If LUNA manages to recover to all-time highs, it might become the most spectacular crypto recovery in history.
Kwon’s Terra (LUNA) and TerraUSD (UST) have crashed significantly. However, the CEO of Seoul-based company Terraform Labs Do Kwon assures the public that the plan of saving Terra is in motion.
As the peg to the US dollar has failed, the stablecoin protocol UST has proposed a fix to its dreadful scenario. On May 11, Kwon tweeted that:
“I understand the last 72 hours have been extremely tough on all of you — know that I am resolved to work with every one of you to weather this crisis, and we will build our way out of this.”
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What is a Rug Pull in Crypto? (Meaning + Examples)
One of the most major stablecoins Terra displayed that the crypto market has been highly unpredictable during this week. The asset caused chaos in the crypto world as it depegged 90% and fell from its 1$ value to a new low of 0.29$ cents.
Terraform Labs CEO implied that the minting capacity will be increased from almost $300M up to $1.2 billion. To do so, the company will raise the base pool from 50M to 100M SDR, while at the same time reducing the Pool Recovery Block from 36 to 18.
This way, Terraform Labs will be able to generate four times more stablecoins than it used to in the near future.
Terraform Labs is a business that believes in the innovation of money. The company concentrates on creating decentralized crypto as a revolutionary payment method in the grand scheme. With the help of their partners all over the world, Terra seeks to facilitate the expansion of dApps and substantially grow GDP in the crypto economy.