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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

Public blockchain Terra (LUNA) is resuming its Bitcoin (BTC) shopping frenzy even as the cryptocurrency markets experience a roller coaster of price action. Luna Foundation Guard (LFG), the non-profit organization built to support Terra, announces that it just bought nearly 38,000 Bitcoin by way of over-the-counter (OTC) swaps with Genesis Capital and Three Arrows Capital […] The post Terra (LUNA) Backer Continues Bitcoin-Buying Spree, Acquires Another $1,500,000,000 in BTC appeared first on The Daily Hodl.

Terra (LUNA) Backer Continues Bitcoin-Buying Spree, Acquires Another $1,500,000,000 in BTC

May 5, 2022 – London, United Kingdom Metaverse platform Terra Virtua has joined Williams Racing as its official metaverse partner. The multi-year partnership begins this weekend as the Formula One racing team takes to the track in Florida for the first-ever Miami Grand Prix. The collaboration will celebrate one of British motorsport's most innovative and […] The post Terra Virtua Joins Williams Racing As Official Metaverse Partner appeared first on The Daily Hodl.

Terra Virtua Joins Williams Racing As Official Metaverse Partner

Quick Take A failsafe reserve used by high-yield lending protocol Anchor Protocol has declined by over 43% in the last month. The protocol is hoping to try to find an equilibrium to stay afloat but it may need another influx of cash.

Terra's dominant DeFi protocol may need another bailout soon

Luna Foundation Guard has acquired an additional $1.5 billion of BTC, surpassing Tesla as the second largest corporate holder of BTC valued over $3 billion.

Luna Foundation Surpasses Tesla As Second Largest Corporate Holder Of Bitcoin

According to a report published on Thursday, the Luna Foundation Guard (LFG) explained that it acquired 37,863 bitcoin worth more than $1.4 billion through two over-the-counter deals. The LFG now holds 80,394 bitcoin in its reserves currently worth just under $3 billion using today's exchange rates. Luna Foundation Guard Scoops up 37,863 Bitcoin On May […]

Luna Foundation Acquires $1.4 Billion in Bitcoin, Decentralized Reserve Stash Rises to 80,394 BTC

“For the first time, you're starting to see a pegged currency that is attempting to observe the bitcoin standard,” said Terra co-founder Do Kwon.

Luna Foundation Guard Buys Another $1.5B in Bitcoin to Back Terra Stablecoin

Cardano

Avalanche

Polkadot

Solana

Everyone wants to take down Ethereum, the biggest blockchain network for smart contracts.

5 Biggest 'Ethereum Killers'

The Luna Foundation Guard now holds $3 billion worth of bitcoin as reserve backing for the TerraUsD (UST) stablecoin. The post Luna Foundation Guard buys additional $1.5 billion in bitcoin backing for UST appeared first on The Block.

Luna Foundation Guard buys additional $1.5 billion in bitcoin backing for UST

Ethereum

Bitcoin's struggle is by no means in isolation – the S&P 500 fell to a new record low for the year yesterday as investors brace for an aggressive rate hike at this week's FED meeting.

$100 Billion Crypto Crash Sends The Price Of Bitcoin, Ethereum, XRP, Luna, Solana, Cardano And Avalanche Into Free Fall

NEAR Protocol

A closely tracked crypto strategist is mapping out the bottom for Ethereum (ETH) challenger Terra (LUNA) while expecting rallies for Near Protocol (NEAR) and two additional altcoins. Pseudonymous crypto analyst Altcoin Sherpa tells his 174,500 Twitter followers that decentralized finance (DeFi) payment network Terra is likely one leg down away from carving a local bottom. […] The post Crypto Analyst Says Ethereum Rival Terra (LUNA) Bottoming Out, Predicts Rallies for NEAR and Two Other Altcoins appeared first on The Daily Hodl.

Crypto Analyst Says Ethereum Rival Terra (LUNA) Bottoming Out, Predicts Rallies for NEAR and Two Other Altcoins

Macro strategist Lyn Alden believes that Terra's (LUNA) recent Bitcoin buying spree could be the catalyst that triggers a capitulation event for BTC and the rest of the crypto markets. Over the last few months, the Luna Foundation Guard (LFG), the non-profit organization built to support Terra, has been aggressively accumulating BTC to the tune of […] The post Here's How Terra (LUNA) Could Trigger Bitcoin (BTC) and Crypto Market Capitulation: Macro Analyst Lyn Alden appeared first on The Daily Hodl.

Here's How Terra (LUNA) Could Trigger Bitcoin (BTC) and Crypto Market Capitulation: Macro Analyst Lyn Alden

This has been fairly well telegraphed by Chairman Powell, with some more hawkish talk from other Fed Governors. An increase higher than 50 basis points, deviating from the current consensus, may lead to a drop in risk markets including BTC. Regardless, the bitcoin market has proved to be relative...

Bitcoin And Crypto Now Braced For A $9 Trillion Fed Earthquake As The Price Of Ethereum, BNB, Solana, Cardano, XRP, Terra's Luna And Avalanche Crater

The Investor's Guide to Terra and Luna The post The Investor's Guide to Terra and Luna appeared first on Bitcoin Market Journal.

The Investor's Guide to Terra and Luna

Quick Take In this weekly series, we dive into some of the most interesting data and developments across the Layer 1 blockchain landscape, from DeFi and bridges to network activity and funding The Avalanche network's premier scaling solution is being put to the test as subnets begin to roll out Anchor's yield reserves are drawing down quickly as Terra's UST continues its rapid expansion across L1 ecosystems The Polkadot ecosystem nears a major milestone with the pending arrival of XCM

Layer by Layer Issue 29: Avalanche, Terra, and Polkadot

Dogecoin

The co-founder of bitcoin and crypto exchange BitMEX has outlined how he sees the bitcoin price eventually hitting $1 million—a far more bullish price prediction than he made earlier this month...

‘Doom Loop'—Crypto Exchange Founder Suddenly Flips With Shock Bitcoin Price Prediction As Ethereum, BNB, XRP, Solana, Cardano, Luna, Avalanche And Dogecoin Crash Back

Crypto services provider Fireblocks has added support for Terra on its platform as institutional demand for DeFi grows. The post Fireblocks adds support for Terra as it sees ‘record breaking' institutional demand appeared first on The Block.

Fireblocks adds support for Terra as it sees ‘record breaking' institutional demand

Pent-up demand for Terra's ecosystem among Fireblocks' early access program hedge funds and wealthy investors has been “crazy.”

Fireblocks Sees $500M Stampede Into Terra DeFi in First Week

The protocol seeks to expand DeFi liquidity to non-U.S. dollar pegged stablecoins.

Decentralized Forex Is Coming to Terra: Vertex Protocol Raises $8.5M

Algorand

A leading crypto asset manager says that institutional investment products stemmed outflows last week thanks to continued investment in altcoin-focused products. In the most recent Digital Asset Fund Flows Weekly report, CoinShares finds that crypto investment products suffered minor outflows last week. “Digital asset investment products saw outflows cool last week, totaling US$7.2m, bringing total outflows […] The post Institutional Investors Scoop Up Discounts on Avalanche (AVAX), Solana (SOL) and Two More Altcoins: CoinShares appeared first on The Daily Hodl.

Institutional Investors Scoop Up Discounts on Avalanche (AVAX), Solana (SOL) and Two More Altcoins: CoinShares

The following is an excerpt from the daily CryptoCodex email newsletter. Sign up now for free here...

CryptoCodex: Coinbase CEO Reveals Surprise Crypto Prediction As The Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Luna Crash

With roughly $16 billion in value on Terra's Anchor, the project constitutes over half of all DeFi activity for the Terra ecosystem.

We Need to Talk About Terra's Anchor

Polygon

MATIC fell to its long-term support level on Saturday, following a surge in price during Friday's session. This came as both RUNE and LUNA also dropped, and traded by as much as 5% lower to start the weekend. Polygon (MATIC) During what has been a bearish start to the weekend, MATIC was one of the […]

Biggest Movers: MATIC Slips on Saturday, RUNE and LUNA Over 5% Lower

A leading blockchain security firm is warning that a phishing scam conned more than 50 Terra (LUNA) network users out of nearly $4.31 million worth of crypto assets. On Twitter, crypto security firm SlowMist urged LUNA traders to be wary of fake advertisements, noting that the majority of the attack resulted from Google phishing ads. […] The post Terra (LUNA) Network Addresses Scammed Out of $4,310,000 in Phishing Attack: Blockchain Security Firm SlowMist appeared first on The Daily Hodl.

Terra (LUNA) Network Addresses Scammed Out of $4,310,000 in Phishing Attack: Blockchain Security Firm SlowMist

A panel of cryptocurrency experts has predicted the bitcoin price will peak at almost $82,000 in 2022 before dropping to just above $65,000 by the end of the year...

Massive 2022 ‘All-Time High' Bitcoin Price Prediction Comes With A Serious Ethereum, BNB, XRP, Solana, Cardano, Luna And Avalanche Warning

A popular crypto analyst says one Ethereum (ETH) rival is on track to hit a new all-time high after surging by 25% in 33 hours. In a new YouTube video, the host of the financial channel InvestAnswers tells his 433,000 subscribers that Terra (LUNA) has excellent entry points in the fluctuating market while holding strong […] The post Analyst Predicts Big Move for Ethereum Rival Terra (LUNA), Highlights ‘Very Bullish' Metric for Bitcoin appeared first on The Daily Hodl.

News for Terra Crypto (LUNA)