With the new announcement that Cardano is launching an algorithmic stablecoin in 2023, many community members have voiced their concerns. By comparing the project with TerraUSD (UST), which caused huge losses in the crypto space in 2022. Stablecoin Djed project will be pegged to the US dollar. and is backed by Cardano. Other tokens will also be used as reserves. Overcollateralized and there will be an on-chain proof-of-reserve. But despite the assurances from the team Several community members also expressed...
Luna Foundation Guard (LFG) and Terraform Labs (TFL) released a technical audit of TerraUSD (UST) price protection efforts between 8 and 12 May.have a purposeto answer questions “Allegations posted on social media” about the fate of funds transferred during efforts to protect UST from pegs. The audit found that LFG spent 80,081 Bitcoin and $49.8 million in stablecoins (roughly $2.8 billion at the time) to protect UST from breaking its peg, consistent with what LFG stated in a May 16...
The rapidly growing popularity of TerraUSD Stablecoin comes with risks due to its reliance on the dollar-binding algorithm. “It is fun and a game if you are a $5 billion or $10 billion stablecoin,” Tether Chief Technology Officer Paolo Ardoino said in an interview with CoinDesk at the Paris Blockchain Week Summit, but that can change the stablecoin market cap. that can increase Currently, UST is the third largest stablecoin on the market after Tether's USDT and Circle's USDC (USDC),...
Do Kwon, the founder of Terraform Labs (TFL) and Terra (LUNA), has outlined plans to accumulate $10 billion worth of Bitcoin (BTC) to increase the project's stablecoin reserves. At this stage, details are scarce, however, Kwon stated on Twitter on March 14 that Terra will not sell its original LUNA assets to create reserves. And there will be more information soon. Kwon also emphasized that the stablecoin TerraUSD (UST) is backed with $10 billion in reserves plus reserves. BTC It...
Stablecoins are an important part of the centralized crypto sector and decentralized financial (DeFi) ecosystem that have emerged in recent years. One project with a stablecoin component has seen record prices skyrocket. Although a broad market correction is Terra (LUNA). Since hitting a low of $37.86 on Nov. 26, LUNA's price has risen 106% to a new all-time high of $78.43 on Dec. 5, and 24-hour trading volume has risen to $5.66 billion. The reasons for the increase in LUNA...
