Terra (LUNA cryptocurrency

2022 - 5 - 12

Terra's Crypto Meltdown Was Inevitable (WIRED)

An epic crash in algorithmic stablecoins spells trouble for the entire industry.

It is fully shielded from the real world, and takes pride in it. At a Mexican restaurant in North London a few weeks ago, a handful of small-time but remarkably discerning retail cryptocurrency investors predicted that terra and luna would crash. “So far,” he said, “this story has always followed the most humorous timeline.”

Terra Luna stablecoin collapse: Is this the 2008 financial crash ... (Euronews)

The stablecoin Terra and Luna crisis has rocked the price of Bitcoin and Tether too. This is how it all unfolded.

And so you had equivalents backed by a derivative of the price of that house,” he added. The company had said all its tokens were backed by dollars held in a reserve. “The idea of an algorithmic stablecoin is instead of having a backing reserve you have a sort of messy, a lower quality banking reserve. It was obviously nonsense. Stablecoins claim to be a relatively safe haven in the highly volatile crypto market. “In the 2000s, when money was great, people had so much money, they couldn't even invest it fast enough. "Everyone knew this was nonsense. They are meant to be tied to a fiat currency and usually maintain a 1-to-1 peg with the US dollar. “It was based on nonsense and had Bitcoin effective at the bottom and they actually crashed the price of Bitcoin and that crashed all the other cryptos because they're all correlated,” Gerrard said. So let's bet on mortgages and loans based on mortgages. The company said “very little” of the borrowed Bitcoins have been spent, but it is “currently being used to buy” UST. Many worry that the Luna Foundation Guard will sell a large part of its Bitcoin to support UST. UST, created by Terraform Labs, is an algorithmic stablecoin, which means that instead of having cash and other assets held in a reserve to back its token, it uses a complex mix of code and Luna to stabilise the process.

Binance halts Luna and UST trading across most of its spot pairs ... (TechCrunch)

Terraform Labs says it has halted the Terra blockchain and is working to "come up with a plan to reconstitute it."

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Terra (LUNA) Briefly Shuts Down; Global Crypto Market Recovers ... (Outlook India)

Terra (LUNA) blockchain network was briefly shut down to put in place a patch to prevent governance attacks. Meanwhile, the crypto market trading volume ...

Ethereum (ETH) was up by 0.19 per cent to $2,060.97. This has made crypto a top focus area for regulators around the world, reported Coindesk. The global crypto market capitalisation went up by 1.79 per cent at $1.27 trillion as of 8.50 pm. “Validators are applying a patch to disable further delegations, and they will coordinate to restart the network in a few minutes,” read a tweet posted by TerraLabs. In the DeFi segment, YFI (yearn.finance) was down by 8.37 per cent at $10,265.95 and Terra (LUNA) was trading with a loss of 98.56 per cent at $0.007651. Avalanche (AVAX), however, was up by 5.95 per cent at $32.04, Uniswap (UNI) by 5.85 per cent to trade at $5.07 and Aave (AAVE) by 6.06 per cent at $81.56. Dogelon Mars (ELON) gained 9.12 per cent to trade at $0.0000005189, Floki Inu (FLOKI) lost 2.59 per cent at $0.000007318 and Samoyed Coin (SAMO) was down by 19.29 cent at $0.005751. Not the people, nor the polity. Dogecoin (DOGE) was up by 7.37 per cent at $0.08913. Its volume to market cap ratio stands at 0.2287. Rival Shiba Inu (SHIB) was up by 7.9 per cent at $0.00001232. Among other major coins, Cardano (ADA) was up by 7.8 per cent at $0.5197, Algorand (ALGO) was trading with a gain of 4.9 per cent at $0.4547, Binance Coin (BNB) was up by 13.82 per cent at $299.42, Solana (SOL) was trading with a loss of 2.88 per cent at $47.27, and Polkadot (DOT) was up by 8.78 per cent at $9.43. Today’s top gainer was Sweet SOL (SSOL), which was up by 1809.22 per cent at $0.00001063. The top loser was DragonKnight The warning signs are flashing for all to see. (DK), which was down by 99.58 per cent at $0.04577.

Washout! Terra down 100%, crypto exchanges de-list LUNA and UST (Business Today)

The crypto is trading at $0.00002928, 100% down from its all-time high of $119; Binance, Crypto.com, CoinDCX, WazirX and others de-list the token.

Another Indian crypto exchange, WazirX has also de-listed Terra Luna.Moreover, CoinDCX, the cryptocurrency exchange operating in India has also de-listed Terra Luna due to the chaos amid investors. Moreover, CoinDCX, the cryptocurrency exchange operating in India has also de-listed Terra Luna due to the chaos amid investors. And on top of that, cryptocurrency exchanges have also started de-listing this token amid its metiritic crash.

What is Luna? How the Terra Luna crypto works, the coin's price ... (iNews)

The coin's value tumbled dramatically on Wednesday, falling from around $6.75 to just over $1, and is now valued at less than one cent.

As an analyst, I expect to see a bump in Luna prices after UST is pegged back to the dollar. CoinDesk explains: “Instead of relying on a reserve of assets to maintain their peg, UST is an algorithmically stabilised coin. “As of now, The Terra ecosystem contains more than 100 of these natively built projects. I also expect the prices to start recovering after the Terra project shows that similar problems will not happen in the future.” It aims to do this through the use of “stablecoins”, which are cryptocurrencies pegged to a real-life currency. The goal of Terra is to be a peer-to-peer electronic cash system.