Following the Analytic report by Terra, the South-Korean cryptocurrency, LUNA market value has dropped to about $0.02, 18 billion coins were surpassed, and 15 billion more LUNAs emerged today; Meanwhile, UST supply is currently at 12 billion. This data was updated on the 12th of May.
Terra UST has been facing a market drop recently
In a bid to tackle the issue, using a Twitter thread, Terra disclosed measures to reinstate the lost UST peg and avert the rapid diminishing of LUNA. Do Kwon’s 1164 proposal ignited UST and increased the size of the base pool. Kwon’s proposal received 450 million votes.
Meanwhile, on Thursday, Terraform Labs suggested that the remaining 371 million UST cross-chain on Ethereum, all remaining UST within the community pool should be ignited, and 240 million LUNA should be hold-up to shield network governance strikes.
Furthermore, The developer of Terra blockchain, Terraform Labs began working with the laid down necessary measures to re-peg UST and restore LUNA. The company is set to ignite 1 billion UST within the community pool and the remaining 371 million UST cross-chain will be burnt under Agora’s proposal on Ethereum.
Terraform Labs will be responsible for burning the UST listed on Ethereum as liquidity incentives. They further stated that the company is discovering ways through which the burn rate of the remaining UST will be heightened.
Trending Stories
UST Stablecoin risks are shown in new research
The application of the laid-down measures is sure to re-peg the UST and reinstate the expansion of the on-chain swap within the system. According to Terra Analytics, on 12th May, 1 billion LUNA emerged and the 4.355 billion LUNA movement escalated.
However, on Tuesday, the UST dollar peg fell to $0.6 due to the setback faced by the stable coin because of thin liquidity. This happened last week after LUNA foundation Guards (LFG) completely set up its building worth $3billion.
Meanwhile, the prime UST Dollar’s de-pegging to Anchor from pool 53 resulted in a fall from $1 to $0.98. During the de-pegging, Terra’s biggest yield-earning protocol, Anchor, lost about 60% of its earnings.
- Are Hedge Funds Planning USDT Dump? Tether CTO Responds To Rumors
- Here’s Why Apecoin (APE) Price Is Skyrocketing Today
- Crypto Prices Falling Despite “Buy The Dip” Sentiment, Data Reveals Why
- Institutional Traders Dumped Bitcoin At A Record Pace Last Week
- Terra USTC Jumps 300%; Lands Back In Top 100 Cryptos
- Ripple’s EX CTO Dumps 40 million XRP tokens In Last 10 Days
- Dogecoin Soars 35%, Here’s Why Breaking This Level Is Crucial
- Crypto Lender Nexo Denies Fraud, Issues Cease And Desist Notice
- Ethereum (ETH) Price Rise and Stability Pulls Broader Crypto Market to $1 Trillion
- Scoop: This Hedge Fund Is Trying To Bailout BlockFi To Counter FTX
- Tezos Price Analysis: XTZ Rebounds from Yearly Support; is it a good buy?
- Tron Price Analysis: Triangle Pattern Governs the TRX Price Action; Should Coin Holders Worry?
- Dogecoin Price Analysis: DOGE Winning Streak Aims to Reclaim $0.077
- Apecoin Price Analysis: Reversal Pattern Sets 21% Rise in APE Price
- Ethereum Price Analysis: Will ETH Relief Rally Revert From $1300?
- Bitcoin Price Analysis- Higher Price Rejection Hints BTC to Retest $20000
- SHIB Price Analysis: Overhead Supply Pressure Hints SHIB to Retest $0.00001
- Avalanche Price Analysis: Will The AVAX Breakout Rally Reach $30?
- Sandbox Price Analysis: U-shaped Recovery could Lead SAND above $1.5
- NEAR Price Analysis: Reversal Within Channel could Sink NEAR Below $3
