According to CoinDesk's Emily Parker, there are indications of advancement in Do Kwon's home country despite the ongoing impact of Terra's downfall.
The simultaneous crashes of Terra's UST stablecoin and LUNA fuelled the market-wide fall in May, which investors are currently recuperating from. However, Do Kwon and his team's rehabilitation efforts have restarted LUNA following this upheaval. In addition, its counterpart Terra LUNA Classic, as well as LUNA, have soared in recent days.
An exploiter was able to drain four synthetic asset pools from the Mirror Protocol due to a bug in the pricing oracle software for Terra Classic validators.
SAN FRANCISCO (KRON) – Luna, a cryptocurrency tied to the stablecoin TerraUSD, is now basically worthless. According to coinmarketcap.com, Luna was worth $0.01862 as of midday Thursday.
New LUNA coins are minted to stabilize the price of Terra stablecoins. Anchor is a money market and savings protocol built on the Terra blockchain. Being decentralized, it puts together three financial primitives: payments, investing and savings. It allows Terra stablecoin holders to earn a stable 20% APY.
Luna had been one of the most valuable cryptocurrencies. So what is Luna anyway? Luna is a South Korean-based traditional cryptocurrency whose value is tied to a stablecoin called Terra. Terra, in turn, is supposed to be tied to the United States dollar.
Many people lost their life savings and suffered financial hardships due to the Luna crypto crash. If you do a quick search online, you’ll find many of these terrible stories. Many loyal Luna fans (who referred to themselves as “Lunatics”) took to Reddit threads to share their disastrous stories.
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