The Rise and Fall of Terra: What Happened to LUNA and UST
In the cryptocurrency ecosystem, there is never a steady pattern for projects. While some are initiated silently, others are developed on a grand scale only to fizzle out shortly, like the Terra blockchain. Once hailed as a groundbreaking project, Terra integrated decentralized finance (DeFi) with a stable digital currency, offering both high yields and algorithmic stability. However, it suffered a major setback in May 2022, losing over $40 billion in market value. This article will bring you the story of the rise and fall of Terra, LUNA, and UST, and why it is both a cautionary tale and a turning point in the evolution of digital finance.
Table of contents
The Rise of Terra
Terra was launched in 2018 by Do Kwon and Daniel Shin under the name Terraform Labs. The idea of initiating Terra was to create a decentralized stablecoin ecosystem, using blockchain-based money that could be used for real-world…
The post The Rise and Fall of Terra: What Happened to LUNA and UST appeared first on Coin Edition.
The Rise and Fall of Terra: What Happened to LUNA and UST
In the cryptocurrency ecosystem, there is never a steady pattern for projects. While some are initiated silently, others are developed on a grand scale only to fizzle out shortly, like the Terra blockchain. Once hailed as a groundbreaking project, Terra integrated decentralized finance (DeFi) with a stable digital currency, offering both high yields and algorithmic stability. However, it suffered a major setback in May 2022, losing over $40 billion in market value. This article will bring you the story of the rise and fall of Terra, LUNA, and UST, and why it is both a cautionary tale and a turning point in the evolution of digital finance.
Table of contents
The Rise of Terra
Terra was launched in 2018 by Do Kwon and Daniel Shin under the name Terraform Labs. The idea of initiating Terra was to create a decentralized stablecoin ecosystem, using blockchain-based money that could be used for real-world…
The post The Rise and Fall of Terra: What Happened to LUNA and UST appeared first on Coin Edition.