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…

--

--

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