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Friday, May 27, 2022

Terra Collapse Teaches About ‘Crypto’ And Bitcoin

Terra is crumbling.

The blockchain project home to the popular algorithmic stablecoin TerraUSD (UST), which had recently become the fourth-largest stablecoin by market value but now sits at fifth, is near collapse as UST repeatedly fails to sustain its $1 peg and LUNA, the blockchain’s native token, nears zero.

Terraform Labs, the tech start-up behind the development of Terra, halted the production of new blocks on the network on Thursday “to prevent goverance attacks following severe $LUNA inflation and a significantly reduced cost of attack,” it said on Twitter.

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