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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.

Bitcoin

The Luna Foundation Guard (LFG) is reporting dumping more than $2.4 billion worth of Bitcoin (BTC) last week as the stablecoin TerraUSD (UST) collapsed. The LFG, a non-profit organization built to support the Terra (LUNA) ecosystem, held a reserve of 80,394 BTC on May 7th. Explains the LFG in a long series of tweets, “Consistent with […] The post Luna Foundation Guard Reveals It Sold More Than $2,400,000,000 in Bitcoin (BTC) at Height of TerraUSD Collapse appeared first on The Daily Hodl.

Luna Foundation Guard Reveals It Sold More Than $2,400,000,000 in Bitcoin (BTC) at Height of TerraUSD Collapse

The potential scam was discovered on Binance Smart Chain.

Peckshield Sounds Alarm on Honeypot Posing as Terra Fork

Teraform Labs CEO Do Kwon is also facing fines for alleged tax evasion, according to local media reports. The post South Korea revives ‘Grim Reaper' financial crimes unit to investigate Terra's collapse appeared first on The Block.

South Korea revives ‘Grim Reaper' financial crimes unit to investigate Terra's collapse

The Terra thriller continues with news breaking that its legal team resigned shortly after LUNA collapsed. Do Kwon's hard fork proposal is currently being voted on.

Crypto News, May 18: Terra's Legal Team Quits, Vote Underway

According to several reports, Terra's legal team threw in the towel in May shortly after the collapse.

Terra's Legal Team Quits — What's Next?

Three members of Terraform Labs' legal team have left the company, according to their Linkedin profiles that show their departure from the firm this month. The resignation of the company's in-house litigation, regulatory, general, and corporate counsel members follow the project's fallout last week as the blockchain's native crypto assets dropped significantly in value. Linkedin […]

3 Members of Terraform Labs' In-House Legal Team Abruptly Leave Amid LUNA, and UST Fallout

Terraform Labs CEO Do Kwon has put his Terra ecosystem revival plan to the vote among Luna holders. The post Do Kwon puts his Terra revival plan to the vote appeared first on The Block.

Do Kwon puts his Terra revival plan to the vote

Terraform Labs founder Do Kwon on Wednesday morning announced an on-chain governance proposal even as results from a preliminary online poll on a hard fork plan found minimal backing among community members.

The plan to put Terra back on track after last week's implosion was made live this morning, but online poll results suggest the community is against the move.

American billionaire Bill Ackman said that Terra's collapse shared similarities with a pyramid scheme that had no underlying business.

Billionaire Bill Ackman Calls Terra a ‘Crypto Version of a Pyramid Scheme'

In this episode of The Scoop, Wintermute CEO Evgeny Gaevoy discusses what it was like to be a market market during the Terra blockchain implosion, and shares his thoughts on the future of protocol issued, interest bearing stablecoins. The post Wintermute's CEO on why Terra's blow up was inevitable, and what happens next appeared first on The Block.

Wintermute's CEO on why Terra's blow up was inevitable, and what happens next

South Korea's top financial regulators have launched an emergency investigation into the collapse of cryptocurrency LUNA and stablecoin UST. The authorities have asked domestic cryptocurrency exchanges to provide information relating to transactions and investors of the two coins. South Korea's Emergency Investigation Into LUNA, UST South Korea has launched an “emergency” investigation of domestic crypto […]

South Korea Launches ‘Emergency' Investigation Into Collapse of LUNA and UST

Three top in-house attorneys have parted ways with the beleaguered crypto company.

Terra's Legal Team Resigns in Wake of UST, LUNA Collapse

Over the past week and a half, in one of the largest wealth-destroying events in crypto history, we witnessed the horrific unravelling of the Terra ecosystem.

The Death Spiral: How Terra's Algorithmic Stablecoin Came Crashing Down

Following the aftermath of Terra's UST implosion, the blockchain project's founder Do Kwon has been actively discussing the Terra ecosystem revival plans and one specific proposal will be voted on May 18. The plan is to fork the blockchain into a new chain that does not include an algorithmic stablecoin, and the newly minted tokens […]

Terra Community Plans to Vote on Forking the Chain — Launch May Airdrop a Billion New Tokens to Network Participants

Trading firm Robinhood plans to roll out a new wallet focused on decentralized finance (DeFi) for customers who want to play around in the crypto economy by the end of 2022.

Marc Goldich, Lawrence Florio and Noah Axler left the Terra ecosystem backer in May according to their LinkedIns.

People Power lawmaker Yun Chang-Hyun alleges that various domestic exchanges saw the UST depeg as an opportunity for unscrupulous profiteering.

South Korea Lawmaker Calls for Enquiry Into Exchanges' Terra Activities

Successful crypto-focused venture capitalist Arthur Cheong is thinking of a few steps the decentralized finance (DeFi) world needs to take to prevent another high-profile collapse like Terra (LUNA). DeFiance Capital founder Cheong says the past week has been an “incredibly humbling and difficult event” even though his firm generally called the bearish direction of the […] The post Here's How To Prevent the Next Terra (LUNA) Collapse, According to Crypto Venture Capitalist appeared first on The Daily Hodl.

Here's How To Prevent the Next Terra (LUNA) Collapse, According to Crypto Venture Capitalist

Amid Terra's collapse last week, Tether also briefly lost its peg. Now, it appears some investors have dropped the stablecoin for the competition.

Tether Supply Plummeted $7.4B Amid Depegging Concerns, Terra Collapse: Glassnode

Do's proposal, if passed, would see Terra split into two blockchains — Terra and Terra Classic.

Terra Revival Plan Proposes Hard Fork, Vote Happening Tomorrow

According to an online poll, 90% of the community disagrees with Terraform Labs CEO Do Kwon's path forward. The post Terra community seems dead set against Do Kwon's fork proposal appeared first on The Block.

Terra community seems dead set against Do Kwon's fork proposal

Cosmos

Since last week's Terra implosion and the demise of the blockchain project's native token LUNA — and the algorithmic stablecoin terrausd (UST) — crypto tokens based on the Cosmos ecosystem have seen significant losses. Two months ago, the top Cosmos ecosystem coins collectively were worth $61.6 billion and since then, the Cosmos economy has lost […]

Terra's Tendermint Touch — Cosmos-Based Token Economy Hit Hard by LUNA's Demise

South Korea's financial authorities have reportedly embarked on an emergency assessment of domestic crypto exchanges.

South Korea Launches 'Emergency' Inspections of Local Crypto Exchanges Amid Terra Collapse: Report

The Luna Foundation Guard, the entity in charge of safeguarding the peg of UST, the stablecoin of the Terra ecosystem, has revealed how it used the available Bitcoin reserve before the recent debacle involving the Terra ecosystem. The organization sold part of the bitcoins owned directly, while another part was traded on different dates to […]

Luna Foundation Guard Discloses Usage of Bitcoin Reserves

To save the Earth, they'll have to blow up the Moon. The post How to Save Terra appeared first on Bitcoin Market Journal.

How to Save Terra

An op-ed article published in the state-backed Chinese publication Economic Daily, has suggested that the recent crash of the Terra blockchain's LUNA and the de-pegging of the UST stablecoin vindicate the Asian country's decision to ban crypto-related activities. In the article, the author names the interest rate hikes by the U.S. Federal Reserve and the […]

News for Terra Crypto (LUNA)