Relend Network

📢Relend Network is shutting down on June 1st. If you still hold rUSDC on Starknet, Swell L2, or HyperEVM, bridge back to mainnet and redeem for USDC ASAP. Only dust amount remains in circulation (the rest is held by the protocol itself), but all funds must be redeemed before June 1st — frontend and bridge support will be terminated afterward.

Notice to Relend USDC Vault depositors: Relend Network’s risk curator has initiated a transaction to force-remove the defunct sdeUSD/USDC market. Execution is subject to a 3-day timelock. Following execution, supplier balances associated with this vault will be reduced by approximately $4.4M in total, representing currently around 50% of the affected users’ balances. A snapshot of all affected suppliers will be taken. Should funds later be recoverable from this market, any recovered value will be distributed to impacted users on a pro-rata basis. This action is necessary due to Morpho’s accounting system, which cannot isolate the interest accrual of the defunct sdeUSD/USDC market from other active markets. Without this removal, the bad debt could continue to increase over time, even if Elixir were to eventually facilitate full debt repayment. Users should note that, while withdrawal liquidity is currently unavailable, it remains technically possible to migrate the position to a personal account and pursue recovery independently via Elixir. This process is complex and requires deep technical knowledge. Interested users are advised to contact the Morpho team for guidance. Final line of thread: No guarantee of recovery. Informational only. Not legal, financial, or investment advice.

Actually, it's only Bad debt if it comes from the badette region of France. Otherwise, it's just sparkling "proportionally socialized loss" Just Use Aave.

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.