Terra contagion leads to 80%+ decline in DeFi protocols associated with UST
Projects associated with Terra suffer losses of more than 80% as contagion spreads. Meanwhile, Maker (DAI) gets a boost as traders look for other decentralized stablecoin options. The knock-on effect of the collapse of Terra (LUNA) and its TerraUSD (UST) stablecoin have spread wide across the cryptocurrency market on May 11 as projects with any kind of association with the DeFi ecosystem have seen their prices hammered. The forced selling of the Bitcoin (BTC) holdings backing a portion of UST also influenced BTC's current drop to $29,000 and analysts fear that DeFi platforms that have....
Related News
The crypto contagion only hurt entities that poorly managed their treasuries, but didn't affect the underlying blockchain technology, he said. The crypto contagion sparked by Terra’s infamous implosion this year only spread to companies and protocols with “poor balance sheet management” and not the underlying blockchain technology, says Kraken Australia’s managing director Jonathon Miller. Speaking with Cointelegraph, the Australian crypto exchange head argued that sectors such as Ethereum-based decentralized finance (DeFi) revealed its fundamental strength this year by weathering severe....
On January 6, Terra Research announced a proposal to expand the network’s stablecoin asset terrausd (UST) across a number of different protocols on Polygon, Ethereum, and Solana. Terra’s governance blog post discusses how the proposal to leverage $139 million of UST can bolster “awesome use-cases” in the world of decentralized finance (defi).
Terra Research Proposes to Expand Terrausd’s Reach Across 5 Protocols
At the time of writing, Terra’s terrausd (UST) stablecoin is the fourth-largest U.S. dollar-pegged token among all the....
Following the Terra blockchain fallout and the great UST de-pegging event, the Terra network ecosystem is now a wasteland of almost worthless tokens and protocols. While both UST and LUNA were top ten crypto market cap contenders, Terra’s decentralized finance (defi) presence was second to Ethereum in terms of total value locked. Today, the remaining Terra-based token holders and defi protocol operators seem to be waiting for a miracle.
Terra’s Token Economy Has Lost 96% of Its Value
There’s been an abundance of news surrounding the Terra blockchain fiasco....
Decentralized finance (defi) protocols are having a hard time weathering the storm, as the total value locked in defi today is down 39.26% since April 3, from $230.18 billion to the current $139.81 billion. The sudden value drop stemming from Terra’s native assets, LUNA and UST, has pushed Lido down to the third-largest TVL position in defi, losing 19.42% in 24 hours. Anchor Protocol has slipped down to the 12th largest TVL position, losing 66.34% in the 24-hour timeframe. Value Locked in Defi Sheds 10% During the Last 24 Hours — Terra Defi Apps Rock the Boat According to....
Cryptocurrency-based loans have grown to be one of the most utilized decentralized finance (DeFi) that have emerged from the cryptoverse. Loans based on cryptocurrencies have become a mainstay of the decentralized finance (DeFi) universe ever since the smart contract-based lending/borrowing platforms began offering the service to crypto users. The Ethereum network, the first blockchain that scaled the smart contract functionality, sees most of the total value locked (TVL) on DeFi protocols dominated by cryptocurrency lending platforms.According to data from DeFi Pulse, the top 4 of 10 DeFi....