Impacts of UST on STBL

Q67. This week we saw the depeg of UST(a stablecoin built on Terra) and it sent shockwaves through all blockchain ecosystems causing the crypto market to crash. STBL is a 100% fully collateralized stablecoin created by the AlgoFi protocol. Let’s look at how the circulating supply of STBL was impacted by the events from May 8th to May 14th.

Method

In this dashboard I analyzed:

Amount of Borrowed STBL
Amount of STBL swaps (both directions)
Amount of STBL - USDC swaps
Swap rating for STBL - USDC swaps

*from May 8th to May 13th

Borrowing

The following graph shows the amount of daily borrowed STBL from May 8th to May 13th

Swaps

The following graphs show the amount of daily swaps that the destination token was STBL and popular tokens that swapped to STBL respectively.

As you can see, on May 8th, 66.47k STBL have been borrowed.

On 4 days (out of 6 days) ALGOSHIBAINU had the highest amounts.
*be careful that each token has its own price and the number of swapped tokens can not be a good parameter for comparison.

The following graphs show the amount of daily swaps that the starting token was STBL and popular tokens that swapped from STBL respectively.

Paragraph

Here ALGOSHIBAINU and DEFLY tokens were most swapped tokens.

USDC-STBL

USDC to SATBL

The following graph shows the rating of USDC swap to STBL on 3 different platforms.

On May 11th, the rating dropped for a few minutes in Tinyman (dropped 0.53)

The following graph shows the rating of STBL swap to USDC on 3 different platforms.

on May 8th, the most amount of STBL have been borrowed.
Behavior of swaps in both directions (to and from) for STBL is almost the same
In both directions, ALGOFI is the most used platform.
In USDC-STBL swaps (both directions) after May 12th, there is a drop and the rating is lower than 1

flipside