Global cryptocurrency exchange Binance has suspended trading pairs with Terra ecosystem cryptocurrencies, Luna and TerraUSD (UST), on its platform after the big crash of algorithmic stablecoins.
Binance comfirmed Spot trading for the LUNA/BUSD and UST/BUSD trading pairs was suspended on May 13. It is unclear when the withdrawals from LUNA and UST will continue, as the cryptocurrency exchange simply said it will wait for the issues with the Terra network to be resolved.
It’s one of the most significant black swan events since Bitcoin’s inception, the latest move by the world’s largest cryptocurrency exchange by trading volume.bitcoin) in 2009.
Binance Futures Delists Coin-margined LUNA Perpetual Contracts on Thursday Despite a rescue plan Struggling LUNA and UST. Terra blockchain validators are Forced network offline May 12, to thwart a potential governance attack following the collapse of the network’s LUNA token.
Terra’s LUNA and its algorithmic stablecoin Terra USD suffered a violent crash on May 10 as UST lost its peg to $1. The system was designed to automatically maintain the peg to the U.S. dollar – failure resulted in a systemic devaluation of UST, and LUNA tokens began to be minted at an unprecedented rate.
The crash was catastrophic, as LUNA’s value dropped 95% in space within days. Terra founder Do Kwon has released a short-term roadmap in an attempt to revive the ecosystem.The proposal involves Burning $1.4 Billion in UST Simultaneously stake 240 million LUNA tokens to prevent the devaluation of the $1 peg.
This article is under development and will be updated as new information becomes available.