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Compound has temporarily halted multiple stablecoin lending markets on Ethereum in response to the Elixir liquidity crisis
BlockBeats News, November 7th, DeFi research and risk management company Gauntlet previously recommended the Ethereum lending protocol Compound to implement a temporary emergency pause on the following standalone borrowing market Comet in v3, including: USDC on Ethereum, USDS on Ethereum, USDT on Ethereum. The proposal has been passed, and withdrawals for the USDC and USDS lending markets were resumed on November 6th. Compound has stated that it will gradually restore the markets while ensuring system security.
This action is aimed at addressing the liquidity crisis of Elixir's deUSD and sdeUSD, both of which are listed as collateral on Ethereum USDC, USDS, and USDT. On November 4th, Stream Finance disclosed a $93 million loss in its fund assets, with Elixir bearing a $68 million exposure, resulting in a liquidity crisis for its stablecoins deUSD and sdeUSD.
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