In what may have marked the largest token collapse in crypto history, Terra’s $40 billion stablecoin juggernaut crashed last week. Terra’s UST stablecoin, which is supposed to stay “pegged” to the price of the dollar, plummeted below 10 cents. LUNA, which UST’s “algorithm” uses to help prop up the stablecoin’s dollar peg, dropped from $80 to below 1 cent amid the turmoil.
Kwon Proposes Forking Terra, Nixing UST Stablecoin in ‘Revival Plan 2’
