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The stablecoin DEI became the latest to lose its peg to the greenback, following others that did so in the past week.
Source: Coindesk
DEI is down 33.68%, UST down 40.31%, and LUNA down 17.41%.
Data show the DEI fell to as low as 54 cents in European hours on Monday, after losing 20 cents on Sunday night after being exchanged by traders for USDC. The decline drove traders to sell the token to others in an effort to protect against risks.
The decline comes as developers of Deus Finance — which hosts the DEI — earlier temporarily stopped a redemption mechanism that enables investors to redeem DEI for other tokens.
Developers have since announced a plan to restore the DEI peg to the dollar, and mitigation measures have since been implemented with solutions in the works to ensure the long-term stability of the token.
DEI’s loss of its peg to the dollar comes after a similar decline seen in UST and LUNA.
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