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…