If UST falls below its dollar peg, it’s possible to acquire the discounted stablecoin and subsequently swap (and destroy) it for $1 in LUNA.Īn investor can earn handsomely while also eliminating UST from circulation and increasing demand for stablecoin. When LUNA is exchanged for UST, however, that LUNA is destroyed.įor astute investors, this presents an appealing arbitrage opportunity. The UST transferred for LUNA is destroyed and removed from circulation each time this swap is done. One UST may always be exchanged for one LUNA and vice versa. On the other side, some community members defended the decision, claiming that Binance CEO Changpeng “CZ” Zhao saved many investors from liquidation by selling a stablecoin for $0.70. As impressive as the relative numbers are, the price is a far cry from its 100 price in April. This as most cryptocurrencies saw minimal gains. The community has reiterated the term “not your keys, not your coins” since clients worldwide cannot withdraw their assets and cited the suspension of Binance’s funds as one of the fundamental disadvantages of a centralized crypto exchange. The value of Luna Classic, LUNC, is up over 70 for the week and up over 44 for the month, hitting 0.000365 mid Sunday as traders awaited final token burn numbers from Binance. Users and community members’ reactions to this suspension
The Terra stable coins price is maintained by LUNA, which decreases market volatility and keeps the price stable. Luna (LUNA) and TerraUSD (UST), the Terra network’s native currencies, are two blockchain-based initiatives created by Terra Labs in South Korea.
( 09-08) Binance Adds BAND, FLM, STMX on Cross Margin & New ADX, PROM, PROS Isolated Margin Pairs.
Withdrawals were paused “due to a large level of pending withdrawal transactions,” with the business promising to resume them once “the network is stable, and the volume of pending withdrawals” has decreased. Binance Upgrades Options Market Maker Program () ( 09-08) Binance NFT: Important Updates on The Sandbox NFT Staking Program and Polygon Network Support. The withdrawal of Terra’s LUNA and UST tokens has been “temporarily suspended,” according to Binance’s official website. Fellow Binancians, Binance will list Terra 2.0 (LUNA) in the Innovation Zone and will open trading for LUNA/USDT and LUNA/BUSD trading pairs at 06:00 (UTC). As the crypto community continues to figure out Terra’s ongoing pegging-de-pegging dilemma about its stablecoin offering TerraUSD, Binance momentarily restricted withdrawals for LUNA and UST on Tuesday regarding its stablecoin offering TerraUSD (UST). Binance Will List Terra 2.0 (LUNA) in the Innovation Zone LUNA (old) Renamed as LUNC.
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