When asked if he thinks the recent slump is a rug pull, Cuban was quick to point out that he was hit just like everyone involved in the project. While the traders enjoyed the rewards for a short time, analysts have mentioned that the relationship between the two tokens was not balanced enough. Holders of IRON were given their rewards in TITAN tokens which the success of the move seeing the price of TITAN top well over $60. This, in turn, hurt the number of TITAN token that was getting burnt.Īnd when the price of the asset started to undergo a bearish run, traders began to sell off their tokens instead of holding. In theory, holders of 1 IRON can exchange the token for $0.75 worth of USDC and $0.25 worth of TITAN.Īccording to Finance Geek on Twitter, the reason the price of the token dipped was that the number of people minting IRON was not high enough. IRON is a token that’s backed by two crypto assets – USDC and TITAN. Iron Finance are the developers of two tokens, IRON and TITAN. He mentioned that being involved in crypto-related businesses makes more sense than people think and that valuing tokens was easier than people portray it to be. In a tweet dated June 13, the billionaire announced his involvement with the protocol. Even though the protocol made this announcement in due time, it did not shed light on what exactly happened.īefore the “rug pull” happened, Mark Cuban was one of the entities providing liquidity of fellow decentralized finance protocol, QuickSwap. After the price fell, the developers of the token, Iron Finance, announced that those who hold the token should liquidate their assets from their respective pools. Mark Cuban announced investing in the project on June 13Īccording to the update, Mark Cuban’s wallet was one of those involved in the loss as the value of the coin fell flat to zero. While massive price crashes are nothing new in the sector, the event generated a lot of buzz because one of the people that was affected was billionaire investor Mark Cuban. Holders of the TITAN token developed by the Iron Finance team learned this the hard way when its price abruptly fell to zero. Sourced From: cryptoslate.The DeFi market is a wild west where the unexpected can happen at any time. Title: Billionaire Mark Cuban talks about Aave, SushiSwap, and DeFi The post Billionaire Mark Cuban talks about Aave, SushiSwap, and DeFi appeared first on CryptoSlate. The views displayed in this article are opinions of the author-and the author only. ParaFi Capital may hold positions in assets mentioned in this article. He also spoke to the broader GameStop situation, seemingly indicating that he is ideologically aligned with the WallStreetBets group and the DeFi space by somewhat of an extension.ĭisclaimer: This author is an analyst at ParaFi Capital. You have to learn from your trading experiences /qkKCbJ1SA2 He specifically pointed to the strength of Bitcoin HODLers (yes, he used the term “HODLers”), noting that the fact they had conviction in BTC allowed them to make money even if they bought the top of the 2017 rally near $20,000. He added that he thinks DeFi is one of the industries, along with nanotechnology, green technology, and other new technology classes, that have the potential to “explode in the next 10 years.”Ĭuban also imparted some more comments about the broader state of the crypto space. That comment also indicated that the billionaire holds Bitcoin, Ethereum, and Litecoin, which is somewhat unsurprising. While this was not explicitly Cuban, this Reddit comment has seemingly confirmed this. Further analysis found that another wallet in the network of Cuban held SUSHI. This confirms analysis done by on-chain trackers who noted last week that a wallet affiliated with Mark Cuban held AAVE, along with capital staked in the protocol itself. In the Reddit post, he was asked about his current holdings in the crypto space.Ĭuban responded by noting that he currently holds AAVE and SUSHI, the native coins of Aave and SushiSwap, respectively. What’s interesting is that instead of hosting the “Ask Me Anything” on the AMA Subreddit, he opted to do it on WallStreetBets, which has seen a parabolic explosion Cuban talks about DeFi
In a recent Reddit “Ask Me Anything” post, Cuban confirmed that he has been dabbling heavily in the DeFi space, doubling down on his Twitter posts on the subject. Billionaire investor Mark Cuban has been under the microscope in the crypto space over the past few weeks as he has started to tweet more about Bitcoin, Ethereum, and now even decentralized finance tokens to his over eight million followers.Ĭuban has long been asked about Bitcoin, being a prominent investor and a prominent media figure due to his involvement in projects like “Shark Tank.”