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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.

Do Kwon, founder of Terraform Labs, recently spoke with cryptocurrency media company Coinage in Singapore — his first media interview since the collapse of Terra Luna earlier this summer. Here's what he discussed: Before Terra collapsed, Kwon and Terraform Labs bought billions of dollars in Bitcoin, attempting to back the ecosystem's stablecoin, UST, by a basket of assets rather than just Terra.

'I Didn't Sleep For 8 Days,' Terra Luna Founder Do Kwon Tells Coinage Following Crypto Collapse

Do Kwon has said South Korean investigators looking into the collapse of Terra have not reached out to him and that he has never been in touch with them. The post South Korean investigators ‘haven't reached out' about Terra collapse, says Do Kwon appeared first on The Block.

South Korean investigators ‘haven't reached out' about Terra collapse, says Do Kwon

A crypto investor who got in early to Terra (LUNA) is reporting staggering losses in the billions. According to a new report by Bloomberg, Simon Seojoon Kim, a South Korean crypto investor and early LUNA adopter, is revealing $3.6 billion in losses after the Terra ecosystem disintegrated in May.

Early Terra (LUNA) Investor Reveals $3,600,000,000 Loss Following Historic Crypto Collapse: Report

CEO Simon Seojoon Kim tells Bloomberg that Hashed had bought 30 million luna tokens in the blockchain project's early days. The post Crypto VC firm Hashed confirms losing more than $3 billion in luna crash: Bloomberg appeared first on The Block.

Crypto VC firm Hashed confirms losing more than $3 billion in luna crash: Bloomberg

The London-based firm's exposure to Terra resulted in its first negative quarter since going public.

Terra Position Cost CoinShares Over $21M: Q2 Report

TerraForm Labs (TFL), the creator of Terra (LUNA), is being slammed with a class action lawsuit from US law firm Bragar Eagel & Squire, P.C.

US Investors Hit Terra and Linked Entities With Lawsuit Alleging Tokens Deceptively Sold at Inflated Prices

Also today, why Yuga Labs could be slapped with a class action lawsuit about Bored Ape NFTs and ApeCoin.

Crypto News, July 25: 3AC Bosses Admit They May Have Been Too Close to LUNA

On July 13, the dedicated crypto price tracking, volume, and market capitalization web portal Coingecko published the company's “Q2 2022 Cryptocurrency Report” which discusses the last quarter's crypto market action and insights. The 46-page report explains how the Terra UST and LUNA fallout wreaked havoc on the entire crypto ecosystem and the stablecoin economy.

Q2 2022 Cryptocurrency Report Highlights Terra's Collapse and Capital Exiting the Crypto Ecosystem

“What we failed to realize was that Luna was capable of falling to effectively zero,” Three Arrows Capital co-founder Su Zhu said.

Three Arrows Capital Founders Says Terra, GBTC Trades Led to Fund Blowup: Report

Prosecutors raided the Seoul home of Terraform Labs co-founder Daniel Shin as part of an investigation into the collapse of Terra's UST.

South Korean Authorities Widen Terra Probe as Co-Founder Daniel Shin's Home Raided

South Korean authorities are continuing their investigation into fraud allegations at the center of the Terra collapse.

South Korean Prosecutors Raid Terra Co-Founder Daniel Shin's Home: Report

South Korean prosecutors carried out search and seizure operations at local crypto-currency exchanges and related offices, looking for evidence of illegal practice involved in the collapse of crypto-currency Luna in May.

S.Korea prosecutors raid crypto exchanges, offices for Luna investigation

South Korean prosecutors' raids on seven local crypto exchanges are part of an ongoing investigation into Terraform Labs' activities.

Korean Prosecutors Raid Crypto Exchanges in Terra Probe

South Korean prosecutors have reportedly raided seven local cryptocurrency exchanges as part of the investigation into Terraform Labs. The post Prosecutors raid South Korean crypto exchanges in Terra investigation: Yonhap appeared first on The Block.

Prosecutors raid South Korean crypto exchanges in Terra investigation: Yonhap

Seven exchanges and eight other addresses have been raided in connection to the Terraform Labs fraud investigation.

Prosecutors Raid 7 Korean Exchanges Amid Terra Probe: Report

Algorithmic stablecoins are higher-risk than asset-backed stablecoins, but that doesn't mean they will never work, Changpeng Zhao says.

Not All Algorithmic Stablecoins Will Be Terra: Binance CEO CZ

Polygon

Over $20 million had been earmarked to help projects making the move.

Terra Projects Begin Moving to Polygon Months After UST Debacle

Crypto does not yet pose a "systemic risk," but now is the time to ensure that it doesn't happen, says the Fed's Lael Brainard.

Fed Vice Chair Calls for More Crypto Regulation, Notes Terra Collapse

The U.S. and South Korean governments have reportedly agreed to share data on ongoing crypto cases, including the case surrounding Terraform Labs CEO Do Kwon and the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). U.S. and South Korea to Share Data on Crypto Investigations South Korea's Justice Minister Han Dong-hoon met with U.S.

US and South Korea to Share Data on Crypto Cases, Including LUNA and UST Meltdown: Report

The governments of the United States and South Korea have agreed to investigate the collapse of former top-10 crypto project Terra (LUNA) for potential financial misdoings. According to a new report by local Korean media outlet Yonhap News, the country's justice minister Han Dang-hoon met with US prosecutors in New York this week to discuss […] The post USA and Korea Join Forces To Investigate Terra (LUNA) Collapse for Potential Financial Crimes: Report appeared first on The Daily Hodl.

USA and Korea Join Forces To Investigate Terra (LUNA) Collapse for Potential Financial Crimes: Report

On a recent visit to New York, South Korea's Justice Minister Han Dong-hoon convened with U.S. officials to discuss ways to better investigate financial crimes — especially those related to cryptocurrencies. According to a South Korean news agency, both nations agreed to share data on ongoing cases, namely the recent collapse of the Terra blockchain and its native token LUNA.

US, South Korea Team Up On Cryptocurrency Investigations Following Terra Collapse

Korean startup Uprise lost $20 million in client funds by shorting Luna during its price collapse — and getting caught on the bounces. The post Uprise lost 99% of client funds while shorting LUNA during its price crash appeared first on The Block.

Uprise lost 99% of client funds while shorting LUNA during its price crash

After the downfall of the two most popular crypto assets on the Terra blockchain, the digital currencies terrausd (UST) and luna classic (LUNC) increased a great deal in value against the U.S. dollar in recent times. During the last seven days, LUNC has risen 96.3% and the once-stable coin UST has increased 472.4% this week. […]

Terra's Crypto Tokens UST and Luna Classic Mysteriously Pumped This Week, UST Climbed by 470%

The company looked at on-chain flows of stETH, Ethererum staked with the platform Lido to accrue daily rewards.

Nansen Analysis Examines How Terra Collapse Affected Celsius and Three Arrows Capital

The report from the blockchain analytics firm also explains how Celsius and Three Arrows Capital helped foment their own declines.

News for Terra Crypto (LUNA)