🥂PARTY

2022-05-18 16:22:00 UST Reserve

In connection with its stewardship and support of the Terra ecosystem in general, LFG is establishing a decentralized UST Reserve protocol – a non-profit initiative to provide a further layer of support to ensure that UST maintains its peg. In an event where the market price of UST materially deviates from the USD peg, holders of UST will be able to close the arbitrage and bring the market price of UST back to the peg by swapping UST for major, non-correlated assets like BTC that capitalize the reserve. The reserve functions as a release valve for swelling pressure to exit UST to LUNA on-chain, dampening the reflexivity of the system by reducing the dilution of the LUNA supply during severe contractions and restoring the peg in real-time and maintaining an alternative arbitrage opportunity outside of the Terra protocol itself. Открыть/Комментировать

2022-05-18 16:21:48 Luna Classic: What Is Terra Luna Classic (LUNC)?
Luna Classic (LUNC) looks set to launch this month after TerraForm Labs founder Do Kwon put forward a Luna fork plan for a new Terra Luna chain.

As part of the Luna recovery following the Luna crypto crash, the proposal will separate the existing chain through forking. This will then deliver a brand new chain to the Terra ecosystem.

The proposal further added that the old chain will remain - dubbed as Terra Classic - alongside its token, Luna Classic.
What is Luna Classic?
Luna Classic (LUNC) is the original Terra Luna token to be left behind following a fork to a new Terra chain after the recent UST/Luna collapse.
Kwon's grand plan for recovery will introduce a hard fork that will split the existing Luna Chain. It will introduce a brand new chain to conduct future transactions on.

This will leave behind Luna Classic and the Terra Classic chain. The new chain produced after the fork will carry the Terra name, as will its Luna token. Открыть/Комментировать

2022-05-18 16:21:40 Loop Finance
Loop Finance, a project built on the Terra network, has launched Terra Network, a stablecoin platform. Moreover, It aspires to achieve similar goals as Terra in terms of promoting crypto adoption in a user-friendly manner.

The AMM DEX integration is to be into a non-custodial crypto wallet in the beta stage (Loop Wallet). Its goal is to facilitate buying in a way that benefits both small companies and mainstream consumers.

Anchor Protocol
Anchor is a low-volatility savings platform based on Terra stablecoin deposits. The Anchor protocol establishes a money market between a lender seeking steady yields on their stablecoins and a borrower seeking stablecoins on stake able assets.

The current Anchor Protocol price is $3.54 USD, with a trading volume of $20,931,130 USD in the last 24 hours. Moreover, during the previous 24 hours, the Anchor Protocol has increased by 18.14 percent.

It has a current market capitalization of $366,840,198 USD. Furthermore, there are 103,509,641 ANC coins in circulati Открыть/Комментировать

2022-05-18 16:21:30 Terra ecosystem to vote on a fork to create Luna Classic and Luna Core

Do Kwon has released an updated revival plan for validators to vote on and create Luna Core and Luna Classic.
Luna Foundation Guard CEO, Do Kwon, has released a new proposal entitled “Terra Ecosystem Revival Plan 2.” In it, he has outlined an updated version of his original plan, which described forking the current Terra blockchain from a snapshot taken before the ‘attack.’ Открыть/Комментировать

2022-05-18 16:21:28 The term 'Classic' is likely a reference to the Ethereum/Ethereum Classic split after Ethereum's DAO hack of 2017. With Kwon stating the UST collapse is "Terra’s DAO hack moment", this seems another way to market it as such. Открыть/Комментировать

2022-05-18 16:20:53 Under the protection of the dollar
UST tracks the price of the U.S. dollar, so a UST token rounds the dollar and gets its peg to the U.S. currency through the use of the ecosystem's other token, LUNA.

The latter plays a key role in maintaining the price of Terra stablecoins and reduces market volatility so that they remain stable.

In this regard, the price of the LUNA token has experienced a stratospheric rise, as last year it was trading at $0.66 and closed at $89.However, in early March it reached its all-time high of $104.58 as other cryptocurrencies were falling due to the effects of the Ukrainian invasion.

UST's success has allowed it to become the fourth largest stablecoin behind tether (USDT), USD coin (USDC) and Binance USD (BUSD), surpassing $15 billion in market capitalization. Открыть/Комментировать

2022-05-18 16:20:13 The Luna Foundation Guard (LFG), the Singapore-based nonprofit behind TerraUSD, said it spent most of its reserves defending the dollar peg last week. The remaining funds will try to use to compensate for the losses of some users.
The Luna Foundation Guard said on Twitter on Monday that it will use its remaining holdings to compensate the remaining users of the stablecoin, starting with the smallest holders, though it has yet to decide the best way to do so.

The organization has built up a large reserve of more than 80,000 bitcoin and millions of dollars of other stablecoins to support TerraUSD, most of which it says it spent trying to support the token last week.

Initially, LFG promised to raise a reserve of $10 billion in bitcoin. At the moment, 313 bitcoins remain in reserve, as well as other assets, the company announced on Twitter.The incident drew particular attention, including from financial regulators, to stablecoins and the role they play in the cryptosystem as the main means of moving money between cryptocurrencies or converting balances into fiat money. Открыть/Комментировать

2022-05-18 16:20:12 The Luna Foundation has spent almost $3.5 billion to support the TerraUSD stablecoin, but cryptocurrencies are still falling - Bitcoin has fallen below $30,000 again. Открыть/Комментировать

2022-05-18 16:19:53 After crash, LUNA opt for Terra 2.0 to revive token
Last week, stablecoin terraUSD (UST) lost its edge over the U.S. dollar and fell as low as $0.67, losing almost 99 per cent of its value.UNA, the cryptocurrency designed to support the terraUSD (UST), is set to launch a new, community-owned token called Terra 2.0

The plan is to “Fork the Terra chain into a new chain without the algorithmic stable coin. The old chain to be called Terra Classic (token Luna Classic – LUNC), and the new chain to be called Terra (token Luna – LUNA).”

Luna tokens will be airdropped across Luna Classic stakers, Luna Classic holders, residual UST holders, and essential app developers of Terra Classic.

Luna has been renamed LUNC and tagged as Luna classic. The 2.0 will be called LUNA and sent to holders of stable coin UST and LUNC. Its proposed commencement date is May 27.

Last week, stablecoin terraUSD (UST) lost its edge over the U.S. dollar and fell as low as $0.67, leading to Luna losing almost 99 per cent of its value. Открыть/Комментировать

2022-05-18 16:19:22 The Community Pool & Ozone

Since 100% of LUNA is burned in Columbus-5, no more seigniorage will be diverted to the community pool. Currently, the community pool contains roughly 98.675 million LUNA, equating to approximately $3.5 billion at the time of writing.

$1 billion (in LUNA) from the community pool will be burned via the on-chain swap (LUNA → UST) to bootstrap Ozone. Ozone is an algorithmic, claims-based insurance protocol approaching launch on Terra. That leaves approximately $2.5 billion in the community pool at current prices. Открыть/Комментировать