<story><title>SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon</title><url>https://cryptoslate.com/safedollar-stablecoin-drops-to-0-following-248000-defi-exploit-on-polygon/</url></story><parent_chain><item><author>pavel_lishin</author><text>Because there&amp;#x27;s nothing &lt;i&gt;interesting&lt;/i&gt; about them. They&amp;#x27;re just another variation on the same ol&amp;#x27; &amp;quot;we peg our value to the dollar(*)!&amp;quot; pitch.&lt;p&gt;The interesting stuff happens when they fail.</text></item><item><author>lazzlazzlazz</author><text>There are more than $100b of stablecoins — 285x year-over-year growth — with a variety of very interesting and high-quality stablecoins proliferating. And of course, Hacker News focuses on some garbage project nobody in the space even followed.&lt;p&gt;How is there no discussion about FRAX, Maker&amp;#x27;s DAI, USDC, CRV&amp;#x27;s 3pool token, Liquity&amp;#x27;s LUSD, and so many other interesting projects?</text></item></parent_chain><comment><author>lazzlazzlazz</author><text>I couldn&amp;#x27;t disagree more. All of the projects I listed have radically different mechanisms, failure conditions, capital efficiencies, and value capture abilities. It&amp;#x27;s a fascinating space that is in its infancy.&lt;p&gt;And you&amp;#x27;re missing projects that aren&amp;#x27;t pegged to the dollar, but instead have dampened volatility floating price targets — like Reflexer and OlympusDAO.&lt;p&gt;It&amp;#x27;s a rich, beautiful corner of a rapidly growing space.</text></comment>
<story><title>SafeDollar ‘stablecoin’ drops to $0 following DeFi exploit on Polygon</title><url>https://cryptoslate.com/safedollar-stablecoin-drops-to-0-following-248000-defi-exploit-on-polygon/</url></story><parent_chain><item><author>pavel_lishin</author><text>Because there&amp;#x27;s nothing &lt;i&gt;interesting&lt;/i&gt; about them. They&amp;#x27;re just another variation on the same ol&amp;#x27; &amp;quot;we peg our value to the dollar(*)!&amp;quot; pitch.&lt;p&gt;The interesting stuff happens when they fail.</text></item><item><author>lazzlazzlazz</author><text>There are more than $100b of stablecoins — 285x year-over-year growth — with a variety of very interesting and high-quality stablecoins proliferating. And of course, Hacker News focuses on some garbage project nobody in the space even followed.&lt;p&gt;How is there no discussion about FRAX, Maker&amp;#x27;s DAI, USDC, CRV&amp;#x27;s 3pool token, Liquity&amp;#x27;s LUSD, and so many other interesting projects?</text></item></parent_chain><comment><author>xur17</author><text>They all do the same thing (peg to the dollar), but in different ways with different tradeoffs. That&amp;#x27;s the interesting part that you&amp;#x27;re completely missing.&lt;p&gt;Some are more centralized than others. Some rely on governance more than others. Some allow themselves to drift further from the peg than others. Some are more complex (and therefore more at risk of failure). There&amp;#x27;s actually quite a lot going on, and I personally find it pretty interesting, but yeah, at the surface, it&amp;#x27;s a bunch of coins that trade fairly close to $1.</text></comment>