Terra’s UST and LUNA Collapse: How the Crisis Unfolded

CoinDesk published this video item, entitled “Terra’s UST and LUNA Collapse: How the Crisis Unfolded” – below is their description.

TerraUSD (UST), an algorithmic stablecoin that is supposed to stay pegged to the dollar collapsed over 90% over one week. Terra’s LUNA token that was used to maintain UST’s peg spiraled to $0. The devastating effects of the crash was felt across the crypto markets and many everyday people lost millions in investments and savings. Here is how UST and LUNA’s demise unfolded on CoinDesk TV.

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About This Source - CoinDesk

CoinDesk is a news site specializing in bitcoin and digital currencies. The site was founded by Shakil Khan and was subsequently acquired by Digital Currency Group.

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Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offers fast and affordable settlements.

Terra’s native token, LUNA, is used to stabilize the price of the protocol’s stablecoins. LUNA holders are also able to submit and vote on governance proposals, giving it the functionality of a governance token.

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