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"Stablecoin" TerraUSD has completely collapsed(hexbear.net)

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amber2 [she/her,they/them]@hexbear.net
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chapotraphouse@hexbear.net
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Its market cap last week was 18 billion, and it’ll probably reach 0 in a day or two

Its complementary coin, TerraLuna, which can usually be exchanged for Terra, is down 97%

:brrrrrrrrrrrr: :stonks-down:

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amber2 [she/her,they/them]@hexbear.netOP
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Seems like there was a system where you “burn” Terra in exchange for Luna, which is basically an IOU for Terra that you could cash when the price recovered. If there is no faith that the price will recover, the IOUs are worthless

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spring_rabbit [she/her]@hexbear.net
30 points

Hmm, yes.

Well I hate this new internet.

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chapotraphouse

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