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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.

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.

New Terra (LUNA) Loses Nearly 80% of Its Value Hours After Founder Do Kwon Announces Airdrop

Korean prosecutors have reportedly launched an official investigation into the collapse of TerraUSD and luna by summoning all Terraform Labs employees. The post Korean prosecutors summon all Terraform Labs staff in UST collapse probe: JTBC appeared first on The Block.

Korean prosecutors summon all Terraform Labs staff in UST collapse probe: JTBC

Terra has launched a new version of its failed luna cryptocurrency, which plunged to $0 this month.

The luna cryptocurrency has been resurrected after its $40 billion collapse. It's already crashing

Earlier this month, major cryptocurrency Terra (CRYPTO: LUNA) collapsed and lost over 97% of its value as its native stablecoin TerraUSD (CRYPTO: UST) fell to under $0.30 — with nearly $24 billion of capital evaporating from the two tokens' market values, all within 24 hours. What Happened: While many have lost fortunes with the spectacular market crash that some suggest was caused by a faulty protocol design, others made fortunes from Terra's rise and sold before.

Massive Losses? Not For These Funds Which Made Millions On Their Terra (LUNA) Investment

It was a relatively quiet week over on Crypto Twitter ... other than a convicted felon calling an Ethereum co-founder “full of shit.

This Week on Crypto Twitter: ‘Pharma Bro' Shkreli Calls Out Vitalik, Terra 2.0 Nosedives After Launch

Terra (CRYPTO: LUNA) launched its new blockchain today, followed by an airdrop of new LUNA 2.0 tokens to users as part of a broader plan for revival.  The holders eligible for the LUNA airdrop can now view their wallet balances on the new chain.

Terra Launches New Blockchain; Luna 2.0 Drops Over 70% On First Day Of Release

After peaking at $19.54 earlier on Saturday, it's been mostly downhill.

LUNA Reboot Plummets Over 70% Just Hours After Debut

On Saturday, May 28, 2022, LUNA classic and UST classic holders received an airdrop consisting of new LUNA 2.0 tokens based on two blockchain snapshots. The crypto asset's first recorded value at 5 a.m. (ET), was $14.31 per unit and it hit an all-time high (ATH) roughly 20 minutes later at $18.87 per LUNA. LUNA […]

Terra Launches New Chain Airdropping LUNA 2.0 Coins — Token Value Slides Over 70% From Price High

The South Korean government is considering imposing tougher regulations, including a unified listing standard, on all cryptocurrency exchanges in the country following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). Korean Government's Meeting With Cryptocurrency Exchanges The South Korean government is shifting responsibility for the crash of cryptocurrency terra (LUNA) and algorithmic stablecoin […]

Korean Government Considers Imposing Unified Listing Standard on Crypto Exchanges After LUNA, UST Collapse

70% of the new tokens have been earmarked for an airdrop to Terra asset holders on the Classic chain. The post Terra gets second life as new blockchain goes live with LUNA 2.0 airdrop appeared first on The Block.

Terra gets second life as new blockchain goes live with LUNA 2.0 airdrop

Terra (LUNA) is announcing the airdrop of Terra 2.0 after a community vote passed Proposal 1623, a bill calling for a new blockchain. Over the past few days, the Terra Twitter account has been updating followers on the progress of Terra 2.0, beginning with the initial announcement thread on May 25. “1/ Terra 2.0 is coming. With […] The post Terra (LUNA) Community Announces Surprise Airdrop of Terra 2.0 appeared first on The Daily Hodl.

Terra (LUNA) Community Announces Surprise Airdrop of Terra 2.0

“If you move too quickly … everybody loses their money,” says Hoskinson, who will speak at Consensus 2022 next month.

Cardano's Hoskinson: Luna Collapse Shows Need to Go Slow in Crypto

With more than 99.9% of votes approving the proposal, the supply of Terra's stablecoin UST will drop by roughly 11%.

Terra Community Votes Unanimously to Destroy 1.3B UST Tokens

Two of the largest staking companies won't be supporting the new blockchain due to the way it was pushed through. The post Two big staking companies won't support Terra's new blockchain appeared first on The Block.

Two big staking companies won't support Terra's new blockchain

Terra's core developers got approval to burn 1.3 billion UST from its community pool following a governance vote. The post Terra governance system passes plan to burn 1.3 billion UST tokens appeared first on The Block.

Terra governance system passes plan to burn 1.3 billion UST tokens

Cryptocurrency exchanges have pledged support to Terra's upcoming relaunch, following the passing of a proposal to launch a new blockchain.

News for Terra Crypto (LUNA)