LUNA pumps and dumps repeatedly in weekend’s roller coaster run

ByJosephine J. Romero

May 16, 2022 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
TerraGraph


The cost of LUNA, the indigenous token of Terra, is now as unstable as low-cap meme currencies, and is at this time at 23,716.5% from its all-time very low established on Friday, according to CoinGecko data.

See linked post: UST loses dollar peg as Terra market cap slumps

Rapidly information

  • The Terra community endured a key meltdown past 7 days, as its UST shed its peg to the U.S. dollar, though the community botched the endeavor to conserve the algorithmic stablecoin by mass-producing LUNA.
  • UST is an algorithmic stablecoin pegged to the U.S. greenback whose worth is meant to be managed by LUNA as collateral.
  • Algorithmic stablecoin TerraUSD (UST) has not regained its peg, trading at US$.1766 at push time.
  • Network developer Do Kwan posted a system to revive LUNA on Saturday, suggesting reconstituting the network and resetting possession at 1 billion tokens to be dispersed amid present and former holders.
  • Binance CEO Changpeng “CZ” Zhao tweeted in reply that this prepare would not operate, contacting it “wishful pondering.”
  • Ethereum co-founder Vitalik Buterin tweeted that “algostable,” a time period used to describe algorithmic stablecoins, “has turn out to be a propaganda time period serving to legitimize uncollateralized stables by putting them in the same bucket as collateralized stables like RAI/DAI.” 

See similar posting: Stablecoins promise a lot, but can they produce?





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