Update: The Stablegains service has now been discontinued.
What's happening right now?
The DeFi markets are experiencing heavy volatility. The UST stablecoin has de-pegged from the US dollar and trades significantly below $1. You can follow the rate here.
How does that impact my funds in Stablegains?
Does Stablegains still hold UST?
Yes, the funds held in Stablegains balances represent your UST balance. As of May 22, 2022, it is no longer deposited in Anchor Protocol and as such users are no longer earning UST yield.
How can I withdraw my funds?
You can withdraw funds via:
- USDC (we will convert your UST on your request with the market rate available). See details here.
- UST directly to a Terra wallet address. UST is supported by some exchanges including KuCoin. See details here.
I already initiated a withdrawal, and waiting to see the funds in my wallet.
We aim to process transactions every business day contingent on parts of the flow being technically available.
Why can’t I deposit right now?
We’ve paused deposits until further notice due to the UST volatility.
I deposited prior to the announcement on 10th of May - what will happen to those funds?
From the moment the deposit was initiated we’ve allocated funds on your behalf into Anchor protocol as UST. We waived all holds on ACH deposits so you can get access to your UST sooner.
How much is my Stablegains balance worth?
Your Stablegains balance is held in UST and the US Dollar value of your funds can be calculated from the going UST/USD exchange rate. If the UST/USD exchange rate is 0.1, a Stablegains balance of 100 UST will be worth $10 USD at that time.
Can I keep holding my funds in Stablegains? Are they still earning interest?
We have announced that we will be discontinuing the service, and are asking all users to withdraw the remaining funds.
If you get part of Terra's proposal to distribute reimbursements what happens then?
See this article.