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PARAGRAPHThe Terra money machine collapsed infrastructure and governance.
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| Whats going on with luna crypto | Perhaps conceding the foundational problem of tethering luna to UST, Kwon proposal removes UST, previously the main selling point of the blockchain, from the terra ecosystem. What does it mean for other stablecoins? Special Supplements. It's been a rough week for terra developers since UST depegged. After a hacker robbed 3. Luna acts as a collateral currency to UST. CoinDesk Research, TradingView. |
| Best desktop multi crypto wallet | But the stability of those coins has always been somewhat in doubt: For instance New York's attorney general last year accused tether, the biggest stablecoin, of lying about how much it actually held in dollar reserves. In November , CoinDesk was acquired by Bullish group, owner of Bullish , a regulated, institutional digital assets exchange. Register Now. The impact of UST on the wider market is an important footnote amid all of this week's chaos. The UST operates differently from other stablecoins, such as tether, which are backed by a government-backed currency or commercial papers. When not writing, Daniel Van Boom practices Brazilian Jiu-Jitsu, reads as much as he can, and speaks about himself in the third person. That type of cryptocurrency is supposed to, as its name suggests, have a stable value because the tokens are pegged to the value of a currency such as the U. |
| Whats going on with luna crypto | Instead, it's an algorithmic stablecoin that used luna, which is the terra blockchain's native cryptocurrency, to retain its peg. Search Tickers. It will have to compete with a host of other so-called "Layer 1" networks � the infrastructure that underpins cryptocurrencies like ethereum , solana and cardano. The chain upgrade will commence a few hours after the Launch snapshot. Sam Kessler. Sage D. Expertise Cryptocurrency, Culture, International News. |
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