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Algorithmic stablecoins behind the collapse of LUNA and UST?
The collapse of LUNA and UST undoubtedly caused a huge upheaval in the cryptocurrency world. These two tokens based on the Terra blockchain were once seen as the epitome of algorithmic stablecoins, but it was their price volatility and the collapse of market confidence that necessitated a re-examination of this mechanism.
In this incident, UST, as an algorithmic stablecoin, was supposed to be firmly pegged to 1 dollar. However, because its stability relied on dynamic conversion with LUNA, this balance was disrupted when market confidence wavered. Especially under the impetus of the high-yield Anchor protocol, a surge in demand led to a shortage of UST, which in turn drove up the price of LUNA. However, the complexity of the internal mechanisms and excessive reliance on market confidence made it like a high-rise building made of cards, unable to withstand the wind and rain.
In this incident, UST, as an algorithmic stablecoin, was supposed to be firmly pegged to 1 dollar. However, because its stability relied on dynamic conversion with LUNA, this balance was disrupted when market confidence wavered. Especially under the impetus of the high-yield Anchor protocol, a surge in demand led to a shortage of UST, which in turn drove up the price of LUNA. However, the complexity of the internal mechanisms and excessive reliance on market confidence made it like a high-rise building made of cards, unable to withstand the wind and rain.
#una simple logic. I was reading from one of the famous Binance reviewer. That everyone I have $PEPE who sells it, their point is that its price is very low. Here I am going to put a few tokens, what was their price before this crisis and now. $BNB $710.03 now 587.02 $BTC $71,000 now 64,286 Bonk 0.00003873 now 0.00002059 Floki 0.00024873 now 0.00016803 Lunc 0.00010842 now 0.00 007788 The point is that they are all on the floor, we would have to sell not only Pepe.
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$UMA /USDT Weekly Analysis
#UNA The chart shows a bullish breakout supported by a double bottom pattern and Fibonacci retracement levels. The price is gaining momentum, suggesting further upward potential.
UMA is trading at $3,9, with a significant gain of 59%. The price has broken above the 0.618 Fibonacci level, confirming bullish continuation.
T1 : $4.810
T2 : $6.529
T3 : $7.915
#UNA The chart shows a bullish breakout supported by a double bottom pattern and Fibonacci retracement levels. The price is gaining momentum, suggesting further upward potential.
UMA is trading at $3,9, with a significant gain of 59%. The price has broken above the 0.618 Fibonacci level, confirming bullish continuation.
T1 : $4.810
T2 : $6.529
T3 : $7.915
Myth #UNA its core is a combination of three moves, each aimed at making the currency more stable and more valuable:
1. Rapid deflation without depreciation: Regardless of whether the currency price soars to the sky or plummets to the bottom, each time it supports and destroys, at least one trillion coins will be smashed, and the amount destroyed will not decrease even if the price rises. The currency will only become scarcer; everyone understands the principle of scarcity, right?
1. Rapid deflation without depreciation: Regardless of whether the currency price soars to the sky or plummets to the bottom, each time it supports and destroys, at least one trillion coins will be smashed, and the amount destroyed will not decrease even if the price rises. The currency will only become scarcer; everyone understands the principle of scarcity, right?
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