> ## Documentation Index
> Fetch the complete documentation index at: https://docs.webacy.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Graveyard

> Registry of defunct, depegged, and discontinued stablecoins, excluded from live metrics but kept for historical research and depeg pattern recognition.

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 PCS monitors today.
* Total peak value destroyed (\$XB+) provides context for the stakes of stablecoin risk monitoring.