CoinMarketCap: UST stablecoin loses its USD peg, falling as low as $0.60, after the Luna Foundation Guard pledges $1.5B of its bitcoin reserves to support UST
Despite Loan From Bitcoin Reserves The Block : Crypto researcher unpacks why UST broke down and what happens next Brian Newar / Cointelegraph : Terra peg mechanism in doubt as UST crashes to $0.67 Ryan Weeks / The Block : Binance suspends LUNA and UST withdrawals amid market turbulence Ivan Maltsev / Coinmonks : TerraUSD (UST) — Part 1 Jamie Redman / Bitcoin News : UST Rebounds From $0.66 per Coin to $0.93, Crypto Community Assesses Stablecoin's Damaged Reputation Mashable : What the heck is UST and why is it causing crypto chaos? Muyao Shen / Bloomberg : Terra Blockchain Backer to Lend Bitcoin After UST Losing Dollar Link The Mint : Grey skies are here — The impact of this week's market turbulence has mutated across asset classes … Samyuktha Sriram / Benzinga : Dogecoin Creator Says This Will Make You Lose Faith In ‘Crypto Bros’ Coin Metrics' State of the Network : Coin Metrics' State of the Network: Issue 154 Manuel Ariza / Noticas Crypto : UST vuelve a despegar 📉, Luna se bloquea y liquida BTC 🌕, cómo construir un DAO 🛠️ JC Francis Enriquez / CoinQuora : UST Bounces Back to $.99 Following $1.5 Billion BTC Dumping Lachlan Keller / Forkast : Run on UST cuts the ground from under Terra's feet Simon Taylor / Fintech Brain Food 🧠 : Fintech 🧠 Food - 15th May 2022 - Fintech is dead, long live Fintech. Stripe's Plaid competitor, and Stablecoin implosions. Dennis Mugambi / Cryptopolitan : UST falls to $0.65: Luna's market capitalization plummets 44% Blog Tien So : Cơ chế neo Terra bị nghi ngờ khi UST giảm xuống 67 xu Tweets: @jonwu_ : An $18 billion stablecoin is losing its dollar peg with all the magical chaos of algorithmic stables, with a dash of Bitcoin systemic risk drama. Here's everything you need to know. The $UST Depeg Thread: 👇 @stablekwon : 1/ The LFG Council just voted to deploy 1.5B in capital (0.75B in BTC, 0.75B in UST) to allay market concerns around UST. Some more context on why and how: https://twitter.com/... Michael Saylor / @saylor : MicroStrategy has a $205M term loan and needs to maintain $410M as collateral. $MSTR has 115,109 BTC that it can pledge. If the price of #BTC falls below $3,562 the company could post some other collateral. See slides 11-12 in Q1 2022 presentation. #HODL https://www.microstrategy.com/ ... @hasufl : Binance book is empty. Never seen that before https://twitter.com/... Tracy Alloway / @tracyalloway : Crypto: The financial system's broke! We need something better! 2008 was crazy! Also crypto: Here are a bunch of volatile assets in a liquid wrapper pegged one to one with the dollar. https://twitter.com/... @sbf_ftx : Just as the outside view skeptics predicted, during a large market move a stablecoin blew out. Just not the stablecoin they predicted. Which was predictable, if you knew the details. This isn't a comment about good vs bad—it's about how important it is to know the details! Joe Weisenthal / @thestalwart : Someone made this point earlier, but it speaks to the profitability of crypto that private sector bailouts are so common in the space. It's worth a lot to keep the status quo going. Worth watching to see if the dynamic evolves. @kevinsekniqi : THIS IS THE GREATEST SHOW ON EARTH RIGHT NOW. @terra_money : 1/ Liquidity brawl behind the scenes amid material $UST peg deviation on third-party venues. Fighting back. More updates are incoming #LUNAtics. Hang on, fam. Here are some resources to combat misinformation: Doug Colkitt / @0xdoug : 1/ Fascinating little phenomenon happening in the Uniswap UST/USDC pool right now... The price in the pool is basically “stuck” at $0.952, despite the actual market price being $0.93. https://twitter.com/... @terra_money : A-Team is assembling. Erik Voorhees / @erikvoorhees : People in tradfi making fun of UST... not realizing their stablecoin also depegged by 8% this year. @cyber_hokie : I keep seeing people call this a coordinated attack on UST as if that is supposed to somehow assuage concerns and mitigate confidence loss. If it's so fragile that it can be attacked so easily, this won't be the last time. Alex Hern / @alexhern : More people should understand that “a stablecoin fell 30%” isn't a “Stonks falling” story, it's a “Barclays called and told you that they're going to take a third of the money in your bank account away” story J◎e McCann / @joemccann : Do you think they would let $LUNA fail? The amount of adjacent money in the Terra ecosystem is way too big to let it fail. Molly White / @molly0xfff : “stablecoin” is about as accurate a term as “smart contract” @petermccormack : There was a lot of focus on the MicroStrategy average price and whether the BTC price falls below this. Acquiring +115k #bitcoin will always move the market. @saylor, I imagine, is thinking cycles ahead of anyone thinking about the current price v average price. https://twitter.com/... @jonwu_ : It's worth noting you can always redeem 1 $UST for $1 worth of $LUNA, even if $UST is worth <$1. It's meant to be a stabilizing mechanism: If $UST is trading at $0.99, arbitrageurs can buy it and redeem it for $1 of $LUNA. Ryan Sξan Adams / @ryansadams : Let's call it what it is. Luna was reckless and now they're going to bring the wrath of the regulators on this industry. They'll demand stablecoins issuers be regulated like banks. They won't differentiate between a DAI, FRAX, or UST. Who can blame them after this shit show? @timbray : [Waiting for the big $USDT print...] @trustlessstate : UST 😬😬😬 https://twitter.com/... @carnage4life : A stablecoin that's always supposed to be $1.00 is currently trading at $0.93. Can someone who's good at crypto explain this to me? https://twitter.com/... @antoniogm : Crypto Twitter is watching the UST peg like the markets once watched George Soros ‘break’ the Bank of England's sterling peg to the Deutschmark in the early 90s, forcing the UK out of the proto-euro. Mike Daodas / @mdudas : everyone's like “stop being mean to $ust, don't kick a founder while he's down” bruh, the guy literally nuked any human who was like “hey, this thing might not be totally economically sound” off the earth with an army of tens of thousands cry somewhere else Michael Koziarski / @nzkoz : Algorithmic pegs never made sense to me... did it maybe never make sense to anyone else either? https://twitter.com/... Joe Weisenthal / @thestalwart : So it didn't get as much attention as other stuff in the interview. But I actually asked @SBF_FTX about this whole $LUNA / $UST situation a couple weeks ago. His answer: “You know how this plays out.” From the transcript: https://www.bloomberg.com/... https://twitter.com/... @crypto : After stablecoin UST lost its dollar peg, Do Kwon and the Luna Foundation Guard are issuing $1.5 billion worth of loans to stabilize the token https://www.bloomberg.com/... @officialtravlad : Erm..... UST on sale? Buy of the day? Wtf NOT FINANCIAL ADVICE LOL https://twitter.com/... @mylifeindefi : 1/ To help others understand the $UST arbitrage and why the peg doesn't come back straight away... There are some parameters that determine the spread when minting and burning $UST / $LUNA. The more mint/burn happens in a day, the higher the spread. #terraluna @terra_money : 3/ UST is backed by user on-chain activities and Terra economy demand (i.e., Terra network economic activity + corresponding cashflow): https://twitter.com/... @darealmilkbagz : BREAKING: THE UST PEG Jack / @forgash_ : A very important note about this is that the true peg, the on-chain peg, never deviated during all of this market madness. On ETH-based swaps, yes, there was a deviation and this is exactly why the mystery wallet had to bridge to make these swaps. https://app.flipsidecrypto.com/ ... https://twitter.com/... https://twitter.com/... Zack Guzmán / @zguz : .@terra_money set out to challenge the entire status quo of the traditional banking system A decentralized stablecoin has never existed on UST's scale. High reward comes with high risk. It would be naive to think there aren't a lot of very powerful people who want to see it fail Chad Barraford / @cbarraford : The $UST peg will be restored. Ignore the FUD. Dave Lauer / @dlauer : The entire crypto world is glued to their screens as usdt unpegs (flashbacks to 2008 right now) and the other 99% of the world has no idea this is even taking place. https://twitter.com/... @kevinsekniqi : This battle is insane. https://twitter.com/... @martiniguyyt : (I just converted $50k #USDT to #UST to make a quick 5% assuming the price recovers) @trader1sz : i dont even feel safe holding usdt anymore Guillermo Torrealba / @guilletorrealba : “...the Luna Foundation Guard said it would defend the stablecoin...” Decentralized https://twitter.com/... @coindesk : JUST IN: The $UST stablecoin has lost its dollar peg for the second time in 48 hours, falling to as low as $0.98 on Monday. By @skesslr https://www.coindesk.com/...