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Terra Price Chart

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90 Days Average: LUNA

Terra was founded in January 2018 to facilitate the mass adoption of cryptocurrencies by developing digital native assets that are rate-stable towards the world’s top fiat currencies. Keeping in mind that preceding innovations in the generation of money turned into bootstrapped through massive fee networks (Alipay with Taobao, Paypal with eBay, Visa with banks), Terra was born with the help of the Terra Alliance.

Terra Alliance-15 big e-commerce corporations in Asia process 25 billion USD in annualized transaction volume and forty-five million users. For the first time, by accepting and engaging mass-market payment users, it will be able to launch a blockchain payment network to the scale it deserves and facilitate more efficient products and uses through its infrastructure. The Terra Protocol’s project is to free people from the hidden costs embedded in regular international payments. They purpose to strip away inefficiencies by using blockchain technology to offer balance and adoption by using e-commerce structures. This protocol is created by Luna Token, Terra core, and CHAI.

The Terra Protocol works with a Tendermint Delegated Proof of Stake algorithm and Cosmos SDK. It aims to become a brand new global financial infrastructure that can create unique DApps. Terra has designed a stable coin used as a charging method and blockchain payment solution. If you need to become a validator, you should demonstrate funding in the Terra protocol by staking their Luna tokens.

At one point on 08 May, the stablecoin TerraUSD, or UST, crashed almost entirely and lost its $1 peg (€0.96) to the dollar, sinking to a low of $0.26.

Terra was ranked among the ten most valuable cryptocurrencies and reached last month at almost $120 (€115.28). TerraUSD’s sister token Luna crushed by more than 97 percent on Wednesday, dropping below $0.22. By Friday, Luna collapsed to nearly $0.

How and why did the Luna crash happen?

UST, founded by Terraform Labs, is an algorithmic stablecoin. It uses a complex mix of code and Luna to stabilize the process instead of having money and other assets held in reserve to back its token. The idea of an algorithmic stablecoin is instead of having a backing reserve, you have a messy, lower-quality banking reserve. It’s a way to claim that you’re building a stable thing out of dangerous things. Luna was supposedly a governance token, which is a way to pretend that Ponzi money is not made-up Ponzi money.

Things were made even more complicated after Terra’s creator, Do Kwon, purchased $3.5 billion (€3.3 billion) worth of Bitcoin to support UST in a crisis.

Kwon’s Luna Foundation Guard then said in a tweet it had withdrawn 37,000 Bitcoins – worth more than $1 billion (€962,000,000) at current prices – to lend out.

The company said “very little” of the borrowed Bitcoins have been spent, but it is “currently being used to buy” UST. Many worries that the Luna Foundation Guard will sell a large part of its Bitcoin to support UST.

But the Terra saga has not just knocked the price of Bitcoin and Ether but also the world’s largest stablecoin, Tether, which sank as low as $0.98 on Thursday and again is meant to have a $1 peg.

There are also concerns about if Tether also has enough assets to support its intended $1 peg. The company had said all its tokens were backed by dollars held in reserve.

Tether relied on a range of assets, including commercial paper, a form of unsecured debt, to back its token after a New York attorney general settlement last year.

With much doubt over how stablecoins are backed, regulation will likely come fast.

But regulation is too late for the many that may have lost their life savings in this newest saga.

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