nope

Elixir has worked tirelessly over the previous 48 hours and has successfully processed redemptions of 80% of all deUSD holders thus far (not including Stream). As it stands now, Stream holds roughly 90% of the deUSD supply (~$75m), while Elixir holds a similar proportion of its remaining backing as a Morpho loan to Stream. All remaining holders of deUSD and sdeUSD will be able to redeem for a dollar. To protect the interest of these holders (and remove any risk of Stream liquidating deUSD before repaying their loan), a snapshot has been taken of all remaining deUSD and sdeUSD holder balances, and a claim page will go live later today. These parties will be able to claim USDC. As a part of this, the mint/redeem infrastructure has been turned off, and we will be sunsetting deUSD in the near future. Any affected LPs in AMM pools or lending markets will be able to claim the full value of their position. Given that Stream comprised of 99%+ of the lending positions (and has decided to not repay or close positions), we will work with Euler, Morpho, Compound and the curators moving forward to help distribute repayment of the Stream loan to liquidate these positions. We still believe this will be honored 1 for 1. We will follow up to this post later today with claim page information.

So Stream will have $300-500M in liabilities instead of $60M because xUSD is hard coded on every money market like Euler and Morpho and will take weeks/months to liquidate while accruing bad debt. Good Job guys 👍

there has been almost $800k of SEND buybacks in the last 3 months!

Time and again I see people overthink L1 valuations. The only difference between $1400 ETH and $5000 ETH was Bitmine. In April Ethereum was a dying platform. Today it’s the stablecoin chain and the next “Bitcoin-like” opportunity for institutions. Price leads narratives so they say. The point here isn’t about whether any of this is justified. The point is that the absence of agreed upon valuation methodologies creates a void that only narratives and relative frameworks can fill. Is the ETH bull case that it becomes a take rate on global GDP? What about it becoming “programmable Bitcoin” which intrinsically can’t be valued? How about both? The truth is no one knows. So what happens when the market instead anchors to relative value and narratives? Well BTC is $2 trillion. So who’s to say ETH shouldn’t be 50% of that? It offers a superset of Bitcoin’s functionality right? ETH is $500B. Why shouldn’t SOL be 100% or more of that? It’s the superior product with greater traction across almost every economic metric. These exercises are goofy. But again we can theorize all we want, or navigate the environment in front of us. We’ll figure out the answers to these questions in time. Fundamentals are the ultimate anchor at the limit. But until then, don’t overthink it. There’s an enormous competitive advantage for assets that have penetrated mainstream consciousness and persisted over time. It’s a game of flows and narratives until the party stops.