Aavegotchi bonding curve closes on exact day of DAI depeg


According to play-to-earn nonfungible token (NFT) protocol Aavegotchi, on March 11, the entity closed the bonding curve defining the exchange rate between its Aavegotchi (GHST) token and the DAI (DAI) U.S. dollar-pegged stablecoin. The same day, DAI lost its U.S. dollar peg due to the ongoing fallout from the collapse of Silicon Valley Bank and the Circle-issued USD Coin (USDC) depegging. USDC’s depeg was caused by $3.3 billion in stablecoin collateral deposits stuck in the now-defunct Silicon Valley Bank.

In a statement to Cointelegraph, Nigel Carlos, the chief marketing officer of Pixelcraft Studios, explained that the community voted at 2 am UTC today to end a two-and-a-half-year contract sale of its native GHST token and “derisk from DAI.“ Carlos stated:


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