Yala: We have noticed the community's concerns regarding the stablecoin YU and are actively investigating.
BlockBeats News, November 16, the stablecoin protocol Yala stated that it has noticed recent concerns from the community and is actively investigating. More updates will be released soon.
Yesterday, the DeFi community YAM posted that Yala's stablecoin YU is experiencing suspicious activity similar to USDX, with related addresses borrowing USDC at extremely high interest rates but never repaying. An address closely related to Yala is borrowing the full amount of USDC and most of the YU funds from the Yala Frontier market on Euler, and despite persistently high interest rates, there has been no repayment. Currently, the market's capital utilization rate has reached 100%, which means lenders cannot withdraw any liquidity. The Euler team has also set the borrowing cap for the Yala market on Frontier to zero. YAM added that YU is still maintaining its peg on Solana, and there is still nearly one million USDC in its liquidity pool available for exit at the pegged price. This article serves mainly as a risk warning, and it is not yet certain whether Yala is truly in trouble.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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