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Terra

Terra (LUNA) is a public blockchain protocol that emerged from Terra Classic. Due to limited liquidity, LUNA sell orders will not be accepted from 10:51 PM - 11:11 PM CT. Please submit your orders outside of this window.

On Thurs. May 25, Terraform Labs announced that the Terra community had approved the creation of a new blockchain, Luna 2.0. The creation of this new chain is a response to unprecedented volatility on the Luna 1.0 chain, which caused the price of the original LUNA and UST to collapse almost to zero. 

As part of the migration, the former asset LUNA will become Luna Classic, or LUNC. A portion of LUNA holders will be eligible to receive an airdrop of the new token (LUNA), per the terms outlined by Terraform Labs.

The new Terra blockchain will utilize the new LUNA, and will not include the UST stablecoin. 

On 9 May, after nearly 18 months of steadily holding its value against the US dollar, the so-called stablecoin TerraUSD (UST) became unpegged. The uncoupling triggered a cascade response that ultimately crashed UST and the Terra (LUNA).

TerraUSD (UST) is a stablecoin, which means it is a cryptocurrency pegged to a fiat currency. In this case, it is designed to be pegged to the US dollar. Stablecoins are intended to allow investors to hold crypto assets with less volatility, and trade a dollar equivalent without needing to cash out their positions. 

UST is considered an algorithmic stablecoin because instead of being backed by assets such as cash or cash equivalents, it is supported by on-chain code that facilitates a change in the supply and demand between UST and LUNA.

LUNA is the cryptocurrency that works in unison with UST in an effort to keep UST in 1:1 parity with the US dollar. One dollar of LUNA can always be converted at a 1:1 ratio to 1 UST. 

For example, if LUNA is trading at $10, then it can be redeemed for 10 UST, and 10 UST can be redeemed for 1 LUNA. If UST rises above its $1 peg to $1.01, then traders can swap 1 USD of LUNA for 1 UST. This trade burns 1 LUNA and mints 1 UST, which can then be sold for 1.01 USD. 

If UST rises to $1.02, then traders can sell for a 2 cent profit, and so on. 


In theory, increasing the supply of UST and lowering the supply of LUNA brings the price of UST back down until it reaches $1. Conversely, if UST drops below the $1 peg, then traders will be incentivized to buy 1 UST for 0.99 USD, which can then be swapped for 1 LUNA. 

This move burns UST and mints LUNA, sending UST higher towards the $1 peg.

UST lost its peg to the dollar starting on May 8th following large withdrawals of UST from Terra’s DeFi protocol Anchor. UST fell quickly, and struggled to regain its peg because the burning of UST and minting of LUNA couldn’t keep up. 

UST descended rapidly as the prolonged de-pegging led to uncertainty and a snowball effect of larger withdrawals. 


A significant share of circulating UST was locked on Anchor, a Terra-based lending and borrowing protocol that paid users 19.5% to stake UST. 

The LFG used up about $2.9 billion of its bitcoin reserves in an unsuccessful attempt to revive UST. 

WSJ 
Decrypt 
Bloomberg

*This content is for educational purposes and is not investment advice.

Kwon continued to dismiss claims that $67 million was frozen on crypto exchanges OKX and Kucoin.

Terra Co-Founder Do Kwon Continues to Deny Being on the Run

Do Kwon got “carried away” and would spend less time on crypto Twitter if he could do things differently, he said in a new interview.

Terra Co-Founder Do Kwon Developed Crypto Twitter Persona for 'Entertainment Value'

Developers of the Terra stablecoin ecosystem, which includes Luna Classic (CRYPTO: LUNC), TerraUSD Classic (CRYPTO: USTC), and Luna 2.0 (CRYPTO: LUNA), proposed an expansion plan in which they would allocate 95 million LUNA ($248 million) to incentivize development and fix errors within the ecosystem.  What Happened: According to the original proposal drafted in May, Terra planned to allocate around 10% of the LUNA supply to the ecosystem, with 80% of the funds being used for developer mining rewards.

Terra (LUNA) Proposes Revival Plan, Allocating $248M For 'Fixing Errors'

It's been five months since the Terra ecosystem collapsed as tens of billions of dollars in value disappeared from the crypto economy in a matter of days after May 7.

While Its Lost 94% in Value Since the Collapse, Terra's Fractured Ecosystem Is Still Worth $2.5 Billion

The Luna Foundation Guard (LFG), a non-profit organization built to support the Terra (CRYPTO: LUNA) system, has said that due to ongoing legal battles, it has not been able to pay back smallholders of its collapsed Stablecoin.  1/ Since $UST's depeg in May, there has been understandable interest in LFG's assets and how they will be distributed.

Terra Backer Luna Foundation Guard Says Legal Battles Are Preventing Crypto Payouts

The Luna Foundation Guard (LFG) is explaining why it hasn't paid back small holders of its collapsed stablecoin coin TerraUSD (UST). The LFG, a non-profit organization built to support the Terra (LUNA) ecosystem, says that ongoing legal battles have made accomplishing that promise impossible for the time being.

Terra Backer Says Legal Battles Are Preventing Crypto Payouts to UST Holders

In the face of what it said was mounting legal pressure, the Luna Foundation Guard said it would postpone efforts to compensate users. The post Luna Foundation Guard postpones compensation efforts, cites ‘ongoing and threatened litigation' appeared first on The Block.

Luna Foundation Guard postpones compensation efforts, cites ‘ongoing and threatened litigation'

The group still has about $100 million in reserves that it has pledged as compensation.

LFG Slow-Walks Plan to Repay Small-Time Terra Holders, Citing Legal Threats

According to Yonhap News, an arrest warrant for Mr Yu — described as a key figure in the team — has been dismissed by a local court.

South Korea's Efforts to Prosecute Terra Employees Suffer a Setback

South Korean authorities are telling embattled Terraform Labs founder Do Kwon to hand over his passport as they claim he is on the run.

Embattled Terra (LUNA) Founder Do Kwon Ordered To Hand Over Passport by South Korean Authorities

The arrest warrant for Do Kwon's head of business operations has been thrown out.

South Korean Court Dismisses Arrest Warrant for Do Kwon's 'Key Aide' at Terra

A South Korean court dismissed an arrest warrant for a Terraform Labs employee, a move that came hours after reports emerged about his arrest. The post South Korea court dismisses arrest warrant for Terraform Labs employee appeared first on The Block.

South Korea court dismisses arrest warrant for Terraform Labs employee

South Korean authorities have apprehended the first suspect in the collapse of the Terra blockchain ecosystem. On Oct. 6, reports of Yoo Mo's arrest as the leader of Terraform Labs' business team surfaced in the Korean media.

South Korean Police Arrest First Suspect In Terra Collapse Case: Report

The arrest comes after the country invalidated Terra co-founder Do Kwon's passport.

South Korea Arrests Terra's Head of General Affairs Yu: Report

In other developments, South Korea has arrested a suspect in connection with Terra's collapse on charges of fraud and a breach of duty concerning market manipulation.

Do Kwon's Passport Voided — But On-the-Run Entrepreneur Says Seized $40M Crypto is Not His

South Korean authorities have reportedly made the first arrest in the ongoing investigation of the Terra ecosystem collapse.

'Key Aide' to Terra's Do Kwon Arrested by South Korean Authorities: Report

The Seoul Southern District Prosecutors' Office has reportedly arrested a Terraform employee named Yu, making its first arrest in the case. The post South Korea makes first arrest in Terra case, JTBC reports appeared first on The Block.

South Korea makes first arrest in Terra case, JTBC reports

South Korean authorities have reportedly frozen $40 million in crypto assets, including bitcoin, allegedly belonging to Luna founder Do Kwon. However, Kwon denied that any funds of his have been frozen. “I don't even use Kucoin and Okex, have no time to trade, no funds have been frozen,” he insisted.

South Korea Reportedly Freezes Do Kwon's Crypto Worth $40M — Luna Founder Says the Funds Are Not His

Do Kwon has 14 days to return his passport, according to a notice on a government website.

Terra Founder Do Kwon's Passport 'Invalidated,' S. Korea Says

The beleaguered TerraForm Labs CEO Kwon Do-hyung, also known as Do Kwon, denied reports on Wednesday that South Korean prosecutors have frozen Bitcoin (CRYPTO: BTC) assets worth 56.2 billion won ($39.6 million) of Terra Luna Foundation. South Korea's News1 reported that on Sept.

Terra CEO Do Kwon Denies Reports Of Frozen Bitcoin

"I don't know whose funds they've frozen, but good for them," Terra co-founder Do Kwon wrote on Twitter.

Terra's Do Kwon Denies Reports That Authorities Froze $39.6M of His Crypto

Terra's Do Kown Denies Reports That Authorities Froze $39.6M of His Crypto

What's backing MakerDAO's decentralized stablecoin DAI? Mostly other coins—and about five years of uninterrupted existence.

Terra's Collapse Destroyed Faith in Stablecoins. Can Maker Restore It?

Traders are optimistic as they await official numbers from the major exchange.

Terra's Luna Classic Gains Big as Binance Burns Untold Tokens

Ethereum

The co-founder of Ethereum (ETH) says the implosion of stablecoin issuer Terra (LUNA) earlier this year dealt a big blow to the decentralization of crypto.

News for Terra Crypto (LUNA)