Update: The Stablegains service has now been discontinued.
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You can refer to our FAQ here for answers to specific and pressing questions. We're posting updates regularly on Twitter.
This writeup explains the current situation and your options.
To recap: when users deposited funds with Stablegains, per our terms of use they were converted to UST and deposited with the Anchor protocol to earn a yield. All users' holdings are in UST. On Monday (May 9th) the UST stablecoin lost its 1 to 1 peg to the US dollar and has been trading significantly below $1 since then. All users' balances in Stablegains are therefore affected.
While the current situation is extreme and unprecedented, the risk of a stablecoin depeg has always been there. It's something all users have signed up for.
It's unclear but highly unlikely that the UST rate will return to its peg.
What is the impact on me as a user of Stablegains?
The balance in your Stablegains app shows the number of UST held in your account. The current UST rate determines the market value in USD of the holdings in Stablegains. Therefore, if users withdraw funds as UST and sell for USD at a rate of e.g. 0.1 users would get 10% of the USD value. There is a scenario where the UST peg can be restored but it's highly likely it will not. If the peg does not restore, or users sell their UST while the peg is off, this will result in losses.
What options do I have now?
We have announced that we will be discontinuing the Stablegains service and are asking all users to withdraw their remaining funds. Details here.
How can I withdraw at the moment?
Please find the relevant article here.
What if I have further questions?
Please note: we are facing a significant volume of support requests and therefore it takes longer than usual to get back to everyone individually. Please review other learning center articles in the UST depeg category for information about common questions and look out for announcements on Twitter.
What happens next?
This situation is what noone had hoped for. We understand the stress and pain this carries. Please know we are here to help and working to make the situation as bearable as possible. Our main focus is to provide clarity on the situation and help users get access to funds.
Thank you for your understanding and patience during this unprecedented time.