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Users flock to Curve amid lack of stablecoin liquidity on major DEXs -Breaking


User @cryptotutor tweeted a screenshot Friday showing a 27% spread in stablecoin Magic Internet Money, (MIM) to ().USDC) trading pair on decentralized exchange, or DEX, (UNI). They both have a theoretical peg at 1:1 with the U.S. dollar.

Cryptotutor joked that “Magic Internet Money” was a way to make $1 million worth of MIM swaps. However, he received only 728.6k USDC as an offer. Other users took to social media quickly to voice their dismay. Another screenshot shows that @DeFiDownsin received an offer to trade $984k in MIM for 4,173 USDT via SushiSwap.SUSHI).