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Important events

May 132022

A Terrable End

Terra lays its LUNA and UST tokens to rest, halting its blockchain somewhat fittingly on Friday the 13th.

  • “Block 7607789”, called the crypto coroner on Thursday evening, as Terra halted its blockchain to mark the end of a gruesome four-day capitulation that saw investors lose up to 99.9% of their earnings. At the time of halting, LUNA was at $0.008, while the UST “stable” coin was at $0.19 after falling as low as $0.04.
  • Validators tried to restart the blockchain’s heart earlier in the day, but efforts to stem the tide were too late. Terra’s crisis management clearly failed – its Bitcoin reserves came up short, while its decision to mint trillions of LUNA to absorb the shock of UST’s de-pegging was an act of martyrdom for its native token.
  • Terra says it’s not ready for the casket just yet, though. Whenever (if ever) devs relaunch the blockchain, rumors suggest UST will be fully collateralized and LUNA will have new mechanisms behind it to prevent this cascading effect from ever playing out again. It’s a big if, but hold off on your Fs in the chat for now.

The Terra blockchain has officially halted at block 7607789.

Terra Validators have halted the network to come up with a plan to reconstitute it.

More updates to come.

May 122022

It’s actually going to zero

For years, crypto going to zero was just a meme, a thing of the Bitconnect days – now LUNAtics are in turmoil as the token sits not even a nickel above that price.

  • Terra’s collapse continues as LUNA drops to as low as $0.02, meaning it's now down 99.9% since the start of the week. Daaaamn. While its USD pairing was trending at $0.60, its pairings with stablecoins across exchanges sit barely above a dime. Meanwhile, Terra’s de-pegged stablecoin UST still cannot find parity, way down at $0.60.
  • Is there any way out for Terra? CEO Do Kwon claims the re-pegging solution is to absorb the dumping UST supply with LUNA. Because of this, a mammoth amount of LUNA has been minted in the last few days, with its total supply now in the trillions. With that sort of supply, it’s going to be v hard for the token to even dream of its former prices.
  • We could be witnessing the death of a major cryptocurrency, but can crypto weather this storm? Bitcoin hit a near 18 month low of $25.4k on Thursday morning as the shockwave of Terra’s collapse swept through the markets, with the overall market cap of crypto dropping 16% in under 36 hours. Forget the Winter of ‘18 – is this the Spring of ‘22?
Charlota Blunarova / Unsplash
May 102022

The UST Fallout

In the face of Terra’s UST de-pegging nightmare this week, US Treasury Secretary Janet Yellen takes the chance to label stablecoins a “significant risk” that will have to be dealt with.

  • Yellen made an example of UST’s recent collapse in a senate committee meeting to outline her stance on the “significant” and “rapidly growing” risks of stablecoins. The Treasury will release a comprehensive report on the sector, which is likely to stress that Congress should work towards stablecoin legislation by the end of 2022. Eeek.
  • As of Wednesday morning, UST was down to a shocking $0.25 on multiple exchanges (stablecoins are obvs meant to stay at $1). It’s not clear how much capital in Bitcoin has been deployed by Terra so far to get UST back up to its dollar peg, but apart from a brief spell at $0.92 on Tuesday, it has yet to find any stability – and investors are fleeing fast.
  • LUNA is now down 95% since the start of the week. Yep, you read that right. Bystanders are now wondering if it will drop below a dollar – a cruelly ironic but genuine possibility. The cascade of events that has led to the capitulation of LUNA is a reminder again of how new and volatile the crypto space still is. Stay safe out there, Snapsters.
May 102022

Dark Side of the Moon

The moon has truly left Terra’s orbit, sending the ecosystem into disarray as stablecoin UST loses its grip on gravity.

  • LUNA tanked an astronomical 52% on Monday to hit its lowest point since September last year as its stablecoin sister, UST, completely lost hold of its dollar peg and crashed to a low of $0.61 on Tuesday morning – its taking everyone down with it, sending Terra’s most dominant protocol, Anchor, down nearly 50% too.
  • The Luna Foundation Guard (LFG) is here to do its job. The council is dipping into its reserves, unloading 28k BTC (over $750m) to buy up UST and get it back up to a dollar. This is kinda why LFG was created – UST actually depegged last year too, but there the stakes were much lower with only $2bn worth of UST in circulation vs the $18bn going around now.
  • ICYMI, a stablecoin usually has to be stable, and Terra will now have to contend with people dumping UST on the way up to its dollar peg as exchanges like Binance halt withdrawals of the tokens. This is all bad news for LUNA too, which has been minted in large volumes to absorb the shock, deflating the price like a lead balloon.
Nicolas Thomas / Unsplash
May 092022

The Depeg Nightmare

Terra’s stablecoin UST struggles to keep its dollar peg under the stress of the recent market volatility.

  • UST dropped to a low of $0.985 on Saturday, and has yet to fully recover. While it’s kinda normal for stablecoins to occasionally lose their dollar peg briefly, UST has now spent three days unable to keep parity. The cause seems to be rooted in a large dump of UST on lending protocol Anchor and DeFi protocol Curve.
  • There’s a conspiracy brewing, too– albeit on Twitter – but fans reckon this was a coordinated attack. By dumping UST to bring down the price of LUNA around 21% over the weekend, the alleged attacker(s) were able to short LUNA and score a big fat W against the market.
  • Terra will need to dig into its reserves when the algorithm struggles under extreme conditions. Algorithmic stablecoins keep their peg by using smart contracts to artificially control supply and demand, but Terra has over $3bn saved up in Bitcoin in its reserves to cover the nightmare of its smart contracts… stop acting so smart.

today's attack on Terra-Luna-UST was deliberate and coordinated. Massive 285m UST dump on Curve and Binance by a single player followed by massive shorts on Luna and hundreds of twitter posts. Pure staging. The project is bothering someone. 🌝 on the right path!

Apr 272022

LUNA lights some fireworks

Crypto custody firm Fireblocks sees ‘crazy demand’ after opening Terra’s door to big-shot investors.

  • Around $500m has been pumped into Terra since Fireblocks became the first platform to provide institutional-level access to dApps on Terra, letting big bizz poke its head into the DeFi space.
  • Fireblocks CEO Michael Shaulov thinks Terra is a big deal, labeling it the “one of largest DeFi ecosystems in the world.” Terra is a diverse network, managing both its stablecoin UST and native token LUNA.
  • Speaking of which, LUNA was down nearly 9% on Tuesday. But hey, the token has managed to outperform Bitcoin and the wider crypto market this year, and you know what they say: what goes up must come down.
Yiran Yang / Unsplash
Apr 192022

Luna logs another milestone

Yup, you guessed it – Terra adds a further $5m worth of Bitcoin to its reserves, and gets a new title for its trouble.

  • It seems not a week passes without Terra topping up on Bitcoin. At the current prices, Terra’s 42.5k BTC is worth $1.7bn, meaning the crypto company is now breathing down the neck of Tesla’s stash of 43k BTC.
  • It’s now more than halfway to its initial $3bn target of BTC reserves. Looking further ahead though, founder Do Kwon wants to hit $10bn worth of the OG crypto. This is mostly to back its stablecoin UST, taking a different approach to Tether’s USDT which is backed (allegedly) by fiat.
  • LUNA rocketed 17% to mark a mega start to the week, going against the general bearish sentiment of the wider crypto market. Even better for Terra – its stablecoin overtook Binance’s BUSD to become the third-largest in terms of market cap. Do Kwon is a man on a mission.
Apr 042022

Terraforming to the top

Terra’s native token LUNA reaches new all-time highs after the Luna Foundation Guard (LFG) goes on a Bitcoin buying rampage.

🔍 Key points:

  • LUNA rose 10% over the weekend as the token continues to soar up the market capitalization charts – putting the burners on to pass XRP into #8 on the list. The token has rocketed 131% since the Jan 31 low of $44, and is now entering price-discovery mode.
  • Could the Bitcoin ecosystem be terraformed by LUNA? The price movement of the token comes during a week where LFG bought up more BTC, this time adding 5,000 to its pile that now totals 30.7k – worth an eye-watering $1.4bn. This puts LFG only 12k BTC behind Tesla in terms of holdings.
  • What’s with the BTC lovin’? Terra co-founder Do Kwon says the rising reserve of Bitcoin is to help keep their stablecoin UST pegged at a dollar. Unlike Tether, UST isn’t backed by fiat, so it makes sense to buy up a crypto titan like Bitcoin, which is up around 3500% in the last five years.
Mar 102022

LUNA stakes the moon

We know crypto made an impressive rally on Wednesday, but LUNA’s recent gains have been truly out of this world.

🔍 Key points:

  • Its native LUNA token soared 16% on Wednesday to come only $2 away from the all-time high it reached in December. The crypto is enjoying its third consecutive week of gains, now up over 100% since February 21.
  • It comes on the back of a rise in staking activity and an increase in De-Fi users on its platform, and the token has just become the most-staked cryptocurrency on the market – overtaking both Solana and Ethereum.
  • Terra is also riding on the coattails of a boom in the NFT industry. Sales of non-fungible tokens jumped by an eye-watering 21,000% in 2021 to hit over $17bn from just $80m in 2020. We wonder what this year will hold…
NASA/ Unsplash
Mar 022022

Terra tops the February charts

Terra’s native token knocked February out of the park as declining supply pushes up the price.

Key points:

  • The LUNA token ended February up 75% for its best month since August last year, flirting with the $100 mark for the first time since December and leading the month’s crypto gains. The blockchain grabbed everyone’s attention with a $1bn Bitcoin-denominated forex reserve earlier this month to support its UST (USTUSD) stablecoin, and the momentum has held.
  • The rally comes during a month mired with political turmoil that has crippled other equities and digital assets – compared to LUNA, Bitcoin (BTCUSD) and Ether (ETHUSD) saw gains of 12% and 9% in February respectively.
  • The price surge has made it the second-largest staked digital asset among all of the major cryptos, taking over Ether with more than $28bn in staked value – Solana (SOLUSD) holds the top spot with $40bn of its native token staked on various protocols.
Feb 242022

Some Terrafic funding

LUNA jumps to the top of the day’s gainers after a nonprofit organization supporting the token’s underlying network (Terra protocol) completes one of crypto's largest-ever funding rounds.

Key points:
  • The LUNA token dominated Wednesday’s crypto gains with a healthy recovery of nearly 9% to take its weekly gains up to 21%. Alas, it joined other cryptos in a sharp sell-off in early Thursday trading as the market reacted to Russian troops entering Ukraine.
  • The Luna Foundation Guard (LFG) has raised $1bn through the sale of LUNA tokens. The non-profit was set up in January to support the Terra blockchain, and the funds will be used to establish a Bitcoin-denominated forex reserve for UST (USTUSD), Terra’s biggest stablecoin.
  • The ultimate goal is to ensure the long-term stability of UST. LFG explains: “The reserve assets can be utilized in instances where protracted market sell-offs deter buyers from restoring the UST peg’s parity.”

3/ One common criticism of algorithmic stablecoins is their reflexive nature and the hypothetical risk of a "bank run" scenario where demand to sell the stable outstrips supply in a way that causes compounding price decreases in both native tokens.

Jan 312022

Terra gets caught on the wrong side of the looking glass

Terra’s investors are wondering when they can leave the Mad Hatter’s tea party after its native token gets dragged into last week’s Wonderland (TIMEUSDT) drama.

  • The LUNA token tanked 33% last week in its worst seven-day period since May – it was pretty much the only major crypto to skip Friday’s recovery, closing down 7% instead.
  • It got drawn into Wonderland's woes. News hit last week that the CFO of Wonderland is a convicted felon – said CFO was pushed out by founder Daniele Sestagalli, but it wasn’t quite enough to quell the unrest.
  • Turns out Sestagalli also founded Abracadabra, which is a De-Fi protocol where users can stake their Terra stablecoins in return for Abracadabra minted tokens – Terra investors now don’t trust Sestagalli-associated platforms and are worried they’ll lose their money, hence the dip.
Altinay Dinc / Unsplash
Jan 102022

A Terrafic weekend

The Altcoin era is seemingly upon us, and Terra just invested $139m to make sure it’s ahead of the curve.

  • Prices high jumped 11% on Sunday to reverse a seven day losing streak that swept over most of the crypto market and erased $1tn off its market cap.
  • It’s spending $139m on five De-Fi projects to expand its uses and stay relevant. The investment is in decentralized stablecoins LUNA and UST (USTUSD) as it tries to dominate the stablecoin market.
  • JP Morgan thinks altcoins like Terra will take over Ethereum’s (ETHUSD) 70% De-Fi domination in 2022, so watch this space…
Illustration by TradingView
Dec 062021

LUNAtics send prices rallying

Terra's Luna crypto coin outran last week's crypto crash to flirt with a spot in the top 10.

  • The token soared 80% in a week, bucking a crypto crash that wiped $300bn off the market’s overall value in just a few days.
  • A network upgrade in October has reduced supply by burning over 93m Luna tokens, and changes to its payment network last week built on the excitement.
  • It overtook Shiba Inu (SHIBUSD) and Avalanche (AVAXUSD) to become the 11th biggest crypto, claiming faster transaction speeds and lower fees.