After the analytical report of Terra, the South Korean cryptocurrency, the market value of LUNA has fallen to about $0.02.18 billion coins were surpassed and 15 billion more LUNAs joined today; Meanwhile, UST’s supply currently stands at 12 billion. This data was updated on May 12.
Terra UST has recently experienced a market decline
In an effort to address the issue, using a Twitter thread, Terra revealed measures to recover the lost UST pin and prevent the rapid decline of LUNA. Do Kwon’s proposal of 1164 ignited UST and increased the size of the base pool. Kwon’s proposal received 450 million votes.
Meanwhile, Terraform Labs on Thursday suggested that the remaining 371 million UST cross-chain on Ethereum, all remaining UST within the community pool, should be ignited and 240 million LUNA raided to shield network management strikes.
In addition, Terraform Labs, the developer of Terra blockchain, started working with the identified necessary measures to re-establish UST and restore LUNA. The company plans to ignite 1 billion UST within the community pool and the remaining 371 million UST cross-chain will be burned under Agora’s proposal on Ethereum.
Terraform Labs will be responsible for burning the Ethereum-listed UST as liquidity incentives. They further stated that the company is exploring ways to increase the burn rate of the remaining UST.
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The application of the measures enacted will surely re-pair the UST and restore the extension of the on-chain swap within the system. According to Terra Analytics, 1 billion LUNA emerged on May 12 and the 4.355 billion LUNA move escalated.
However, on Tuesday, the peg to the UST dollar fell to $0.6 following the setback the stable currency faced due to lack of liquidity. This happened last week after LUNA Foundation Guards (LFG) fully set up its $3 billion building.
Meanwhile, the de-pegging of the prime UST dollar to Pool 53 Anchor resulted in a $1 drop to $0.98. During the de-pegging, Terra’s largest revenue-earning protocol, Anchor, lost about 60% of its revenue.
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years. Previously, he was a co-founder of Govt. of India supported startup InThinks and is currently editor-in-chief at Coingape and CEO at SquadX, a fintech startup. He has published over 100 articles on cryptocurrency and blockchain and has assisted a number of ICOs in their success. He co-designed an industry training for blockchain development and has conducted many interviews in the past. Follow him on Twitter @shamasunil8114 and contact him at sunil (at) coingape.com
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