"Happy Farming" – Until It Implodes: Inside the xUSD/deUSD Leverage Illusion - an interesting post by Schlag
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Promote with Leviathan News"TLDR: Stream (xUSD) and Elixir (deUSD), and likely more, are recursively minting each other tokens in order to inflate there own TVL and create a ponzu the likes of which we haven't seen for awhile in crypto... ...This means xUSD is not only not actually backed 1:1 but the protocol itself is the largest holder of the token. It currently controls over 60% of the xUSD in circulation, meaning if we assume all is recursively minted like this then each xUSD is backed by at most $0.40." the X post gives all the details, worth a quick read
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