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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.

Fantom

Polygon

Other blockchains are advertising themselves to developers closing their shops on Terra after its collapse. The post Polygon, Juno and Fantom blockchains try to lure Terra's projects appeared first on The Block.

Polygon, Juno and Fantom blockchains try to lure Terra's projects

Bitcoin

The Luna Foundation Guard has revealed that it currently has only 313 BTC left in its reserves.

LFG Unpacks Bitcoin Activity During LUNA, UST Collapse

The non-profit organization said only 313 BTC are now left on the bitcoin reserves for Terra's UST stablecoin.

Luna Foundation Sold 80,000 Bitcoin Amid UST Crash

Even though Binance lost nearly all of its initial investment, it still turned a profit from its staking yield. The post Binance's LUNA investment, which peaked at $1.6 billion, now worth just $3,000 appeared first on The Block.

Binance's LUNA investment, which peaked at $1.6 billion, now worth just $3,000

The Luna Foundation Guard (LFG), official stewards of Terra's bitcoin reserves, released a statement on Monday documenting how they dispersed millions of dollars worth of crypto in their failed attempt to maintain the peg of stablecoin terraUSD (UST).

The announcement comes after reports that over a billion dollars of Terra's bitcoin reserves are unaccounted for.

LFG said it would look to compensate users for losses suffered due to the breakdown of its algorithmic stablecoin.  The post Luna Foundation Guard breaks silence on state of Terra reserves, looks to compensate users appeared first on The Block.

Luna Foundation Guard breaks silence on state of Terra reserves, looks to compensate users

Cardano

Avalanche

Polkadot

Ethereum

Solana

Traders are nervously watching the price of crypto lender Celsius' cel cryptocurrency which has collapsed by almost 70% over the last month as panicked sellers offload the coin...

The Next Luna And UST? Crypto Market Now Braced For Another Earthquake After Bitcoin, Ethereum, BNB, XRP, Solana, Cardano, Avalanche And Polkadot Price Crash

The British Treasury Department has affirmed its commitment to regulate stablecoins after the collapse of terrausd (UST) and terra (LUNA). “This will create the conditions for issuers and service providers to operate and grow in the U.K., whilst ensuring financial stability and high regulatory standards,” said an HM Treasury spokesperson. Regulation of Stablecoins in the […]

UK Affirms Commitment to Regulate Stablecoins Following Terra Meltdown

WASHINGTON, D.C. — Terra may be on the ropes after last week's dramatic death spiral, but the cryptocurrency's name is still loudly emblazoned on the ballpark of Major League Baseball's Washington Nationals.

Terra's pricey Nationals sponsorship hasn't made an impact on “Terra Club” workers and fans.

The Ethereum founder and Binance CEO separately took to Twitter this weekend to critique Terra—and the very premise of the UST token itself.

Vitalik and CZ Have Some Thoughts on Terra's Demise

After the collapse of Terra's once-stable coin terrausd (UST), a number of people wondered where the Luna Foundation Guard's (LFG) bitcoin went, as the funds were supposed to be used to defend the UST's $1 parity. On Friday, the blockchain intelligence and analytics firm, Elliptic, published a blog post that summarizes where the bitcoin was […]

Onchain Analysis Report Says Terra's Bitcoin Reserves Were Sent to Binance and Gemini

New analysis reveals the fate of billions in Bitcoin that the Luna Foundation Guard said it deployed to protect UST.

What Happened to Terra's Bitcoin Reserve as UST and LUNA Crashed

Binance CEO Changpang Zhao says he's unhappy with the way Terra handled the collapse of its native crypto asset LUNA and its stablecoin TerraUSD (UST). In a lengthy thread, Zhao tells his six million Twitter followers that Binance reached out to the people behind Terra and made suggestions on how to mitigate the crisis. “While […] The post Binance CEO Breaks Silence, Says Terra (LUNA) Should Have Handled the Collapse Differently appeared first on The Daily Hodl.

Binance CEO Breaks Silence, Says Terra (LUNA) Should Have Handled the Collapse Differently

Binance CEO Changpeng Zhao says he doesn't think Terra's plan of forking the blockchain will work because it won't provide any value. The post Terra fork won't work, according to Binance CEO appeared first on The Block.

Terra fork won't work, according to Binance CEO

Prominent blue-chip institutions are debunking rumors circulating on social media that they had a hand in the recent collapse of Ethereum challenger Terra (LUNA) after its algorithmic stablecoin depegged from the dollar. According to a new report by Bloomberg, massive institutional investors such as BlackRock and Citadel Securities are pushing back against the notion that […] The post Citadel Securities, BlackRock Push Back Against Rumors of Involvement in Terra (LUNA) Collapse: Report appeared first on The Daily Hodl.

Citadel Securities, BlackRock Push Back Against Rumors of Involvement in Terra (LUNA) Collapse: Report

Most major coins declined for the sixth straight week as Terra's LUNA went from $118 to zero in roughly a month.

This Week in Coins: Virtually Every Top 100 Cryptocurrency Sinks as LUNA Scrapes Bottom

NEAR Protocol

Following tweets from Terra founder Do Kwon, LUNA surged by over 1,500% on Saturday. However, with several exchanges halting deposits, only those who entered at the very bottom have seen these gains. This comes as AVAX and NEAR both fell by over 20%. Avalanche (AVAX) Although LUNA was undoubtedly today's biggest gainer, recent volatility and […]

Biggest Movers: LUNA Climbs 1,500% Following Do Kwon Tweets, While AVAX and NEAR Fall on Saturday

Even as the entire crypto market tanked, the biggest story was the dual implosion of Terra's UST and LUNA. Here's what happened.

How Terra's UST and LUNA Imploded

Luna, the collapsed cryptocurrency that was designed to support the terraUSD (UST) stablecoin, has rocketed higher over the last 24 hours despite falling to near zero this week—a dramatic collapse that shook the wider bitcoin and crypto market.

‘Revival Plan' Boosts ‘Essentially Zero' Luna Price By 1,000% Amid Bitcoin, Ethereum And Crypto Crash

"The decision was not made lightly and is crushing news for everyone involved,” the expo organizers said on Twitter. The post Terra Dapp Expo canceled following chaotic week for Terra network appeared first on The Block.

Terra Dapp Expo canceled following chaotic week for Terra network

Terra co-creator Do Kwon insisted that he didn't profit over the collapse of the network's LUNA cryptocurrency and UST stablecoin.

Do Kwon 'Heartbroken' Over Terra Demise

Terraform Labs co-founder and CEO Do Kwon broke his social media silence early Friday evening with a trio of tweets about the collapse of Terra's LUNA token and associated stablecoin, UST. 1/ I've spent the last few days on the phone calling Terra community members – builders, community members, employees, friends and family, that have […] The post Do Kwon says he is ‘heartbroken' in new statement, claims no UST or LUNA sold during crisis (edited) appeared first on The Block.

Do Kwon says he is ‘heartbroken' in new statement, claims no UST or LUNA sold during crisis (edited)

VanEck, Valour and 21Shares have been forced to halt their LUNA-based exchange-traded products (ETPs) as the Terra Network remains halted.  The post Terra network halt leaves LUNA-based ETPs unable to trade appeared first on The Block.

Terra network halt leaves LUNA-based ETPs unable to trade

According to statistics on Friday, May 13, the top stablecoins by market capitalization are currently worth $163.7 billion after the stablecoin economy was valued at close to $200 billion just last week. Of course, the climactic terrausd (UST) failure wiped out billions from the stablecoin economy, and Binance's stablecoin BUSD has recently entered the top […]

Stablecoin Shuffle — Terra Fiasco Shakes up Fiat-Pegged Crypto Economy, Over $35 Billion Disappears

Terra co-creator Do Kwon has a plan to revive the network after its collapse. It doesn't involve UST stablecoin.

News for Terra Crypto (LUNA)