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Description: Terraform Labs’ proposition to revive the Terra blockchain network has gained acceptance and has been approved by the Terra community. This means that the Terra blockchain is scheduled to be revived on May 27 and will no longer comprise the crashed US Dollar pegged stablecoin, the TerraUSD (UST). Terraform Labs is the promoter of Terra blockchain, and it houses the LUNA and UST tokens. The older blockchain, named Terra Classic, will operate using the older model of the Luna token, known as Luna Classic (LUNC). The new chain, which is referred to as Terra 2.0, will be operating under a brand new Luna token, which will be referred to as Luna (LUNA). The community has also announced plans to distribute LUNA tokens to holders of the crashed UST along with LUNC coins, but who never traded their shares. The new program will see 30 percent of the tokens created from the newly developed blockchain given to the pool of community members. Furthermore that 35 percent of these coins are distributed (or given away) to existing LUNA (or the LUNC) holders 10 percent of newly created coins will be distributed for sale to UST holders. In the remaining 25 percent, 15% of the coins will be given to those who have suffered from post-crash LUNA holders, and 10 percent will be distributed to those who have suffered from post-crash UST holders. Terraform Labs also stated that in the future, their wallet as well as its Luna Foundation Guard wallet are not included in the whitelist that will receive these new coins. A tweet from the official account for the blockchain stated, “The removal of these wallets from the airdrop whitelist will make Terra a fully community-owned chain. We believe this is an important step to empowering our ecosystem.”

Category:

Tag: cryptocurrency, trading

Description: A cryptocurrency category called stablecoins has been attempting to recreate reliability in completely different ways. TerraUSD is often referred to as UST and its sister cryptocurrency Luna; their respective market value was falling to the lower level of $60 billion they once had. This plunge has caused concerns that extend beyond its small portion of the stablecoin market. TerraUSD’s Model TerraUSD was tied to the token Luna where the price was determined according to the marketplace. Since one UST could be defined as equivalent to the value of $1 in Luna which meant that even though Luna’s value for UST will differ, the holder of one dollar in UST will always receive the value of $1 in return. This created arbitrage rewards for traders, which were created to maintain values of UST close to $1. Critic’s point of view Some considered UST as a brand new type of Ponzi scam. Others were more polite and stated that Terra’s business model contained a weakness at its root – the peg of UST to Luna. They could only maintain their value when more people purchased them. Between April’s close and Luna’s collapse, Anchor burned nearly $100 million worth of UST in its reserves to meet the increasing demand for high yields. What Happened? It is unclear what caused the initial decline in the demand for UST, however, Anchor had cut its yields by 20 percent to 18 percent on May 2nd. Within a couple of days, the majority of UST was removed from Curve Finance, a decentralized exchange. Kwon announced on Twitter that his company Terraform Labs had withdrawn $150 million UST from Curve to make way for a brand new “liquidity pool” which would be launched on the exchange. However, around simultaneously, a whale swapped around $84million worth of UST for a currency known as the USD Coin, through the exchange.

Category:

Tag: cryptocurrency, trading

Description: Since the beginning of the week, the cryptocurrency markets have been under severe pressure. Bitcoin dropped to its lowest level since January. Currently, due to slumping equity markets, cryptocurrencies are trading in line with so-called riskier assets such as tech stocks. This means that factors that have historically affected stock markets, such as rising inflation and geopolitical crises or concern about tighter monetary policies are also impacting crypto markets. Experts say that the crypto market is also closely following the stock market. This, combined with mainstream adoption and the slumping price we saw at the start of the year, makes it more intertwined with macroeconomic factors. Similar trends have been observed in Ethereum as well. Experts also believe TerraUSD (UST), a major stablecoin, also played a part in Bitcoin’s collapse last week. UST was supposed to be pegged at the $1, but it plummeted to 12 cents and then collapsed in a panic-driven run by investors who hold their tokens. Officially, the Terra blockchain has been halted. Meanwhile, smart contract platforms Solana & Avalanche dropped close to 40%. Terra’s cryptocurrency Luna lost a chaotic 97% because of algorithmic stablecoin UST being de-pegged from the USD, which fell to as low as 22 cents. The algorithmic stablecoins can be supported by multiple digital assets, like Bitcoin. Since December 25, 2021, Bitcoin has not been above $50,000. Despite all the volatility, Bitcoin is still above its January low of $34,000, which is the lowest point in 6 months. Bitcoin’s value has dropped 40% since November 10, when it reached its record high of $68,000. This was due to inflation and a slow recovery in the job market.

Category:

Tag: cryptocurrency, trading

Description: Terra Luna is down 100 percent as per data gathered from different sources. In the wake of the massive decline, crypto exchanges have started to delist cryptocurrency. Following the meteoric crash of Terra Luna, international cryptocurrency exchanges have delisted the cryptocurrency off their lists. Additionally, Terra Luna has also been removed from Indian cryptocurrency exchanges, such as LendenX. This is a good decision by exchanges as it is aimed at safeguarding the investors. Furthermore, exchanges have delisted LUNA to avoid new investors from gaining access to the cryptocurrency. Current Stance on Terra Terraform Labs, located in Singapore and is an affiliate of the non-profit Luna Foundation Guard that supports the cryptocurrency Terra ecosystem, has announced that it would stop all the development of new activities on the stablecoin late Thursday to limit any further harm. In its tweet, it stated "The Terra blockchain was officially halted at a block height of 7603700”, it further added "Terra validators have decided to halt the Terra chain to prevent governance attacks following severe $LUNA inflation and a significantly reduced cost of attack," also quoted by the Twitter verified account. Terra LUNA had a great crash amid the TerraUSD, also known as a stablecoin at the de-pegging fiasco, and has been going into the depths since then. The change comes just after the cryptocurrency Terra Luna almost evaporated while seeing its price fall and lower in the last week. The cryptocurrency has been trading 99.57% lower at $0.01503 as per CoinMarketCap information. Concerning the dire state, Terra Luna's co-founder Do Kwon on Wednesday stated that it would be backed by reserves in the future, to stabilize the cryptocurrency by changing its complicated pegging mechanism. Also, Kwon announced the "recovery strategy" in a series of tweets saying that the company would look for additional funding from outside sources to "rebuild" TerraUSD so that it is secured. This means it will be secured by reserves rather than relying upon an algorithm to ensure the 1:1 dollar peg. Stablecoins are digital currency that is tied in value to conventional assets, including the US dollar. They are widely used in times of uncertainty in the cryptocurrency market and are a popular medium of exchange. They are often utilized by traders to move money across and invest in the value of other cryptocurrencies.

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Tag: cryptocurrency, trading

Description: Have you ever gone out to eat with friends at a fancy restaurant, and when the bill comes, realize you accidentally left cash inside your other jacket? Or that the only way you can pay is by using pay over there or swipe your credit card? We've all been there! Luckily, outsourceable services make things like money transfer fast and easy. For example, there are Peer to peer transaction examples offering services like the ever-popular Paypal. It created a whole new industry of peer-to-peer payments possible, whereby anyone with access to a smartphone can send or receive funds from almost anywhere on a 24-hour basis. When you add an outsourced payment manager for businesses, you have unparalleled options for handling anything from splitting dinner bills between friends with colleagues to paying rent through your business account, which is tremendously advantageous for businesses struggling with cash flow issues. It is easier to pay for things nowadays with technology and websites similar to PayPal. Today, it is possible to pay for things through your mobile phone. So in 2017, people are finding it handy more than ever before!

Category:

Tag: cryptocurrency, trading