Lately, $NOTE, the stablecoin of Canto Blockchain constructed on the Cosmos framework, confronted a number of FUD rumors. Being a secure coin, NOTE is pegged to the worth of the US Greenback, which signifies that the token’s value can not deflect and has to stay secure.
Nevertheless, as reported by WuBlockchain, NOTE just lately de-pegged from the US greenback and dropped to $0.60.
Causes of FUD
The explanation for the drop in $NOTE may be linked to the drop within the $CANTO token. Certainly one of X’s customers expressed his issues on his feed, stating that the drop that has been noticed is round 95% from its all-time excessive (ATH).
1/ Who’s prepared for some @CantoPublic FUD?!!!!!1one
So the worth has dropped like 95%+ from ATH so this isn’t concerning the $CANTO token, however may very well be one thing extra fascinating, the demise of the native stablecoin $NOTE. And partially due to RWA. Enjoyable.
— Colin Platt (@colingplatt) September 2, 2024
The Canto blockchain, constructed on the Cosmos framework, together with the de-pegging has additionally confronted different points in current weeks such because the downtime which led to the next lack of whole worth locked (TVL) have raised issues concerning the community’s stability and safety.
Amid all of the drama, traders misplaced religion within the blockchain and created a scenario of concern, uncertainty, and doubt (FUD). They’ve additionally highlighted the dangers and challenges that blockchain and DeFi pose to customers.
Silver lining amid de-pegging
Although the way forward for NOTE and Canto stays unpredictable, the restoration of NOTE to $0.96 has introduced aid to the traders but it surely turns into essential for these initiatives to prioritize stability, safety, and transparency to take care of consumer belief.
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