⚖️$18 Billion UST Fell Under $0.70 - TWJ #140
UST:LUNA market cap ratio is now 1.6:1.
In today’s issue:
The crypto market is down with the total market cap sitting at ~$1.4 trillion. Terra (LUNA) is the worst performer in the top 100 in the past 7-d. The S&P 500 fell below 4,000 to the lowest level within the past year.
In other news, the $UST peg slips below $0.70, Binance suspends LUNA-UST withdrawals, and more than $1B was liquidated in the crypto market crash.
We’re continually improving our content, please reach out if you have ideas or would like us to recap another segment of the market.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆$UST Peg Slips Below $0.70
The third-largest stablecoin with $18 billion+ in market cap suffered a de-pegging event and its price slipped below $0.70. The non-profit organization behind $UST, Luna Foundation Guard (LFG), has reportedly deployed more ta $1.5 billion in capital to help stabilize the peg.
⎆Binance Suspends LUNA & UST Withdrawals
The world’s largest crypto exchange suspended LUNA and UST withdrawals amidst the market downturn as the Terra-based algorithmic stablecoin was struggling to maintain its 1:1 peg to the USD. $UST price on Binance has recovered since.
Centralized exchanges still have an extremely significant role in determining the flow of the crypto markets, even on “decentralized” assets such as $UST per se.
⎆$1B+ Liquidated in the Crypto Market Crash
More than $1 billion has been liquidated in the past 24-hour as the crypto market experienced one of the most significant downturns in the past few months. BTC temporarily fell under the $30,000 mark.
The downturn is predominantly caused by the global macro sentiments (see: NFLX stock) and the UST de-pegging situation. For those with capital waiting on the sidelines, this is a great point of entry, although one-more leg down is not out of the picture (not financial advice).
👨🏻💻Decentralized Finance (DeFi)
UST Crashes to 67 Cents
Compound Treasury Receives S&P Credit Rating
Uniswap v3 is Coming to Gnosis
veMULTI is Live Now
sUSD<>3CRV Pool has Started on Optimism
Yearn x Starkswap Introduces Iron Fleet
Yearn Introduces Yearn Allowlist
StarkGate Alpha is Live on StarkWare’s Mainnet
Tarot is Live on Optimism
Yieldly to Acquire WAGMIswap
Fortress Protocol Suffered a Price Oracle Manipulation Attack
Honeyswap Front-end Error
Wild Credit Rug
🏛Governance - Active Proposals
🦮NFT & Metaverse
Meta Will Test Digital Collectibles on Instagram Starting this Week
Starbucks Employee Tells Top Exec He’s ‘Very Worried’ About Plan for NFTs
Azuki NFT Founder Admits to Abandoning Past Projects
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Nyan Heroes - $7.5M Unknown Round
Cassava - $8M Unknown Round
StarryNift - $10M Unknown Round
Dirt - $1.2M Seed Round
Arianee - $21M Series A
⚖️Regulatory Update
New Fed Report Repeats Warning About Stablecoin Run Risks
‘Sand Dollar’ Needs Improved Cybersecurity, IMF Says
📚Noteworthy Reads
Route 2 Fi’s Thread on Debt Cycle
CIA Officer’s Read on How to Become a Smart Contract Auditor
Shas’s Thread on Bear Market
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.