How Terra Is Using Its Bitcoin Reserves To Keep UST Stable
Terra, through the Luna Guard Foundation (LFG), has been purchasing bitcoin to use as reserves for its UST stablecoin. This has gone well according to plan and out of the $10 billion worth of bitcoin founder Do Kwon said that the foundation would be buying for its reserves, more than $2.9 billion in BTC has […]
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With too many depositors chasing high yields and a lack of borrowers, Anchor interest rates appear to have become unsustainable. Anchor, the flagship savings protocol of the Terra Luna (LUNA) ecosystem, has seen its reserves decline by 35.7% in the past seven days, according to Terra.Engineer. Since the beginning of December, the amount of Terra USD Stablecoin (UST) held in the "terra1tmnqgvg567ypvsvk6rwsga3srp7e3lg6u0elp8" smart contract has declined by over 50%, with only $35.7 million remaining.As a savings protocol, users deposit their UST assets via their wallets and earn up to 20%....
Terra has been making waves in the stablecoin and staking space for its features and returns. However, with the success of the network, there have been other blockchains that have sprung up with similar offerings to try to get a piece of the pie from Terra. This has led the network to take steps to […]
Kwon also bullishly emphasized that its stablecoin TerraUSD (UST) backed by $10 billion-plus in BTC reserves will “open a new monetary era of the Bitcoin standard.” The founder of Terraform Labs (TFL) and Ethereum competitor Terra (LUNA) Do Kwon has outlined plans to accumulate a whopping $10 billion worth of Bitcoin (BTC) to add to the project’s stablecoin reserves. Terra is a decentralized blockchain platform that specializes in stablecoin minting. Its Terra USD (UST) is an algorithmic stablecoin pegged to the value of the U.S. dollar, with the USD value partly maintained via an....
Terra co-founder Do Kwon reveals that the firm will be buying Bitcoin "in perpetuity" to back new mints of its UST stablecoin. Bitcoin (BTC) is the collateral asset of choice for the world's biggest decentralized stablecoin, and one of its top executives says there was no other.Speaking to Bloomberg on April 4, Do Kwon, co-founder of Blockchain protocol Terra, pledged to continue buying BTC to back the firm's stablecoin, TerraUSD (UST).Kwon: BTC buys will continue "in perpetuity"Terra has made waves inside and outside the crypto community in recent weeks thanks to its massive Bitcoin....
Following a few days of carnage, the two leading crypto assets built on top of the Terra blockchain have plummeted to significant lows. LUNA has dropped to $0.00000100 per coin and the once-stable coin terrausd (UST) hit a low of $0.044 per unit. After temporarily halting the Terra blockchain and restarting it, the team has once again halted block production at block height 7,607,789. The team restarted the chain again at 8:46 a.m. (ET) and disabled onchain swaps.
Do Kwon’s ‘Amusing Morning’ of De-Pegging Jokes Becomes a Scary Reality
Five days ago people....