Projects associated with Terra suffer losses of more than 80% as contagion spreads. Meanwhile, Maker (DAI) gets a boost as traders look for other decentralized stablecoin options.
The knock-on effect of the collapse of Terra (LUNA) and its TerraUSD (UST) stablecoin have spread wide across the cryptocurrency market on May 11 as projects with any kind of association with the DeFi ecosystem have seen their prices hammered. The forced selling of the Bitcoin (BTC) holdings backing a portion of UST also influenced BTC’s current drop to $29,000 and analysts fear that DeFi platforms that have liquidity pools primarily comprised of UST and LUNA will collapse. LUNA, ANC, ASTRO and MARS in USDT pairings. 4-hour chart. Source: TradingViewTerra-based protocols sufferProjects with the direst of outlooks are those that are hosted on the Terra protocol including Anchor Protocol (ANC), Astroport (ASTRO) and Mars Protocol (MARS). As shown i
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