Like a racecar in reverse, $TITAN, the stablecoin of Titan Finance, crashed from $60 to $0 on Thursday. $2bn TVL was wiped out, including the investment of Mark Cuban. However, this was not a rug. The term “rugged by the people” has been floating round crypto Twitter: an irredeemable loss of confidence in the coin that drove the price to near zero. The people simply panicked and ran. One Defi founder – Steven Enamakel – thinks he knows why, and how to stop it. Q1 2021 hedge fund letters, conferences and more The Problem With $TITANThe problem was under-collateralisation. 70% of the stablecoin’…

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