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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.

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Bitcoin

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Ethereum

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Dogecoin

Dogecoin (CRYPTO: DOGE) co-creator Billy Markus and other prominent crypto industry watchers were unsurprised at the latest allegations against Terra's (CRYPTO: LUNA) parent Terraform Labs (TFL) and founder Do Kwon. What Happened: On Thursday, Watcher News reported that TFL employees have confirmed to the U.S. Securities and Exchange Commission that $80 million of company funds were sent to “secret wallets” every month before the LUNA and TerraUSD (CRYPTO: UST) collapse.

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The tipping point for the crypto markets was the collapse of TerraUSD (CRYPTO: UST). This stablecoin was supposed to remain at $1, however, Terra lost its peg to the U.S. dollar and fell sharply, bringing the rest of the crypto market down with it.

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Cardano

Popular crypto strategist Michaël van de Poppe is outlining what's in store for five altcoins including smart contract platform Cardano (ADA), decentralized finance payment network Terra (LUNA) and step-to-earn protocol STEPN (GMT). The crypto analyst tells his 607,500 Twitter followers that he expects Cardano to continue rallying now that it has taken out its immediate […] The post Here's What's Next for Cardano, Terra, STEPN and Two Additional Altcoins, According to Top Crypto Analyst appeared first on The Daily Hodl.

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Terra's (CRYPTO: LUNA) outspoken founder Do Kwon joked about a Tinder-style token earn mechanism as the ecosystem builders clashed over their share of fund allocation. What Happened: Terra Research Forum's FatMan shared snapshots of “behind the scenes” conversations on Terra's forum.

News for Terra Crypto (LUNA)