Tag: Terraform Labs news

Terra was a blockchain ecosystem with a stablecoin token called TerraUSD(USDT) and a sister token called Luna. Together they formed an algorithmic stablecoin that aimed to maintain a value of 1 USD for each USDT. In May 2022, the value of Luna collapsed from over $120 a coin to more or less zero, wiping out over $50 billion in market capitalization of UST/LUNA and causing over $400bn in losses for the broader cryptocurrency markets. Here’s the latest news from 24/7 Crypto on Terraform Labs and Do Kwon.