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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.

Terra Classic (CRYPTO: LUNC) investors worldwide lost billions when the project collapsed but when new Terra (LUNA) tokens were distributed as compensation, at least, it was some consolation. However, the Indian investors were not even lucky.

Terra (LUNA) Investors In India Face Double Whammy — Thanks To 'The Taxman'

CEO of Binance Changpeng Zhao says that his company initially invested $3 million in the much-hyped Terra (CRYPTO: LUNA) project in 2018. In return, Binance received around 50 million LUNA.

Binance CEO On $1.6B Loss In Terra Investments; Why He Never Spoke To Do Kwon

TRON now says it has overcollateralized USDD, which began life only one month ago as an algorithmic stablecoin. The post Terra fiasco triggers bigger backstop for TRON's stablecoin appeared first on The Block.

Terra fiasco triggers bigger backstop for TRON's stablecoin

Recent data indicates that three thousand primary wallets, with multiple links to Terraform Labs, saw an outflow of over $6 billion prior to the de-peg of TerraUSD (CRYPTO: UST). This strategic exit prior to the extreme loss faced by retail investors brings numerous ethical and legal concerns to Terraform Labs.

An Algorithmic Error Or A Pump And Dump? New Report On Terra Raises Serious Questions

Bitcoin

Former BitMEX CEO Arthur Hayes says the collapse of Terra (LUNA) is giving a hint on the bottom price of Bitcoin (BTC). In a new commentary on Bitmex's Crypto Trader Digest, Hayes says the decoupling of Bitcoin and Ethereum (ETH) from the equity market, historical prices and negative sentiment towards digital assets all point to […] The post Has Bitcoin Bottomed Out? Ex-BitMEX CEO Arthur Hayes Says Terra (LUNA) Fiasco Offers a Clue appeared first on The Daily Hodl.

Has Bitcoin Bottomed Out? Ex-BitMEX CEO Arthur Hayes Says Terra (LUNA) Fiasco Offers a Clue

The head of the Office of the Comptroller of the Currency (OCC) is reiterating the risks of investing in crypto assets following the Terra (LUNA) collapse. In a new interview on Yahoo Finance Live, OCC Acting Comptroller of the Currency Michael Hsu says Terra's crash unveiled the fragilities of the crypto space. “I think the […] The post US Banking Regulator Issues Crypto Warning, Says Terra (LUNA) Collapse Exposed Three Industry ‘Fragilities' appeared first on The Daily Hodl.

US Banking Regulator Issues Crypto Warning, Says Terra (LUNA) Collapse Exposed Three Industry ‘Fragilities'

Over two weeks after the Terra LUNA and UST fallout, a whistleblower dubbed “Fatman” published an alleged chat log between the project's co-founder Do Kwon, Terra validators, and infrastructure providers from the Terra blockchain community. If the chat log is legitimate, Fatman claims the document proves over 50 people “knew about the [network] halt before […]

Terra Whistleblower Publishes Alleged Chat Log Between Do Kwon and Network Validators

Terraform Labs, the company behind Terra (CRYPTO: LUNA), has reportedly laundered $4.8 million through a South Korean shell company. What Happened: According to a report from South Korean publication KBS News, a former developer at Terraform Labs told the publication that Terraform Labs had ties to a “blockchain consulting firm K” based in Seoul.

Terra (LUNA) Parent Reportedly Laundered $4.8M Through Shell Company

In response to criticism on Twitter, Kraken CEO Jesse Powell is defending his exchange's decision to list the new Terra 2.0 (LUNA) crypto asset. Kraken listed the new LUNA on Saturday with the altcoin being airdropped to holders of the previous LUNA, now Luna Classic (LUNC), following its collapse in early May after the Terra […] The post Kraken CEO Jesse Powell Defends Listing of New Terra (LUNA) After 50% Crash in Just a Few Days appeared first on The Daily Hodl.

Kraken CEO Jesse Powell Defends Listing of New Terra (LUNA) After 50% Crash in Just a Few Days

Following last month's Terra implosion, South Korean regulators are stepping up supervision measures for the fast-growing crypto industry.

South Korea to Launch 'Digital Assets Committee' in Response to Terra Implosion: Report

Research analysts at Nansen have identified seven whale wallets behind the Terra (CRYPTO: LUNA) death spiral in May. What Happened: According to an on-chain investigation from Nansen, a small number of players were able to identify vulnerabilities early into the TerraUSD (CRYPTO: UST) de-peg, which led to a subsequent exploit.

Analysts Flag 7 Whales Behind Terra (LUNA) Crypto Death Spiral

A guide to the relaunch of Terra and Luna for investors. The post Should You (Re-)Invest in Luna? appeared first on Bitcoin Market Journal.

Should You (Re-)Invest in Luna?

The Commissioner of the Commodity Futures Trading Commission (CTFC) says immediate regulatory actions are needed to safeguard crypto traders after Terra (LUNA) and its stablecoin TerraUSD (UST) collapsed in early May. In a new interview with Yahoo! Finance, Caroline Pham says it's important to enact a regulatory framework that would shield retail crypto investors from […] The post Terra (LUNA) Blow-Up Requires Immediate Action From Regulators To Protect Crypto Investors: CFTC Commissioner appeared first on The Daily Hodl.

Terra (LUNA) Blow-Up Requires Immediate Action From Regulators To Protect Crypto Investors: CFTC Commissioner

Following the death spiral involving the Terra (CRYPTO: LUNA) collapse that wiped off $40 billion worth of investors' money, the UK government has released a Consultation Paper on stablecoins, to mitigate financial stability issues that may materialize should a firm that has reached systemic scale, fail. In January 2021, the Treasury issued a consultation and call for evidence inviting views from stakeholders on the UK regulatory approach to crypto-assets and stablecoins.

Terra Debacle: UK Government Seeks To Regulate Stablecoins

The new Terra blockchain Phoenix-1 has been operating since Saturday morning May 28, 2022, and on that day, millions of new LUNA tokens were dispersed to luna classic (LUNC) and terrausd classic (USTC) holders. However, on Tuesday the Terra development team revealed that some Terra token owners “received less LUNA from the airdrop than expected,” […]

Terra Development Team Reveals Some Users ‘Received Less LUNA From the Airdrop Than Expected'

Mirror Protocol, a DeFi application built on the Terra (CRYPTO: LUNA) blockchain, has seen $2 million in user funds drained over the weekend thanks to a pricing error. What Happened: According to a May 29 alert from Mirroruser on the protocol's community forum, the Mirror Protocol suffered an exploit on its mBTC, mDOT, mETH, and mGLXY synthetic asset pools.

Terra's Mirror Protocol Suffers Another $2M Exploit

The Treasury's call for responses closes August 2 and will be considered by parliament in due course. The post UK Treasury sets out to bolster stablecoin protections following Terra crash appeared first on The Block.

UK Treasury sets out to bolster stablecoin protections following Terra crash

Terra's (CRYPTO: LUNA) founder Do Kwon was reportedly aware of critical flaws in its algorithmic stablecoin TerraUSD's (CRYPTO: UST) mechanism but pushed for the launch anyway. What Happened: According to a report from South Korean news outlet JTBC, authorities have summoned former employees of Terraform Labs as part of an ongoing investigation into the Terra collapse.

Do Kwon Pushed For UST Launch Despite Knowing Its Flaws, Former Terra (LUNA) Staff Tells Authorities

Terraform Labs (TFL) founder Do Kwon is reportedly working on another decentralized stablecoin for its new blockchain Terra 2.0 (CRYPTO: LUNA). What Happened: In a Twitter update on Sunday, Terra Research Forum's FatMan said that a “verified insider” from TFL revealed that a new stablecoin was in the works.

Do Kwon Said To Be Working On Another Decentralized Stablecoin For Terra 2.0

It's been two days since the Terra development team launched the new Phoenix-1 blockchain with the network's native token LUNA. While the token dropped significantly in value during the first day of trading, the new LUNA has jumped 8.8% in value during the last 24 hours. Amid the token's 24-hour rise, controversy continues to plague […]

While the New LUNA Records Gains, Do Kwon's Terraform Labs Is Plagued by Controversy and Accusations

A security bug allowed a hacker to drain about $90 million from Mirror Protocol on the old Terra blockchain. The post A $90 million DeFi exploit on Terra went unnoticed for seven months appeared first on The Block.

A $90 million DeFi exploit on Terra went unnoticed for seven months

Short-term crackdowns could have long-term effects if more governments become less crypto-friendly.

How Terra's Collapse Could Prompt an International Wave of Crypto Regulations

Terraform Labs Do Kwon allegedly ignored Terra's design flaws to push for the launch of the UST stablecoin, according to a recent report.

South Korean Authorities Launch Probe Into Terra Crash: Report

The LUNA token re-launched after the hard fork but dumped 75% in the first 48 hours.

LUNA off to a Bad Start After Re-Launch, Dumps 75%

The new Terra 2.0 (LUNA) crypto asset dropped by nearly 80% immediately after founder Do Kwon announced its launch over the weekend. The new altcoin was airdropped to holders of the old LUNA following its collapse in early May, after the Terra community voted for the genesis of a new blockchain. Launching near the $18 […] The post New Terra (LUNA) Loses Nearly 80% of Its Value Hours After Founder Do Kwon Announces Airdrop appeared first on The Daily Hodl.

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