געמיני, GUSD אָנהייבן צו פאַרלירן אנהענגערס ווי מעטריקס שלאָגן אַלע צייט לאָוז

Glassnode דאַטן אַנאַלייזד דורך קריפּטאָסלאַטע ווייזט אַז די יו. עס.-באזירט קריפּטאָ וועקסל געמיני און זייַן סטאַבלעקאָין געמיני דאָללאַר (GUSD) אָנהייבן צו פאַרלירן אנהענגערס און די צוטרוי פון די קהל ווען מעטריקס פאַלן צו אַלע-צייט נידעריק.

GUSD holders and exchange volumes

די נומער פון אַקטיוו אַדרעסעס וואָס האַלטן GUSD איז אַראָפּ צו זיין 2020 לעוועלס. די טשאַרט אונטן רעפּראַזענץ די אַקטיוו בייַטל נומער זינט די אָנהייב פון די יאָר 2019.

די נומער פון וואָלאַץ אנגעהויבן צו פאַרגרעסערן אין די סוף פון 2020 און ריטשט כּמעט 1200 אין די סוף פון 2021. זינט דעמאָלט, אַקטיוו אַדרעסעס וואָס האַלטן GUSD געפאלן מיט 91.6% און צוריק צו 100 אין יאנואר 2023.

BUSD וואָג אויף יקסטשיינדזשיז אויך רעקאָרדעד אַ באַטייטיק פאַרקלענערן. די טשאַרט אונטן דעמאַנסטרייץ די BUSD וואָג געהאלטן אויף יקסטשיינדזשיז זינט די אָנהייב פון 2019.

The BUSD volume on exchanges started to grow exponentially in July 2021 and breached 300 million in May 2022, just before the FTX collapse.

However, the BUSD volume started to record ups and downs after the FTX disaster and finally recorded a 96% decrease in January 2023, falling from around 260 million to just above 10 million.

וואָס געטראפן?

The name Gemini has been on the headlines since the Terra-Luna collapse. As soon as the winter market started, Gemini laid off 10% of its שטעקן in June 2022, which marked the exchange’s first layoff decision. In July 2022, Gemini זענען for the second round of layoffs and let 15% of its staff go. In both decisions, the exchange pointed at the market turmoil and repeated that it had to manage costs. At the time, however, מערסט crypto companies were laying off staff, so Gemini didn’t really stick out.

געמיני ערן

The real chain of events that hurt the community’s trust in Gemini started on Nov. 16, 2022, when Gemini’s Earn program כאָלטיד withdrawals due to market turmoil. Addressing the users, the exchange said it would try to meet customers’ withdrawal requests as soon as possible.

Gemini Earn is a program that allows individual investors to lend their crypto assets to institutional borrowers in exchange for a certain amount of interest. To facilitate these services, Gemini partnered with third-party crypto lenders, including אָנהייב, וואָס סוספּענדעד withdrawals for its own customers on Nov. 16, the same day as Gemini Earn. Genesis said it is experiencing abnormal amounts of withdrawal requests which exceed the company’s liquidity. It also added that its parent company, דיגיטאַל קראַנטקייַט גרופּע (DCG), is also doing everything in its power to smooth out the situation.

The discussions between DCG, Genesis, and Gemini, including DCG’s CEO בערי סילבערט and Gemini CEOs קאַמעראָן און טיילער Winklevoss, have been continuing since then, and the tension has been climbing daily. On Dec. 5, Gemini געשאפן an ad-hoc committee to come up with a solution to the liquidity crisis.

On  Jan. 2, Cameron Winklevoss געשריבן an open letter addressed to Silbert and claimed that Gemini Earn’s liquidity crisis is caused by Genesis, and Genesis is having problems because Sibert owes his subsidiary $1.675 billion. Cameron Winklevoss gave Silbert time until Jan. 8 to make up for his debt and therefore resolve Gemini’s liquidity crisis. Silbert responded to the open letter soon after it was published, saying that neither he nor DCG has any debt to Genesis.

Gemini Earn users פיילד a class arbitration suit against Genesis and DCG on Jan. 3, claiming that Genesis breached its agreement with Gemini Earn users. On Jan. 4, Genesis CEO released a ויסזאָגונג saying that the firm is focused on solving the problem, but it needs more time.

The problem remained unsolved, and Gemini מודיע that it is officially discontinuing its Earn program on Jan. 11, 2023. The exchange added that returning its users’ funds is currently the highest priority while also reminding that Genesis was responsible for repaying all assets to users.