11 days ago • Posted by Ajmir Omid
LUNA / USD on freefall #crypto #LUNA # UST #stablecoins
The prices of Luna (LUNA) and its related stablecoin TerraUSD (UST) are in freefall at the moment, as the entire project appears to stop working. UST is an algorithmic stablecoin that was pegged to the US dollar. Over the last few days that mechanism seems to be broken down, with investors rushing to the exit. Even though the Luna Foundation Guard, a non-profit set up to support the Terra ecosystem, deployed USD1.5 billion in assets on Monday to help the stablecoin return to its peg, it has not been enough.