Acala aUSD Depeg · interactive mechanism simulation

Honzon mints aUSD 1:1 against locked collateral. A separate liquidity-mining rewards pallet was misconfigured on a new pool launch, letting reward claims mint aUSD directly with no collateral check — turning an incentive bug into an uncapped mint.
CDP depositors DOT / LDOT Honzon CDP collateralized mint aUSD supply 0 aUSD LP claimers iBTC/aUSD pool Incentives pallet bug reward rate: misconfigured aUSD/DOT market price: $1.00
aUSD price
$1.00
Collateralized aUSD
0
Uncollateralized (bug) aUSD
0
Burned via governance
0
Parameters — edit me
0%
0.7/s
1.5/s
20%
Controls

Illustrative simulation. Defaults mirror the researched Acala mechanism (Honzon CDP stablecoin, a misconfigured iBTC/aUSD liquidity-mining reward rate that let claims mint ~3.02B uncollateralized aUSD in hours, and a governance vote that burned back over 1.28B aUSD), but timing, claim sizes and the price curve are simplified for visualization — not live onchain data. Part of The Onchain Experiment Atlas.