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

by Gamunu4mMay 24th, 2022
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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.

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