"Stable"coin DEI loses peg

Another stablecoin lost its peg as dominoes continued to fall in the declining crypto market. DEI, an algorithmic stablecoin created by Deus Finance on the Fantom network, de-pegged on May 15. Intended to be pegged to the US dollar, the token dipped to a low of around $0.50, and continued to hover well below its intended price through the next day. DEI had a nominal market cap of more than $88 million before losing its peg.

This is another bump in the road for Deus Finance, which lost a total of $16.4 million in two separate flash loan attacks in March and April 2022.