Terra cotta | Financial Times

Good news everyone!

His plan is to extract Terra, the algorithmic Stablecoin, which Detached from his peg On Monday, and since then it has ignited billions of venture capital.

So far, the program has failed spectacularly:

Here’s what happened overnight. The Luna Fund Council, Tara’s central bank, tried to protect the linkage by lending instead of eliminating the recently acquired Bitcoin reserves, and at the same time undertook to buy Bitcoin using local Tara currencies for some reason:

Terra’s great council was Reported overnight Also raise crypto investors hoping to raise another billion dollars or so. According to reports, the defense financing package included the issuance of a luna, the administration token of the protocol, at a 50 percent discount.

Perhaps unsurprisingly, a proposal to raise cash by placing an effective short position on its own stablecoin matrix has not helped restore investor confidence. At Pixel, UST’s market value of $ 5.5 billion is guaranteed by Luna’s market value of less than $ 1.9 billion.

And so, after the floor disappeared, merchants (who identify themselves as crazy) abandoned the Luna-UST replacement mechanism and instead rushed out. Relaxations did not have much effect:

And as the sun sets over Luna-Terra’s magical magic experiment, there’ll be plenty of opportunities I’ve told you. To start us off, here is a good one from Crypto Promoter Richard Lev It comes straight to the point:

Terra cotta | Financial Times Source link Terra cotta | Financial Times

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