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💀 Graveyard
The Graveyard is a registry of defunct, depegged, and discontinued stablecoins. These tokens are excluded from the main overview to avoid skewing risk metrics, but remain accessible for historical research and pattern recognition.
What gets added
A token enters the Graveyard when it meets one or more of these criteria:
- Circulating supply = $0 — the issuer has wound down the contract or all tokens have been burned.
- Persistent depeg — the token has traded significantly below its peg for an extended period with no recovery path.
- Issuer discontinued — the issuer has publicly deprecated the token (e.g. BUSD after Paxos stopped minting).
- Protocol collapse — the backing mechanism failed catastrophically (e.g. Terra/UST, Iron Finance).
Failure types
| Type | Description | Examples |
|---|---|---|
| algo_collapse | Algorithmic mechanism broke — death spiral or bank run depleted reserves. | UST, ESD, Iron Finance |
| depeg | Persistent price break without full recovery, often with remaining supply. | MIM (partial), BEAN |
| discontinued | Issuer voluntarily ceased minting; tokens still circulate at reduced liquidity. | BUSD, HUSD |
| exploit | Smart contract exploit drained backing or minted unbacked tokens. | Various bridge tokens |
| regulatory | Regulatory action forced shutdown or redemption freeze. | Various |
Column definitions
| Column | Description |
|---|---|
| Peak / Cause / Year | Peak market cap when the token was alive, the failure type label, and the year it failed. |
| Supply | $0 / dead = contract wound down. Otherwise shows remaining circulating supply. |
| Current Price | Last oracle price. 'Stale oracle' = trading stopped; the displayed price is frozen at last trade, not live. |
| Original Peg | The peg the token was designed to track (usually $1.00). |
| Loss | Percentage loss from peg: (peg − price) / peg × 100. Dead tokens show '—'. |
Can tokens leave the Graveyard?
Rarely. A token is reinstated to the main overview only if: the peg is fully restored with genuine market liquidity, the original protocol resumes operation (not a rebranded successor), and the supply returns to a meaningful level. In practice, once a token enters the Graveyard it stays — the data serves as a permanent historical record.
Why keep tracking dead tokens?
- Historical price data from failed tokens trains and validates the depeg risk model.
- The warning signs (liquidity erosion, supply velocity, pool imbalance) appear in Graveyard tokens days to weeks before collapse — the same signals Peg Canary monitors today.
- Total peak value destroyed ($XB+) provides context for the stakes of stablecoin risk monitoring.