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What happened? Terra debacle exposes flaws plaguing the crypto industry

The downfall of Terra calls into question the real-world utility as well as the long-term viability of algorithmic stablecoins.
The past week has been a dark period in the history of crypto, with the total market capitalization of this industry dipping as low as $1.2 trillion for the first time since July 2021. The turmoil, in large part, has been due to the real-time disintegration of Terra, a Cosmos-based protocol that powers a suite of algorithmic stablecoins.Approximately a week ago, Terra (LUNA) ranked among the 10 most valuable cryptocurrencies in the market, with a single token trading at a price point of $85. By May 11, however, the price of the asset had dropped to $15. And, 48-hours on, the token has lost 99.98% of its value currently trading at a price point of $0.00003465.Due to ongoing collapse, Terra’s other associated offering, TerraUSD (UST) — an algorithmic stablecoin pegged to the United States dollar

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We współpracy z: https://cointelegraph.com/news/what-happened-terra-debacle-exposes-flaws-plaguing-the-crypto-industry

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