fUSD stablecoin launch and rumors of Cronje’s return send Fantom (FTM) price higher

fusd-stablecoin-launch-and-rumors-of-cronje’s-return-send-fantom-(ftm)-price-higher

FTM price recovers from its May 12 low after the launch of the fUSD stablecoin and the possible return of Andre Cronje. After a strong 2,000% rally in early 2021, Fantom (FTM) price collapsed alongside multiple altcoins and even though the blockchain has an impressive capability, it has yet to find mass adoption due to … Read more

Do Kwon shares LUNA burn address but warns ‘LUNAtics’ against using it

do-kwon-shares-luna-burn-address-but-warns-‘lunatics’-against-using-it

Upon a persistent request from the Terra community, Kwon went against his initial plan and publicly shared a burn address for LUNA on May 21. The recent Terra revival plan announced by Do Kwon, the co-founder and CEO of Terraform Labs, received mixed reactions as many questioned the effectiveness of a hard fork in reviving … Read more

Do you have the right to redeem your stablecoin?

do-you-have-the-right-to-redeem-your-stablecoin?

Spoiler: No, stablecoin issuers do not guarantee the legal right for users to claim fiat currency back. Stablecoins are often discussed with regard to their “stability.” It is usually questioned whether a stablecoin is sufficiently backed with money or other assets. Undoubtedly, it is a very important aspect of stablecoin value. But, does it make … Read more

UST aftermath: Is there any future for algorithmic stablecoins?

ust-aftermath:-is-there-any-future-for-algorithmic-stablecoins?

The quest continues for the perfect “stand in” for the U.S. dollar. But, UST’s crash suggests that algo stables may be “inherently fragile.” TerraUSD (UST) is an algorithmic stablecoin that is pegged at $1.00. But, on the evening of May 19, it was trading for $0.083. This isn’t supposed to happen, of course, but last … Read more

Cosmos price rebounds 45% in one week despite Terra’s debacle — what’s next for ATOM?

cosmos-price-rebounds-45%-in-one-week-despite-terra’s-debacle-—-what’s-next-for-atom?

ATOM’s ascending triangle setup opens up the possibility for another major crash by June 2022. Cosmos (ATOM) emerges as the biggest gainer among the top cryptocurrencies this May 20, brushing aside the fears about its association with Terra (LUNA), an algorithmic stablecoin project whose market valuation fell by 99% last week. Cosmos TVL down from … Read more

Algorithmic, fiat-backed or crypto-backed: What’s the best stablecoin type?

algorithmic,-fiat-backed-or-crypto-backed:-what’s-the-best-stablecoin-type?

DAI has been around since 2017, which no algo stablecoins has ever matched, and it’s unlikely to share the fate of UST. TerraUSD (UST) flipping BinanceUSD (BUSD) for the third spot in the market capitalization list didn’t last long. The once-mighty stablecoin that powers the entire Terra ecosystem finds itself reduced to “Terra is more … Read more

Court documents reveal Do Kwon dissolved Terraform Labs Korea days before LUNA crash

court-documents-reveal-do-kwon-dissolved-terraform-labs-korea-days-before-luna-crash

A revelatory discovery of legal documents could provide greater context to the catalyst of the infamous LUNA and UST price crash The dramatic story of the Terra (LUNA) crash — referred to by some as the Lehman Brothers of crypto — has taken yet another remarkable turn as legal documents reveal the liquidation of two South … Read more

Terra fallout: Stablegains lawsuit, Hashed loses billions, Finder wrong and more…

terra-fallout:-stablegains-lawsuit,-hashed-loses-billions,-finder-wrong-and-more…

Yield generation app Stablegains is facing a lawsuit after losing around $44 million worth of user funds in the Terra collapse when it previously said it allocated funds “across a number of stablecoins”. Fallout from the collapse of the Terra ecosystem continues to unfold with the United States-based yield generation app Stablegains facing potential legal … Read more

G7 financial officials call on Financial Stability Board to step up crypto regulation—report

g7-financial-officials-call-on-financial-stability-board-to-step-up-crypto-regulation—report

Chaos on the crypto market in the wake of the Terra collapse caused a heightened sense of urgency among the ministers to continue regulatory process. The top financial officials from the Group of Seven (G7) largest advanced industrial economies has called on the Financial Stability Board to speed up crypto-asset regulation, Reuters reported Thursday, citing … Read more

Here’s why Terra’s snowball effect could send Avalanche (AVAX) price to $15

here’s-why-terra’s-snowball-effect-could-send-avalanche-(avax)-price-to-$15

The collateral damage of Terra’s collapse could continue to impact Avalanche price, especially considering that the Luna Foundation Guard holds 1.97 million AVAX tokens. Avalanche (AVAX) has emerged as one of the worst-performing cryptocurrencies among the top-ranking tokens in the last 24 hours, partially due to fears connected to Terra (LUNA) and it’s a near-dead … Read more