UST Depeg Following

May 20,2022
Terra Published an Amendment to Proposal 1623, Including Increasing Genesis Liquidity KingData News: Terra proposes the following amendments to proposal 1623 based on community feedbacks: 1. Increasing genesis liquidity: For pre-attack UST holders, post-attack LUNA holders, and post-attack UST holders, the initial liquidity parameters have been modified from 15% to 30% to increase token supply at launch & mitigate future inflationary pressures. 2. Introducing a new liquidity profile for pre-attack LUNA holders: Wallets with < 10k LUNA will have the same genesis liquidity as the above groups (i.e., 30% unlocked at launch), and have the remaining 70% vested over 2 years with a 6 month cliff. 3. Decreasing distribution to post-attack UST holders: The allocation for post-attack UST holders has decreased from 20% to 15% to ensure the de-peg related allocation is on par with the original stakeholder (pre-attack $LUNA) allocation.
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UST Depeg Following

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.
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