![]() ![]() ![]() Meanwhile, crypto firm Celsius said it “was not and is not involved” in any Luna bailout, while Alameda Research, Galaxy, Jane Street and Jump Crypto were said to be among those in discussions over financing. Terraform Labs, which powers the Terra blockchain, is backed by firms including Galaxy Digital, Pantera Capital and other players in crypto.Īmong the firms that were approached via a round robin in the latest financing attempt were Nexo and crypto banking app Cashaa, which declined to participate. Luna also fell considerably, dropping to as low as $US2.35. It fell to a low of 60 cents on that day, and reached a further low of around 20 cents in another crash on Wednesday, taking its market value down from $US18.4 billion to $US5 billion. ![]() But on Monday, all of the mechanisms that were supposed to keep UST stable weren’t. In summary, it’s the crypto dream.Ī month ago, the future looked bright for Terra and its main backer Do Kwon: A consortium called the Luna Foundation Guard aimed at providing collateral for Luna - then at an all-time high value of $US119 - had bought more than $US1.5 billion in Bitcoin to shore up UST’s peg, with its members reading like a Who’s Who of crypto. By using software programs to manage the token’s volatility, the opportunities for profiting off arbitrage are even greater - DeFi lender Anchor Protocol was known for offering market-beating rates of up to 20 per cent to traders willing to deposit UST on its platform. The point of projects like UST is to enable crypto traders to make transactions easily and quickly without needing to leave the digital asset ecosystem, rely on intermediaries or worry about the value of their coins going up and down. Terra founder Do Kwon is now attempting to raise $US1.5 billion from new and old investors alike to provide more collateral to UST, hoping to rebuild the token’s liquidity Credit: Bloomberg ![]()
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