Difference between revisions of "LUNA Collapse in May 2022"

LUNA Collapse in May 2022 (view source)

198 bytes added , 23:03, 11 May 2022

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 As concern for a death spiral kept mounting, The Block reported that the Luna Foundation Guard was raising over $1b to prevent any further damages<ref>https://www.theblockcrypto.com/post/145978/luna-foundation-guard-seeks-more-than-1-billion-to-shore-up-ust-stablecoin-sources</ref>. The deal would allow several large investment firms to purchase discounted and locked LUNA tokens.
 [[File:Binance UST-USDT Chart.png|thumb|Binance UST Chart]]
-When the price of LUNA kept declining, rumours spread that the deal had fallen apart and that the bailout might not be coming after all and UST further declined to a low of $0.22.
+When the price of LUNA kept declining, rumours spread that the deal had fallen apart and that the bailout would not be coming after all and UST further declined to a low of $0.22.
+LUNA fell by over 90% to a low of $0.69.
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 US Treasury Secretary Janet Yellen mentioned the depeg event to suggest the need for further regulation of stablecoins.<ref>https://www.coindesk.com/policy/2022/05/11/ust-meltdown-hasnt-spurred-us-financial-stability-council-meeting-sources/</ref>
+Terra TVL went from $35b to less than $3b in five days<ref>https://defillama.com/chain/Terra</ref>.
+TVL for the entire DeFi industry declined by over 50%.
 == Sources ==
 <references />
 [[Category:History]]