The third-largest stablecoin $UST is trading around 78 cents and is not showing strong signs of recovering but Terraform Labs founder Do Kwon says everything will be alright.
The third-largest stablecoin by market cap Terra USD appears to be in a catastrophic tailspin which has seen it de-peg from the dollar and drop to as low as $0.67 on May 10.
As its price has fallen, so has its market capitalization along with that of Terra which backs the majority of the value of UST. Adding further insult to injury, the market cap of UST has vastly surpassed that of LUNA, drawing extreme scrutiny from the crypto community.As of the time of writing, UST price is $0.78 with a market cap of $14.1 billion while LUNA has been in a freefall, collapsing to $35.07. This has caused massiveon leveraged positions, dropping its market cap to $12.
If the market cap of LUNA is lower than UST, it is possible that there are not enough funds in the Terra project to properly back the value of the algorithmic stablecoin and maintain its peg.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Terra (LUNA) Plunges 14% as UST Briefly Loses Its PegTerra’s biggest stablecoin briefly lost its peg. Supporters claim it was a coordinated attack, but critics disagree
Baca lebih lajut »
Terra (LUNA) Getting Annihilated as UST Loses Its PegOne of the hottest cryptocurrency projects is facing a major test amid market turmoil
Baca lebih lajut »
Mike Hagerty, ‘Friends’ and ‘Seinfeld’ actor, dead at 67Mike Hagerty, 'Friends' and 'Seinfeld' actor, has died at 67
Baca lebih lajut »
George Perez, 'Wonder Woman' illustrator, dead at 67George Perez has died from pancreatic cancer, according to a close friend of his. The illustrator was known for his work on the 'Wonder Woman' comic series and 'Avengers.'
Baca lebih lajut »
George Pérez, DC and Marvel Comic Book Creator, Dies at 67George Pérez, the acclaimed comic book artist known for his work on “The New Teen Titans,” “Wonder Woman,” and “The Avengers,” died Friday at 67
Baca lebih lajut »
DC Comics legend George Perez, who relaunched ‘Wonder Woman,’ dead at 67DC Comics artist and writer George Perez, who illustrated “New Teen Titans” and helped relaunch “Wonder Woman,” has died at the age of 67, the comics publisher announced on Saturday.
Baca lebih lajut »