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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.

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

Bitcoin

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

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

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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 […]

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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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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.

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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

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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

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