stack has no bad debt, there is nothing fundamentally wrong with the protocol or MORE. And MORE has already regained a significant amount of the losses from yesterday. The solution to a MORE repeg is simply the buying back to MORE at market and closing out of current debt positions to reduce supply. To accelerate a full repeg, the following steps are being taken: Manual override and increase to interest rates: In the next hour or so, the interest rate will be set to 100% APR. It will be raised 100% every 12 hours until MORE is repegged. At that time, the standard algorithmic rate will be reimplemented. Vault debt limits set to zero: The majority of vaults will have their debt ceilings set to zero until the ecosystem stabilizes, at which time we’ll start to slowly open capacity alongside MORE demand. To goal is to have peg fully restored in the next 48 hours. Again, we’ll reiterate that the protocol and MORE remain healthy. CDPs can depeg and we’re working within the design of the system to accelerate the repeg and restore normalcy 🍔

With new pools on Base and Arbitrum, the opportunities to earn with $MORE are fresh and, of course, always exciting 🔥 Plenty of triple-digit yield opportunities are waiting for you to explore 🧑‍🍳

Looking for 100% APR on a CDP stablecoin? Just head over to Stack, stake your $MORE, and sit back to enjoy the rewards 🍔

A new vault has been added to Stack 🍔 Borrow and leverage against tokenized real estate with the $UKRE token. Another #RWA collateral added to the protocol. Vault capacity to be scaled in the coming weeks.