Wednesday, March 22, 2023
MetaWeb3
Subscribe
  • Home
  • About Us
  • Listings
    • ICO List
    • IDO List
  • Web3 Events
    • Events List
    • Events by Month
    • Web3 Calendar
  • News
  • Blog
    • Blog
    • Press Release
  • Contact
    Home / News / The Collapse of UST and LUNA Was Devastating, but There Is Still Hope for Crypto
BTC/USD
  • BTC/USD
  • XRP/USD
  • BCH/USD
  • EOS/USD
  • LTC/USD
  • TRX/USD
  • ADA/USD
  • XLM/USD
  • IOT/USD
  • ABC/USD
  • NEO/USD
  • XMR/USD
  • DASH/USD
  • XEM/USD
  • QTUM/USD
  • BCN/USD
  • ICX/USD
  • ZEC/USD
  • LSK/USD
  • IOST/USD
Low
High
Marketcap
News
May 19, 2022 by admin
Share this:
  • Facebook
  • Twitter
  • Google Plus
  • Pinterest
  • Email to a Friend

The Collapse of UST and LUNA Was Devastating, but There Is Still Hope for Crypto

Terra Crypto

First and foremost, I want to emphasize that many ordinary, hard working people have lost money as a result of the recent crypto market crisis. Some people lost their whole savings. While money isn’t everything, losing a significant amount of it can feel that way. If you or someone you know has lost money as a result of the LUNA/UST collapse, remember that life is always worth living.

If you haven’t heard, terraUSD (UST), a cryptocurrency that is supposed to stay at $1 (also known as a stablecoin), has lost its value. It’s usually not a good sign when something is meant to be $1 but isn’t. Furthermore, LUNA, the crypto currency that underpins UST, has lost nearly all of its value.

But it has to be done because readers will recall me gushing about the Luna Foundation Guard (LFG) declaring it will acquire $10 billion in bitcoin to back UST. To be honest, I was primarily delighted because I was able to write about what Hal Finney had posted on the well-known Bitcoin Talk site. But, to be honest, I wasn’t really enthusiastic about the prospect of a bitcoin-backed stablecoin.

Stablecoins are a type of cryptocurrency that exists. The value of stablecoins is expected to be $1. Usually. They are occasionally 1 euro or 1 won, but not always. The dollar’s hegemony is to blame. 

Stablecoins exist so that crypto-natives can quickly move in and out of the dollar without requiring the approval of a bank. Stablecoins facilitate the majority of crypto trade volume and fuel the “DeFi” crypto carousel (decentralized finance). More crucially, those living under totalitarian governments that encourage hyperinflation utilize stablecoins.

Stablecoins come in a variety of varieties, including tether (USDT), USD coin (USDC), Binance USD (BUSD), and dai (DAI). We also had terraUSD, which was fairly notable (UST). These are the five largest stablecoins, with a combined worth of $160 billion. Three of these stablecoins (USDT, USDC, and BUSD) are centralized collateralized stablecoins. These entities own a treasury of dollars that back each coin, allowing the holder to redeem the coin for $1 from the issuer.

cryptocurrencynews
Previous Post
What is Sorare and how to play it?
Next Post
Crypto inheritance: Are HOLDers doomed to rely on centralized options?

Related Posts

Top Crypto Exchanges
News
Top 10 Crypto Exchanges and Platforms for 2023
February 28, 2023 by admin
Tokenizing the Titanic
News
Tokenizing the Titanic: New Partnership Brings Real Artifacts from Wreckage to NFT Market
February 24, 2023 by admin
Hong Kong Crypto Trading
News
Crypto Hub in the Making: Hong Kong Pushes Forward with Plans for Retail Crypto Trading
February 23, 2023 by admin
ICO Calendar
May 16, 2018
CoinLion

Exchange & portfolio management

View All ICOs
Advertisement
Advertisement
Most Read
  • How To Bring Virtual Fashion Into The Mainstream
  • Poppy Playtime NFT and the controversy latest updates
  • Metaverse Summit: The first women-led Web3 conference to take place in Paris
  • What is Cryptocurrency, and how does it work?
  • How To Build A Web3 Community
Latest
Top Crypto Exchanges
News
Top 10 Crypto Exchanges and Platforms for 2023
28 February, 2023
Tokenizing the Titanic
News
Tokenizing the Titanic: New Partnership Brings Real Artifacts from Wreckage to NFT Market
24 February, 2023
Hong Kong Crypto Trading
News
Crypto Hub in the Making: Hong Kong Pushes Forward with Plans for Retail Crypto Trading
23 February, 2023
Categories
  • Blockchain
  • Blockchain Game
  • Crypto
  • dApp
  • DeFi
  • Metaverse
  • News
  • NFT
  • PR
Calendar
March 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Feb    
MetaWeb3
  • Write for Us
  • Terms & Conditions
  • Privacy Policy
  • Contact
  • Web3 Calendar
About

MetaWeb3.tech is an online media site that focuses on Fintech, digital assets, blockchain technology, Decentralized Finance (Defi), Decentralized Apps (DApps), Metaverse, Crypto Games and other related technologies, covering news, opinions, trends, and informative articles.

Contact Us

Categories
  • Blockchain
  • Blockchain Game
  • Crypto
  • dApp
  • DeFi
  • Metaverse
  • News
  • NFT
  • PR
Newsletter Subscription
Connect With Us
Copyright © 2019 MetaWeb3 Tech. All Rights Reserved.