I’ve decided to un-delete this post after many requests from the community , while these topics discussed below are controversial i dont think TFL or anyone else is acting in malice. I think if this is indeed as it appears TFL is most definitely acting in the best interest of the community. I also realize these type of market making activities can not be made transparent in realtime due to front running and other concerns. At the time of undeleting this post it has over 200 views, and i think it’s best this is left here to allow TFL to respond if they so choose.
I recently came across some posts on twitter scrutinizing the centralization of UST supply on the Ethereum network.
The wallet in question is Zapper - Dashboard for DeFi
This wallet has sent 2.7 million mir to different exchange wallets , presumably to sell off, this happened in the last 13 hours.
Click the history tab on zapper, i went through these txes manually you can tell they are exchange wallets by where the coins are moved after being received.
I followed the transactions back to the terra blockchain and i found that the terra wallet that corresponds with the funding of this ethereum wallet is funded by the stability reserve.
I used the size and timestamp of this transaction to trace it back to the terra bridge transaction Ethereum Transaction Hash (Txhash) Details | Etherscan
Which corresponds with this terra chain transaction : Terra Finder
This is the terra chain wallet funding the ethereum address.
Which is connected to this address Terra Finder which i believe is the stability reserve.
So why did the stability reserve dump 2.7 million Mir, and what is it gonna do with the other 800,000 Mir on the terra chain.
I mean sure the stability reserve is funding most of the liquidity , and it’s entitled to these rewards. But given the stability reserve is 50% or more of the ETH mirror liquidity this seems rather excessive.
Can Luna holder please vote on this? Is this being used to offset the current liquidity crunch ? Love the fundamentals and the innovation here, but this scares the s**t outta me. Really need some transparency here.
Transactions moving ETH MIR to exchanges.