Deus finance's Dei token lost its 1:1 peg to the US dollar, becoming the latest example of the failure of the algorithm to stabilize the currency during the pressure on the cryptocurrency market Dei is currently priced at 70 cents, according to coingecko, a data tracking company. The market value of this stable currency is about $63.5 million, which is insignificant compared with the market value of terrausd, which shocked the encryption market after decoupling last week.
Unlike after the crash of terrausd, the loss of DEI's peg to the dollar did not raise concerns about the wider spread of the crisis in the cryptocurrency market. Bitcoin fell less than 4% on Monday, while popular defi tokens such as Solana and Cardano fell by a similar amount.
Dei differs from terrausd in that it is a partial reserve stable currency supported by cryptocurrency collateral, including 20% of Deus tokens and 80% of other stable currencies, such as usdc.
According to twitter, Deus's team is trying to restore the peg between Dei and the dollar.