Unpacking the deUSD/xUSD Depeg: Anatomy of a Stablecoin Breakdown
Background Mechanism:
Stream/xUSD operates through recursive lending structures, while Elixir/deUSD is based on stETH/sDAI collateralization combined with futures hedging (long spot/short perpetual). The two systems are interlinked, using each other’s assets as collateral in a closed-loop arrangement. Approximately 40% of the total supply is backed by external capital, with the remainder generated through internal lending loops and hedging yields (~15%+ APY). Reserve verification is not available in real time and relies on Morpho’s exclusive pools and Balancer liquidity.
Stream is currently under legal review by Perkins Coie LLP following a reported $93 million loss disclosed by an external fund manager. The protocol has suspended deposits and withdrawals while securing remaining assets. This has increased uncertainty for holders of xUSD, xBTC, and xETH, as these tokens are widely used as collateral in lending markets and may pose contagion risks if their valuations decline further.
#deUSD #xUSD #Stream #Elixir #stablecoin #depeg
1. Starting Point:
Real Capital Injection (User Side):
Users deposit USDC into Stream's xUSD Vault, expecting yields from staking and lending spreads
Stream activates leverage via an external manager's "yield-optimizing" script (delta-neutral strategy: long assets, short perps). No risk limits; protocol automates via oracles and aggregators.
2. Stream Leverages to Mint deUSD (Cross-Protocol Mutual Minting):
Sub-Step 2.1: Swap USDC for USDT on DEXes.
Sub-Step 2.2: Send USDT to Elixir's deUSD Minter; mints 1:1 deUSD, inflating supply while reserves rise by USDT.
Sub-Step 2.3: Bridge deUSD to L2s.
Sub-Step 2.4: In Morpho markets, use deUSD as collateral. Borrow USDC/USDT at 1.5-2x leverage initial.
Sub-Step 2.5: Bridge borrowed USDC back to mainnet; mint xUSD (1:1 via Stream's minter). Stream holds ~60% for further loops.
Intermediate Result: Leverage amplifies 1.6x initially; backing drops to ~$0.4 per xUSD due to interest accrual. Matches your description.
3. Elixir's Closed-Loop Cooperation (Morpho Exclusive Pool Setup)
Sub-Step 3.1: Elixir swaps received USDT to USDC via 1inch.
Sub-Step 3.2: Deposit into Morpho's Curated Vault (managed by MEV Capital; Elixir as sole LP, ~$68M USDC supplied).
Sub-Step 3.3: Pool config: xUSD as collateral; oracle uses Uniswap V3 TWAP (30-min window, vulnerable to low-liquidity manipulation).
Sub-Step 3.4: Hedging: Lock portion in stETH/sDAI; short ETH perps on dYdX/Perpetual.
Intermediate Result: Vault acts as "xUSD ATM"; Elixir earns lending fees + hedging yields, but 65% reserves at risk from Stream exposure.
4. Infinite Closed-Loop Rotation (Stream Borrowing + Repetition):
Sub-Step 4.1: Collateralize new xUSD in Morpho.
Sub-Step 4.2: Borrowed USDC restarts cycle (USDC → USDT → deUSD → etc.).
Sub-Step 4.3: Each iteration boosts leverage; TVL inflates (DeFiLlama data: $40M to $520M in weeks); yields from funding/staking, not organic demand.
Sub-Step 4.4: Risk buffer: Morpho checks health factor; Balancer LPs (~$128M TVL) provide liquidity, but exhaustible.
Overall: Loop depends on oracle accuracy and liquidity; break causes depeg → liquidations → reverse spiral (dumping assets to repay).
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