Hi all!
This message is mainly directed to the team.
It has been now a few months that ibGBP and other ibAssets have lost their peg (ibEUR and ibCHF have regained it lately).
For a few of us who bought ibGBP from the AMM by sending DAI or MIM, we are stuck. There is not enough liquidity on Curve, and even if the peg is regained, it will still not allow selling all the ibGBP that have been bought through the AMM (unless the peg is restored + incentives on Curve come back could lead to bringing back some liquidity to facilitate an exit).
The MIM pool has become healthier lately on Curve.
The treasury holds (in stablecoins):
$25k USDC
- $318k DAI-USDC-USDT-sUSD (on Convex)
- $9k of 3crv to claim (veCRV fees + Convex farm)
- $15k sUSD
= $370k in stablecoins
- $3.2M ibEUR and $272k ibCHF
The treasury had taken loans denominated in GBP against USD when it sold ibGBP to the users who used the AMM. The GBP has lost a lot of value vs USD, therefore allowing people to sell back their ibGBP would result in locking a profit for the treasury, and allow a few of us to have our capital back.
What is the reasoning as of now against such measures?
When can liquidity be added back to the AMM? Is there any plan for that like it is now the case for ibEUR?