TerraUSD (UST) is a stablecoin hosted by the Terra network and created by Singapore’s Terraform Labs. TerraUSD is one of a number of Terra stablecoins pegged to key currencies. (Another example is TerraKRW, pegged to the South Korean won.)
Will Luna recover?
Of course the coin has potential to recover but it comes at a time of uncertainty in the market. There is currently a general downturn for cryptocurrency with many coins losing a quarter of their value as investors appear to be moving towards safer investments amid the current financial market.
Kwon took to Twitter to share details of his Luna recovery plan. He said he is now attempting to stabilise the unprecedented crypto price crash by introducing a mechanism for collateralized UST.
Stablecoins like Tether and USDT are collateral-backed stablecoins with their values being pegged to $1. This is unlike algorithmic stablecoins like UST, which do not possess any collateral and work through algorithmic smart contracts to maintain price equilibrium. The mechanism involves burning and minting UST/LUNA to retain price stability.
What is the price of Luna today?
The Luna price is $0.03, a change of -97.45% over the past 24 hours as of 5:00 p.m. The recent price action in Luna left the token’s market capitalization at $1,340,568,066.36 USD.
How many Terra Luna coins are there?
Latest indications suggest the supply of Luna coins in circulation went from a few hundred million to now 6.9 trillion, with the token trading at levels virtually near zero after hitting an all-time high of $119 just last month.
