You have to understand that the price shown on coingecko/coinmarketcap is not the "real" price, because they are ignoring the highest volume price source: the internal market.
If they correctly accounted for this, you would see that the peg is holding much tighter than they are currently reporting.
Instead they are incorrectly reporting the price on upbit, because by discounting the trading on the internal exchange, it appears to them to be the largest volume of trading. But upbitrestricts who can trade there (I think it's for Koreans only), so it is only to be expected that the price on upbit can stray from the overall market price. And if you can trade on both upbit and the internal market, you can make some small profits that way.
That is actually a big oversight error on my side. It's obvious to me why they do it, as a Coin Price website they want external data to echo. Might be interesting actually to try and get an Upbit account, since it's based as "Upbit Singapore Pte. Ltd." in Singapore and they have an English website as well.
At the swap pool on polygon pHBD/USDC is ~0.985c$ right now.
Btw. I'm shocked and honored that you answered my comment, the Hive OG Blocktrades.
The Polygon pool hasn't varied by more than a penny or so in the past 12 hours. That's pretty representative of reality, IMO, since anyone can trade against it with known liquidity at any time.
It is not overwhelmed at all.
You have to understand that the price shown on coingecko/coinmarketcap is not the "real" price, because they are ignoring the highest volume price source: the internal market.
If they correctly accounted for this, you would see that the peg is holding much tighter than they are currently reporting.
Instead they are incorrectly reporting the price on upbit, because by discounting the trading on the internal exchange, it appears to them to be the largest volume of trading. But upbitrestricts who can trade there (I think it's for Koreans only), so it is only to be expected that the price on upbit can stray from the overall market price. And if you can trade on both upbit and the internal market, you can make some small profits that way.
That is actually a big oversight error on my side. It's obvious to me why they do it, as a Coin Price website they want external data to echo. Might be interesting actually to try and get an Upbit account, since it's based as "Upbit Singapore Pte. Ltd." in Singapore and they have an English website as well.
At the swap pool on polygon pHBD/USDC is ~0.985c$ right now.
Btw. I'm shocked and honored that you answered my comment, the Hive OG Blocktrades.
The Polygon pool hasn't varied by more than a penny or so in the past 12 hours. That's pretty representative of reality, IMO, since anyone can trade against it with known liquidity at any time.
Pretty cool actually, those Pools are useful.
Can we somehow provide/build an api from the internal market for these aggregators to use?
I have a memory that some dev volunteered to do this, but can't remember who it was. My guess is they got busy with some other task.
We need to put a bounty on this :)
Is someone working on a public API for the HBD price history from the internal market?
I could do this.