But sir it can’t be true? - The proof is in the pudding. FLOAT launched on the 15th of May at a value of $1.618. ETH was approximately at a price of $4K. It was not a week later that ETH plummeted to $2K, and the Basket Factor of Float Protocol rolled down from 100% to 50%. FLOAT was as solid as a rock and barely moved 5% off of the target price. If FLOAT was your typical stablecoin it would have broken in the first week. How many stablecoins are there which can hold their peg with only 50% collateral backing. In fact many prominent stablecoins did completely lose their peg as the rivers ran red during that week. Since then, the Dutch Auctions played their part, arbitrageurs and bots made profit and now at the time of writing the Basket factor is at 100%.