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The UST stablecoin used an algorithm linked to the Luna supply to maintain a value of around $1, unlike other coins that are pegged to cash. [3] The value of Luna eventually reached over $116 in April 2022. [3] During his time at Terraform Labs, Kwon also worked on various blockchain projects, including Mirror, Prism, Astroport, and Anchor. [21]
Terra 2.0’s LUNA launched on May 28, 2022 with a price of $17.80 per coin. It quickly plummeted to under $5 by 4 p.m. that day. By the end of the month, it spiked to $11.40, but dropped the ...
Terra is a blockchain that leverages fiat-pegged stablecoins to power a payment system. For consensus, the Terra blockchain uses a proof-of-stake codesign. [4] Several stablecoins are built atop the Terra protocol, [4] including TerraUSD, which was the third largest stablecoin by market capitalisation before its collapse in May 2022. [5]
Moreover, the stablecoin associated with LUNC, UST Classic (USTC-USD), has also lost almost 99% of its value, currently trading at 1.2 cen Don’t Fall for Terra Luna Classic or Any Other ...
On 11 May 2022, Terra's stablecoin UST fell from $1 to 26 cents. [28] [29] The subsequent failure of Terraform Labs resulted in the loss of nearly $40B invested in the Terra and Luna coins. [30] Both the United States and Korea are seeking extradition of its founder Do Kwon following his arrest in Montenegro on an Interpol notice. [31] [32]
For example, on 11 May 2022, Terra's stablecoin UST fell from $1 to 26 cents. [49] [50] The subsequent failure of Terraform Labs resulted in the loss of nearly $40B invested in the Terra and Luna coins. [51] In September 2022, South Korean prosecutors requested the issuance of an Interpol Red Notice against the company's founder, Do Kwon. [52]
On 25 May, a proposal was approved to reissue a new Luna cryptocurrency and to decouple from and abandon the devalued UST stablecoin. [98] [99] The new Luna coin lost value in the opening days of being listed on exchanges. [100] In the wake of Terra-Luna's collapse, another algorithmic stablecoin, DEI, lost its peg to the dollar and started to ...
Terra, a playable Goddess in Smite as a Roman Guardian; Terra Branford, a female character from Final Fantasy VI; Terra (Kingdom Hearts), a male character from the video game franchise Kingdom Hearts; Terra (character), a name used by three characters in DC Comics; Terra, a character from the video game Mega Man V