TerraForm Labs CEO Do Kwon announces recovery plan for LUNA, UST following crash

Terraform Labs CEO Do Kwon announced a possible “solution” to deal with the massive crash LUNA and UST experienced over the last couple of days.
TerraUSD (UST), a stablecoin pegged 1:1 to the U.S. dollar,  lost over 50% of its value in an unheard-of event in the crypto space.
Stablecoins serve as hedging havens during extreme volatility because they have the backing of stable assets. However, unlike other stablecoins, TerraForm Labs leveraged a different mechanism to keep UST stable. Specifically, the stablecoin project leveraged complex algorithmic processes linked to Terra (LUNA).
However, LUNA plummeted after investors bailed following the de-pegging of UST. As a result, the coin lost 98.49% of its value over the past seven days. LUNA is currently trading at 0.8755. Its trading volume has also shed over 50% in the day.
At the time of writing, UST is changing hands at $0.3434 after losing 64.18% over the last seven days. Earlier today, the stablecoin traded as low as $0.2998.

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We współpracy z: https://cryptoslate.com/terraform-labs-ceo-do-kwon-announces-recovery-plan-for-luna-ust-following-crash/

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