CAUSE OF DEATH
Fifteen Oligarchs Walk Into a Stablecoin
Here we observe a most peculiar specimen: a stablecoin that achieved the impossible feat of remaining perfectly stable while circling the drain. With a mere 15 holders controlling every last token, this USDC derivative has all the decentralization of a monarchy and all the liquidity of a high-school's vending machine. In just 85 hours, it mastered the delicate art of trading $226k daily on a $210m liquidity pool—a ratio that suggests either profound apathy or profound understanding of futility.
CAUSE OF DEATH
Centralization concentration with liquidity indifference
EPITAPH
"A stablecoin so stable, it refused to move—not even to save itself."
