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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.

The price of LUNA, the governance token of the Terra blockchain ecosystem, fell sharply on Tuesday. The post Terra blockchain token LUNA falls below $15 appeared first on The Block.

Terra blockchain token LUNA falls below $15

Tether's co-founder and DeFi execs weigh in on what the collapse of Terra's UST means for asset-backed stablecoins like USDT and USDC.

What Terra's Meltdown Means for Centralized Stablecoins Tether and USDC

The Major League Baseball team is in the basement. So is Terra.

Someone Forgot to Tell the Washington Nationals About Terra

The Luna Foundation Guard has held talks with large investors with the aim of raising over $1 billion to shore up UST amid weakening sentiment in the crypto market. The post Luna Foundation Guard seeks more than $1 billion to shore up UST stablecoin: sources appeared first on The Block.

Luna Foundation Guard seeks more than $1 billion to shore up UST stablecoin: sources

The jab comes as the Terra network's native cryptocurrencies are getting crushed in the market.

Cardano's Hoskinson Claps Back at Terra's Kwon Over 'Negative Correlation' Tweet

LUNA was down by over 50% in today's session as markets continued to react to UST losing its parity with USD. As such traders lost faith in the stablecoin founded by Do Kwon, which dropped to its lowest point since September. Whilst LUNA stole the headlines, XMR and AXS also saw recent losses extended. Terra […]

Biggest Movers: LUNA Loses 50% of Its Value, While XMR and AXS Declines Continue

The run on Terra's UST illustrates that stablecoins are a "rapidly growing product and there are rapidly growing risks," said Yellen.

Treasury's Yellen Highlights Terra Collapse in Call for Stablecoin Legislation

As Terra's LUNA token faces extreme sell pressure, Binance has temporarily halted withdrawals for the token as well as the stablecoin UST.

Binance Halts LUNA Withdrawals as Terra Token Plummets 50%

Bitcoin

Binance suspended withdrawals for both LUNA and UST in the early hours of Tuesday "due to a high volume of pending transactions."

UST Stablecoin Implodes and Falls to $0.68, Bitcoin Reserves Liquidated, LUNA Crashes 50%

TerraUSD, the world's fourth-largest stablecoin, lost a third of its value on Tuesday, spooking cryptocurrency investors and partly contributing to bitcoin's tumble below $30,000 for the first time in 10 months.

Stablecoin Terra's broken dollar peg hits wider crypto markets

Crypto exchange Binance has suspended withdrawals of LUNA and UST tokens with the Terra-based stablecoin struggles to recover its peg to the US dollar. The post Binance suspends LUNA and UST withdrawals amid market turbulence appeared first on The Block.

Binance suspends LUNA and UST withdrawals amid market turbulence

As TerraUSD (UST) plummets in value, the Luna Foundation Guard says it's preparing $1.5 billion in Bitcoin and UST to address market concerns about the stablecoin. UST, a stablecoin designed to be pegged to the US dollar (USD), is trading for $0.75 at time of writing, down more than 24% in the past day. Though […] The post Luna Foundation Guard Prepares $1,500,000,000 in Bitcoin (BTC) and TerraUSD (UST) To Protect Stablecoin Peg appeared first on The Daily Hodl.

Luna Foundation Guard Prepares $1,500,000,000 in Bitcoin (BTC) and TerraUSD (UST) To Protect Stablecoin Peg

Terra's UST stablecoin has continued to slip below its dollar peg—and throwing money at the problem has yet to work.

Terra Stablecoin Peg Slips Below $0.90—Despite Loan From Bitcoin Reserves

As bitcoin dropped to fresh new lows on Monday, the price of terra (LUNA) slid by 33.3% during the last 24 hours. Moreover, the project's stablecoin terrausd (UST) has lost stability, dropping to $0.932008 per token. Additionally, the Luna Foundation Guard's bitcoin wallet and ethereum Gnosis safe address has been emptied. LUNA Price Puts Intense […]

As LUNA's Price Drops Over 33% in 24 Hours, Stablecoin UST Slips Below $1 Parity to $0.93

Cardano

Avalanche

Ethereum

Solana

Bitcoin﻿, ethereum and other major cryptocurrencies have suddenly crashed, wiping $400 billion from the combined crypto market since Friday...

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As crypto markets continue to slide in value, concerns about the algorithmic stablecoin terrausd (UST) losing its $1 parity have swelled in recent times. Two days ago on May 7, 2022, UST dipped down to $0.985 per unit against tether (USDT), and the stablecoin's price drop invoked a great deal of speculation concerning UST losing […]

Luna Foundation to Lend $1.5 Billion in Bitcoin and UST to Market Makers — Plan Aims to Protect Stablecoin's $1 Parity

The pseudonymous trader has doubled down on his bet against LUNA by shorting the coin with an additional $10 million. The post Trader doubles down on $10 million bet against Do Kwon through LUNA short position appeared first on The Block.

Trader doubles down on $10 million bet against Do Kwon through LUNA short position

Amid extreme market volatility, the non-profit organization supporting all things Terra has voted to deploy $1.5 billion to defend UST's dollar peg.

Luna Foundation Guard Loans $1.5B in Bitcoin, UST to Protect Stablecoin

A depeg of the UST stablecoin has the potential to send shockwaves through the crypto ecosystem — more so now than a few months ago.

UST Battles for Stability as Traders Panic, LUNA Crashes, and Bitcoin Selloff Fears Grow

The Luna Foundation Guard (LFG) said Monday that it will lend out hundreds of millions of dollars worth of bitcoin and the stablecoin UST in order to defend the latter's peg amid a period of market volatility. The post Luna Foundation Guard says it will lend out $1.5 billion in BTC and UST to defend stablecoin peg appeared first on The Block.

Luna Foundation Guard says it will lend out $1.5 billion in BTC and UST to defend stablecoin peg

Although a 1% depeg from $1 isn't unusual for stablecoins when markets are under pressure, in the case of UST, it's been more than 16 hours.

Terra's LUNA Declines 10% Amid UST Depegging Concern

Bitcoin, ethereum and other major cryptocurrencies have fallen sharply, wiping around $200 billion from the crypto market in just a matter of days.

‘Extreme Fear' Crypto Crash Suddenly Wipes $200 Billion From The Price Of Bitcoin, Ethereum, BNB, XRP, Luna, Solana, Cardano And Avalanche

Algorand

Despite Terra buying $1.5 billion worth of BTC this week, LUNA slipped to a six-week low to start the weekend. Overall, crypto markets remained in the red, however ALGO was one of the rare exceptions to record significant gains. Algorand (ALGO) ALGO was easily one of the biggest gainers during Saturday's session, as prices rose […]

Biggest Movers: LUNA Falls to 6-Week Low, as ALGO Surges 15% on Saturday

The chief strategy officer of $5 billion crypto asset manager CoinShares, Meltem Demirors, warned governments are going to try to ban bitcoin and other cryptocurrencies...

‘A De Facto Ban'—Serious Bitcoin Warning Issued As Price Crash Hits Ethereum, BNB, XRP, Luna, Solana, Cardano And Avalanche

Polygon

A popular crypto analyst and trader is warning that altcoins face more downward price pressure if the current support levels fail to hold. Pseudonymous trader Altcoin Sherpa tells his 174,900 Twitter followers that Solana (SOL), Polygon (MATIC), Avalanche (AVAX) and Terra (LUNA) are on the verge of losing their support levels. The analyst says that […] The post Top Trader Says Solana (SOL), Polygon (MATIC) and Two Ethereum Rivals in Massive Danger if Support Crumbles appeared first on The Daily Hodl.

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