I suppose I won the title of “Biggest Loser” in the USDM pool. I put in $11M, which if I tried to withdraw would be worth about $150,000 after 80% slippage.
I got into the USDM pool because of the massive amount of CRV emissions voted to the pool, and most importantly because of the trust that I and others had in the Curve protocol. I thought that my money would be safe, and that my investment would generate a big stack of CRV rewards that I could lock into veCRV. Initially, this is what happened. Curve emissions were significant, and I had thought that USDM had a chance in the growing adoption of stablecoins.
Because of my work and travel schedule, I missed the initial drama, and wasn’t present for the Emergency DAO actions, nor other whales pulling liquidity. When I was able to check the USDM price was already below $0.70. I considered pulling my liquidity, yet there was significant slippage which was over 50%. I was stuck. I’m still stuck.
I didn’t move my liquidity to the “Peg Balancer Module” (PBM) because I didn’t, nor do I trust Azeem Ahmed. I understand that I may be missing out on gCRV rewards, but this action would make me susceptible to another rug by Azeem. I don’t trust him. I hope that I can trust Curve to do what is best. I hope Michael Egorov sees my reply, and has compassion for guys who trusted Curve. I am willing to work with Curve to pull my liquidity and do anything to help resolve this issue. Is there anything I could do with crvUSD and USDM in a recovery fund of sorts? I may be willing to provide more liquidity, contributing to Curve’s TVL, in an cooperative effort to clean up this mess. I think smart guys could figure this out. If we do, you can count on me to permanently lock $11M into veCRV. You would earn my lifelong trust.
