Tag: UST

Popular cryptocurrency enthusiast and YouTube investigator, Coffeezilla recently expressed doubts about the new stablecoin's legitimacy.  Stephen Findseisen, a.k.a. Coffeezilla, has called into question some of the working principles backing the newly-instituted stablecoin, USDD. Findseisen, with more than 1.1 million subscribers, describes himself as a “crypto scam investigator.” Also, he has increasingly received media attention in the past months. USDD vs. UST According to Findseisen, Justin Sun’s dealings and parallels with the almost defunct UST could be “suspicious.” Findseisen noted that…

Terraform Labs has announced plans to burn 1.3B UST from the community pool following a successful governance vote. After the "Rebirth of Terra" passed some days ago - the burn proposal is the latest in Terra's ultimate revival plan.  Terra will Absorb the UST Supply On Thursday, the burn idea, proposal 1747, passed with staggering support from the Terra community. 99.3% of participants in the vote (154.579 million) pushed for TFL to destroy a huge part of the UST supply. …

DEUS Finance's algorithmic stablecoin DEI appears to be going the same route as the ravaged Terra USD (UST). DEI is the third stablecoin to depeg from the $1 mark in the past 14 days.  DEI Drops to All-Time Low Price charts from CoinGecko show that the token failed to maintain its dollar peg starting late Sunday. Earlier today, DEI plummeted to an all-time low of 52 cents. The stablecoin has undergone a slight recovery and is hovering at $0.65 at…

Over the past few days, Terra’s stablecoin UST has depegged from the  $1 dollar mark, in a series of almost impossible events. The now failed UST coin had many backers, many believers. One of these was Kava Labs, developers of Kava network’s stablecoin USDX. On Wednesday, following UST’s collapse, the USDX followed suit, crashing to depths of $0.47. Nearly 24 hours later, the stablecoin had made some recovery to $0.89 before swinging low again to $0.56.  While Terra USD’s implosion…

Increased minting capacity leads Terraform CEO's grand plans. In response to Terra’s devastating decline this Monday, co-founder, Do Kwon promised to work alongside users in resolving the crisis.  Since Bitcoin’s accelerated dip began on Monday, UST has dropped to $0.7, then $0.48. Its present price is less than half its originally designated price peg. LUNA in turn has tanked by more than 90% in the past day.  Holders of the beleaguered digital asset hurried en masse to liquidate UST in…

On Monday, the Luna Foundation Guard (LFG) temporarily emptied its entire Bitcoin wallet of 42,530.82 BTC. Due to crypto market volatility, the foundation says it's trying to preserve TerraUSD (UST)’s peg to the dollar. According to on-chain data, the LFG’s Bitcoin wallet sent out all of its Bitcoin at 14:34 EST, only to recover 28,205 BTC just 2 hours later. Terra co-founder Do Kwon explained yesterday that the Guard voted to deploy $1.5 billion from its reserves to maintain UST’s…