There is a big market for stranded Russian assets now that are listed overseas (YNDX US, MAIL LI, others). Tens of billions of dollars in USD have been moved to liquidation-only status on Western exchanges and cannot trade.
How does the community feel about listing private Russian stranded assets that are not officially part of the government?
Personally, I think there is a big market for the mAssets of high-quality, private Russian assets that had significant foreign investor interest and still do have foreign investor interest. These businesses will be around after der Putler’s stupid war is over, and they’ll have real value.
Additionally, mAssets do not, in any direct or indirect way, funnel cash to Putin’s regime. They are purely a spec vehicle on assets which have a severe need for price discovery.
Putting aside any political/social type concerns, I think these may be difficult assets to list because of the lack of a reliable and consistently available oracle price coupled with high volatility.
As I understand it, these stocks have been effectively frozen because the Russian market has been closed for about a week so there isn’t a “current market price.” Also, while the price action has largely been negative up to now, from the protocol’s perspective, it would still want a very high MCR to mint these assets given the potential for a large snap back if things improve. Without the large buffer, there is a risk of undercollateralized mAssets particularly if the positive news occurs while the market in these names is closed.
I believe it all boils down to the oracle feed, can someone remind me where Mirror is getting the oracle prices from?
Why don’t we have a perp future start trading without an oracle, ie, it is pure speculation, until the underlying asset starts trading?
This would be cool! I remember FTX doing that for Coinbase IPO. Not many platforms doing that.