flexUSD of CoinFLEX
flexUSD Logo from Coingecko
Reading this morning's title by DCMLB about Roger Ver and CoinFLEX, I was reminded of my little stable-ish flexUSD sitting in my SmartBCH wallet which I was intending to use and buy back some tokens when the market stabilizes. Unfortunately, checking the market today, I found out the peg had been broken and it went down to as low as 53 cents.
flexUSD was introduced to the SmartBCH network in September last year. It is said to be, and I quote:
"a multi-yield bearing stablecoin and is the first stablecoin that pays interest at the base level."
"flexUSD and all flexAssets earn interest even when just sitting in a wallet, DeFi app, exchange or margin account. This enables what we call “yield on yield” i.e. using natively yield bearing flexAssets to earn extra yield on top from these various sources in crypto." - Quoted from Source
The following are its features as stated on the CoinFlex website:
Earn interest every 8 hours
Fully backed and redeemable in USDC
Earn wherever you hold it - even in cold storage
flexUSD exists on Ethereum (ERC20), BCH (SLP) and SmartBCH (SEP20)
Looking at my wallet, I felt robbed off the "value" of my holding, lol! Now wondering if it's going to recover or continue to fall. CoinFLEX internal market is showing that it is back to its peg but it's a different sight in the DeFi markets. The first thought would be to take it to CoinFLEX and trade it to USDC but then there's the danger of not being able to withdraw due to the situation they are in it so will just wait and see how it goes.
The fear in the market is real and evident. Take care folks!
Logo/s and or images were from Coingecko. and CoinFlex. No copyright infringement intended. 290622/11:50ph
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One cannot really rely on some of this coin like that because they can fumble at anytime like this that went beyond what you expected
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Guess there aren't many stablecoins in the market, lol!
!PIZZA
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Lol probably tho if I may say😃😃
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FlexUSD was the backbone of entire smartBCH I'm really surprised to see this happening
It seems like there is no safe heaven anywhere
Winds or winter are here
Yes, it's kinda sad to see it dwindle down. Are you still holding?
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My holding are in sBCH not much around 0.3
All bridges are temp down, sideshift, hop
It's not only flexUSD all stablecoins on smartBCH depegged
Carnage live
I see, seems everything it being challenged these days. I noticed there are BlockNG pegged stablecoins as well
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These are new to me
I wouldn't say stablecoins since they are pegged to BCH, BTC, ETH etc and if you try to swap, route goes via lawUSD which also crushed
I didn't check them too, just noticed them while checking flexUSD on Dexscreener.
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I am able to know about this incident through your article. Personally i don't faca any loss but feeling bad thinkig about those victim people . At first Ust now it happened with flex usd. That's why it's said that nothing is safe in this cryto world and anything can happen.
We don't know if how bad it is but I saw the chart and it just happened about 9 hours ago. Hope it recovers though, if not, ouch! That's the risk we face when investing :)
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hmm. I can understand. Besides it will create impact in smartBCH project deeply.
Yes, it might do that. Hopefully the good ones will weather the crypto storm.
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https://leofinance.io/@chekohler/coinflex-joins-the-forced-hodl-club
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Thank you :) It's dropping a lot faster now. The news must have gotten out.
!CTP
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when supposed stablecoins cannot face the test of times, it creates room for some concerns.
Yes, The news about CoinFLEX having trouble may have caused the stir which made this coin tumble down.
!LADY
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LOHtokens.@ifarmgirl, you successfully shared 0.1000 LOH with @gratitudemine and you earned 0.1000 LOH as tips. (4/8 calls)
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I hope this Stablecoin will recover! 🤞
!ALIVE
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The tip has been paid for by the We Are Alive Tribe through the earnings on @alive.chat, feel free to swing by our daily chat any time you want.
It has gone down even more.. too bad for those who have big bags of it
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It's a test of strength...
Yes, that's true. Will see if it can weather the beating
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!LADY
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LOHtokens.@ifarmgirl, you successfully shared 0.1000 LOH with @hivebuzz and you earned 0.1000 LOH as tips. (6/8 calls)
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You're welcome @ifarmgirl, it's well deserved! Congrats on being so active on Hive 😊🌹
Holy moly, I have lost track of smartBCH since I pulled out. It was a stable coin for so long, oh dear me CJ.
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It was indeed Tito Ed. Just happened yesterday. The drama between RV and CoinFLEX may have caused it.
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Oh really, i knew of no drama CJ hehe out of touch!
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Good hehe. Just learned about it yesterday. Roger Ver tweeted he doesn't owe $47M. CoinFLEX also tweeted RV defaulted on his loans.
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jaja let's air our dirty laundry in public!
I thought that RV had pulled out of smartBCH a while ago.
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I didn't know, lol! They are playing the blame game. And darn, all sbch bridges down. Can't get out assets off the chain
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That is what worried me about sBCH, actually getting your BCH out of there. I like BCH but aftering seeing COSMOS etc, it makes sbch look like cowboys.
Keeping my fingers crossed CJ that you get things out if you are trying to.
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Yes, I never thought about that until it happened, lol! I can take out my BCH there through the Bolivar Bridge from sBCH to BSC but it would be a lot less (1BCH = 0.70 BCH now) which is ouchy, lol! Will see if CoinFlex will reopen hopcash or the other one.
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That is ouchy indeed CJ!
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Some !LADY :)
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LOHtokens.@ifarmgirl, you successfully shared 0.1000 LOH with @tengolotodo and you earned 0.1000 LOH as tips. (7/8 calls)
Use !LADY command to share LOH! More details available in this post.