Während sich Marktführer Bitcoin gegen den Crash wehrt, ist das Spiel für Terra/LUNA nun wohl völlig vorbei.
UST debacle pulls Terra (LUNA) from $80 to $0.024 in a week: here’s where to buy LUNA
Following the Terra’s TerraUSD (UST) stablecoin misfortunes after it de-pegged from the US Dollar, the price of LUNA, which is Terra’s native token, has crashed from above $80 to about $0.023. The fiasco surrounding the UST has sent shock waves across the entire crypto market and specifically the algorithmic stablecoins.
Following the UST de-pegging, the co-founder of Terraform Labs, Do Kwon, announced a “recovery plan” in a series of tweets, saying the company would seek additional outside funding and “rebuild” TerraUSD so that it is collateralized.
Today, in the evening, the Terra blockchain was officially halted at a block height of 7603700 to prevent governance attacks following severe LUNA token inflation and a significantly reduced cost of attack.
To help investors and traders who want to take advantage of the current Terra (LUNA) dip by purchasing it at its current low price, Coinjournal has created a brief article to help with identifying the best places to buy it.
To find out more, please continue reading.
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What is LUNA?
LUNA is the native cryptocurrency of the Terra blockchain.
The Terra blockchain uses fiat-pegged stablecoins to power a stable global payment system. In a nutshell, Terra leverages the stability of Fiat currencies and the decentralized nature of Bitcoin (BTC) to offer fast affordable settlements using stablecoins.
Besides its recently released native stablecoin, TerraUSD (UST), a number of other stablecoins pegged on the US Dollar, the South Korean Won, the Mongolian tugrik, and the International Monetary Fund’s Special Drawing Rights basket of currencies have been developed and deployed using Terra blockchain
Besides LUNA being used as a stabilizer of the various stablecoins developed via Terra, LUNA holders can also vote on Terra governance proposals.
Should I buy the LUNA coin today?
If you are looking for a cryptocurrency that has taken a massive dive over the past few days, then LUNA could be a good choice.
Despite the coin offering a great opportunity if it recovers, it is still not clear how far the price of LUNA will go. The coin has been dropping by almost 100% every day in the past four days.
LUNA price prediction
There are fears that the price of LUNA could slide below $0.01 before attempting a comeback, which would require a lot of work from the team behind the project as they actualize the proposed “recovery plan.”
Terra social media coverage
The Terra blockchain has resumed block production.
Delegations are disabled now that the chain is live with the new code merge.
Validators, please check the Discord announcements for the latest patch notes. https://t.co/CGQgfMDWQe
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 12, 2022
1/ The prevailing peg pressure on $UST from its current supply overhang is rendering severe dilution of $LUNA.
The primary obstacle is expelling the bad debt from UST circulation at a clip fast enough for the system to restore the health of on-chain spreads.
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 12, 2022
The post UST debacle pulls Terra (LUNA) from $80 to $0.024 in a week: here’s where to buy LUNA appeared first on Coin Journal.
Fantasy NFT trading platform Sorare Partners With Major League Baseball
Sorare, a fantasy football game that allows players to trade, sell, buy, and manage their virtual team with digital player cards, has announced that it has partnered with Major League Baseball (MLB).
Sorare platform is one of the largest fantasy NFT platforms and it was valued at $4.3 billion last year.
MLB will allow its players to work together with Sorare to launch the first MLB NFT game (free-to-earn) that is expected to be released this summer.
NFT Baseball game to offer more exclusive features
As the official MLB partner, the Sorare platform will enable its fans to share and celebrate their passion through gaming. This will be the first gaming venture that Sorare has ever had beyond football.
Sorare co-founder and chief executive officer, Nicolas Julia, said:
‘’MLB has been at the forefront of interactive games for decades, while baseball has some of the oldest and most established forms of sports memorabilia. Today, as digital engagement and technology evolves for a new generation, our partnership will help a new and broader fanbase to connect with America’s pastime…The connection between Americans and baseball is enduring. And baseball has always been on the cutting edge of new technologies and innovations, so we’re proud that MLB and the MLBPA have chosen Sorare to deliver an NFT MLB Game to fans globally.”
The MLB game will allow their fans to create the best NFT teams that represent Major League players and connect with clubs, athletes, and leagues in a live Baseball game experience.
Besides, Sorare has been making progressive moves from the beginning developing some experiences that go beyond the collection of NFTs. Sorare has also been developing these experiences by combining the digital assets with free-to-play games so that the fans can be able to manage their favorite players as well as win weekly rewards and unlock utility for NFTs.
Involving the fans
With the new Baseball NFT game, there is a great opportunity for the league to attract new fans across the world as well as introduce the existing baseball fans to the other group of 1.8 million registered Sorare users across 185 countries.
Commissioner of Baseball, Robert D. Manfred Jr, said:
“The connections we build with our fans are vital and Sorare understands the importance of that bond.”
The post Fantasy NFT trading platform Sorare Partners With Major League Baseball appeared first on Coin Journal.
Terra blockchain restarts after a brief halt
Validators had halted the blockchain to prevent governance attacks as LUNA price moved towards zero.
Terra validators on Thursday moved to halt the blockchain as they looked to prevent any possible governance attacks, the Terra Twitter account noted.
Per the platform, the network was “officially halted at a block height of 7603700” with validatoes electing to take the step “following severe $LUNA inflation and a significantly reduced cost of attack.”
“The Terra blockchain has resumed block production. Delegations are disabled now that the chain is live with the new code merge. Validators, please check the Discord announcements for the latest patch notes,” Terraform Labs tweeted not long after the halt.
The Terra blockchain has resumed block production.
Delegations are disabled now that the chain is live with the new code merge.
Validators, please check the Discord announcements for the latest patch notes. https://t.co/CGQgfMDWQe
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 12, 2022
As it was, Terra’s depreciation had made it possibly very easy for malicious actors to attack the network.
The LUNA token price has tanked to $0.01, losing virtually 100% of its value in the past few days, with the ‘death’ of the coin coming amid a combination of a broader crypto crash and the collapse of the UST stablecoin after it lost its dollar peg.
TerraUSD (UST) is currently around $0.34 and is finding it hard to repeg even as Terraform Labs and the Luna Foundation Guard work to rescue the coin.
The post Terra blockchain restarts after a brief halt appeared first on Coin Journal.
SEC official says tougher US stablecoin regulations ‘closer’
US Securities and Exchange Commission (SEC) commissioner Hester Peirce has said that the stablecoin market has attracted a lot of attention this past week and that the sector could be looking at “stricter” regulations.
The top SEC official said this in comments made during an online discussion organised by the Official Monetary and Financial Institutions Forum (OMFIF). This is an independent think tank on central banking and economic policy headquartered in London, UK.
A news report by Reuters quotes the SEC official as saying that one place likely to “see some movement is around stablecoins.” She added that this follows events this week that have helped shine a spotlight on the sector.
Hester’s comments came at OMFIF’s annual Digital Monetary Institute symposium, whose panel also included Algorand CEO Steve Kokinos and former CFTC chair Timothy Massad.
UST depeg and LUNA’s collapse
Indeed, this week has seen the cryptocurrency market rocked by the crushing loss of dollar parity by the stablecoin TerraUSD (USD). The UST token fell as low as $0.25, losing its peg to the dollar by 75% amid rumours of a coordinated attack.
Apart from that, the algorithmic stablecoin’s depegging has sent the Terra (LUNA) coin to near zero (currently at $0.01), and a cascade of sell-off pressure has also pushed Bitcoin price to lows last seen in January 2021.
And with the stablecoin turmoil also seeing Tether (USDT) lose its peg earlier on Thursday, a tougher regulatory framework could be ‘closer’ indeed.
The post SEC official says tougher US stablecoin regulations ‘closer’ appeared first on Coin Journal.