Under a plan proposed by Do Kwon, the current chain would be renamed Terra Classic. The new chain would ditch the UST stablecoin.
The current chain would be renamed Terra Classic, and the new chain would ditch the UST stablecoin. Under a plan proposed by Do Kwon, the current chain would be renamed Terra Classic. The new chain would ditch the UST stablecoin.
Do Kwon, CEO of Luna/Terra, said that this was necessary to ensure that both chain…
Terra is taking emergency measures to save its ecosystem. The company announced today that it will be burning the equivalent of 1.4 billion USTs, and increasing Luna’s mintage rate by over 300%.
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The move comes as a response to the precipitous decline in LUNA’s price, which has fallen almost 100% since last week. Terra’s stock price has plummeted as well, but CEO Astrid Reiner remains optimistic. “We’…
The crypto market has taken another hit with the price of a stablecoin that’s designed to be pegged to the U.S. dollar falling well below $1.
The UST-Stablecoin, which is backed by $3.5 billion in reserves, lost nearly half its value on Tuesday, plummeting as low as $0.64 before rebounding to around $0.90. The drop comes amid an overall downturn in crypto prices that includes bitcoin losing more than 50% of its value since the beginning of 2…
$UST token, Terra ecosystem stablecoin, has struggled to maintain parity with the dollar.
The UST market has been volatile today, as traders scramble to adjust their portfolios in the face of macroeconomic uncertainty. The price of UST hit a low of $0.9857 on Binance against USDT, before recovering slightly to $0.995 at the time of writing. This trading pair is the most voluminous for UST, with $1.36 billion in volume reported in the past 24…
