This is your regular PSA that Liquity is on a mission to redeem your trove. I thought 282% collateralization was enough... Forgot to check it for a few weeks... rookie mistake 😅 

Check yours now if you haven't already!

co-founder at fairmint.com.
If you're a FF (Farcaster Founder) raising funds, stop right here and checkout fairmint.com. Or DC me :)

As far as I can tell, roughly 25% of ALL troves have been redeemed since early September... and it doesn't seem like it will stop any time soon.

Why is this happening? Was it due to the depeg somehow? What's the business model of the redeemer? Thanks 🙏🏾

Here is the explanation of what is happening:

Ah, right, thanks. There's an example in the whitepaper how redemptions work. Since the minimum Redemption Fee is 0.5%, I guess this means that 1LUSD=$0.995 is the price at which redemptions kick in.

Here is the explanation of what is happening: https://twitter.com/TokenBrice/status/1717132259201863840