UST Depeg Following

May 20,2022
Avalanche Claims That Luna Foundation Guard Has Disclosed No Plans to Use the AVAX KingData News: Avalanche provided details on its social media regarding the AVAX token reserves that the Luna Foundation Guard and Terraform Labs hold. Avalanche claimed that Luna Foundation Guard (LFG) has disclosed no plans to use the AVAX in its fork proposal. Avalanche tweeted that "Terraform Labs (TFL) purchased 1.09M AVAX, with a one year lockup. This amount represents around 0.5% of the past week’s AVAX volume. Luna Foundation Guard (LFG) purchased 1.97M AVAX, to be used for the Terra reserve pool. This allocation represents around 0.9% of the past week’s AVAX volume. Given the proposed Terra chain fork, LFG has disclosed no plans to use the AVAX."
This indicator provides follow-up on the depg of Terra's stablecoin UST on May 8th. Terra's stablecoin UST briefly lost its peg to the U.S. dollar on May 8th, dipping as low as $0.985. The depeg event came after a series of multi-million dollar UST selloffs as one account traded about $85 million worth of UST for USDC on Curve Finance, while another user reportedly sold $108 million worth on Binance. UST posted a slight recovery shortly after Terraform Labs CEO Do Kwon posted a tweet calling out the stablecoin's critics.
25,091Follow
83,897

Recommend

More