“We believed a high level of external collateralization was a necessity in the long run, and we saw this as a path to get there. Unfortunately, it did
“We believed a high level of external collateralization was a necessity in the long run, and we saw this as a path to get there. Unfortunately, it didn’t grow fast enough compared to UST supply, and, combined with a fall in value of the BTC reserves, the liability overhang was too large to be defended,” Delphi wrote.
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