The crypto economy lost more than 3 percent in fiat currency during the past 24 hours, dropping to $2.09 trillion. However, top rebase tokens according to market capitalization suffered significant losses this week. The rebase economy, which is worth more than $3.2 billion at the time this article was written, has seen a 10% drop in its value over the past 24 hours. Wonderland, Olympus and Redacted Cartel, which are among the most prominent rebase token economies have lost between 36% and 55% during this week.
Wonderland is down 87% from its peak of 87% in 2008, as the Top 3 Rebase Protocols have Added Billions to Value In The Last Week
Bitcoin.com News conducted a detailed investigation into Olympus’ reserve-backed asset OHM on the first of November 2021. Olympus, which can be described as decentralized finance (defi), is an asset that has been created to rebase Olympus tokens.
Rebase token protocols are used to adjust token supply when prices fluctuate or in periodic fashion. Olympus, once the most important rebase token project, is no longer the case. Wonderland has $1.1 billion in market cap. All OHMs in circulation are valued at $945 million.
Discussions of loss and rebase token investors were not encouraged this week. liquidationsYou can see it littered all over social media. A further note: On January 17, 2022 reports show that Wonderland’s token TIME was trading belowLimit of treasury. One user claimsHe lost more than 2,000 TIME, or approximately $9.5 million during a liquidation.
“This is what happens when people fall for the ‘it cannot fall below backing’ metanarrative,” one user respondedThe person who had lost 2,000 time. “I lost 38 wmemo (roughly $2.5M) well below the backing price. Feel your pain brother,” another Wonderland trader replied.
During the last two weeks, wonderland (TIME) has lost 57.9% and the crypto asset is down 87.1% from the asset’s all-time high on November 07, 2021. Furthermore, the project’s other native asset wonderland memories (WMEMO) is down 25.6% over the last seven days.
Wonderland developers claim that the team used a token buyback to leverage its assets. Wonderland CFO: 0xsifu insisted:
A few million was used once more to purchase below the backing price and return the price to its intrinsic value. Recall: Wonderland purchases at the backing cost, which is different from most other companies.
Olympus Drops 92% From ATH, Ampleforth Jumps 633%
Wonderland experienced a 36.2% drop in value, while olympus dropped by 43.2%. Redacted cartel (BTRFLY), lost 55.3% of its USD value, and olympus fell by 43.2%.
OHM is down more than 92% since the crypto asset’s all-time high nine months ago on April 25, 2021, at $1,415 per OHM. Although the top three most valuable rebase tokens lost significant value, the rebase coins ampleforth and (AMPL) have gained 63.5% each over the seven-day period. Klima dao(KLIMA) dropped 30.8% while hector (HEC) lost 42.9% and the rebase torome (ROME), decreased by 54.4%.
Although the rebase token ampleforth was successful this week, the gains for the rebase currencies spartacus SPA (SPA) or templedao TEMPLE were double-digits between 11% and 25%. Rebase coins greenmoon, 8ight finance, and gravitoken all saw gains of between 11% to 25% this week. The biggest rebase token winners this week were invictus and redacted cartel, BTRFLY, rome (ROME), Vesq (VSQ), Papa dao (PAPA).
How do you feel about the huge losses that Rebase Token Project saw over the past week? Please comment below to let us know your thoughts on this topic.
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