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Terra’s LUNA Crashes 95% As Investors Mull Recovery Plan

·1 min read

Yesterday was a bad day for the Terra ecosystem. Today is worse.

Heavy selling saw LUNA crash 97% to a low of $0.69 before bouncing to $2.50 in midday trading New York time.

<em>LUNA is tumbling.</em> Source: Binance
LUNA is tumbling. Source: Binance

A crisis of confidence in UST, Terra’s native stablecoin, has escalated after founder Do Kwon tweeted a recovery plan that would increase daily minting capacity from $293M to $1.2B in an attempt to absorb excess UST supply more quickly.

UST, which rebounded to $0.93 yesterday, reversed course and hit a low of $0.22. It’s currently trading around fifty cents on the dollar.

UST’s implosion marks a dark day for DeFi. Many users who attempted to ride out the bear market by parking their stablecoins in Anchor for its fixed yield find themselves saddled with a massive loss.

A rumoured bailout from Terra’s VC backers seems to have fallen through.

Read the original post on The Defiant