Cryptocurrency Luna Lurches as Terra USD Volatility Continues

-The Terra USD (UST) stablecoin has been trading below its dollar peg since Saturday, with a prolonged de-peg leading to mass withdrawals from the preeminent Terra blockchain dApp Anchor.
-The net UST supply contraction amounts to roughly $1 billion already, with increased supply decimating the price of Terras native asset, LUNA.
-Terra mastermind Do Kwon has announced an imminent though unspecified recovery plan.
-Algorithmic stablecoins remain highly experimental and have failed spectacularly before, most recently the Waves-based stablecoin USDN, which collapsed to 77 cents in early April and has never fully recovered.

Do Kwon Terra Cryptocurrency Luna Lurches as Terra USD Volatility Continues
Cryptocurrency Luna Lurches as Terra USD Volatility Continues 2

Leave a Reply