Here’s what happened to UST and LUNA in 2 minutes

It was great while it lasted

As you have probably noticed, UST, one of the largest stablecoins lost it’s peg and is trading far below the $1 per UST promised. In theory it shouldn’t be possible but the system that maintains that value was terribly flawed…

You see, UST is backed by LUNA. Say UST drop to $0.9 per UST, then an algorithm will pickup that drop and burn UST to buy LUNA. So the program changes UST…

--

--

--

Blockchain expert. Get my new Ethereum book on Amazon: https://amzn.to/2KBBNyu and my previous one here: https://merunas.org/book

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

The safest way to trade bitcoin

Polkadot: The New Ethereum Killer? Nah

Deeper Network Month Newsletter: 07/01/2019–07/31/2019

Bitcoin is making every investment/asset in history look stupid.

Curve Tokenomics and First-Mover Advantage

Why Implementing SSO in iOS May Not Be Straightforward and How You Can Make it Work in OAuth 2.0

How Truffle Works Under the Hood

AMA (ask me anything) of StaFi (Staking Finance) with Stakely.io

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Merunas Grincalaitis

Merunas Grincalaitis

Blockchain expert. Get my new Ethereum book on Amazon: https://amzn.to/2KBBNyu and my previous one here: https://merunas.org/book

More from Medium

Hashed Timelock Contracts (HTLCs)

Worst day in Crypto, is Defi still safe?

Terra (LUNA): Stablecoin & Depeg. What happened?

Luna price crash explained: Why Terra Luna’s value is crashing and if experts think the crypto will…