CrypLogger.com
  • Home
  • Exclusive
  • Learn About Coins
  • Artificial Intelligence
  • Forecasts
  • News
  • Opinions
  • Current Prices
No Result
View All Result
  • Home
  • Exclusive
  • Learn About Coins
  • Artificial Intelligence
  • Forecasts
  • News
  • Opinions
  • Current Prices
No Result
View All Result
CrypLogger
No Result
View All Result
Home News

UST stablecoin temporarily lost its peg to the dollar

by Vaibhav
May 8, 2022
in News
0
UST stablecoin temporarily lost its peg to the dollar
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Terraform Labs co-founder comes to South Korea’s radar after Do Kwon’s arrest

Terraform Labs co-founder comes to South Korea’s radar after Do Kwon’s arrest

March 27, 2023
The Ministry of Justice launched an investigation against the creators of Saber Labs

The Ministry of Justice launched an investigation against the creators of Saber Labs

March 27, 2023

Due to the incident, the algorithmic stablecoin of the Terra ecosystem briefly lost its peg to the US dollar.

At the moment on May 8, the asset was trading near $0.98, according to CoinGecko.

In March, the Anchor community was taken decision, according to which the rate on deposits can change by a maximum of 1.5%, depending on the volume of the yield reserve (yield reserve).

According to SmartStakeover the past month, the volume of project reserves decreased by almost 44%, to 180.45 UST.

See also  Bittrex to lay off almost a third of employees

Before that, we have already observed similar incidents with Anchor – in February 2022, the protocol reserve was almost completely depleted. To prevent collapse, the non-profit organization Luna Foundation Guard (LFG) handed over to the project 450 million UST.

But now there has been no capital injection. In early May, the interest rate on deposits at Anchor for the first time has been reduced before 18%. Now its value is even lower – 17.87%.

Given this fact, users massively withdraw assets from the protocol. On May 7, Anchor’s deposits exceeded 14 billion UST – at the time of writing, the figure is 11.77 billion UST (-16%).

See also  MicroStrategy additionally bought 1,434 BTC for over $ 80 million

According to decentralized exchange Curve Finance, on May 7 “someone started selling en masse” UST, causing the stablecoin to briefly lose its peg to the US dollar. The developers noted that these actions “faced a lot of resistance” in the form of counter sales of ETH and stETH.

News of Curve Wars 🌈⚔️

Yesterday, someone started selling UST en masse, so it started to depeg. However, that was met with a great resistance, so the peg was restored. To get enough USD for that, a lot of ETH and stETH were sold also.

Aftermath? High Curve trading vol (>uni3) pic.twitter.com/ZChdZiVzcK

— Curve Finance (@CurveFinance) May 8, 2022

For example, the purchase of UST was announced by Tron founder Justin Sun, who called the move his “secret plan”. According to Etherscanhe purchased about 1 million UST using USD Coin (USDC) to buy.

I am buying #UST. 👀

— HE Justin Sun 🅣🌞🇬🇩 (@justinsuntron) May 8, 2022

Some felt that the loss of UST’s peg to the US dollar could lead to the liquidation of some of the fund’s assets. For example, this was stated by the head of the trading company Thanefield Capital under the nickname resonancethis.

See also  Visa announced readiness of small businesses to integrate crypto payments

Share76Tweet48

Related Posts

Terraform Labs co-founder comes to South Korea’s radar after Do Kwon’s arrest

Terraform Labs co-founder comes to South Korea’s radar after Do Kwon’s arrest

by Vaibhav
March 27, 2023
0

Following the arrest of Terraform Labs founder Do Kwon in Montenegro while attempting to fly abroad using fake documents, South...

The Ministry of Justice launched an investigation against the creators of Saber Labs

The Ministry of Justice launched an investigation against the creators of Saber Labs

by Vaibhav
March 27, 2023
0

Ian and Dylan Macalinao case continuesSaber Labs founders used fake identities to pump TVL SolanaNow the US Department of Justice...

Avalanche developers will be able to deploy nodes directly to AWS

Avalanche developers will be able to deploy nodes directly to AWS

by Vaibhav
March 27, 2023
0

Ava Labs has entered into an agreement with AWSThe company was able to directly deploy nodes on the Amazon networkAgainst...

The crypto community is worried about the collapse of banks

First Citizens BancShares buys out part of Silicon Valley Bank

by Vaibhav
March 27, 2023
0

First Citizens BancShares to acquire assets SVB worth $72 billion at a discount of $16.5 billion. This follows from the...

Samsung Launches Bitcoin ETF on Hong Kong Exchange

Samsung Launches Bitcoin ETF on Hong Kong Exchange

by Vaibhav
March 27, 2023
0

It will track the fluctuation of the spot price of bitcoinThe fund invests exclusively in futures listed on the CMETomorrow,...

Load More

Recent News

  • Terraform Labs co-founder comes to South Korea’s radar after Do Kwon’s arrest
  • The Ministry of Justice launched an investigation against the creators of Saber Labs
  • Avalanche developers will be able to deploy nodes directly to AWS
  • First Citizens BancShares buys out part of Silicon Valley Bank
  • Samsung Launches Bitcoin ETF on Hong Kong Exchange
  • Urgent: First Citizens buys Silicon Valley Bank – branches open on Monday
  • Gemini officially ends the Earn program
  • FTX “suddenly found” $5 billion
  • Hong Kong crypto firms show interest from Chinese banks: report
  • 1inch partners with Beefy yield optimizer
  • SEC sues Genesis and Gemini
  • $4M ‘exit scam’ suspected as Kokomo Finance disappears from radar, tokens plummet
  • Nexo office in Bulgaria stormed by police
  • Canadian crypto exchanges Coinsquare and WonderFi are discussing the idea of ​​a merger
  • Miss Universe from El Salvador performed with bitcoin accessories
  • Polygon to hard fork next week
  • Bitcoin storms the $19k mark. Macro data review
  • Crypto.com announces layoffs
  • FTX liquidators lost about $74,000 due to…
  • Bill Gates does not consider Web 3 and the metaverse to be a revolution in the Internet

Follow Us On Twitter

  • Home
  • About Us
  • CCPA
  • Contact Us
  • DMCA
  • Privacy Policy
  • Terms of Use
Email: contact@cryplogger.com

© 2021-23 Cryplogger.com
CrypLogger is a cult magazine about bitcoin, blockchain technology and the digital economy. Every day we supply news and analytics on the cryptocurrency market since 2021.

No Result
View All Result
  • Home
  • Artificial Intelligence
  • Forecasts
  • News
  • Opinions

© 2021-23 Cryplogger.com
CrypLogger is a cult magazine about bitcoin, blockchain technology and the digital economy. Every day we supply news and analytics on the cryptocurrency market since 2021.

Go to mobile version