Today the following happened:
- USDf fell below pegg
- Collateral ratio was ~0.62
- Enourmous amounts of GAIA was minted (~80B)
- Liquidity dropped to non-existant levels
- GAIA price dropped to non-existant levels, causing even further price decrease due to higher GAIA redeems
- Devs had to manually update the MIN_RESERVE_RATIO
- Devs later on updated the newRatio_ as that was forgotten
- USDf seems not to get to peg with CR ~0.96
- USDC reserve is now at 1.7M, initially coming from 3.2M before the CR was updated. >7M before price fell below pegg
Is there an action plan foreseen for these cases? The burn rate of USDf is slowing down due to fear of there not being enough USDC after redeeming. Is it possible to have the UI show the amount of USDC-to-be-redeemed in pending redeems? Can a contract call be foreseen to get the sum of the burned supplies per address?
Looking forward to start the feedback and improvements.