paint-brush
The Luna & Ust Crash: Fall of an Ecosystem left with only 1 Winnerby@ojumah
583 reads
583 reads

The Luna & Ust Crash: Fall of an Ecosystem left with only 1 Winner

by Gamunu4mMay 24th, 2022
Read on Terminal Reader
Read this story w/o Javascript
tldt arrow

Too Long; Didn't Read

The past week has been something else entirely for the crypto market. It all started with a company called [Terraform Labs]. They operate the Terra blockchain which has 2 tokens (cryptocurrencies): LUNA, which is their native token, and UST TerraUSD, their stable coin. For 1 UST to be created, $1 worth of LUNA must be destroyed. If UST drops below the dollar, then people will start buying UST using their LUNA. This will drive up demand for UST and increase its price. Some accounts shorted LUNA while all this was going on. This was manna from heaven.

Company Mentioned

Mention Thumbnail

Coins Mentioned

Mention Thumbnail
Mention Thumbnail
featured image - The Luna & Ust Crash: Fall of an Ecosystem left with only 1 Winner
Gamunu HackerNoon profile picture
Gamunu

Gamunu

@ojumah

Tech is my life.

About @ojumah
LEARN MORE ABOUT @OJUMAH'S
EXPERTISE AND PLACE ON THE INTERNET.
L O A D I N G
. . . comments & more!

About Author

Gamunu HackerNoon profile picture
Gamunu@ojumah
Tech is my life.

TOPICS

THIS ARTICLE WAS FEATURED IN...

Permanent on Arweave
Read on Terminal Reader
Read this story in a terminal
 Terminal
Read this story w/o Javascript
Read this story w/o Javascript
 Lite
Grimneko
Mstdn
Study-education
Allella
Domain
Saty
Aiois
Jakobs
Ztn
Trom
Nullob
Nitter
Winscloud
Moooi
Moomoo