During the last weekend,
@BluejayFinance
has been resilient in the face of the USDC crisis, maintaining solvency and a tight peg despite volatile market conditions.
Here are a few things that we did before and after 👇
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1/ No material impact on the treasury, especially since we diversified it across multiple accounts and types of asses. We learned from previous crises to diversified, decentralize to avoid single points of failure.
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2/ bluSGD remained pegged to SGD during this entire period, even as there were some redemptions that happened over the weekend as a result of general fear in market over stablecoins. Our price stabilizer worked as intended and performed actions autonomously to keep the peg.
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3/ In our own protocol assets backing bluSGD, we use overcollateralization as well as a mix of DAI and xSGD as assets. That means bluSGD is designed to withstand pretty major shocks to the market, beyond what was even seen in the market last weekend.
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4/ We took some actions to meet xSGD liquidity w/in our peg stability module, as bluSGD to xSGD redemptions increased, partly also driven by the arb opp presented by xSGD trading at a premium. We replenished our PSM and temporarily changed the fees to stop bot attacks and arbs
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