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” MakerDAO price rebounds as DAI holds its peg and investors search for stablecoin security “ Its been a rough couple of weeks for the cryptocurrency market. Bitcoin (BTC) price is nowhere near the price estimates of most analysts, multiple stablecoins lost their peg and the demise of one of the top decentralized finance (DeFi) platforms…
” Deus Finance’s dollar-pegged stablecoin DEI falls below 60 cents “ As the market continues to mourn over losses on the Terra UST and LUNA debacle, DEI, a stablecoin used as a collateral mechanism for third-party instruments built on the Fantom-based decentralized finance (DeFi) protocol DEUS Finance (DEUS), has failed to maintain its dollar peg,…
” CBDC activity heats up, but few projects move beyond pilot stage “ Government-issued electronic currency seems to be an idea whose time has come. “More than half of the world’s central banks are now developing digital currencies or running concrete experiments on them,” reported the Bank for International Settlements, or BIS, in early May…
” 80,000 Bitcoin gone: What’s left in Luna’s reserve wallet? “ The Luna saga continues. In a Twitter thread, the team behind the failed algorithmic stablecoin UST and the token LUNA shared precisely how much Bitcoin and crypto assets they had disposed of. The Luna Foundation Guard (LFG) also shared a promise to “compensate remaining users…
” UK Treasury en route to legalizing stablecoins amid Terra’s UST crash “ United Kingdom’s Department of Treasury, or Her Majesty’s Treasury, has reportedly decided to go ahead with regulating stablecoins as legal tender. While welcomed by the crypto community, the decision comes as a shocker due to its proximity to the recent fall of one…
” Vitalik: Terra should protect the smallholders, not the whales “ Ethereum co-founder Vitalik Buterin thinks that the beleaguered Terra (LUNA) project should prioritize small hodlers as part of any proposed reimbursement plan. As widely reported, the Terra eco-system suffered a death spiral around May 9 which resulted in LUNA tanking 100% and the Terra…
” $1.9T wipeout in crypto risks spilling over to stocks, bonds — stablecoin Tether in focus “ The cryptocurrency market has lost $1.9 trillion six months after it soared to a record high. Interestingly, these losses are bigger than those witnessed during the 2007’s subprime mortgage market crisis — around $1.3 trillion, which has prompted…
” Crypto Biz: Luna’s meltdown will live on in infamy, May 5–11, 2022 “ Terra’s meltdown forced cryptocurrency investors to ask a question they never thought was possible: Will TerraUSD (UST) or Terra (LUNA) reach $1.00 first? The magnitude of this question provides a sobering reminder of just how quickly things can change in crypto….
” Breaking: Do Kwon proposes Terra revival, including token redistribution plan “ Terraform Labs co-founder Do Kwon has tabled a proposal to preserve the Terra ecosystem following the historic de-pegging of its algorithmic stablecoin, UST, and the resulting death spiral that plunged LUNA tokens to practically zero. In a Friday post on Terra’s research forum,…
” What happened? Terra debacle exposes flaws plaguing the crypto industry “ The past week has been a dark period in the history of crypto, with the total market capitalization of this industry dipping as low as $1.2 trillion for the first time since July 2021. The turmoil, in large part, has been due to…