Luna Important tweet😳

LUNA and UST explained

Terra is the layer 1 blockchain like Ethereum or Bitcoin blockchain.

Terra blockchain has two token:

1. LUNA (the native token of Terra blockchain)
2. UST (the stable coin on Terra blockchain)

UST is a stable coin and the price is pegged to $1.

To mint $1 UST the algorithm will burn $1 Worth equivalent LUNA. This means that if UST demand increases the supply of LUNA keeps reducing. There is 20% APY for UST (which is very good for a stable coin) and this keeps pushing the demand for UST.

There is one problem with this algorithm that you can redeem UST for LUNA that means you can burn $1 UST to mint $1 worth LUNA.

When UST start losing its value from $1, users panicking and redeemed it for LUNA and this create huge supply in LUNA coins and more coins are sold on market. This is domino effect and create more panic with price dump.

The team is also minting to support the UST price but unable to make it stable and dumping LUNA on market.

The team is trying to stable the price of UST. Stay away from LUNA and UST for the moment until the pegging is done.

Also we may see delisting of LUNA from major exchanges because of the price drop.

We may see this thing happen again for other stable coin. Read about how the coins works and which algorithm it uses. @shakilkacrypto

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